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Three Outside Up/Down

 

Description

 

UP: Day one continues what was a downtrend. Day two is a long candlestick day that closes well above day one’s open. The third day has an even higher close thatn the second day. This bullish reversal pattern shows buyers coming in strongly into selling pressure.

 

DOWN: The market is in an uptrend. The first day of the pattern is a bullish candlestick pushing the price up to new highs. The second day is a long bearish candlestick engulfing the body of the first day and closing downwards. This is a bearish engulfing pattern. The third day is a bearish candlestick closing below the second day.

 

Market Opinion

 

Three outside up: bullish

Three outside down: bearish

 

Pattern

 

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Three outside up or three outside down patterns are considered a confirmation signal of a reversal.

 

 
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