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Shooting Star

Gold has a Shooting Star on DailyThis comes from the basics of Technical Analysis and it is a powerful reversal signal especially if it is supported with a triple top resistance rejetion like in this case. Nevertheless caution is needed as in bigger timrframes Gold is in liftoff status. That means that if it doesn't unfold immediately(Wednesday tops) as it should then your stop will be used from the long term buying pressure as a propulsion fuel for the rocket. Stop at last high and target the golden EMA(at or <$1200). Move stop to break even when Reward=Risk is strongly advised.
FX:XAUUSDShort
by WhiteDoji
Short Crude Oil at Key Resistance zoneFX:USOIL had been retracing its bearish trend the last two weeks. It is now currently at key resistance zone. Short order set up for the following reasons: Overall trend on daily chart is down Price resisted key resistance zone at 47.00 to 47.75 (previous April 2016 to June 2017 channel support now became resistance) Forming a shooting star candlestick patteren (bearish wick protruding surrounding price action with bearish close) Sufficient confluence to support a short, but due to recent higher low that formed, stop will be moved to breakeven at around 45.00 Minimum of 1.5 RR but potentially > 2RR Stop Entry: 46.73; Stop loss: 47.81; Take profit: 43.72 (2.79 RR)
FX:USOILShort
by cobusvdm
Watch for Bitcoin Weekly Shooting Star Reversal CandleI've been consistent in my analysis since July of last year (see related ideas). It certainly surpassed my projections. The mainstream media is finally covering bitcoin AFTER it has rallied $2000 or moved up at least 300%. Now, "experts" will explain this rally to you and justify why "this time is different." I view this as a major sell signal (i.e. optimism at extremes). www.cnbc.com Book recommendations: Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism This Time Is Different: Eight Centuries of Financial Folly
BITSTAMP:BTCUSDShort
by Kappy
Bunch of different clues on AUDNZD!Hi guys, i want to explain to you why i'm going to short this pair if price pulls back a little bit more. As you may know audnzd -0.12% has been moving upward without interruption: both in the daily and 4hr chart Rsi is in overbought condition, and this tells us that market is overextended and there's maybe some room to retrace and let the trend breath. Obviously i don't trade based off of only RSI , but it gives me a good indication of what the market could do. In this case we have different clues pointing in the same direction. First, we have structure at the black line level, together with a psychological threshold (1,0900): at this level you can see price has created a shooting star and then a nice engulfing candle. Also, there's a 618 retracement of the bigger daily leg that happens to be right at this level. With all those clues together i think there's no doubt. I'm going to short at the 1,09 level, with stops above the highs, and target1 at a 1,25:1 RR. Target2 to be determined more accurately. Good trading! Feel free to comment below for any kind of questions or if you want to share your view. Otherwise, see you in the next chart!
Short
by Roker1
Lots of concluence on EURCAD!Hey guys, i wanted to share with you this setup for i've found lots of different clues pointing in the selling direction. As you can see in the illustration above we have: Cypher pattern (already completed), daily structure, an engulfing shooting star candle, a round psychological number, RSI divergence and RSI overbought condition all together in the same place. Given the situation, i think i'll undoubtedly set my orders on and wait for price to trigger them. I'll keep you updated. As usual, feel free to comment if you want to share your standpoint or ask questions. Otherwise, see you in the next chart!
Short
by Roker1
3
What a cluster! EURCAD analysisHey guys, i wanted to share with you this setup for i've found lots of different clues pointing in the selling direction. As you can see in the illustration above we have: Cypher pattern (already completed), daily structure, an engulfing shooting star candle, a round psychological number, RSI divergence and RSI overbought condition all together in the same place. Given the situation, i think i'll undoubtedly set my orders on and wait for price to trigger them. I'll keep you updated. As usual, feel free to comment if you want to share your standpoint or ask questions. Otherwise, see you in the next chart!
Short
by Roker1
2