Tweezers Bottom Patterns Forex Technical Analysis
Tweezers pattern is a minor trend reversal pattern consisting of two candlesticks with approximately the same or equal height or some other variation. This is the only candlestick pattern where the highest or lowest level is the most (important) factor of the real body or the candle shape.
If the tweezers pattern appears in an uptrend, then this pattern is called Top Tweezers or Top Tweezers and MUST have the same high level (high). But if the tweezers pattern appears in the descending trend, then this pattern is called Tweezers Bottom or Bottom Tweezers and MUST have the same low (low) level.
In addition, the two candlesticks that make up the tweezers pattern must have a different color to the first to confirm the current trend and the second candle indicates a weakening trend.
This pattern is more reliable when the first candlestick has a large real body (long) while the second candlestick has a short real body. Also if the tweezers pattern is confirmed or formed another pattern, such as engulfing or piercing pattern with the same high (low) or low (low) level.
Tweezers Bottom pattern or bottom tweezers pattern appears in downtrend and impacts the trend reversal to bullish or often called bullish reversal. The first candlestick in the bottom tweezers pattern should be a bearish candlestick with a large real body followed by a bullish candlestick with a short real body. Both candle formers tweezers bottom pattern must have the same high level (high) or real body must be at the same level. This pattern is more reliable when viewed in the context of a larger price graph (large timeframe) with the occurrence of tweezers bottom pattern at the lowest (low) level, or near the support or trend line.