What's a Hanging Man Candlestick in Forex? - Hanging Man Candles Pattern
What Does Hanging Man Candle Mean? Hanging Man Candlestick Definition
Hanging Man candlesticks pattern is a potentially bearish reversal signal that forms during a forex uptrend. It is named so because it resembles a man hanging on a noose up high.
A hanging man candle has:
- A small body
- The body is at the top
- The lower shadow is 2 or 3 times length of real body.
- Has no upper shadow or very small upper shadow if present.
- The color of the body is not important
What is Hanging Man Candlestick in Forex? - Hanging Man Candle Pattern - Candle-sticks Pattern
Technical Analysis of Hanging Man Candle Pattern
The sell signal is confirmed when a bearish candlestick closes below the open of the candle on left side of this hanging man candle pattern.
Stop orders should be set a few pips just above the high of the hanging man candle.
