haha very funny mattinsydney.
hammer candlesticks is one way of predicting stock movements, the key word being predict.
these candlesticks are an indication of potential turn around in stock movements, these candlesticks can be classified as bullish or bearish, generally need a few more days trading for confirmation of the candlestick.
hammers have a small body and a long tail, ie open at 4.4c and close at 4.3c creating the body of the hammer but intra day stock dropped to 3.8c.
this was testing the strength of the stock, SP hit 3.8c but was immediately bought back to 4.3c
to this point the candlestick on Monday is acting like a bullish hammer.
attached a random chart to show this candlestick.
bollinger bands assist in short term trading and should be available on any charting system.
i mentioned bouncing off the middle bollinger band, this line is the 21 day simple moving average of the stock. while in an uptrend SP will be in between the middle and upper band. the fact we bounced of the middle band is a positive thing for the time being.
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