Usually type of pattern formed in all scripts in 5 mins time frame.
Rule: 1 - First candle should be bullish candle.
Rule: 2 - next 3 to 4 candles should be bearish or doji or bullish ( not closing above previous candle)
Rule: 3 - 3rd or Fourth candle should not close below 1st candle. if so the next candle will be bullish candle. Entry point will be 1 candle open price.. stop loss is 50 percent of the 1st Bullish Candle.
(or)
If the 3rd candle closed below the 1st bullish candle, wait for next candle. if next candle is bullish candle and the same closed above the first candle. Then take the entry.. Stop loss will be 50 per or 75% of the first candle.
if next candle closed below the first candle then the pattern will be invalid.
Rule: 1 - First candle should be bullish candle.
Rule: 2 - next 3 to 4 candles should be bearish or doji or bullish ( not closing above previous candle)
Rule: 3 - 3rd or Fourth candle should not close below 1st candle. if so the next candle will be bullish candle. Entry point will be 1 candle open price.. stop loss is 50 percent of the 1st Bullish Candle.
(or)
If the 3rd candle closed below the 1st bullish candle, wait for next candle. if next candle is bullish candle and the same closed above the first candle. Then take the entry.. Stop loss will be 50 per or 75% of the first candle.
if next candle closed below the first candle then the pattern will be invalid.
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