The bearish engulfing candlestick pattern is generally considered to be stronger if one or more of the candlesticks involved in the pattern have tall
upper wicks (especially when this creates an engulfed shooting star).
However, the tall
upper wicks are a bearish indication.
Like the hammer candlestick, the hanging man should have a long lower wick / shadow (at least 2x the size of the real body), as well as little to
no upper wick / shadow.
This candlestick occurred to early in the trend to be considered a shooting star, but the long
upper wick / shadow is still relevant.
However, the correct place to put your stop loss, in this scenario, would have been above the large
upper wick / shadow that preceded the hanging man signal, because that is the highest high in that particular bullish movement.
In the Forex market, a real body or
upper wick that are only a few fractions of a pip is acceptable.
A very large shooting star candlestick can create a poor reward to risk scenario because some of the bearish reversal that you are hoping to take advantage of has already been taken up by the extra large
upper wick of the signal, which lowers the odds of you hitting a full take profit.
The shooting star consists of a long
upper wick (shadow) that is, at least, twice the size of the real body.
• The pin bar itself was obvious and had an obvious
upper wick or tail, which showed clear rejection of the 8 day EMA dynamic resistance level.
Some key elements are: a prior bearish trend, little or
no upper wick to the candle, and a small body at the top end of the hammer.
Not exact matches
The actual pin bar itself is a bar with a long
upper or lower «tail», «
wick» or «shadow» and a much smaller «body» or «real body», you can find pin bars on any stripped - down, «naked» bar chart or candlestick chart.
A high wave candle on the daily USD / JPY chart augurs that the upward power of this market is dissipating.Closing the day below the 21 - day simple moving average, this pair has thrown in a large bodied candlestick, with both
upper and lower
wicks summing...
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The actual pin bar itself is a bar with a long
upper or lower «tail», «
wick» or «shadow» and a much smaller «body» or «real body», you can find pin bars on any stripped - down, «naked» bar chart or candlestick chart.
• The pin bar should have a long
upper or lower tail... the tail is also sometimes called the «
wick» or the «shadow»... they all mean the same thing.
We use the
upper and lower
wicks of candlesticks to view these buyers and sellers.
The pin bar is a candlestick with a long
upper or lower
wick, also called the tail.
The top vertical line is called the
upper shadow while the bottom vertical line is called the lower shadow; you might also see the
upper and lower shadows referred to as «
wicks».