About Scanner: Bullish Hikkake Candlestick Pattern

What is the Bullish Hikkake Candlestick ?

The Bullish Hikkake is a bullish reversal pattern that occurs after a consolidation period and signals a potential breakout.
It consists of an inside bar followed by a false breakout and a reversal.

Key Points of Bullish Hikkake :

• Initial Trend: The pattern begins with a downward or bearish trend.
• First Candle: Completely overshadows the second candle.
• Third Candle: Has a lower high and lower low than the second candle.
• Fourth Candle: Drifts below the third candle.
• Fifth or Sixth Candle: Closes above the second candle's high.

Trading Strategies:

• Enter Long Position: After the bullish candle confirms the reversal.
• Verify Momentum: Use indicators like RSI or MACD to confirm the momentum.

Warning:

False Breakout the third candle moves below the low of the inside bar but reverses.

Target:

Short-Term: Target the height of the inside bar.
Long term - Consider other technical aspects like volume spurt, recent support/resistance levels, and other technicals.

Stop Loss:

Set a stop loss below the pattern's lowest point.

TSR & Bullish Hikkake Scanner:

• Set alerts for real-time notifications.
• Combine Bullish Hikkake 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.

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