Pattern: Reversal Trend: Bearish Reliability: High
How to Identify it •First day is usually a long white day •Second day is a doji that gaps in the direction of the previous trend •The third day is a black day, gapping in the opposite direction, with no overlapping shadows
What it Means In an uptrend, the market builds strength on a long white day and gaps open on the second day. However, the second day trades within a small range and closes at or near its open. This scenario definitely shows an erosion of confidence in the current trend. Confirmation of the trend reversal is the black third day, which is given extra validation by the downward gap.
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