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Three River Morning Star Candlestick Pattern


 

Candlestick Three River Morning Pattern
Bullish Reversal - Potential Buy Signal
Support Found @ Body of Middle Bar

Candlestick
Patterns

Three River Evening Three River Morning
Bearish Three Gaps Bullish Three Gaps
Dark Cloud Cover Incomplete Dark Cloud Cover
Doji Star - Evening Position Doji Star - Morning Position
Engulfing Bullish Engulfing Bearish
Hammer/Hangman Inverted Hammer/Shooring Star
Bearish Harami Line Bullish Harami Line
Piercing Line Thrusting Line
Side-by-side Bearish Lines Side-by-Side Bullish Lines
Tweezers Bottoms Tweezers Tops
True Doji Lines Doji Lines
F.Tam Inside Out Up F.Tam Inside Out Down

The Three River Morning Star pattern formation occurs when a black candle is followed by a gapping star (any color), then followed by a white candle that is gapping above the star candle. This pattern formation represents a potential market bottom formation, and/or a buy signal. This pattern formation is unique because it not only identifies a potential market bottom, but it identifies a support level. The support is found at, or near, the low of the star candle.

The Three River Morning Star pattern is somewhat rare and can sometimes be found within a consolidating market. When the Three River Evening Star pattern is found after an extended bearish trend, it will often identify a potential market bottom. When the Three River Morning Star pattern is found within market consolidation, one should not expect the market to form a bottom and immediately rally. If the Three River Morning Star pattern is found within market consolidation and the Doji Star is well below the consolidation level, one should expect the support level to hold and the market to eventually rally.

This pattern will also be precluded by a Doji Star pattern formation. The Doji Star pattern will form prior to the completion of the Three River Morning Star pattern. Doji Star patterns are typically found at, or near, market tops or bottoms. Although, sometimes a Doji Star pattern can form within a trend as the market attempts to break above or below a previous support or resistance level.

The story behind the Three River patterns is as follows:
In Japan, there were three rice farmers on three separate rice farms, all separated by a river which joined between their farms. One day, the farmers began fighting for control of each others land to grow more rice. The battle continued for many days until one farmer managed to takeover one of the other farmers rice fields. The farmer who gained control of two rice farms had the obvious advantage and finally took over the last rice farm.


 
 
     
 

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