Sentences with phrase «hammer candlestick formation»
In the picture below, you can see a good example of how trading the hammer candlestick formation can be very profitable.
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Yesterday, our existing long position in Global X Silver Miners ETF ($ SIL) got off to a rough start in the morning, but reversed to close near its intraday high, this resulted in the formation of a bullish hammer candlestick pattern that also «undercut» key intermediate - term support of its 50 - day moving average.
A hammer candlestick must be traded within the context of the market or trend, i.e., a true hammer formation only occurs after downward trending candles.
The hammer formation is a Japanese candlestick that consists of a long lower shadow with a relatively small real body at or near the top of the range of the candlestick.