Type of Candlestick Patter Part- 6

Belt Hold lines are also opening marubozu lines . Remember
that the opening marubozu does not have a shadow extending
from the open end of the body. The bullish Belt Hold (Figure 3-4) is a
white opening marubozu that occurs in a downtrend. It opens on the
low of the day, rallies significantly against the previous trend, and
then closes near its high but not necessarily at its high. The bearish
Belt Hold (Figure 3-5) is a black opening marubozu that occurs in an
uptrend. Similarly, it opens on its high, trades against the trend of the
market, and then closes near its low. Longer bodies for Belt Hold lines
will offer more resistance to the trend that they are countering.
Belt Hold lines, like most of the single-day patterns lose their
importance if there are many of them in close proximity. The Japanese
name of yorikiri means to push out. Steve Nison coined the name
of the Belt Hold.
Rules of Recognition
1. The Belt Hold line is identified by the lack of a shadow on
one end.
2. The bullish white Belt Hold opens on its low and has no
lower shadows.
3. The bearish black Belt Hold opens on its high and has no
upper shadows.
Scenarios and Psychology behind the Pattern
The market is trending when a significant gap in the direction of
trend occurs on the open. From that point, the market never looks
back: All further price action that day is the opposite of the previous
trend. This causes much concern, and many positions will be covered
or sold, which will help accentuate the reversal.

Pattern Flexibility
Since this is a single candle pattern line, there is not much room for
any flexibility.

Related Patterns
The Belt Hold pattern is the same as the Opening Marubozu  Like the Masubozu, the Belt Hold will form the
first day of many more advanced candle patterns.

Screenshot_23

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