What's a Piercing Line Candle-stick in XAUUSD Trading?
What Does Piercing Line Candlestick Mean? Piercing Line Candlestick Definition
Piercing Line candlesticks setup pattern is a long black body followed by a long white body stick.
The white body pierces the mid-point of the previous black body.
Piercing Line candles set-up is a bullish reversal setup that forms at the bottom of a market down-wards trend. It shows that the market opens lower & closes above the mid-point of the black body.
Piercing Line candlesticks setup highlights that the momentum of the down-trend is reducing and the price trend is likely to reverse and move in an upwards direction.
Piercing Line candle-sticks pattern is pictured referred to as a piercing line signifying the market is piercing the bottom illustrating a market floor for the price downwards trend.
What is Piercing Line Candle-stick in Gold Trading? - Piercing Line Candle Pattern
Analysis Piercing Line Candle-stick - Candles Pattern
A buy signal is confirmed once xauusd trading price closes above the neck line which is the opening of the candlestick on the left of the Piercing Line candlestick.
Piercing Line candlestick pattern setup is a candlesticks pattern bullish setup and trading price should continue moving upwards & for one who puts a buy trade should put a stop loss order just below the lowest xauusd trading price zone.
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