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Daily Market Analysis Daily Strategy Analysis (Live FxAlerts)Forex Candlestick Patterns - TweezersMarcello Ducille’s Underground System DemonstrationQuestion & Answer Session

Forex Candlesticks

There are a nearly infinite number of chart patterns with a variety of names, but among the most commonly recognize are the basics of Japanese candlesticks. We will cover a few of these, starting today with the infamous tweezers.

Courtesy of google images

Tweezer Bottoms

Tweezer bottoms are defined as two consecutive candles who share the same or nearly the same low. Most useful is how this pattern demonstrates a support level. In any market, trending or ranging, support Levels are simply price ranges that markets have trouble breaking below. Thus the low price these candles share demonstrates a relatively strong benchmark for support.

Courtesy of google images

Tweezer Tops

As with most patterns, there is an inverse. The Tweezer top is the inverse of the Tweezer bottom. These are defined as two consecutive candles who share the same or nearly the same high. Here this pattern demonstrates a resistance level, a level at which the markets have trouble breaking above.

Courtesy of google images

Best Tweezers

The most effective tweezers have the following:

The 1st candle is has the same characteristic as the overall trend. If price is up-going, then the first candle should be bullish.

The 2nd candle is opposite the overall trend. If price is up-going, then the second candle should be bearish.

The shadows of the candles should be of equal length. Tweezer tops should have the same highs and tweezer bottoms should have the same lows.

Courtesy of google images

Closing Notes

Tweezer candles are a fairly infrequent occurrence depending on precise you set your criteria of hitting the ‘same price.’ When they do happen, however,

tweezers of often felt to highlight high-probability trading opportunities.

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