stephenleachman
Long

PIERCING LINE - CANDLE FORMATION (BULLISH REVERSAL)

FX:GBPNZD   British Pound/New Zealand Dollar
103 0 12
Consists of 2 candlesticks where the first candle is a down candle.
Both candles should have fairly large bodies and small or non-existent
shadows. The second candle is a bullish candle that closes above the
midpoint of the first candle.

NOTE:
  • This is only a valid formation when at a key level of support and I like to see a new low on the second candle.

TRIGGER:
  • Like the dark cloud cover, I don't often use this formation for a trigger into a trade but rather for confirming a bullish reversal.
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