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Japanese Candlestick Stock Scans
The patterns identified by these screens are just a few of the many existing Japanese Candlestick patterns. One of the best uses of candlesticks is to identify reversals and that's what each of these scans does. As is often the case with technical analysis, your results can be improved by finding setups which have multiple signals aligned (a confluence of indicators). For example, a Hammer plus a bounce off (or near) a major moving average. Another example would be a shooting star combined with a Stochastic Sell Signal.
|Bearish Engulfing||A chart pattern that consists of a small white candlestick with short shadows or tails followed by a large black candlestick that eclipses or engulfs the small white one's real body.|
|Bullish Engulfing||A chart pattern that forms when a small black candlestick is followed by a large white candlestick that completely eclipses or engulfs the previous candlestick's real body.|
|Doji||Doji indicate that the forces of supply and demand are becoming more evenly matched and a change in trend may be near. Doji alone are not enough to mark a reversal and further confirmation may be warranted.|
|Doji - Bearish?||Doji candlesticks form when a stock's open and close are virtually equal. They show a stalemate / indecision between bulls and bears. A doji after an uptrend may signal a reversal|
|Doji - Bullish?||Doji candlesticks form when a stock's open and close are virtually equal. They show a stalemate / indecision between bulls and bears. A doji after a downtrend may signal a reversal|
|Evening Star||Evening star formations can be useful in determining trend changes, particularly when used in conjunction with other indicators. Many traders use price oscillators and trendlines to confirm this candlestick pattern|
|Hammer Candlestick||The Hammer is a bullish reversal pattern that forms after a decline. In addition to a potential trend reversal, hammers can mark bottoms or support levels. After a decline, hammers signal a bullish revival.|
|Morning Star||A morning star pattern can be useful in determining trend changes, particularly when used in conjunction with other technical indicators. Many traders also use price oscillators such as the MACD and RSI to confirm the reversal.|
|Shooting Star Candlestick||The shooting star is made up of one candlestick (white or black) with a small body, long upper shadow and small or nonexistent lower shadow.|