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Tweezers candlestick formation
The Tweezers candlestick formation can show us that there is a strong level below which the price cannot fall. It is a reversal formation in which two candlesticks beat their shadows one-to-one against some level. On the first candlestick, sellers move the price down, but face buyers who buy the asset completely. On the second candle the sellers make a second attempt to move the price down, but at the same level the buyers appear again and decisively move the price up.
The pattern is based on a simple and at the same time effective regularity - if the price cannot overcome the same level twice, it increases the probability that the trend will change direction. In practice, this is realised in a rather well-known figure of chart analysis - Double Top and Double Base.
But in the Pincetto there is a significant difference, it is that these extrema are located at the same level. There is a small assumption, but it is quite insignificant and amounts to literally a few points even for large periods. The fact that it is a specific level and not a notional area indicates high demand or supply in these ranges, and this often leads to really fast trend reversals.
Tweezers candlestick formation
The Tweezers candlestick formation can show us that there is a strong level below which the price cannot fall. It is a reversal formation in which two candlesticks beat their shadows one-to-one against some level. On the first candlestick, sellers move the price down, but face buyers who buy the asset completely. On the second candle the sellers make a second attempt to move the price down, but at the same level the buyers appear again and decisively move the price up.
The pattern is based on a simple and at the same time effective regularity - if the price cannot overcome the same level twice, it increases the probability that the trend will change direction. In practice, this is realised in a rather well-known figure of chart analysis - Double Top and Double Base.
But in the Pincetto there is a significant difference, it is that these extrema are located at the same level. There is a small assumption, but it is quite insignificant and amounts to literally a few points even for large periods. The fact that it is a specific level and not a notional area indicates high demand or supply in these ranges, and this often leads to really fast trend reversals.
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