Red hanging man after steady price rise with high volume.
Short@11010 SL@11100 Target @10930
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Red hanging man after steady price rise with high volume.
Short@11010 SL@11100 Target @10930
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Hi,
Hanging man pattern has a small body with a long upper tail pattern. Hanging man is a bearish reversal pattern, as the buyers were initially in charge but yet the sellers were capable to reverse that control and drive prices back up to close near the low for the day.
Conditions
Hanging man pattern has a small body with a long upper tail.
The lower tail should be invisible or very small in size.
Volume should be high during hanging man day.
Hanging man should be red in color.
Hanging man occur after a price incline
You can find similar patterns with different names and there is some confusion prevailing around the hammer and hanging man patterns. To avoid such confusion, understand the demand and supply characteristic of every candlestick pattern.
Refer the attachment screenshot
thanks for pointing out and clarifying.