Tweezer Top Candlestick Pattern on Live Gold

What it shows

Each one gets a red label marked TT over the high of the second candle.

How Pravex works it out

1. Long and small are relative for the tweezer top: the code keeps an exponential average of the last 14 bodies (open to close) and compares each body with it, so with fewer than 14 candles nothing qualifies.
2. The tweezer top starts with a rising candle (close above open) whose body is long, above the average.
3. The second candle must be falling (close below open). Its size is not tested.
4. The two highs must be equal within 5% of the average body. With an average body of 6, for example, the highs may differ by up to 0.3.
5. The uptrend the tweezer top needs is read from the first candle: by default its close must sit above the 50-candle simple average, and the trend setting can make the tweezer top test stricter or switch it off.

Settings

Setting	Default	What changing it does
Trend check	SMA50	Decides what counts as an uptrend before the tweezer top. By default one close is read against the 50-candle average; adding the 200-candle average asks for a longer trend before the tweezer top, and switching the check off ignores the trend completely.
Label colour	Red (#F23645)	Change it to tell the tweezer top apart from other patterns on the same chart. It fills the TT label over the high of the last candle; the text stays white.

How traders read it

Two matching highs make a level you can see. The first candle runs up to it, the second gets there again and closes lower. The common reading is that sellers are waiting at that price, and the shared high is the place a stop goes if you trade against the rise.

The pattern is stronger when the second candle closes well into the first body, and when the shared high lines up with an older high on the chart. A second candle with a tiny body tells you less: the level held, but the sellers did not do much with it yet.

When it misleads

The tolerance is small, so the two highs must match within a small fraction of a typical body, and on a fast market that is partly chance. The second candle can be tiny, which makes many labels weak. For the tweezer top, one close above the 50-candle average counts as an uptrend. Matching highs inside a range are common and seldom mean a top. On the newest candle the tweezer top check reruns with every price change, so a label there can come and go until the candle closes.

Questions and answers

What is a tweezer top?

Two candles after a rise with almost the same high: a long rising candle, then a falling candle.

How equal do the highs have to be?

In Pravex, within 5% of the 14-candle average body.

What is the opposite of a tweezer top?

The tweezer bottom: after a fall, a falling candle then a rising one with nearly the same low.

Related: Tweezer Bottom - Bullish, Shooting Star - Bearish, Engulfing - Bearish, All Candlestick Patterns, every indicator.