Three White Soldiers and Three Black Crows Candlestick Patterns

Three white soldiers and three black crows are three-candle patterns made of three consecutive, strong candles in the same direction. They're opposites: the soldiers advance, the crows descend.

Three White Soldiers (Bullish)

Three white soldiers is three consecutive long green (up) candles. The classic criteria:

• Each candle opens within the body of the previous candle (or near its close).
• Each candle closes higher than the previous one, at or near its high.
• Each has small or no upper wicks.
• The candles are similar in size, with large bodies.

It's usually discussed after a decline or a consolidation, where it's read as a sign that buyers have taken control and that a possible uptrend is beginning.

Three Black Crows (Bearish)

Three black crows is the mirror image: three consecutive long red (down) candles.

• Each candle opens within the body of the previous one.
• Each closes lower than the previous, at or near its low.
• Each has small or no lower wicks.
• The candles are similar in size.

It's usually discussed after an advance, where it's read as a sign that sellers have taken control and that a possible downtrend is beginning.

Why These Patterns Are Read This Way

The logic is persistence. One strong candle can be a fluke; three in a row, each closing near its extreme and each opening within the prior body (so the next period didn't reverse the previous gains), suggest consistent one-sided pressure over several periods. That's why they're read as stronger than single-candle signals.

A Worked Example (Three White Soldiers)

A stock has traded sideways, then:

• Day 1: opens $50.00, closes $51.50 (high $51.60).
• Day 2: opens $51.00 (within day 1's body), closes $52.80 (high $52.90).
• Day 3: opens $52.40 (within day 2's body), closes $54.10 (high $54.20).

Each candle is large, opens inside the prior body, and closes near its high. That fits the pattern.

The Catch: Context and Exhaustion

Here's where the textbook reading gets complicated:

• After a big run, the pattern can signal exhaustion rather than the start of a trend. Three strong green candles at the end of a long advance are sometimes described as an "advance block" or a sign of overextension, particularly if the candles get progressively smaller or develop longer upper wicks.
• After a long decline, three black crows may mark capitulation rather than the beginning of further falling.
• Price has already moved a lot by the time the third candle closes. Entering after the pattern completes means entering after a sizable move, which affects risk.

So the same shape can be read as continuation or reversal depending on where it appears.

Confirmation and Related Context

• Volume rising across the three candles is often described as supportive.
• The surrounding level. Does the pattern clear a resistance level, or run into one?
• What follows. A pullback that holds above the pattern's low is read as constructive for white soldiers.
• The trend. See bullish vs. bearish continuation patterns for how patterns are read in context.

What the Evidence Says

Research on candlestick patterns has been weak and mixed. A 2006 study by Marshall, Young, and Rose found little evidence that candlestick strategies produced reliable profits on Dow Jones stocks, and these three-candle patterns are rare enough that there's little data specifically on them. See do chart patterns actually work.

Limits

• Rare in strict form. Loose definitions make them more common.
• Subjective. "Long," "near the high," and "within the body" are judgment calls.
• Timeframe-dependent. Three candles on a weekly chart are very different from three on a 5-minute chart. See timeframes.
• They fail. Strong runs of candles can reverse.

For other candlestick patterns, see the engulfing patterns, morning and evening stars, and the candlestick glossary.

This article is for educational purposes only and is not investment advice.