Three White Soldiers

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Japanese name: sanpei / aka sanpei
Forecast: bullish reversal
Trend prior to the pattern: downtrend
Opposite pattern: Three Black Crows

Construction:

• First candle
  • a candle in a downtrend
  • white body
• Second candle
  • white body
  • the opening price within the previous body
  • the closing price above the previous closing price
• Third candle
  • white body
  • the opening price within the previous body
  • the closing price above the previous closing price

The Three White Soldiers pattern had several names historically. Japanese called it the Three Red Soldiers, because what in the Western world is referred to as a white candle, they used, in fact, red color. During the Second World War, some called the pattern the Three Marching Soldiers. Finally, now the pattern is widely known as the Three White Soldiers.

The pattern is classified as a bullish reversal and appears within a downtrend. All three lines may be formed by any candle having a white body, appearing as long lines. This means that the following candles may appear: Long White Candle, White Candle, White Marubozu, Opening White Marubozu and Closing White Marubozu. Doji candles and spinning tops are not allowed.

The first line is formed in a downtrend. Following lines, that is the second and the third one, are opening above the previous candle's opening price and are closing above the previous candle's closing price.

In the past, some authors required that the opening price of the second and the third line should be located at least halfway up of the previous candle's body height. Others required that the closing prices shall be located near the candle's high, that is that the candles should have very short shadows. Candlestick patterns and technical analysis, in general, are evolving however, and the Three White Soldiers may be used as an example of such evolution.

In fact, three long white candles in a row having every subsequent closing price higher indicate that the bulls are in control of the market.

The pattern should be confirmed, but it does not have to happen on the nearest next candle because it makes itself a significant upward move and some market participant may be willing to realize the profits. Such behaviour may lead to a temporary price drop, but candles forming the pattern create a support area which should rescue the market. Then the bulls may retake control.

If the pattern is followed by a candle closing below the first line's opening price, it should be seen as a false signal.

Three White Soldiers statistics

Below you can find some Three White Soldiers pattern statistics calculated by CandleScanner software.