About Scanner: The Bullish Breakaway Candlestick Pattern

What is the Bullish Breakaway Candlestick ?

A bullish breakaway candlestick pattern is a five-candle formation that indicates a potential shift from a bearish trend to a bullish trend.
It's a reversal pattern that usually forms at the end of a downtrend.

Key Points of Bullish Breakaway :

• First Candle: A long bearish (red) candle, confirming the prevailing downtrend.
• Second Candle: A smaller bearish candle that gaps down, showing continued selling pressure.
• Third Candle: A small bearish or bullish doji candle, signaling indecision and potential reversal.
• Fourth Candle: Slightly higher than the third candle and could be either green or red
• Fifth Candle: A strong bullish (green) candle that closes above the first candle’s open, confirming the reversal.

Trading Strategies:

• Identify Pattern After Downtrend: Look for the five-candle sequence during a prolonged downtrend.
• Confirmation with Indicators: Use RSI, MACD, or volume to verify the reversal strength.
• Enter Long Position: Enter a long trade after the fifth candle closes above the first candle’s open.

Warning:

If the volume is low during the bullish candles, the pattern may lack conviction.

Target:

Use resistance levels or Fibonacci extensions to set profit targets.

Stop Loss:

Set a stop loss below the low of the second candle.
Long term - Look at other aspects like volume spurt , recent support / Resistance levels and other technicals.

TSR & Bullish Breakaway Scanner:

• Set alerts for real-time notifications.
• Combine Bullish Breakaway pattern with other technicals/patterns with Fine Tune Filter option.
• Filter on Stock basket or your watchlist.
• Backtest to gain confidence in the pattern.
• Filter on small time frames (5 minutes to monthly).
• 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.

---