Technician

Watch this Candle: AUS200 Daily Shooting Star

FX:AUS200   S&P/ASX Index
1094 4 29
Candle Signal: Shooting Star
Implication: Bearish

Invalidation: Closing above the candle High
Warning: It is strongly recommended not to count on candlestick signals only for trading, use it in conjunction with other technical and fundamental tools.

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Hi, I have also added Fibonacci retracement on this chart, and the shooting star just missed out on 5250(0.618) on the Daily chart and 5238(0.382) on the 4 H chart.
Base on FIBO, is probably to touch back on 4974 (D,4H chart) before making a run higher, but if it can not hold 4974 and the USA interest rate goes up, then Bear market will be in control .
+1 Reply
Technician Only-ASX200
Well, as long as there are sufficient reasons to have a bias then a trade is valid, even if it doesn't end successfully.
+1 Reply

Hi Technician, thank you for sharing, just my view, I think it is good to have a short here with SL above 20 dma. If we need more confirmation, we should wait for today candle close in red (price absolute belove 20 dma), I'm still learning more about candle stick.
Reply
Technician MIchaelTran
Thanks for the comment. I am just highlighting the candlestick formation, just a heads up.
Good luck to you.
+1 Reply
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