Types of Candlestick Patterns

After studying the method of reading candlestick patterns, it's time for you to recognize the types of candle patterns that commonly appear on this next trading chart.

1. Single candlestick

The single candlestick pattern is a pattern that occurs very often because it only has one candle segment or has no companion. Some of the types of single candlestick patterns are:

Marubozu or also called "bald head", is a pattern in the form of a candle that does not have an upper and lower shadow. This pattern indicates the presence of a bearish or a very large bullish weight on a particular timeframe. If you see a bearish with a dark pattern, it means that the bull's center of gravity is getting stronger.
Long Candle, is a far-dimensional candlestick pattern consisting of a long bullish or long bearish candle. This type of pattern has more vivid shadows than Marubozu.
Spinning Tops, are candles that have upper and lower shadows with dimensions far above and below. This type of pattern generally indicates that the bearish and bullish effects are of the same magnitude. If this pattern appears at the end of an uptrend, it means that the market has the potential to face a downtrend. On the other hand, if this pattern occurs at the end of a downtrend, it is likely that the market will face an uptrend.
Doji, is a pattern in the form of a flat that arises because of the confluence of the open price and the close price. Even though it contains a single candlestick, this pattern has an environmental character so you need to confirm the next candlestick pattern to speculate on market movements.
Hammer and Hanging Man, is a pattern in the form of a short with a long lower and short upper shadow. Although these patterns are often thought to have a small degree of accuracy, they always serve a significant role in predicting market movements.

2. Double candlesticks

As the name implies, this one candle pattern consists of 2 body segments. There are several kinds of double candlestick patterns, including:

The Engulfing Pattern is a pattern that is easy to observe and has a fairly large level of trading probability, especially when the market is trending. Therefore, many traders use this pattern as a feature for entry and make a profit. This type of pattern consists of bullish engulfing and bearish engulfing. You can see this pattern stems from the candle dimensions that are further away than before.
Harami, is a pattern that has 2 candlesticks with the second rod smaller and its position within the body of the initial bar. Compared to the Engulfing Pattern, bullishness in Harami can be identified by looking at the arrival of a candlestick with a smaller dimension than the first candlestick. Likewise, bearish harami can be identified by the arrival of a bearish candlestick which is smaller than the first candlestick.
Dark Cloud Cover and Piercing Line, are bearish and bullish patterns. If the high bearish price is greater than the first bullish price, then the pattern can be called Dark Cloud Cover. If the low price of the bullish candlestick is smaller than the first low price of the bearish candlestick, this situation is called the Pricing Line.
Tweezer, is a pattern found on the top and bottom that shows there is a retrogression in the direction of the style. Maximum Tweezer is a pattern in the form of a hammer side by side and Tweezer Bottom is an inverted hammer that is side by side.

3. Triple candlesticks

This type of pattern includes a pattern that has a very large level of accuracy so it is often used by traders to make a profit. There are 3 types of triple patterns that you can learn, namely:

The Morning Star and Evening Star, are patterns that are helped by further emendation than other candlestick patterns. This pattern is created from 3 candles that carry the address for the formation of a reversal of market price movements. Both of these patterns are indicated by the presence of a distance between the initial and second candles with the dimensions of the second candle being smaller.
Three White Soldiers and Three Black Crows. These two patterns are easy to identify because their shape is close to a lined bar consisting of 3 candles with a green and red colored far body. The Three White Soldiers demonstrate the ability of prolonged reinforcement, whereas the Three Black Crows indicate an escalation of marketing and acceptance.
Three Inside Up and Three Inside Down. Three Inside Up indicates that there is a bullish reversal direction retrogression, which is a situation when the price rotates up and then decreases. On the contrary, Three Inside Down shows the ability of a bearish reversal retrogression when the price turns down and then increases.