SINGLE
CANDLESTICK
PATTERNS [PDF]
Visit our website
What are Single Candlestick Patterns?
What are the 13 Most Common Single Candlestick
Patterns?
13 Most Common Single
Candlestick Patterns
Chart patterns are a crucial part of technical analysis as they give traders a powerful
tool to view the price movements of any asset and identify repetitive geometrical
shapes.
These patterns can be made of two, three, four, five, and even more candlesticks;
however, a single candlestick pattern is made of just one candle. And, ironically, these
one-candle patterns are among the most accurate and reliable chart patterns out
there.
So, in this single candlestick patterns pdf, we'll show you some of the most popular one-
candlestick patterns for your trading.
What are Single Candlestick Patterns?
As the name suggests, single candlestick patterns are chart formations made of just
one candlestick. Unlike a line chart or a bar chart, a Japanese candlestick chart provides
more information and is often seen by traders as the most effective trading tool. They
are recognized as patterns because they tend to predict bullish and bearish future price
movements.
For those who are not familiar with the term, a candlestick is a way in technical analysis
to display the information of an asset. This includes the high, low, open, and closing
prices for a specific period.
For example, a daily candlestick shows the open, high, low, and close price for a specific
asset for one day. Other time frames than the daily ones include long-term time frames
(weekly, monthly, yearly) and short-term time frames (4-Hour, 2-Hour, 1 Hour, 30-Min, 15-
Min, 10-Min, 5-Min, and 1-Min).
As you can see, a Japanese bullish candle formation shows the upper shadow, lower
shadow, opening price, closing price, and trading range in the specific time frame
(candlestick body).
One crucial factor to consider when using a single candle pattern is that you should
always incorporate them in conjunction with other technical analysis tools to confirm
the signal and ensure you enter into a profitable trade. These tools will help you
determine the buying or selling pressure behind market moves.
For trend reversal candle patterns, you combine technical indicators like Moving
Averages, the Relative Strength Index (RSI), Moving Average Convergence Divergence
(MACD), and the Stochastic Oscillator.
Additionally, one of the most powerful indicators to combine, either in trend reversal
patterns or continuation patterns, is Fibonacci Retracement support and resistance
levels.
What are the 13 Most Common Single
Candlestick Patterns?
Single candlestick patterns are certainly essential and can bring lots of trading
opportunities for you. Typically, single candle patterns indicate a possibility for a trend
reversal, although in some cases, it can indicate the continuation of the existing trend
like the inside day candle pattern.
Each Single candlestick pattern has a bearish and bullish version and can be found in
different scenarios on candlestick charts.
The most well-known single candle pattern is the Doji candlestick. However, there are
other commonly used and important single candlestick patterns you must consider in
trading. Those are:
1. Doji Candle Pattern
The Doji candlestick pattern is a single-candle chart pattern. Dojis occurs when a
candle’s opening is near-to or the same as its close. They resemble a “+” sign with a
small body with defined upper and lower wicks. Dojis come in several varieties with
fascinating nicknames. A few of the most popular are the Long-legged Doji, Gravestone
Doji, and the Dragonfly Doji candlestick pattern.
The Doji comes into the market when there’s indecision in the market. The bulls are
unable to muster enough volume to push the price in their way, neither do the bears. So,
the period ends with an indecision.
Learn more
2. Shooting Star Candlestick Pattern
A shooting star candlestick pattern is a bearish reversal pattern that typically occurs at
the end of a bullish trend and signals a trend reversal. It is a popular reversal candlestick
pattern that occurs frequently in technical analysis and is simple and easy to identify.
Learn more
3. Long-Legged Doji Candlestick Pattern
The long-legged Doji is a Japanese candlestick pattern that signals market indecision. It
consists of a single candle with long wicks and exact or approximate opening and
closing prices.
Learn more
4. Marubozu Candle Pattern
The marubozu candle pattern can be best described as a momentum candlestick
pattern. For traders, it usually serves as a leading indicator that the price is expected to
continue in a certain direction without any resistance. It appears as a strong bullish
candlestick or a strong bearish candlestick, each with barely any wick.
Learn more
5. Spinning Top Candlestick Pattern
The spinning top is a candlestick pattern that signals indecision between buyers and
sellers and may indicate a possible trend reversal. It is another common and effective
candlestick reversal pattern used by Traders to find trading opportunities and market
trends.
Learn more
6. Doji Star Candle Pattern
The Doji star candlestick pattern is a three-candle reversal formation (although it may
be considered as a single candlestick pattern). It consists of a large bullish or bearish
candle, Doji, followed by another large bullish or bearish candle. Concerning the other
candles, the Doji develops after the pricing gap is up or down.
Learn more
7. Evening Star Pattern
The evening star pattern is a reversal indicator that signals the end of an uptrend. The
evening star consists of three consecutive candles: a large bullish candle, a Doji
candlestick, and a large bearish candle. Traders consider evening star patterns to be
bearish reversal indicators. When the formation develops on a candlestick chart, it is
perceived as a signal to sell a currency pair.
Learn more
8. Bullish Harami Candlestick Pattern
The bullish harami candle pattern is a Japanese candlestick formation formed at the
bottom of a bearish trend and indicates that the trend is about to reverse. In
appearance, the pattern consists of two candles one after the other with the first bearish
candle having a long body and short upper and lower wicks and the second bullish
candle having a very small body.
Learn more
9. Inverted Hammer Candlestick Pattern
The inverted hammer is a bullish candlestick pattern that occurs at the bottom of a
downtrend and may indicate that the market price is about to reverse. In its
appearance, the inverted hammer candle looks exactly like an upside-down hammer
and the opposite version of the bullish hammer candlestick pattern. Additionally, it has
the same structure as the shooting star candlestick pattern.
Learn more
10. Hanging Man Candlestick Pattern
The hanging man candlestick pattern is a single-candle formation. It forms during an
upward trend and signals a potential reversal. The hanging man consists of a small
body with an elongated lower wick.
Learn more
11. Pin Bar Candlestick Pattern
The pin bar is a single candlestick pattern having a long wick and a small body that
helps traders find entry and exit levels. Interestingly, the pin bar is short for Pinocchio Bar.
Martin J. Pring, an expert technical analyst, was the first to name the pattern pin bar.
Learn more
12. Doji Evening Star Pattern
The Evening Doji Star pattern, which is the opposite version of the morning star
candlestick pattern, is a three-candle pattern that appears at the end of an uptrend and
indicates that the existing is likely to end. It consists of three candles; a bullish first
candle, followed by a Doji evening star, and finally, a bearish third candle. When the last
candle appears, it signifies a change in trend.
Learn more
13. Doji Morning Star Pattern
The idea behind the Doji Morning Star is that the bearish momentum is about to end,
and the bulls will take charge soon. Typical bullish reversal pattern. It is the opposite
version of the Evening Star candle pattern that appears at the end of an uptrend and
signals a bearish trend reversal.
Learn more
