Bearish Belt Hold Candlestick Formation
Description
The Bearish Belt Hold candlestick formation is a black opening shaven head - a tall black candlestick that opens on its hi, during an uptrend. Since shaven tops can open "close to" their high, and since "tall" is a relative term, let's quantify this a bit. A bearish belt hold candlestick formation is a formation where the upper wick is 5% or less of the body size for the day, the body size is greater than or equal to 1.5 times the average body size of the past 10 days, and the lower wick is 50% or less of the body size for the day.
Now that we have adequately defined the candlestick, let's define the uptrend. We need to have higher highs for 4 days in a row, including the day the bearish belt hold candlestick forms.