![]() If the paper umbrella appears at the bottom end of a downward rally, it is called the ‘Hammer’. A paper umbrella is characterized by a long lower shadow with a small upper body. The hanging man pattern is bearish, and the hammer pattern is relatively bullish. ![]() ![]() The interpretation of the paper umbrella changes based on where it appears on the chart.Ī paper umbrella consists of two trend reversal patterns, namely the hanging man and the hammer. The paper umbrella is a single candlestick pattern which helps traders in setting up directional trades.
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