Multiple Candlestick Patterns (Part 2) - Zerodha Varsity

12/19/2015 Multiple Candlestick Patterns (Part 2) Zerodha Varsity
CHAPTER 9
Multiple Candlestick
Patterns (Part 2)
9.1 – The Harami Pattern

Before you get thinking, the word ‘Harami’ does not stand for the word harami used in Hindi

. Apparently it is old Japanese word for‘pregnant’. You’d appreciate the intuitiveness of
MODULES
this word, when you see the candlestick formation.
Harami is a two candle pattern. The first candle is usually long and the second candle has a
small body. The second candle is generally opposite in colour to the first candle. On the
appearance of the harami pattern a trend reversal is possible. There are two types of harami
patterns – the bullish harami and the bearish harami.
9.2 – The Bullish Harami

http://zerodha.com/varsity/chapter/multiplecandlestickpatternspart2/ 1/31
9.2 – The Bullish Harami

As the name suggests, the bullish harami is a bullish pattern appearing at the bottom end of
the chart. The bullish harami pattern evolves over a two day period, similar to the engulfing
pattern.
In the chart below, the bullish harami pattern is encircled.
The thought process behind a bullish harami pattern is as follows:
1. The market is in a downtrend pushing the prices lower, therefore giving the bears
absolute control over the markets
2. On day 1 of the pattern (P1) a red candle with a new low is formed, reinforcing the
bear’s position in the market
3. On day 2 of the pattern (P2) the market opens at a price higher than the previous day’s
close. On seeing a high opening price the bears panic ,as they would have otherwise
expected a lower opening price
4. The market gains strength on P2 and manages to close on a positive note, thus forming
a blue candle. However P2’s closing price is just below the previous days (P1) open
price
5. The price action on P2 creates a small blue candle which appears contained (pregnant)
within P1’s long red candle
6. The small blue candle on a standalone basis looks harmless, but what really causes the
panic is the fact that the bullish candle appears all of a sudden, when it is least
expected
7. The blue candle not only encourages the bulls to build long positions, but also
unnerves the bears
8. The expectation is that panic amongst the bears will spread in an accelerated manner,
giving a greater push to bulls. This tends to push the prices higher. Hence one should
look at going long on the stock.
The trade setup for the bullish harami is as follows:
1. The idea is to go long on the bullish harami formation

2. Risk takers can initiate a long trade around the close of the P2 candle
3. Risk takers can validate the following conditions to confirm if P1, and P2 together form
a bullish harami pattern:
a. The opening on P2 should be higher than the close of P1
b. The current market price at 3:20 PM on P2 should be less than P1’s opening
price
c. If both these conditions are satisfied then one can conclude that both P1 and
P2 together form a bullish harami pattern
4. The risk averse can initiate a long trade at the close of the day after P2, only after
confirming that the day is forming a blue candle
5. The lowest low of the pattern will be the stoploss for the trade
Here is a chart of Axis Bank; the bullish harami is encircled below:
The OHLC details for the pattern are as follows:
P1 – Open = 868, High = 874, Low = 810, Close = 815

The risk taker would initiate the long position at the close of P2 which is around 835. The stop
loss for the trade would be lowest low price between P1 and P2; which in this case it is 810.
The risk averse will initiate the trade the day near the close of the day after P2, provided it is a
blue candle day, which in this case is.
Once the trade has been initiated, the trader will have to wait for either the target to be hit or
the stop loss to be triggered.
Here is a chart below where the encircled candles depict a bullish harami pattern, but it is not.
The prior trend should be bearish, but in this case the prior trend is almost flat which prevents
us from classifying this candlestick pattern as a bullish harami.
And here is another example where a bullish harami occurred but the stoploss on the trade
triggered leading to a loss.
9.3 – The bearish harami

The bearish harami pattern appears at the top end of an uptrend which gives the trader a
opportunity to initiate a short trade.
The thought process behind shorting a bearish harami is as follows:
1. The market is in an uptrend, placing the bulls in absolute control

2. On P1, the market trades higher, and makes a new high and closes positively forming a
blue candle day. The trading action reconfirms the bulls dominance in the market
3. On P2 the market unexpectedly opens lower which displaces the bulls ,and sets in a bit
of panic to bulls
4. The market continues to trade lower to an extent where it manages to close negatively
forming a red candle day
5. The unexpected negative drift in the market causes panic making the bulls to unwind
their positions
6. The expectation is that this negative drift is likely to continue and therefore one should
look at setting up a short trade.
The trade setup for the short trade based on bearish harami is as follows:
1. The risk taker will short the market near the close of P2 after ensuring P1 and P2
together forms a bearish harami. To validate this, two conditions must be satisfied:
a. The open price on P2 should be lower than the close price of P1
b. The close price on P2 should be less than the open of P1
2. The risk averse will short the market the day after P2 after ensuring it forms a red
candle day
3. The highest high between P1 and P2 acts as the stoploss for the trade.
Here is a chart of IDFC Limited where the bearish engulfing pattern is identified. The OHLC
details are as follows:

P2 – Open = 126.9, High = 129.70, Low, = 125, Close = 124.80
The risk taker will initiate the trade on day 2, near the closing price of 125. The risk averse will
initiate the trade on the day after P2, only after ensuring it forms a red candle day. In the above
example, the risk averse would have avoided the trade completely.
The stop loss for the trade would be the highest high between P1 and P2. In this case it would
be 129.70.
Key takeaways from this chapter

1. The harami pattern evolves over 2 trading sessions – P1 and P2.
2. Day 1 (P1) of the pattern forms a long candle and day 2(P2) of the pattern forms a small
candle which appears as if it has been tucked inside the P1’s long candle
3. A bullish harami candle pattern is formed at the lower end of a down trend. P1 is a long
red candle, and P2 is a small blue candle. The idea is to initiate a long trade near the
close of P2 (risk taker). A risk averse trader will initiate the long trade near the close of
the day after P2 only after ensuring it forms a blue candle day
4. The stop loss on a bullish harami pattern is the lowest low price between P1 and P2
5. The bearish harami pattern is formed at the top end of an uptrend. P1 is a long blue
candle, and P2 is a small red candle. The idea is to initiate a short trade near the close
of P2 (risk taker). The risk averse will initiate the short near the close of the day only
after ensuring it is a red candle day
6. The stop loss on a bearish harami pattern is the highest high price between P1 and P2.
(http://zerodha.com/varsity/chapter/multiple-candlestick-patterns-part-1/)
(http://zerodha.com/varsity/chapter/multiple-candlestick-patterns-part-3/)
80 Responses to “Multiple Candlestick Patterns (Part 2)”
Reply (http://zerodha.com/varsity/chapter/multiple-candlestick-patterns-part-2/?replytocom=197#respond)
KASHISH SHAMBHWANI
November 10, 2014 at 7:37 pm

though i understood engulfing piercing and harami pattern, it would be nice to illustrate the differences amongst them as
three are quiet similar.
¶ (http://zerodha.com/varsity/comment/197)
Reply (http://zerodha.com/varsity/chapter/multiple-candlestick-patterns-part-2/?
replytocom=203#respond)
KARTHIK RANGAPPA
November 11, 2014 at 7:22 am

All 3 patterns (Engulfing, Piercing, and Harami) are 2 candlestick patterns. The 2 candles are opposite in colour.
In Engulfing the 2nd candle is bigger than the previous candle
Piercing Pattern is similar to engulfing except that the 2nd candle engulfs little over 50% of the previous candle
In Harami Pattern, the 2nd candle is short an looks contained withing the 1st candle.
Reply (http://zerodha.com/varsity/chapter/multiple-candlestick-
KUSHAL
patterns-part-2/?replytocom=695#respond)
December 5, 2014 at 5:09 pm
Hello karthik sir,
What do we mean by a Sideway trend ?
Thank you
KARTHIK RANGAPPA
December 6, 2014 at 5:51 am

A sideway trend is when the stock gets stuck in a range. I have explained about it here
(http://zerodha.com/varsity/chapter/dow-theory-part-2/).
SRIDHAR

Hi Karthik,
Thank you for the excellent tutorials.
When you mention about shorting in these lessons, do you think that the risk averse will get an chance to gain in the cash
market as the short positions are closed by the EOD?
KARTHIK RANGAPPA

You cannot short in the cash market for extended period – to short and carry positions you need Futures. Of course
you can short cash market on a intra day basis.
SOUMYAJIT ROY

HI Karthik,
Does Zerodha software provides information on for what stocks the SIngle/Multiple Candlesticks patterns are happening
on a day basis? IMO, It is not possible to track all stocks for all the different patterns.
KARTHIK RANGAPPA
January 1, 2015 at 10:41 am
No Zerodha does not do this. Suggest you read this chapter, it will help you get started –
http://zerodha.com/varsity/chapter/finale-helping-get-started/ (http://zerodha.com/varsity/chapter/finale-
helping-get-started/)
Reply
MADHUKAR
December 31, 2014 at 1:30 pm

dear sir, small correction required in 9.2. ->3, a. The opening on P2 should be higher than the close of P1.
(http://zerodha.com/varsity/chapter/multiple-candlestick-patterns-part-2/?replytocom=6146#respond)
Reply (http://zerodha.com/varsity/chapter/multiple-
KARTHIK RANGAPPA
candlestick-patterns-part-2/?
Thanks, will make the change
MANICKAME
Excellent Keep it Up
Regards
V.Manickame
Pondicherry
KARTHIK RANGAPPA
January 6, 2015 at 12:54 pm
VASANTH

Can you confirm the Stop loss & target for the pattern?
KARTHIK RANGAPPA

This can be tricky Vasanth – I guess you are looking at a tick by tick chart where the variation is quite tight. Hence
placing the stop can be difficult. I would suggest you look at least 5 minutes chart for intraday, 10 mins is even
better. Anyway, the stoploss would be the higher high of the pattern, in this case it would be the upper shadow of
the green candle.
VASANTH
Thank you sir for your quick response…
VASANTH

Kindly clarify the highlighted candle in the chart.
KARTHIK RANGAPPA

Vasanth – It would be difficult to classify it as a bearish harami since there is no prior trend. There has a prior
uptrend before classifying a pattern as bearish. In fact I see there is a good bullish marubuzo which suggest you go
long on the stock, keeping its low as the stoploss.
ROHIT.KUMAR4000
April 11, 2015 at 5:46 pm

have you seen the signal The first Green then Harami formed by second my personal experience that ypu have to
wait for confirmation which is not in third candle thats why trade failed
Reply
KARTHIK RANGAPPA
April 11, 2015 at 10:04 pm

Probably, but I’m not sure about this as I’ve not traded under such a scenario.
(http://zerodha.com/varsity/chapter/multiple-candlestick-patterns-part-2/?
VASANTH

Can i consider the highlighted pattern as bullish engulfing? Real body of Green candle(3rd candle) engulfed around 3 times
as compare to the Doji(2nd) real body.
KARTHIK RANGAPPA

Yes you can, but I personally would be a bit hesitant to trade on such patterns simply because the volatility seems a
bit high, and the stoploss has to be a bit deeper to take up these trades.
ROHIT.KUMAR4000
April 11, 2015 at 5:52 pm

Even though you left the trade see carefully if i consider your dozi as first candle in circle then the sixth candle also
confirming bullish engulfing with confirmation the perfect one to enter and after that what a perfect rise stock
taken
RS
February 5, 2015 at 4:56 am

Has M&M formed a bullish harami pattern on this chart ? It is of 4th februrary. If yes, then should the stoploss be at 1190 ?
KARTHIK RANGAPPA
February 5, 2015 at 5:27 am

Yes, this looks like a Bullish Harami pattern. Do check for the volumes and other variables in the checklist before
you can initiate the trade. However I must say, I would have been happier to see the bullish green candle to have
opened (gap up) slightly higher than what has happened now.
NUTAN
March 10, 2015 at 2:57 pm

Hi Karthik…M&M continued slide after forming bullish harami…suggest what additional variables to check before taking
the plunge.
KARTHIK RANGAPPA
March 11, 2015 at 5:14 am

Did it satisfy all other variable that we have discussed here in section 18.6 of this chapter
(http://zerodha.com/varsity/chapter/dow-theory-part-2/ (http://zerodha.com/varsity/chapter/dow-theory-part-
2/)) ? Assuming it did, do note the SL would have triggered the very next day.
Reply
NUTAN
(http://zerodha.com/varsity/chapter/multiple-
March 11, 2015 at 7:18 am
OK. Will check that. Thanks.
Reply
KARTHIK RANGAPPA
March 12, 2015 at 5:27 am

Welcome.
ROHIT.KUMAR4000
April 11, 2015 at 5:56 pm

Dear one have to check /wait for confirmation after bullish harami / bearish harami don’t jump immediately into
the trade you are decreasing your winning chances to 50% instead of increasing
SAIKIRANGARAPATI
March 22, 2015 at 10:42 am

Hi Karthik,
Generally you used to say,Look for the prior trend before concluding any pattern.So how many days you want us to take for
calculating downtrend or uptrend?
Regards,
SaikiranGarapati.
KARTHIK RANGAPPA
March 23, 2015 at 5:04 am

The look back period should be at least 5-7 candles to establish prior trend. So if its a EOD chart you are looking at
then it means to establish prioor trend you are looking at, at least 5-7 trading sessions to establish prior trend.
SAIKIRANGARAPATI
March 24, 2015 at 8:36 pm

Thanks for the reply Karthik, Nifty has formed a Inverted hammer on 24-03-2015..So what does that mean?
Can we expect it has started upward momentum now?
KARTHIK RANGAPPA
KARTHIK RANGAPPA
March 25, 2015 at 4:49 am

No, in fact if you think about it an inverted hammer has a long upper shadow – this means that the
bulls made an attempt to take the market higher, therefore a long upper shadow was formed.
However the bulls were not able to sustain the high and eventually the market gave up its gain, this
is evident by the fact that the market closed near the low point of the day, thus forming an inverted
hammer. Clearly there could be a bit of weakness in the market…however because there is a
support at current level market may eventually bounce. These are situations which can be very
tricky to trade…hence the need for options. I have spoken about a situation very similar to this in
chapter 3 of ‘Options Theory’ module. Suggest you read through it. It will be uploaded in few days.
PURVSEH
March 27, 2015 at 5:05 am

Sir, Has unitech formed a bullish harami pattern on this chart ?
Reply
KARTHIK RANGAPPA
March 27, 2015 at 5:16 am

It looks like, but the volumes are really low, dont you think so?
ROHIT.KUMAR4000
April 11, 2015 at 6:00 pm

You are looking for bullish harami pattern and not looking for confirmation if bullish harami gives confirmation than buy
call otherwise this is a temporary retracement wait till it gets over and go for sell in this script when any particular sell
signals generated.
T RAMA DEVI
April 14, 2015 at 7:21 am

Dear Sir,
Inverted hammer appears to be an Shooting star, correct me if Iam wrong. Once has to look for shorting if prior trend is an
Uptrend. Regards
KARTHIK RANGAPPA
April 14, 2015 at 4:19 pm
Yes, you are absolutely correct.
KARTIKEY
April 15, 2015 at 3:42 pm

Can this be considered a Bullish Harami (The green candle is also a spinning top and the shadow is not fully contained).
KARTHIK RANGAPPA
April 17, 2015 at 5:19 am
I guess you can.
KARTIKEY
April 21, 2015 at 3:22 pm

In HCL after a long time previous gap was filled today.How to interpret this filling and trade forward?
Thanks in advance
Reply
KARTHIK RANGAPPA
April 23, 2015 at 7:17 am

I’m not really a big follower of gaps…so I would refrain from commenting
T RAMA DEVI Reply
May 3, 2015 at 9:25 am

Sir,
which candle stick pattern i.e Engulfing, Piercing/Dark Cloud and Harima can be considered as strongest.
Regards
KARTHIK RANGAPPA
May 4, 2015 at 5:50 am
My personal preference is the engulfing pattern.
Reply
ROBIN
May 13, 2015 at 6:39 pm

Hi Karthik,
What is the difference between BEARISH HARAMI and BEARISH HARAMI CROSS?
Thanks 4 ur time.
ROBIN.
Reply
KARTHIK RANGAPPA
May 14, 2015 at 6:35 am

Bearish Harami = White candle followed by a small red candle contained within.
Bearish Harami = White candle followed by a doji contained within.
ROBIN
May 14, 2015 at 9:52 am

so that means, in a bearish Harami Cross….instead of a small red candle after the white candle in an
uptrend, there is a dogi…right?
Reply
KARTHIK RANGAPPA
May 15, 2015 at 1:24 pm

Absolutely.
MADHU NAIR
May 14, 2015 at 2:05 pm

Hi Karhik, is this a failed Bullish harami ? The primary trend is down and the bullish harami was formed at substantial
support with volumes. The RSI too is oversold. The secondary trend is up though. how does one read the secondary trend
in such cases? Do you think the bearish candle today was a retracement as the volumes relatively low and can we go long
from here?
KARTHIK RANGAPPA
May 15, 2015 at 1:31 pm

Two conflicting signals here –
1) Bullish harami is suggesting a buy (the SL has not been triggered hence too early to call it failed)
2) On low volume prices are increasing suggesting a sell
Hence I would be a bit cautions although my bias would be towards a buy …also due to the fact that the stock has
formed a double bottom and since support is there near the current market price.
MADHU NAIR
May 15, 2015 at 2:31 pm
Thanks for those observations. are you suggesting that as the volumes were constantly dipping as the price moved up
should have been a sign of caution? i have marked a blue line on the volume panel for the same. also, the day the bullish
harami was formed the volumes were lesser compared to the days the price retraced upwards. should that have been
noted too?
KARTHIK RANGAPPA
May 17, 2015 at 5:04 pm

Absolutely. Declining volume with increase in price, especially after a bout of selling should be treated with
caution. Options is the best instrument of choice if one were to trade these setups.
MADHU NAIR
May 17, 2015 at 6:43 pm

Also, how does one trade a spinning top or a doji at support or resistance? do we wait for a recognizable candle
post them to place trades?
KARTHIK RANGAPPA
May 19, 2015 at 4:51 am

Yes, it makes sense for a pattern to emerge. But the bias is towards a reversal. Think about it – if there is a
support the chances are that the demand could emerge. Add to this a doji – by definition a doji is supposed
to show indecision, which means the sellers strength is now questionable. Hence from both the angles its
justified to build a bias towards a reversal.
ROBIN
May 17, 2015 at 8:54 am

Hi Karthik,
Adaniports chart from 1st Jan 2015 attached.
1) Candle No. 2 is a doji… can candle no. 1 & 2 be considered as a BULLISH HARAMI CROSS ?
2) Can candle No. 2 & 3 be considered as a BEARISH ENGULFING PATTERN ?
3) Can candle no. 3 be considered as a HAMMER?
Thanks for your time.
ROBIN
KARTHIK RANGAPPA
May 17, 2015 at 5:17 pm

Candle 2 is a doji.
1&2 and 2&3 are not valid Bullish Harami Cross and Bearish Engulfing patters as there is a lack of convincing prior
trend.
Candle 3 is a hammer.
RAVI
June 9, 2015 at 6:11 pm

Karthik, why do you call Candle 3 a hammer? – is it only because of its form (it seems to be occurring during
a sideways trend)?
KARTHIK RANGAPPA
June 10, 2015 at 11:42 am

A paper umbrella is called a Hammer only if it occurs at the end of a downtrend. Else its just a
paper umbrella with no significance.
Reply
PRAMOD BERI
June 5, 2015 at 2:01 pm

sir in we go short(CNC).. is there a limitation that we have to square off within some stipulated time??
KARTHIK RANGAPPA
June 8, 2015 at 12:30 pm

Yes when you short stocks in CNC markets you need to ensure you square off intraday before 3:20 PM, else there
will be short delivery. When you have short delivery you will have to pay a heavy penalty. Here is a very well written
article that helps you understand the consequence of short delivery – http://zerodha.com/z-
connect/queries/stock-and-fo-queries/consequences-of-short-delivery-nse-bse (http://zerodha.com/z-
connect/queries/stock-and-fo-queries/consequences-of-short-delivery-nse-bse)
RAVI
June 9, 2015 at 6:32 pm

Karthik,
Many thanks for putting together this great material! I have been following Bharti Airtel for the past week and it seems to
be at a very very interesting position. I am bearish on it due to the following reasons and i’d be happy if you could provide
your insights.
1/ Seems to be forming a triple top @ 418-430 levels
2/ Last high was made @435 at a very high volume of ~68m. On the day, stock closed ~10 bucks lower from the high (losing
~30% of the day’s gains). Despite the volume shocker, prices could not go higher.
3/ A week of dojis and spinning tops after the long candle day. Bullish uncertainty? or are they consolidating??
4/ Last two candles are dropping. Bulls haven’t given up yet though – low of the long candle of 29th @ 403 hasn’t been
breached yet (bears did test it though!).
5/ On the verge of an MACD crossover? 9 day EMA is still above the 26 day EMA though!
6/ Finally, is there a bearish harami?!
KARTHIK RANGAPPA
June 10, 2015 at 11:47 am

Seems perfect! Except for the last point on bearish Harami everything else makes sense. However it make take
sometime to crack especially if the markets starts to go up from here. Hence I’d be happy to buy a Put option here.
Good luck.
MADHU NAIR
June 17, 2015 at 7:26 am

Karthik, using the flexibility rule can we treat the formation indicated by the green arrow as a bullish harami? i ask as the
close of previous black candle after a sustained downtrend was at 574.35 and the opening of the BH candle was at 574.10.
also, i am using a 14 day volume MA as opposed to a 10 day volume MA. what are your views.
KARTHIK RANGAPPA
June 18, 2015 at 5:28 am

You certainly can Madhu, although a higher open (say 576 or 578) would have been preferable. 14 day MA is just
fine. No problem with that.
RS3909
RS3909
July 25, 2015 at 6:14 pm

Hi Karthik,
is this bearish Engulfing with doji? and bearsih harami after that? can we sell at this level? as RSI is also showing
overbought.
RS3909
July 25, 2015 at 6:19 pm
unable to updload chart
KARTHIK RANGAPPA Reply
July 27, 2015 at 5:13 am

Need to see the chart Btw, why are you not able to upload the chart?
RS3909
July 28, 2015 at 2:15 pm

Don’t know, there must be some problem with system. Whenever i upload chart/image it took me
to below page…
https://zerodha.com/413.shtml (https://zerodha.com/413.shtml)
KARTHIK RANGAPPA
July 29, 2015 at 6:09 am

It seems to be working fine here..
RS3909
candlestick-patterns-part-2/?replytocom=16583#respond)
July 29, 2015 at 1:48 pm
could you please try to upload image on this page?
VIVEK
September 20, 2015 at 10:43 am

Dear Karthik, I feel so grateful to you for sharing the immense knowledge you have. I have a few doubts about trading as a
whole:
1. When should be trade in equity, futures and options?
2. As a beginner I was told that one should avoid trading in futures as it involves very high risk
3. Since then I have been trading in options (cnx Nifty) and been earning decent enough returns based on news (related to
bank rate cut, if nifty rises continuously for 2 days then high chances of falling the 3rd day etc.
Kindly guide me
KARTHIK RANGAPPA
September 21, 2015 at 5:09 am

Vivek my answers as below –
1) I know this may sound like a boring advice, but start ‘trading’ only when you develop a trading strategy. Until
then try and invest your money and experience how wealth is generated over long term.
2) As a beginner you should avoid both futures and options…at least till a stage where you are comfortable
understanding how these work. Trade them only when you fully understand how to deal their risk reward
characteristics.
3) Try and develop this into a proper strategy so that you can back test this and understand its behavior patterns.
ANKIT
October 1, 2015 at 1:38 pm

Karthik sir
i am tracking the IDBI stock for couple of weeks and enjoyed a near about 50% surplus in just 8-10 days.
but now sir there is little bit of confusion about pattern
sir i am posting this image here, can u please teach me is this bearish harami pattern forming on IDBI one day chart
KARTHIK RANGAPPA
October 1, 2015 at 5:27 pm
Good to hear this Ankit…but cant see the image.
SAIKIRANGARAPATI

Hi Karthik,
Can i expect last candle as a Doji? I am in Dilema, Before last candle It has fomed Bullish harami right?
KARTHIK RANGAPPA
Bullish harami yes, but not really a doji.
ABHIJEET

Is it the bullish harmi pattern formed in the following chart ?
KARTHIK RANGAPPA Reply (http://zerodha.com/varsity/chapter/multiple-

Yes, it certainly looks so.
Reply
ABHIJEET
(http://zerodha.com/varsity/chapter/multiple-
But SL hit today and then close end n green
Reply
KARTHIK RANGAPPA

Part of the game Abhijeet..you just have to keep improvising.
Do you have a question or comment?

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12/19/2015 Multiple Candlestick Patterns (Part 2) ­ Zerodha Varsity

9.1 – The Harami Pattern

9.2 – The Bullish Harami

9.2 – The Bullish Harami

In the chart below, the bullish harami pattern is encircled.

The thought process behind a bullish harami pattern is as follows:

1. The idea is to go long on the bullish harami formation

The OHLC details for the pattern are as follows:

P1 – Open = 868, High = 874, Low = 810, Close = 815

9.3 – The bearish harami

The thought process behind shorting a bearish harami is as follows:

1. The market is in an uptrend, placing the bulls in absolute control

P1 – Open = 124, High = 129, Low = 122, Close = 127

Key takeaways from this chapter

80 Responses to “Multiple Candlestick Patterns (Part 2)”

November 10, 2014 at 7:37 pm

November 11, 2014 at 7:22 am

December 6, 2014 at 5:51 am

December 29, 2014 at 1:59 am

December 29, 2014 at 5:30 am

December 31, 2014 at 8:59 am

January 1, 2015 at 10:41 am

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12/19/2015 Multiple Candlestick Patterns (Part 2) Zerodha Varsity