Can a hanging man candle be bullish?
It is a bullish reversal pattern because it shows that the market sold off during the session, but then bulls came in and drove price higher. The hanging man comes after a price advance, it is bearish because it shows that price had been advancing over successive days.
How do you trade hanging man candlesticks?
This candle is created when the open, high, and close are of a similar price, while there is a long shadow to the downside. Ideally, this shadow, or wick, should be at least twice the length of the body. Similar to other candlestick patterns, the hanging man is a representative of the current market sentiment.
It is a bullish reversal pattern because it shows that the market sold off during the session, but then bulls came in and drove price higher. The hanging man comes after a price advance, it is bearish because it shows that price had been advancing over successive days.
How do you trade hanging man candlesticks?
This candle is created when the open, high, and close are of a similar price, while there is a long shadow to the downside. Ideally, this shadow, or wick, should be at least twice the length of the body. Similar to other candlestick patterns, the hanging man is a representative of the current market sentiment.
