[Nick1984]

I've got one question on Hammers which may seem very simple but has confused me none the less.

Lets say that you've established that there's a down trend and suddenly there is a hammer....does it matter if the hammer closes lower than the open (red candle) or for it to really be bullish does it have to be close above its open (green)?

As for entries, I think brown is 100% on that one, you have to strike pretty soon. If you're waiting for confirmation of an uptrend why don't you place a limit order a few ticks above the high on the hammer, if the move is just some short covering you may not get filled. If the hammer is genuine then you can get in at a relatively good price.