What's a Hanging Man Crude Oil Trading Candlesticks Pattern?
What Does Hanging Man Candle Mean? Hanging Man Candlestick Definition
Hanging Man crude oil candles pattern is a potentially bearish reversal oil trading signal that forms during a upwards oil trend. It is named so because it resembles a man hanging on a noose up high.
A hanging man candlestick 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 isn't important
What is a Hanging Man Candlestick in Oil Trading? - Hanging Man Oil Candle Pattern
Technical Analysis of Hanging Man Crude Oil Candles
The sell oil trading signal is confirmed when a bearish candlestick closes below the open of the candle on left-side of this hanging man oil trading candlestick pattern.
Stop orders should be placed a few pips just above the high of the hanging man candle.
