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Definition:
The Bullish Three Outside Up Pattern is simply another name for the Confirmed Bullish Engulfing Pattern. The third day is confirmation of the bullish trend reversal. Recognition Criteria: 1. Market is characterized by downtrend. The first two days of this three-day pattern is simply a Bullish Engulfing Pattern, and the third day confirms the reversal suggested by the Bullish Engulfing Pattern since it is a white candlestick closing with a new high for the last three days. Important Factors: The reliability of this pattern is very high, but still a confirmation in the form of a white candlestick with a higher close or a gap-up is suggested. |