PRICE ACTION PATTERN #1: DBLHC
- The DBLHC stands for Double Bar Low Higher Close and it is a bullish chart pattern which means you should be looking for this pattern in an uptrend market.
- How do you spot this pattern? Well, look for 2 bars that have lows that are on the same price level or within 2 pips of each other, but the 2nd bar must have a close that is higher than that of first bar.
- How do you trade the DBLHC pattern? You can buy at market order as soon as 2nd bar closes or place a pending buy stop order just 2-3 pips above the high of the 2nd candlestick.
- For your stop loss, place it 2-5 pips below the low of the 2nd candlestick in the pattern.
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