Inverted Hammer

GotherL said:
What do you make of this chart pattern? Had a big inverted hammer over a regular hammer today on the daily going from a downtrend. I am not really sure if this is considered bullish.

Kinda did the same thing in early OCT but the hammers were much smaller.
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https://stockcharts.com/h-sc/ui?s=RAIL

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Was averaging down the 5 calls here but I wasn't sure enough to take big size.

Didn't really go up by that much. .15-.60. The time value kept it at .15 which was a pity since they were monthlies.

Commented on NFLX Cup & Handle. That one went crazy!
 
Was a very clean C&H chart.

There was a huge bull candle to make the cup with no obvious catalyst on that day something was brewing. Might've been some tutes or insiders predicted squid games to be a huge hit.

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GotherL said:
Was a very clean C&H chart.

There was a huge bull candle to make the cup with no obvious catalyst on that day something was brewing. Might've been some tutes or insiders predicted squid games to be a huge hit.

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Have you backtested the "inverted hammer" patterns occurring in uptrends as part of a pullback price action that then pushes prices upwards again versus occurring in downtrends as part of a a trend reversal signal ?

Also, if you don't use it as a trade signal...what about using it as a s/r level to tell you to look for another trade signal inside of the s/r level ?

wrbtrader
 
wrbtrader said:
Have you backtested the "inverted hammer" patterns occurring in uptrends as part of a pullback price action that then pushes prices upwards again versus occurring in downtrends as part of a a trend reversal signal ?

wrbtrader
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It doesn't occur often enough for me to pay attention it. I am not even certain how reliable this is in downtrends.
 
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