Homing Pigeon Bullish Candlestick Pattern

The Psychology
In a downtrend or within a pullback of an uptrend, a long black day occurs. The next day’s gap up comes as a surprise to the shorts who thought they were sitting on a great position the previous day, but the stock gives some of its gap up back causing the candle to be filled in. This relaxes the bears and worries the bulls, and this is the exact recipe needed for a possible bounce. Confirmation is needed with a strong following day on solid volume.

A long black day is followed by another black day which gaps opposite the trend and is completely engulfed by the real body of the first day.

Pattern: reversal
Reliability: moderate