The hammer Candlestick



Hammer candlestick are used widely in forex markets. You will find them everywhere. They are rejection candlesticks for support/resistance areas. The candlestick is formed following the below criteria:


  1. The open and the close are close together.
  2. If the rejection is on the upside, a long wick will form on the up side.
  3. If the rejection is on the downside, a long wick will form on the down side.
  4. The head of the candlestick normally defines the highest price before the change of trend.


hammer


You could use a stochastics indicator to verify whether price is over bought or over sold to confirm the trade entry and the direction of the trend.


Best tools to use are Plus500, and etoro




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