The following template for a bull hammer weekly candle is as follows.

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Monday goes sideways. Mark off the high and low of Monday

Tuesday is a complete down day

Wednesday and Thursday form the mid week reversal

Thursday and Friday close out the week at the highs

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Another thing I have noticed is that this type of weekly candle happened only 16 times since 2020 and 9/10 they occurred around a news event like FOMC,NFP, and CPI and/or a holiday. 4th of July happened 2 times in a row, New Years, and Easter.

I will need to back test more on the bearish side of the coin to test more data
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On the weekly chart, these are the bull pin hammer candles that I have gave examples for.

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It appears that even on Bear pin hammer bars, that they occur most frequently on Major News and Holidays. Here are some examples of the last weekly bear pin hammers

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New Year's Week 2022

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Chart PatternsTrend AnalysisWave Analysis

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