confluence at the area of price that is being rejected by a hammer candlestick, look to see whether there were a few closes of previous candlesticks at nearby prices. Example 1 - AUD/USD - 5min. They are also known as pin bars. Wheaties for breakfast and still managed to close the session near the open. The real body is at the upper end of the trading range. HammerInverted Hammerorororor, why are Hammers important?
(candle and a hammer bottom.
Trading the Bullish Hammer Candle.
It should be noted that hammers should have long wicks.
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In the following 4 hour chart of USD/JPY, a hammer formed near an ascending trendline that represents a support level, suggesting of a possible continuation. A hammer after an uptrend is called a hanging man. Pick the candles that meet at least some of the criteria listed here, especially those in line with strong trends. This is known as confluence. The hammer is a bullish reversal pattern that forms during a downtrend. A typical example of confirmation would be to wait for a white candlestick to close above the open to the right side of the hammer. For example, if the price is higher than it was a few months ago, the price now is more likely to go up than down.
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