Business, Legal & Accounting Glossary
The Bullish Homing Pigeon candlestick pattern represents a potential reversal in a downward market. In traditional technical analysis, the Bullish Homing Pigeon candlestick pattern would be recognized as an “inside day”.
The Bullish Homing Pigeon candlestick pattern starts with a bearish trend concluding with two bearish candlesticks. The first is a large body candlestick; this is followed by a much smaller candlestick whose body is located within the vertical range of the larger candlestick’s body.
The Bullish Homing Pigeon candlestick pattern indicates that there is a weakening of the current downward trend. If the prior downtrend is severe, then the technical trader may consider entering a long position provided there is confirmation such as a subsequent gap up or a long bullish candlestick.
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This glossary post was last updated: 23rd March, 2020 | 2 Views.