What's a Hanging Man Candlestick in XAUUSD?
What Does Hanging Man Candlestick Mean? - Hanging Man Candle Definition
Hanging Man candlesticks pattern is a potentially bearish reversal signal that forms during a upwards trend. It's named so because it looks like a man hanging on a noose up high.
A hanging man candle has:
- A small body
- The body is at the top
- The lower shadow is two or three times length of the real body.
- Has no upper shadow or very small upper shadow if present.
- The color of the body is not important
What's Hanging Man Candlestick in XAUUSD? - Hanging Man Candle Pattern
Candle Sticks Pattern
The sell signal is confirmed when a bearish candlestick closes below the open of the candlestick on the left side of this hanging man candlestick pattern setup.
Stop orders should be set few pips just above the high of hanging man candle.
