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Hammer

Latest 4 hour candle also closes as bullish reversal hammerGreat sign as the last 4hr candle closed as a bullish reversal candle...giving us back to back bullish reversal momentum after the candle before it had closed as a red bullish reversal hammer...with that you can see the current 4 hr candle heading back up to test the green channel trendline again. 3 hours until the 1day candle closes but as of now if it closes it would close green which signals that we are going to continue our ascent.
BITFINEX:BTCUSDLong
by DrDovetail
ETCBTC - Potential profitHello Traders, Potential short term target for ETC found from technical analysis. Price breakout from a flag pattern with volume confirmation, potential target are highlighted in gold box. MACD and DI+ has also made crossing after the price action bounce off from trend-line and EMA50. This bounce is a confirmation of trend line indicate this trend line is strength and will be an important line in future. Hope this help, feel free to leave a comment and any recommendation.
BITFINEX:ETCUSDLong
by JunEliteTrading
BTC is ready to rally, so keep your eye on the AltsBTC has had a massive dump recently, as we all know. I myself have been burnt by this, getting too emotional and focusing too much on alt-coins. Mea culpa, mea culpa, mea maxima culpa. All that being said, the best time to buy is when there's blood in the streets, and there's absolutely blood in the streets right now. Looking at a daily chart of BTC we see a bounce every single time RSI dips below 20. While history doesn't repeat itself, it does imitate itself, and since we are also seeing other oversold signals as well as a massive volume spike and hammer, it's a reasonable assumption we have found bottom. We may slip a bit, but now is the time to re-enter the market long-term. Think 1 year from now. Finally, the SEC notes from yesterday were extremely positive. Watch this senate hearing live, and you may be pleasantly surprised in 24 hours! I still believe alt-coins are where the majority of profit lies, and will be allocating my portfolio appropriately. However, I've learned my lesson - follow the king. And the king is about to rise. Strategy: Long-term entry into market for remainder of year, while focusing on alt-coins for profit and increasing BTC stack Basis: RSI oversold on daily, at supporting trendline, massive volume spike, hammer candle. Entry: half this morning, re-enter fully after senate hearing.
COINBASE:BTCUSDLong
by calcie
todays bullish volume the same as the biggest 2017Hopefully this shows up correctly on the chart , I tried to connect with a green trendline the bullish volume swell we got today to the biggest one we got in 2017 back on september 15th(which eventually took us to the ATH) . It is currently the same exact volume as it was back then and todays candle is about to close out as a massive bullish hammer. This is the type of hammer worthy of only being picked up by a Thor ....and I do believe bitcoin is that Thor. I say go long! If you can try to buy in at 7300 or under with the grey line on my fib retracement extention currently acting as strong support(6900) and the blue fib retracement line above that one acting as mild resistance(8020). I would say hold wherever you buy in and enjoy the ride because I think we finally found the bottom when it bounced off of the pink trendline around 5950. The signs we're receiving now all say buy. I think we could reach 10,000 in the next week before we see any significant retracement but this is only my opinion I could be wrong...I'm sure we'll at least see small dips along the way with opportunities to sell small amounts of your position just under temporary resistance lines and buy back just above the temporary fib support lines. Here's to the Bull Season. Keep in mind there's still a very slim possibility with all the bull traps and fake breakouts we've had that we could still plummet again but I don't see us doing aything further bearish other than maybe bouncing off the pink trendline once again to form a bullish double bottom worst case scenario...very slim chance at this point.
BITFINEX:BTCUSDLong
by DrDovetail
Price Action Lesson 4: Weak hammerWeak hammer: For having successful and steady transactions, Simple detection of market patterns is not enough. But with a deeper look, we should calculate the success possibility of each pattern. One of the determining power Parameters of hammer stick is about Descending or ascending that the body can be. Thus, if the body of hammer is ascending, Possibility of starting an ascendant wave is very high. The opening price of the day, is very important. This price - is the previous day's closing price, in fact it is the price that they had a war at in previous day where buyers and sellers come to equilibrium. So on the day that the Hammer is forming. If buyers can raise prices to the point of closing price of yesterday, and by the end of the day, they keep the price at the top of it, they will be the winners of the war. If we can raise the price above yesterday's closing price, they are not conclusive winners of today’s war, and this war will continue for the next few days. Thus, if the body of hammer is ascending, Possibility of the beginning Ascending wave is very high. But if the body of hammer is Descending, Possibility of the beginning Ascending wave is less. In this case, it is said a weak hammer has made. - The picture shows a hammer candlestick with descending body. . As what can be seen, candle’s height is tall, but it has very short body height. Also Lower Shadow is long, and the upper shadow is very short. . As regards the Closing Price of market is under its Opening Price, therefore the body of this hammer is Descending, and the power is very low. Possibility of the beginning ascending wave is less.
Education
by ForecastCity
14
Back to back bullish reversal hammers 1st one red new one green.Still waiting for a volume boost for confirmation of a valid trend reversal. We didn't get one today but instead we appear to have gotten yet another bullish reversal hammer (in the magenta circle) a good sign even without volume yet that a bull reversal could be likely. the 200 day exponential moving average is still acting as great resistance. Yesterday that support line was reinforced by the bottom green channel line and today it appears it was reinforced by the bottom bollinger band line. I remain cautiously optimistic not planning to get into the market any further until we see what this next candle does. At the very least a green candle that finishes with a higher high and higher low than todays candle is a step in the right direction but a green engulfing candle with a big boost in bullish volume would be the sign I'll be looking for. Stay patient and don't fall for bull traps!
BITFINEX:BTCUSD
by DrDovetail
Is Bitcoin about to go Thor on us and lift the Bull hammer?The Hammer is a classic bullish trend reversal pattern so it's a welcome site on the day chart to us hodlers. However, On the journey from the all time high to where we find ourselves today there's been many a bulltrap and fake breakout along the way. Proceed with caution and wait for a followup candle to close above the top of the hammer for the following day's candle, and then also wait for confirmation from a green volume spike and confirmation from at least the majority of MACD crosses (5min,10min,1hr,4hr,etc) as well as RSI being oversold or near it. If all that is looking positive even then be prepared to set smart stop loss points especially if it closes under the 200 ema(blue line) or the green channel line that both held as support last night as I assumed they would in my last post. This could be a critical and pivotal turning point if it does indeed give those confirmations however we have a potential descending wedge now where the top of the wedge (the middle green line) could act as a line of resistance and instantly send whatever reversal the hammer gives us straight back down again. This wedge I first saw Haejin Lee drawing out and I find him to be usually very credible...however so far this top wedge trend line only has two touching points and I'm only comfortable considering a trend line valid if it has 3 touches....so until then that is strictly a hypothetical wedge, which means the real line of resistance could then be the topline of the green channel or possibly the t line (yellow line) I remain optimistic that the bears may soon realize it's winter and that they are supposed to be hibernating!
BITFINEX:BTCUSD
by DrDovetail
GBPJPY Bullish Pinbar On Support LevelHello Traders! It's Wednesday today, the last day of the month for January. While I was scanning the charts this morning upon the list of the currency pairs that I'm trading, I saw a possible long trade entry in the GBPJPY pair. As you can see from the chart below, it's evidently clear that this market is in an obvious uptrend since September of 2016 successfully breaking previous resistance and making higher highs. As of today, we've got a nice Bullish Pin bar or Bullish hammer keeping the price buoyant to that support level around 152.72. Together with the uptrend momentum, a possible thrust to upside is anticipated for the next trading days. For now, my buy limit entry is a little bit being left behind as I was hoping for small pullback with a tight stop loss. Thanks for reading. Will update this currency pair soon. To know more about price action trading setup, kindly visit my site: livetotradefx.blogspot.com Cheers!
Long
by livetotradefx
Price Action Lesson 3: Hammer, The first sign of beginning ...Hammer, The first sign of the beginning Ascending wave: Hammer shows that the war between buyers and sellers, at the beginning of the day sellers could create significant reduction in price, with their high investments. But when the price had come to the lowest extent of it, many of buyers have entered with more investments than sellers. And again they could increase the price close to what it was at the beginning of the day or may even more. And at the war that was between buyers and sellers, the buyers have been the winners of the day, and the market is largely in control of them. Thus, the possibility of further price increases in the coming days is enormous. example: picture Shows, currency pair of EUR/USD -0.31% in a 30 minutes time frame. At the beginning, by increasing investments of sellers, the price became to 1.16886 But in this range with the arrival of large buyers to the market and overcome to turnover of shopping on sales transactions, the price increased again. Sellers could increase the selling price due to the amount of demand from buyers. The starting price is may be at 1.17495 but it increased by the end of the day to 1.17578. As what can be seen, after forming Hammer , an Ascending wave started and the Price have increased more.
Education
by ForecastCity
22
Price Action Lesson 2: Conditions of a Perfect Hammer Conditions of a Perfect Hammer: . Body height must be short. . The total height of the candle must be taller than the Daily ATR-264. The taller the candle is, the stronger the Hammer is. . The lower shadow’s length should be very tall. It is better to be over 75 percent of the Daily ATR-264. . The upper shadow does not exist, or if it does, it is very small. It shouldn't be more than 25 percent of the Daily ATR-264. . The hammer that has an ascending body is stronger than the one which has a descending body.
Education
by ForecastCity
13
Hammer Candlestick Pattern DefinitionHammer Candle Stick Definition If there was a large drop in price in the middle of the day, but before the day ended it increased to what it was at the beginning of the day and even more, a significant upward return occurred. The candlestick of this change (move) will be a Hammer in a daily time frame. A Hammer formation on the daily time frame is a very strong indication for probability of increasing price in next days. Example: The picture shows currency pair of EUR/USD in a 30 minute time frame. On Ausust 09, 2017 the price significantly decreased from 1.17495 to 1.16886 or even lower. But after that, it increased rapidly at the end of the day to 1.17578 and then closed. Also in this picture - for better understanding - the Hammer Candlestick in the daily time frame - in the result of changes in a day - is drawn.
Education
by ForecastCity
8