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piercing pattern is witnessed after a significant downfall indicating buyers strength in market.
therefore long position is created because the body on the piercing pattern day starts below the previous day bodies lower wick and also covers more than 50% of the previous body with a significant volume
entry:1409
target:1515
stop loss:1303
the target is achieved
risk reward ratio-1:1
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Hi,
The Bullish Piercing Pattern is a trend reversal pattern that appears at the bottom of a downtrend. The end of the green candlestick should open below the previous day’s low and ends up closing within the price range of the previous day’s real body. The thumb rule is that the bullish candlestick should penetrate and close more than 50% into the previous day’s real body.