Is this a reliable hammer candlestick?

TheDawn · Mar 2, 2025

deaddog said:
How about BTC? would you call Feb 28 a hammer?
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in what tf? daily? 30 min.?

deaddog · Mar 2, 2025

TheDawn said:
in what tf? daily? 30 min.?
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Feb 28th would be daily.

Stocker · Mar 5, 2025

TheDawn said:
needs
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TheDawn said:
Personally, I wouldn't think that's a hammer pattern at all. Hammer usually should have a very long wick below the candle to show a huge sell-off being reversed by a large effort which would display a candlestick pattern that looks like a hammer indicating a possible reversal of trend. In this case, the wick below the candle is not long enough so the reversal effort was not very large and prominent i.e. an absolute low has not been tested yet. And the hammer by itself is not a strong indication of a bullish trend. It needs to be confirmed by a subsequent candle which has to close way above the hammer at least more than half-way into the candle before the hammer and that is usually a stronger indication of a possible beginning of a bullish trend.

Then again everything is perfect from hindsight. Candlestick patterns are accurate 30% of the time I was told.
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Thank you

Stocker

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Is this a reliable hammer candlestick?

TheDawn

deaddog

Stocker