I have published a lesson about Tweezers tops and bottoms formations. Click here to study the lesson and download a free indicator that locates these patterns for you in a MetaTrader chart.
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About Tweezers
- Thread starter aparsai
- Start date
Quote from chase:
different versions depending who you read...
http://thepatternsite.com/TweezersTop.html
Thanks very much for the resource. My understanding is that he also suggest similar definition for the pattern but considers the continuation signal reliability more than the reversal signal. This is in contrast with what Steve Nison suggests.
I must admit that this pattern on its own is not very reliable. That's why I have suggested in my lesson to use other tools to confirm it. I personally do not trade Tweezers but every now and again use them as a tool that could help me with making decisions with my trades (honestly this rarely happens).
The bottom line is that some reversal candle signals are more powerful (such as hanging man or Dark Cloud Cover) comparing to this pattern.