Candlestick Patterns
Hikkake Bullish
The Hikkake Bullish is a bullish pattern represented by at least three candles. The first candle has a long red body. The second candle is totally engulfed by the previous one. Finally, the third candle slightly breaks the maximum of the first candle. The first candle is still decreasing, probably coming from a downtrend. The second candle suggests the price might reverse since it increases a bit. However, the third candle breaks the maximum of the pattern and very likely initiates an uptrend. This pattern has very strong bullish components. When it is spotted in a chart, the likelihood of the price heading upwards increases, therefore, this pattern is used to open a long position.
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