The Power of Japanese Candlestick Charts by Fred K. H. Tam
Author:Fred K. H. Tam
Language: eng
Format: epub
ISBN: 9781118732953
Publisher: Wiley
Published: 2015-08-20T00:00:00+00:00
Breakaway Three-New-Price Bottom and Breakaway Three-New-Price Top pattern descriptions, rules of recognition, interpretations, and proper actions are explained here together with some examples.
Breakaway Three-New-Price Bottom (Bullish)
Pattern description: This five-day bullish reversal pattern consists of a down-gap, which is followed by three small candles each making lower lows. The bullish reversal comes on the fifth day through a white candle.
Rules of Recognition
A downtrend must be in progress.
The first day is a long black candle, reflecting the continuing bearish mood.
The second day gaps below the previous day’s low and forms a small black candle.
The third and fourth days are also small candles making lower lows. They should also make lower highs, but there are no hard and fast rules here as long as the third and fourth candles’ high or close is not above the down-gap.
Colours of the second, third, and fourth small real bodies need not necessarily be all black although it is preferable.
The fifth day is a long white candle that closes above the highest high of the three small real body candles before it.
The fifth day’s candle need not close above the down-gap.
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