Bearish Side-by-Side White Lines

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Figure 1.

Figure 1. Bearish Side-by-Side White Lines pattern.

Japanese name: narabi aka
Forecast
: bearish continuation
Trend prior to the pattern: uptrend
Opposite pattern: Bullish Side-by-Side White Lines

Construction:

  • First candle
    • a candle in a downtrend
    • black body
  • Second candle
    • white body
    • the high price below the prior low price
  • Third candle
    • white body
    • the high price below the first line low price
    • the candle's size similar to the prior candle's size

 

The Bearish Side-by-Side White Lines pattern is a three-line pattern which forecasts a downtrend continuation.

The first line appears as a long line in a downtrend. The second and the third line may be any white candle appearing as a long or short line, but the body cannot be greater than the first line body.

The pattern is characterized by a price gap appearing between the first line and two subsequent lines, which high prices are located below the first line low price. Two last candles should have a similar size. Also, their opening and closing prices should be similar.

Two first lines of the pattern form the Falling Window pattern. Bulkowski and Morris in their books present examples where price gaps only between bodies. In other words, the upper shadows of the second and third line may reach above the low price of the first line. In our approach we decided, however, to be more strict. The price gap must appear between candles including shadows because Shimizu emphasizes that the candles in this pattern should be rather short.

The pattern has a very low frequency.

Figure 2.

Figure 2. The Bearish Side-by-Side White Lines pattern appears very rarely on the candlestick charts, and, therefore, its reliability is hard to measure from a statistical point of view. For the traders, it is an oddity rather than a valuable pattern to be used on daily basis.
In theory, the pattern is supposed to act as a bearish continuation. However, it may seem to be strange that appearance of two white candles in a row will cause a price drop. Our example shows a false occurrence, that is the pattern is followed by a price increase.

 

Bearish Side-by-Side White Lines statistics

Below you can find some Bearish Side-by-Side White Lines pattern statistics calculated by CandleScanner software.

Pattern name: Bearish Side-by-Side White Lines
Scanner settings: daily stocks
Group: S&P500
Number of symbols: 502
Date range: 7/1/1995 - 6/30/2015
Time interval: daily candles
Total number of candlesticks: 2,236,421
Number of occurrences (Bearish Side-by-Side White Lines): 13
Number of occurrences (all candlestick patterns): 638,570
% of occurrences (Bearish Side-by-Side White Lines): 0.00 %
Average frequency: 172,032.4
Efficiency statistics (5 candlesticks testing period)

Efficiency NO DATA FALSE LOW MEDIUM HIGH
Number of
Occurrences
0 3 4 4 2
% of
Occurrences
0.00 % 23.08 % 30.77 % 30.77 % 15.38 %

 

Efficiency statistics (10 candlesticks testing period)

Efficiency NO DATA FALSE LOW MEDIUM HIGH
Number of
Occurrences
0 2 3 4 4
% of
Occurrences
0.00 % 15.38 % 23.08 % 30.77 % 30.77 %

 

10 top best performing symbols

Occurrences Statistics 5 candlesticks testing period
(HIGH efficiency)
10 candlesticks testing period
(HIGH efficiency)
Symbol Number of
Occurrences
Average
Frequency
Number of
Occurrences
% of
Occurrences
Number of
Occurrences
% of
Occurrences
K 1 5,034.0 0 0.00 % 1 100.00 %
PPG 1 5,034.0 1 100.00 % 1 100.00 %
RIG 1 5,034.0 1 100.00 % 1 100.00 %
TWX 1 5,034.0 0 0.00 % 1 100.00 %

 

10 top worst performing symbols

Occurrences Statistics 5 candlesticks testing period
(FALSE efficiency)
10 candlesticks testing period
(FALSE efficiency)
Symbol Number of
Occurrences
Average
Frequency
Number of
Occurrences
% of
Occurrences
Number of
Occurrences
% of
Occurrences
IPG 1 5,034.0 1 100.00 % 1 100.00 %
MHFI 1 5,034.0 1 100.00 % 1 100.00 %
Pattern name: Bearish Side-by-Side White Lines
Scanner settings: daily stocks
Group: S&P500
Number of symbols: 502
Date range: 7/1/2010 - 6/30/2015
Time interval: daily candles
Total number of candlesticks: 614,034
Number of occurrences (Bearish Side-by-Side White Lines): 8
Number of occurrences (all candlestick patterns): 166,328
% of occurrences (Bearish Side-by-Side White Lines): 0.00 %
Average frequency: 76,754.3
Efficiency statistics (5 candlesticks testing period)

Efficiency NO DATA FALSE LOW MEDIUM HIGH
Number of
Occurrences
0 2 2 3 1
% of
Occurrences
0.00 % 25.00 % 25.00 % 37.50 % 12.50 %

 

Efficiency statistics (10 candlesticks testing period)

Efficiency NO DATA FALSE LOW MEDIUM HIGH
Number of
Occurrences
0 1 2 3 2
% of
Occurrences
0.00 % 12.50 % 25.00 % 37.50 % 25.00 %

 

10 top best performing symbols

Occurrences Statistics 5 candlesticks testing period
(HIGH efficiency)
10 candlesticks testing period
(HIGH efficiency)
Symbol Number of
Occurrences
Average
Frequency
Number of
Occurrences
% of
Occurrences
Number of
Occurrences
% of
Occurrences
RIG 1 1,258.0 1 100.00 % 1 100.00 %
TWX 1 1,258.0 0 0.00 % 1 100.00 %

 

10 top worst performing symbols

Occurrences Statistics 5 candlesticks testing period
(FALSE efficiency)
10 candlesticks testing period
(FALSE efficiency)
Symbol Number of
Occurrences
Average
Frequency
Number of
Occurrences
% of
Occurrences
Number of
Occurrences
% of
Occurrences
IPG 1 1,258.0 1 100.00 % 1 100.00 %

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