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Hammer Candlestick Type is a Bullish Reversal Candle. The appearance of a Hammer after a downtrend indicates that the BOTTOM is nearby and it's time for the Buyers and Bulls to come back in action again. If you look at it from the 'Tug of War' perspective of Buyers and Sellers you will note that, a Hammer represents an exhausted Sellers arsenal, and an emerging buyers power.
Typically the Body of the Hammer is small, and the tail or shadow of the candle is minimum 2 to three times the length of the body.
For a confirmation wait for a subsequent Candlestick to close above the close of the Hammer.
It really doesn't matter if the Hammer candlestick is a Bullish or a Bearish candle, what matters is it's placement.
With a confirmation from your personal strategy or indicator that you use, Hammer can give you an added insight into the behind scenes action of the Market. Be it Indian Stock market or International Forex trading market, Candlesticks Patterns work like a charm.
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