Tuesday, June 21, 2016

What is Bullish Meeting Lines: Bullish Reversal Pattern?

What is Bullish Meeting Lines: Bullish Reversal Pattern?


Bullish Meeting Lines pattern is a bullish reversal pattern. It happens in a downtrend. In this pattern, first candle is black, correlating the ongoing downtrend. Second candle opens at a new low, but closes at previous day's closing level.

Strategy: Traders can take long position only after the high of the first candle is exceeded. Stop loss should be placed below the low of second candle.