Free Narrow CPR Stock Scanner: Daily Shortlist for Breakout Trades
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Every candlestick pattern tells a story about who's winning the fight between buyers and sellers. This guide covers every major pattern with a clear illustration, plus how to combine each one with the CPR strategy.
Candlestick patterns are formed from a stock's open, high, low, and close prices, and reveal market sentiment — bullish, bearish, or indecision. The most reliable patterns are the Bullish/Bearish Engulfing, Hammer, Shooting Star, and Doji. For best results, combine them with support/resistance, volume, and CPR (Central Pivot Range) levels — trading a pattern in isolation is risky.
Every candlestick represents the open, high, low, and close prices for a fixed time period — 5-minute, 15-minute, or daily. When several candles line up into a recognisable shape, like an engulfing pair or a hammer, that's a candlestick pattern. These patterns are a window into market psychology: they show you who's in control, buyers or sellers.
In swing trading — holding positions from a few days to a few weeks — candlestick patterns give you precise entry and exit timing, especially when combined with CPR levels or moving averages.
A small bearish candle is followed by a larger bullish candle that fully "engulfs" it. This signals a strong reversal of a downtrend — buyers have taken control.
A small body sitting at the top of the range with a long lower shadow. It forms after a downtrend and signals the market is finding support and attempting to reverse.
A three-candle pattern: a large bearish candle, followed by a small-bodied candle, followed by a large bullish candle. This shows selling pressure fading and buyers building momentum.
The inverse of bullish engulfing — a small bullish candle followed by a larger bearish candle that engulfs it. Sellers have taken control, and a reversal may follow.
The inverse of the hammer — a small body with a long upper shadow. It forms after an uptrend, showing buyers tried to push price higher but failed.
The bearish counterpart of the Morning Star — a large bullish candle, a small-bodied candle, then a large bearish candle. Signals an uptrend may be ending.
When the open and close prices are nearly identical, you get a tiny or non-existent body with long shadows on both sides. This reflects market indecision and often precedes a significant move.
Reading a candlestick pattern in isolation isn't enough. In Anil Hanegave's CPR Brahmastra Strategy, every pattern is filtered through Central Pivot Range (CPR) levels:
Want a quick-reference candlestick pattern cheat sheet with every bullish and bearish pattern in one place? Here's the full set at a glance:
📺 Trading Direction (@tradingdirection)
📺 Trading Direction (@tradingdirection)
All patterns, illustrations, and CPR levels in one PDF guide — from Trading Direction.
Trading Direction's store page offers a free CPR Trading Guide that includes a candlestick cheat sheet. Click "Download Free Guide" above.
Bullish Engulfing and Hammer are generally considered the most reliable, especially when they form near a support level or CPR zone and are confirmed by volume.
A Doji shows market indecision — the open and close prices are nearly equal. It often appears before a trend reversal, but shouldn't be traded in isolation; wait for the next candle to confirm direction.
Technically yes, but it isn't recommended. Combining patterns with support/resistance, CPR levels, and volume significantly improves accuracy.