We are happy to inform we have added a new pattern to Hulk Smash Scanners:
Tweezer Top / Bottom.
The candlestick pattern Tweezer is relatively rare and therefore has a higher success rate.
From now you will get alerts in our Telegram scanner channel, but beware it is limited and if you want to take your trading skills to the next level, we recommend purchasing a FULL license.
Lets Dive right into the pattern:
What is the tweezer pattern?
The tweezer is a dual candlestick reversal pattern.
This pattern can usually be spotted after an extended uptrend or after an extended downtrend, indicating that a reversal is about to occur.
The Tweezer Top formation is viewed as a bearish reversal pattern and is seen at the top of uptrends. The Tweezer Bottom formation is viewed as a bullish reversal pattern seen at the bottom of downtrends.
You can, of course, investigate the performance of the Tweezer pattern in MT4’s BackTest.
So how does this pattern look like?
The first candlestick of the Tweezer Top pattern is the same as the previous candlesticks of the trend, i.e. a bullish one.
The second candlestick of the Tweezer Top pattern is opposite to the overall trend, i.e. a bearish one.
The 2 candlesticks should have the same highs and their upper shadows should be of an equal length.
The first candlestick of the Tweezer Bottom pattern is the same as the previous candlesticks of the trend, i.e. a bearish one.
The second candlestick of the Tweezer Bottom pattern is opposite to the overall trend, i.e. a bullish one.
The 2 candlesticks should have the same lows and their lower shadows should be of an equal length.
Here are some examples of alerts from the Telegram scanner, so you may be impressed by how it appears:
Combine these patterns along with Indicators you use such as BB bands and RSI for stronger effect.
Try to look only onto a specific TF and act accordingly.
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Good luck everyone and Trade Safe