Up Gap Side-By-Side White Lines Candlestick Pattern
Up Gap Side-By-Side White Lines
The Up Gap Side-By-Side White Lines candlestick pattern is the bullish counterpart of the Down Gap Side-By-Side White Lines candlestick pattern. Both the Up Gap Side-By-Side White Lines pattern and the Down Gap Side-By-Side White Lines pattern are moderate trend continuation patterns that may appear in an established trend. As the Up Gap Side-By-Side White Lines pattern is a bullish trend continuation pattern, is should only be taken into consideration if it appears in an established uptrend.
The Up Gap Side-By-Side White Lines pattern consists of three candlesticks of which the first candlestick is a bullish candlestick that is supportive of the current uptrend. This candlestick is followed by second candlestick that gaps up on open from the real body of the previous candlestick, which is also supportive of the uptrend and closes higher than its open and is thus also light in color. The second candlestick is followed by another light colored candlestick of a similar size. This last candlestick gaps down from the close of the previous candlestick but closes higher. This creates an overlap between the real bodies of the last two candlesticks in the pattern, giving it the 'side-by-side white lines' title.
The Up Gap Side-By-Side White Lines pattern is illustrative of the bullish market sentiment. The first candlestick is supportive of the uptrend, with the gap up on open of the second candlestick also very supportive of the uptrend. However, the gap down on open of the last candlestick is illustrative of the bears' ultimately unsuccessful attempt to wrestle control of the market. Their attempt to control the market is unsuccessful as the last candlestick closes higher than its open. This indicates that the bulls still control the market and the current uptrend is more likely to continue rather than the bears taking control and reversing the direction of the market.