BULLISH BELT-HOLD:-
DEFINITION:-
* The Bullish Belt-Hold Line is a White Opening Bozu candle seen in a downtrend.
*It opens at the low but closes back up near the high, rallying against the downtrend
RULES FOR IDENTIFICATION:-
1. A downtrend must be in progress.
2. In a bullish scenario, the market opens with a down gap in the direction of the downtrend but thereafter rallies all the way up to close near the day’s high.
3. The Bullish Belt-Hold Line is also called a White Opening Bozu Line where it does not have a lower shadow because it opens at the low but closes near its high, leaving an upper shadow.
4. The Japanese name for Belt-Hold is the sumo wrestling term yorikiri, which means “pushing your opponent out of the ring while holding on to his belt.”
PROPER ACTION:-
*Possible bullish reversal. Buy only if there is a bullish confirmation candle that closes above the highest high of candles 1 and 2. Otherwise, the downtrend can continue.
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