The larger green circle marks a classic tweezers bottom. There was a move lower, a strong down candle, and a subsequent candle with almost exactly the same low. The small second body indicates less selling interest than the previous candle.
The small blue circle is a tweezers topping pattern. However, ideally, the first upward candle should be slightly larger to show a true shift in momentum from the first candle to the second. Figure 1. Tweezers Top and Bottom. Source: StockCharts. Tweezers are among a variety of chart patterns that traders can use to anticipate a potential change in trend direction.
The Technical Analysis course at the Investopedia Academy includes video content and real-world examples. They can help you spot possible reversals and become a more effective trader. Tweezers that take the structure of another reversal candlestick pattern are especially noteworthy. For a topping pattern, the bearish engulfing pattern and dark-cloud cover explained below are prime examples.
For a bottoming pattern, a bullish engulfing pattern and a piercing pattern are important to watch. These candlesticks may not always appear as tweezers similar highs and lows. When they do, it adds more importance to the pattern. Figure 2. A strong up bar followed by a hanging man or shooting star candle is also a noteworthy reversal pattern. However, the price should make a close below the second candle's real body within the next couple of candles.
An equivalent bottoming pattern would be a strong down candle followed by a hammer. On a third or fourth candle, a close above the hammer body would establish a strong case that a short-term bottom has formed. Figure 3. The hammer in Figure 3 isn't ideal—the body could be a bit smaller and close nearer to the high. Given that it's also a tweezers, we can conclude that this is a potential turning point. Within two bars after the tweezers, the price closes above the hammer, indicating that the price is likely to continue higher in the short term.
Candlestick patterns can frequently occur in financial markets, and tweezers are no exception. Based on overall conditions, their appearance can be unimportant or trade worthy. Suppose that an overall trend is in place, then tweezers occur during a pullback. That signals a potential entry point. The pattern indicates that the pullback is over.
Now, the price is likely to move in the trending direction again. By using tweezers in this manner—entering on pullbacks in alignment with the overall trend—the success rate for these patterns improves. For a bottom pattern, a stop loss can be placed below the tweezers' lows. For a topping pattern, the stop can be placed above the tweezers' highs. Tweezers do not provide a profit target, so the target must be based on other factors, such as the trend and overall momentum.
Figure 4. In Figure 4, the trend is up, so when bottoming tweezers occur in a pullback, it marks a potential entry green circle. The red horizontal line marks the stop level, placed just below the lows of the pattern. Stops are particularly useful with tweezers because they can often be set close to the entry point. That usually means small losses if the security goes the wrong way.
Using overall trend analysis and other indicators will help spot tweezers at points on the chart where it makes sense to trade them. Tweezers that occur near major support or resistance levels also provide trade signals that may appeal to traders. Those patterns indicate that the support or resistance has helped.
Now, the price is likely to move away from the area. A tweezers top is when two candles occur back to back with very similar highs. A tweezers bottom occurs when two candles, back to back, occur with very similar lows. The pattern is more important when there is a strong shift in momentum between the first candle and the second. For trading purposes, these patterns are best used to indicate the end of a pullback, signaling a trade in the trend's overall direction. A stop-loss can be placed below a tweezers bottom and above a tweezers top.
In addition, the two candlesticks should have alternating colors with the first confirming the current trend and the second indicating weakness. The pattern is more reliable when the first candlestick is has a large real body while the second candlestick has a short real body. It is also more reliable when the Tweezers pattern is confirmed or makes another pattern, such as an engulfing or piercing pattern with identical highs or lows.
The Tweezers Top pattern appears in an uptrend. The first candlestick in this pattern should be a bullish candlestick with a large real body followed by a bearish candlestick with a short real body. The two candlesticks must have either the same high or their real bodies should be at the same high level. The pattern is more reliable when seen in the context of the broader price chart with the pattern appearing at market highs, or near resistance or trend lines.
The Tweezers Bottom pattern appears in a downtrend with the first candlestick being a dark, bearish candlestick with a large real body, followed by a bullish candlestick with a short real body. The two candlesticks must have either the same low or the bottom of their real bodies should be at the same level. The pattern is more reliable when it appears at market lows, or near support lines or at lower trend lines.
The dark-cloud cover pattern is the opposite of the piercing pattern and appears at the end of an uptrend. It is a dual candlestick pattern with the first candlestick being light in color and having a large real body. The second candlestick must be dark in color, must open higher than the high of the first candlestick and must close down, well into the real body of the first candlestick.
The deeper the second candlestick penetrates the first, the more reliable the pattern becomes. The dark-cloud cover pattern is also more reliable when it appear at or near a resistance line The harami pattern consists of two candlesticks with the first candlestick being the mother that completely encloses the second, smaller candlestick. It is a reversal candlestick pattern that can appear in either an uptrend or a downtrend.
When the second candlestick is a doji , the pattern is called a harami cross and is more significant than the normal harami pattern as the doji's lack of a real body indicates great indecision and uncertainty. The Engulfing pattern is a reversal candlestick pattern that can appear at the end of an uptrend or at the end of a downtrend. The first candlestick in this pattern is characterized by a small body and is followed by a larger candlestick whose body completely engulfs the previous candlestick's body.
The colors of the candlesticks that make up the engulfing pattern are important. When the engulfing pattern appears at the end an uptrend, it is a bearish reversal signal and indicates a weakness in the uptrend and
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