TOP 10 Reversal Candlestick Patterns Every Forex Trader Needs To Know In 2019

#9: Piercing Line Candlestick Pattern

The piercing line candlestick pattern formation is a 2 candlestick pattern formation.

The first candlestick is bearish and the second candlestick is bullish.

Make sure that the close of the 2nd bullish candlestick is more than 50% of the first bearish candlestick length.

 


Piercing Line Candlestick Pattern

Example of Piercing Line Pattern Trading

Here’s a chart showing how after the formation of piercing line pattern in a downtrend, the market changed to an uptrend:

piercing line reversal candlestick pattern

Where Bullish Piercing Candlestick Patterns Form On A Chart

Look for piercing line candlestick patterns when price is near or touching these levels:

  • major support levels
  • upward trendline bounces
  • fib retracement levels

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