What is a Hanging Man Candlestick in XAUUSD Trading?
What Does Hanging Man Candle Mean? - Hanging Man Candlestick Definition
Hanging Man xauusd candlesticks pattern is a potentially bearish reversal gold trading signal that occurs during a upward xauusd trend. It is named so because it looks like a man hanging on a noose up high.
A hanging man candlestick 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 Gold Trading? - Hanging Man Candle Pattern
Gold Candles Pattern
The sell signal is confirmed when a bearish candlestick closes below the open of the candlestick on left-side of this hanging man candlestick pattern.
Stop orders should be placed a few pips just above high of hanging man candle.
