Three white soldiers is a nickname given to a bullish reversal pattern on a candlestick chart where three consecutive candlesticks open in the body of the previous candle and close above the previous candle’s high. When they form in a overall downtrend, the three white soldiers are believed to signal the beginning of the uptrend (a reversal).
In traditional candlestick charting, candles are white when the close is above the open. Three white candles in a row is good news for anyone looking to ride a reversal upwards, so this formation was nicknamed three white soldiers. The opposite formation, three black candles, is nicknamed three black crows. The three white soldiers ideally will have a long wick to the upside and close near the highs. The three white soldiers can be used on any time frame, but the formation is believed to be more meaningful on longer time frames.
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