As of 03/27/2024
  Indus: 39,760 +477.75 +1.2%  
  Trans: 16,029 +177.70 +1.1%  
  Utils: 875 +23.30 +2.7%  
  Nasdaq: 16,400 +83.82 +0.5%  
  S&P 500: 5,248 +44.91 +0.9%  
YTD
 +5.5%  
 +0.8%  
-0.8%  
 +9.2%  
 +10.0%  
  Targets    Overview: 03/13/2024  
  Up arrow40,000 or 38,500 by 04/01/2024
  Up arrow16,300 or 15,350 by 04/01/2024
  Up arrow885 or 830 by 04/01/2024
  Up arrow16,600 or 15,200 by 04/01/2024
  Up arrow5,350 or 5,100 by 04/01/2024
As of 03/27/2024
  Indus: 39,760 +477.75 +1.2%  
  Trans: 16,029 +177.70 +1.1%  
  Utils: 875 +23.30 +2.7%  
  Nasdaq: 16,400 +83.82 +0.5%  
  S&P 500: 5,248 +44.91 +0.9%  
YTD
 +5.5%  
 +0.8%  
-0.8%  
 +9.2%  
 +10.0%  
  Targets    Overview: 03/13/2024  
  Up arrow40,000 or 38,500 by 04/01/2024
  Up arrow16,300 or 15,350 by 04/01/2024
  Up arrow885 or 830 by 04/01/2024
  Up arrow16,600 or 15,200 by 04/01/2024
  Up arrow5,350 or 5,100 by 04/01/2024

Bulkowski on the Tweezers Bottom Candle Pattern

Tweezers Bottom Candlestick: Summary

The tweezers bottom candlestick pattern is a name that makes sense to me. On this candlestick, price trends downward leading to the start of the tweezers. There, two candles of any color share the same low price, as if the low is where the tweezers join.

Unfortunately, as a tradeable candlestick, it is lousy. It is supposed to be a bullish reversal because price stops at the same low twice, signaling a support area, but testing reveals that price just continues lower. The overall performance is about mid list, too, so the trend after the breakout is not exciting.

$ $ $

My book, Encyclopedia of Candlestick ChartsEncyclopedia of Candlestick Charts book., pictured on the left, takes an in-depth look at candlesticks, including performance statistics.

If you click on the above link and then buy the book (or anything) while at Amazon.com, the referral will help support this site. Thanks.

-- Tom Bulkowski

$ $ $

Important Results
Discussion
Identification Guidelines
Three Trading Tidbits
Example
See Also

Tweezers Bottom Candlestick: Important Results

Theoretical performance: Bullish reversal
Tested performance: Bearish continuation 52% of the time
Frequency rank: 39
Overall performance rank: 44
Best percentage meeting price target: 71% (bull market, up breakout)
Best average move in 10 days: 4.95% (bear market, up breakout)
Best 10-day performance rank: 29 (bear market, up breakout)

All ranks are out of 103 candlestick patterns with the top performer ranking 1. "Best" means the highest rated of the four combinations of bull/bear market, up/down breakouts.

The above numbers are based on hundreds of perfect trades. See the glossary for definitions.

The ideal tweezers bottom candlestick
Tweezers Bottom

Top of page More

Tweezers Bottom Candlestick: Discussion

The tweezers bottom candle is supposed to act as a bullish reversal, but testing shows that it acts as a bearish continuation pattern 52% of the time. That is near random, so do not depend on predicting the breakout direction.

The best average move 10 days after the breakout is a rise of 4.95% in a bear market. That ranks 29th, which is respectable. I consider moves of 6% or more as good, so this candle pattern is more than a bit short.

Tweezers Bottom Candlestick: Identification Guidelines

CharacteristicDiscussion
Number of candle linesTwo.
Price trend leading to the patternDownward.
ConfigurationLook for two candles sharing the same low price.

Top of page More

Tweezers Bottom Candlestick: Three Trading Tidbits

If you want a few bones from my Encyclopedia of candlestick charts book, here are three to chew on. The pages refer to the book where the tips appear.

  1. Tweezers bottom candles that appear within a third of the yearly low perform best -- page 832.
  2. Select tall candles for the best performance -- page 832.
  3. Tweezers bottoms within a third of the yearly high tend to act as reversals most often -- page 834.

The tweezers bottom candlestick on the daily scale

Tweezers Bottom Candlestick: Example

The tweezers bottom appears circled in red on the daily chart. This one shows after a strong downward price trend. A black and white candle pair appears as the tweezers bottom, but they could be any color and any size just as long as they share the same low price.

Price breaks out upward from the tweezers bottom when price closes above the top of the candle pattern. That signals a reversal of the downward price trend. In this example, the reversal sticks and price trends upward off the hard right edge of the chart.

-- Thomas Bulkowski

 

Top of page More

See Also

 

Support this site! Clicking any of the books (below) takes you to Amazon.com If you buy ANYTHING while there, they pay for the referral.
Legal notice for paid links: "As an Amazon Associate I earn from qualifying purchases."

My Stock Market Books
My Novels

Copyright © 2005-2024 by Thomas N. Bulkowski. All rights reserved.
Disclaimer: You alone are responsible for your investment decisions. See Privacy/Disclaimer for more information.
Some pattern names are registered trademarks of their respective owners.
Home Advertise Contact Donate Privacy/Disclaimer

My sister has the best sister in the world!Smiley