stephenleachman
Education

HAMMER - CANDLE FORMATION (BULLISH REVERSAL)

FX:GBPNZD   British Pound / New Zealand Dollar
141 0 15
The hammer is a bullish candle formation that forms at the bottom of a downtrend.
It begins with strong selling at the open but ends up closing near the open. It
suggests price action may rise in the near future.

NOTE:
  • This is only a valid formation when at a key level of support. The longer the wick to the
    downside the stronger the reversal signal. The candle has to close above the open being
    a bullish candle.

TRIGGER:
  • Buy on the open of the next candle after the close of the hammer .
  • After the close of the hammer wait for the open of the next candle to Buy a retrace of the hammer .
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