empty

The Homing Pigeon candlestick reversal pattern is a bullish formation which looks like the Harami pattern. The difference is that the Pigeon has two candlesticks which are usually black.

How to distinguish the pattern?

1. When the bearish trend is forming, a long black candlestick appears on the chart.
2. The second short black candlestick is located inside the body of the previous day.

Scenario of the pattern development

When a long black candlestick body appears on the chart, it indicates that bears took control over the market. On the next day, the price starts trading at higher levels, then it hovers inside the body of the previous day, and after that it ends the day at lower levels. Depending on the strength of the previous trend, the figure may indicate a weakening of the trend and signal that it is better to exit the market.

Flexibility and transformation of the pattern

The two-day Homing Pigeon pattern is not highly flexible.

The figure can be transformed into a long black candlestick with a shadow under it which should not be considered as a bullish reversal pattern. It is a confirmation.

The Harami pattern is a pattern of the same type, but the Homing Pigeon has two black candlesticks.

Homing Pigeon pattern
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.