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.
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.