There are many weak bullish reversal candlestick patterns, including the “Belt Hold”, the “Gravestone Doji”, the “Inverted Hammer” and the “Tweezers Bottom”. Although there are multiple weak bullish reversal candlestick patterns, these are the more important ones to know, understand and recognize.
The Belt Hold is a simple one-day reversal pattern. The pattern occurs during a downward trend. The pattern consists of a single light candlestick, with an opening price that is very close to the day’s low. Typically, the candlestick has no upper shadow (or wick), though it might have a short one in some cases.
The Gravestone Doji is a simple two-day reversal pattern. The first day’s candlestick is dark and closes near the low of the day, at the lower trading range. The second day comprises of the Gravestone Doji itself. The Doji’s opening and closing prices are identical to each other, however, the Doji’s upper shadow is well into the first candlestick’s body. The Doji tends not to have a lower shadow, though on the odd occasion it might. If the Doji does have a lower shadow, it will typically be very short.
The Inverted Hammer is a simple two-day reversal pattern. Following a previously established downward trend, the first day’s candlestick is dark and closes near the low of the day, at the lower trading range. The second day’s candlestick also trades at the lower trading range. This candlestick can be dark or light, with opening and closing prices resting closely to each other. The second day’s candlestick has an upper shadow that is twice as long as its body, at least. However, it typically does not have a lower shadow, though sometimes it might have a short one.
The Tweezers Bottom is a simple two-day reversal pattern. The pattern follows a previously established downward trend, with the first day’s candlestick being dark. The first candlestick of the Tweezers Bottom, has no lower shadow at all. The second day is comprised of either a light Hammer or Doji.
In conclusion, there are multiple weak bullish reversal candlestick patterns to remember, the main ones being the Belt Hold, the Gravestone Doji, the Inverted Hammer and the Tweezers Bottom. Traders and investors in the Forex market will typically encounter every one of these weak bullish reversal candle patterns at least once during their trading careers. Each one is slightly different from one another, so it can sometimes prove to be difficult to distinguish each one from one another. However thankfully, candle patterns tend to have memorable names, making it much easier for us to be able to distinguish each one from one another. It is a good idea to make sure you know and understand each one of these candlestick patterns, before embarking on your trading or investing career, so that you can recognize and take advantage of them. Do be careful though, as anything can happen in the currency market and just because you recognize a certain pattern evolving, it doesn’t necessarily mean that the pattern you are predicting and expecting to form will occur.