The hanging man pattern signals a bearish market reversal and appears at the top of an uptrend. It is a single candlestick pattern that has a short wick (or none at all) at the top of a small body and a long shadow at the bottom.
The color of the candle does not matter. But the presence of confirmation of the trading signal is important. The author of the "Complete Encyclopedia of Chart Price Patterns" Thomas Bulkowski believes that if the pattern is confirmed, the price decreases in 70% of cases.
I will describe it in detail in the following posts.
Types of charts and what are their features…
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