Sep 2, 2023
The Psychology Behind a Piercing Pattern
Understanding the psychology behind the piercing pattern requires dissecting its two-candle formation and the investor sentiment driving each candlestick.
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The Psychology Behind a Piercing Pattern
Understanding the psychology behind the piercing pattern requires dissecting its two-candle formation and the investor sentiment driving each candlestick.
PIERCING PATTERN
After you have read about “Dark Cloud Cover”, a question might arise in your minds and that is “whether we have an opposite pattern to the dark cloud cover”? Yes, there is and it is called a piercing pattern. Just as a dark-cloud cover is a top reversal, its opposite, the piercing pattern, is a bottom reversal (see Exhibit 4.29). It is composed of two candlesticks in a falling market. The first…
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