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Candle Stick Patterns: Hammer PDF Print E-mail
Tuesday, 02 December 2008 15:29
Hammer Candlesticks form when sellers are able to wrest control of the market from buyers. This control is short lived and buyers eventually take back control and the bar is ultimately closed at a price that is significantly higher than the bars low.

The candle can form in a declining trend signal and possible reversal. The same candle can form in an advancing trend and is called a Hanging Man. More on that formation later.

In the following example a very nice hammer has formed at the very bottom of the move. The lower leg or wick is over twice as long as the body, and there is no upper leg or wick. When forming, you want the upper shadow to be very small or nonexistent and the lower leg should be at least twice as long as the body.

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