Hammer candle sticks usually occur after down trends, inverted...

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beisha

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21/02/21

20:15

Post #: 51196599
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Originally posted by FlashPoint: ↑

""Oh ok, " bullish hammer CS "
There is no such thing, its hammer candle if its bulish or inverted hammer if its bearish, so hammer candle or inverted candle, capeesh ?""
Well here is my understanding, which obviously differs from Teo's and yours, of a ...
BULLISH HAMMER:
Definition: This pattern occurs at the bottom of a trend and it is called a Hammer since it is hammering out of a bottom. It is a single candlestick pattern that has a long lower shadow and a small body at or very near the top of its daily trading range.

Recognition Criteria:
1. The market is characterised by a prevailing downtrend.
2. A small body at the upper end of the trading range is observed. The color of the body is not important.
3. The lower shadow of this candlestick is at least twice as long as the body.

Looks like you need to brush up on your CS knowledge because if this pattern occurs at the top of a trend its not a hammer at all it's called a bearish hanging man and if it's inverted it is known as a bearish shooting star.
However you seem to be trying to shoot the lights out by calling a bullish inverted hammer at the bottom of a trend bearish.

Anyway Friday's CS as per its definition is not qualifying as a bullish hammer, that probably could have been the reason why I mentioned that it may just give a first hint of future SP direction, which is supported by SP touching on Fib 78.6%. However in an earlier post https://hotcopper.com.au/posts/50820445/single you declared Fib 78.6% of no relevance at all by saying, "I totally agree with the 78 fib, it has no relevance at all, in fact alot ot the gun traders eliminate alot of the fib ratios because of relevance".So closing and in the interests of the mums and dads, who inadvertently may have followed your Truth System interpretation as mentioned above, I hope this time you are right for the all the wrong reasons and SP will, as I suggested, turn and advance from here!

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Hammer candle sticks usually occur after down trends, inverted candle sticks usually occur after up trends.

One is clearly bullish and one is clearly bearish, if you knew the difference between the two sticks then the use of " BULLISH HAMMER "

is not required, therefore does not exist , but maybe it does in your terminology land......

Whats inverted / hammers got to do with the 78% fib ratio ?

You still stuck on that ?

Give it a rest, @Cabbie made an interesting point and I agreed with him, I like to have other chartists share their points of view, I like to challenge the " norm ", more diverse knowledge the better I say, rather than get stuck on wave counts etc.

Open your mind FP.

IMO

LTR Price at posting: 40.0¢ Sentiment: Buy Disclosure: Held
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