About Scanner: Matching Low Candlestick Scanner

What is Matching Low Candlestick ?

The first candle red & second red, closing equal to the previous close. This is a Reversal Pattern.

Key Points Matching Low :

• The first candle is bearish.
• The second candle is bearish closing equal to the previous close.
• The candles have no lower shadows, but upper shadows are allowed.
• The matching low must be a downtrend.

Trading Strategies:

• Confirmation candle Wait for a third candle to move above the high of the first or second candle
• Short positions in instances where the price moves below the pattern, traders can enter short positions.
• Using other indicators like volume

Warning

The matching low pattern can act as a continuation pattern more often than a reversal pattern.

Target

Short term - Target previous trend support/resistance levels.
Long term - Look at other aspects like volume spurt , recent support / Resistance levels and other technicals.

Stop Loss

A stop loss above the high of the first or second candle.

TSR Matching Low Scanner

• Set Alert as it happens
• Combine Matching Low pattern with other Technicals/patterns with Fine Tune Filter Option
• Filter on Stock basket or your watchlist
• Back test to gain confidence on the Pattern.
• Filter on small ticks like 5 mins to Monthly tick
• Auto refresh

Fine Tune : You can customise these screeners by clicking on 'Fine Tune Filter' Option

Caution : All these screeners are crafted based on some historical scenarios which may / may notbe applicable here. We recommend to fine tune them according to current market conditions or seek expert advise before taking any decision.

---