Bullish Three Outside Up Pattern
BULLISH THREE OUTSIDE UP PATTERN (BTOUP)
Confirmed Bullish Engulfing Pattern
1. Market is on a downtrend;
2. There is a Bullish Engulfing Pattern in Days 1 and 2;
3. Day 3 has a white stick with a higher close compared to Day 2.
The BTOUP is another term for the Confirmed Bullish Engulfing Pattern. The first two days is a Bulling Engulfing Pattern. The third day confirms the reversal since it is a white stick with a new high in 3 days.
1. The pattern is highly reliable, but a confirmation is suggested (through a white stick with a higher close or a gap-up).