Price is close to long entry level today after a pull back on Friday.
Piercing candle pattern on a support level. Piercing (line) pattern is a 2 candle pattern that begins with a red candle. It is followed by a green candle that opens below the low of the red candle and closes between the midpoint of the red candle and the open of the red candle (the top of the red candle represents it's open)
So basically the bulls opened on day 2 of the pattern beneath the low of the first candle, yet were able to fight enough to regain a lot of ground back and closed over the prior day's close. Unfortunately the next day the bears took price down again despite the fact that price basically opened on the 3rd day at close to the close of the green candle.
Red candles have the open at the top and the close at the bottom of the candle. A green candle has the open at the bottom and the close at the top. The wicks, shadows, represent the high and the low of the candle and are the same for both red and green candles.
When I first started trading, candles were confusing to me as was everything else. lol, and to this day, I have to remind myself (o:
No recommendation.
Piercing candle pattern on a support level. Piercing (line) pattern is a 2 candle pattern that begins with a red candle. It is followed by a green candle that opens below the low of the red candle and closes between the midpoint of the red candle and the open of the red candle (the top of the red candle represents it's open)
So basically the bulls opened on day 2 of the pattern beneath the low of the first candle, yet were able to fight enough to regain a lot of ground back and closed over the prior day's close. Unfortunately the next day the bears took price down again despite the fact that price basically opened on the 3rd day at close to the close of the green candle.
Red candles have the open at the top and the close at the bottom of the candle. A green candle has the open at the bottom and the close at the top. The wicks, shadows, represent the high and the low of the candle and are the same for both red and green candles.
When I first started trading, candles were confusing to me as was everything else. lol, and to this day, I have to remind myself (o:
No recommendation.
Comment:
The yellow arrow is pointing to price being outside the top bollinger band with the moving average on 80 verses 20, This represent heavy buying pressure and is bullish, but as a rule, price lives inside the bands.