About Scanner: Tweezer Bottom Candlestick Pattern

What is a Tweezer Bottom Candlestick?
A Tweezer Bottom is a candlestick pattern that signals a potential reversal from a downtrend to an uptrend. This technical analysis pattern consists of two candlesticks with similar lows, one bearish and one bullish, appearing back-to-back.

Key Points of a Tweezer Bottom Pattern:

• Occurs at the end of a downtrend.
• The first candlestick is bearish, and the second is bullish with a similar low.
• A third bullish candle confirms the pattern.
• The second candle's low indicates a support area.

Trading Strategies Tweezer Bottom:

• Wait for a confirmation candlestick pattern following the pattern formation.
• Use additional technical indicators to confirm the pattern.
• Entry above the pattern's high.

Target:

Short term - Previous trend support/resistance levels.
Long term - Consider volume spurt, recent support/resistance levels, and other technicals.

Stop Loss:

Set at the second candle's low.

Important Considerations:

The Tweezer Bottom pattern may produce false signals. Use caution and verify signals with other forms of analysis.

TSR Tweezer Bottom Scanner:

• Set Alert for real-time notification.
• Combine Tweezer Bottom pattern with other technicals/patterns using the ‘Fine Tune Filter’ Option.
• Filter on Stock basket or watchlist.
• Back test to gain confidence in the Pattern.
• Filter on small time frames (5 mins to Monthly tick).
• Auto refresh feature available.

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.

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