Side-by-side Green lines – Bearish

Normally, the bearish patterns are opposite of bullish patterns.  But Side-by-side Bullish Green lines are not opposite of Side-by-side bearish Green lines.

Two consecutive bullish sessions in the downtrend after the gap down opening. The bulls are trying to gain the momentum and bounce back. This formation is known as a Bearish Side-by-Side Green lines.

Bearish Side-by-side Green lines is a bearish continuation pattern. And the major reason is a falling window. The market is bullish unless this falling window is filled or price sustains above the falling window. The falling window remains intact even when there are bullish consecutive Closings.

Had the bulls were strong, they could manage to fill the gap and close the window by taking the prices higher. This pattern indicates that the falling window area is a tested area now. Bearish Side-by-Side id a pullback reversal pattern that offers an affordable risk-reward bearish trade opportunity.

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This pattern can be plotted on the chart by adding it from the study menu in TradePoint & RZone. The pattern is also available in the system builder section. By combining this pattern with other patterns and indicators, you can create your own trading strategies. For any group of stocks and market segments, you can scan and backtest stocks based on those strategies.

 

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