Homing Pigeon

See our Patterns Dictionary for other patterns.

Check our CandleScanner software and start trading candlestick patterns!

Figure 1. Homing Pigeon pattern.

Figure 1. Homing Pigeon pattern.

Japanese name: shita banare kobato gaeshi
Forecast: bullish reversal
Trend prior to the pattern: downtrend
Opposite pattern: Descending Hawk, Bearish Harami

Construction:

  • First candle
    • a candle in a downtrend
    • black body
  • Second candle
    • black body
    • candle’s body engulfed by the prior candle’s body

 


The Homing Pigeon is a two-line bullish counterpart of the Descending Hawk. It is also closely related to the Bullish Harami pattern. All these patterns belong to the harami patterns family.

The first line, being a black candle, engulfs the second line, being also a black candle. The length of the candles shadows does not matter. The first candle of the pattern can be any black candle appearing on as a long line, i.e.: Black Candle, Long Black Candle, Black Marubozu, Opening Black Marubozu, Closing Black Marubozu.

The second candle can be any black candle appearing both as a short or a long line, i.e. Short Black Candle, Black Candle, Long Black Candle, Black Marubozu, Opening Black Marubozu, Closing Black Marubozu.

As a bullish reversal pattern, the Homing Pigeon needs to be formed in a downtrend because it predicts its reversal.

The pattern must be confirmed on the subsequent candles. It may be for example an upward breakout of a resistance zone or a trendline and closing above the pattern. Otherwise, an appearance of the pattern should be seen as a temporary pause of a price decline. The one should be careful because the first line of the Homing Pigeon pattern forms a resistance area.

 

Figure 2.

Figure 2. Between a High Wave and an Opening Black Marubozu, a strong resistance zone is created. In such market context, a Homing Pigeon pattern is formed. Its first line, the Opening Black Marubozu, is closed by a Doji candle, which indicates, however, some market indecision. Indeed, the resistance area works for about a month and then the price breaks out upward.

 

Figure 3.

Figure 3. Similarly as in the previous example, a Homing Pigeon appearance is preceded by a resistance area containing, among other candles, two Black Candles. The bulls did not even try to stop the bears, and a day after the pattern appeared, the price drops.

 

Homing Pigeon statistics

Below you can find some Homing Pigeon pattern statistics calculated by CandleScanner software. To see more detailed statistics, for other markets and periodicity try our CandleScanner software. Prices start at only $10, and you can see more detailed statistics, for other markets and periodicity. Click here to find out more!

Pattern name: Homing Pigeon
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 (Homing Pigeon): 7,922
Number of occurrences (all candlestick patterns): 638,570
% of occurrences (Homing Pigeon): 1.24 %
Average frequency: 282.3
Efficiency statistics (5 candlesticks testing period)

Efficiency NO DATA FALSE LOW MEDIUM HIGH
Number of
Occurrences
65 1,470 1,952 1,529 2,906
% of
Occurrences
0.82 % 17.74 % 24.64 % 19.30 % 37.50 %

 

Efficiency statistics (10 candlesticks testing period)

Efficiency NO DATA FALSE LOW MEDIUM HIGH
Number of
Occurrences
73 1,413 1,547 1,236 3,653
% of
Occurrences
0.92 % 16.92 % 19.53 % 15.60 % 47.03 %

 

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
TIF 17 296.1 10 58.83 % 14 82.36 %
CSCO 21 239.7 15 71.42 % 17 80.95 %
BDX 19 264.9 10 52.62 % 15 78.95 %
YUM 16 279.7 8 50.00 % 12 75.00 %
AMAT 23 218.9 16 69.56 % 17 73.91 %
GILD 19 264.8 10 52.63 % 14 73.69 %
NOV 19 247.3 14 73.68 % 14 73.68 %
UNH 26 193.6 12 46.16 % 18 69.23 %
CAM 19 264.9 12 63.16 % 13 68.42 %
KLAC 19 264.9 12 63.15 % 13 68.42 %

 

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
ETFC 30 158.3 13 43.33 % 13 43.33 %
LRCX 24 209.8 10 41.67 % 10 41.67 %
NTAP 20 246.7 8 40.00 % 8 40.00 %
DAL 16 128.4 6 37.50 % 6 37.50 %
ADI 19 264.9 7 31.58 % 7 31.58 %
AMZN 19 240.1 7 36.84 % 7 36.84 %
HPQ 19 264.9 7 31.58 % 7 31.58 %
DHI 22 228.8 8 36.36 % 8 36.36 %
APD 17 296.1 6 35.29 % 6 35.29 %
AIV 20 251.7 7 35.00 % 7 35.00 %
Pattern name: Homing Pigeon
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 (Homing Pigeon): 2,592
Number of occurrences (all candlestick patterns): 166,328
% of occurrences (Homing Pigeon): 1.56 %
Average frequency: 236.9
Efficiency statistics (5 candlesticks testing period)

Efficiency NO DATA FALSE LOW MEDIUM HIGH
Number of
Occurrences
65 442 708 592 785
% of
Occurrences
2.51 % 14.54 % 27.31 % 22.84 % 32.80 %

 

Efficiency statistics (10 candlesticks testing period)

Efficiency NO DATA FALSE LOW MEDIUM HIGH
Number of
Occurrences
73 413 535 467 1,104
% of
Occurrences
2.82 % 13.11 % 20.64 % 18.02 % 45.41 %

 

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
STJ 6 209.7 4 66.66 % 6 100.00 %
BDX 8 157.3 4 50.00 % 7 87.50 %
GILD 8 157.3 4 50.00 % 7 87.50 %
TXT 8 157.3 3 50.00 % 6 87.50 %
CMI 7 179.7 4 71.42 % 5 85.71 %
TIF 7 179.7 2 28.56 % 6 85.71 %
AKAM 6 209.7 3 50.00 % 5 83.33 %
BEN 6 209.7 3 66.66 % 4 83.33 %
EW 6 209.7 4 66.67 % 5 83.33 %
KLAC 6 209.7 4 66.66 % 5 83.33 %

 

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
GPC 5 251.6 3 60.00 % 3 60.00 %
MCO 5 251.6 3 60.00 % 3 60.00 %
APC 6 209.7 3 50.00 % 3 50.00 %
MRK 6 209.7 3 50.00 % 3 50.00 %
NEE 6 209.7 3 50.00 % 3 50.00 %
BLL 7 179.7 3 42.86 % 3 42.86 %
DOV 7 179.7 3 42.86 % 3 42.86 %
M 7 179.7 3 42.86 % 3 42.86 %
PCP 7 179.7 3 42.86 % 3 42.86 %
RSG 7 179.7 3 28.57 % 3 28.57 %

Comments are closed.