Bullish Belt Hold Candlestick Formation
Description
The Bullish Belt Hold candlestick formation is a white opening shaven bottom - a tall white candlestick that opens on its low, during a downtrend. Since shaven bottoms can open "close to" their low, and since "tall" is a relative term, let's quantify this a bit. A bullish belt hold candlestick formation is a formation where the lower 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 upper wick is 50% or less of the body size for the day.
Now that we have adequately defined the candlestick, let's define the downtrend. We need to have lower lows for 4 days in a row, including the day the bullish belt hold candlestick forms.