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Short

Double Inverted Hammers on EURGBP -- Time to Sell?

FX:EURGBP   Euro Fx/British Pound
125 3 1
Yesterday I had my eye on EURGBP             , as it appeared like an inverted hammer was forming at a key resistance and Fibonacci level. However, I thought I would wait to see if the pattern completed. Today, I can see that yesterday's candle did complete as an inverted hammer -- and that today's candle is likely to do the same, all at the same resistance level . This price action, coupled with the GBP strength we're seeing elsewhere, gave me the go ahead to short EURGBP             in expectation that the pullback is over and the downtrend is ready to resume. I'm short at 7885, with my stop at 7925 and my target profit at 7765.

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vlad.adrian PRO
2 years ago
Inverted hammers appear only in downtrends 23.09.2014 / 29.09.2014. Considering this is a forex chart, those are shooting stars, not hammers :)
Leaving aside that, yes, it looks like it's going down.
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kemagnofx vlad.adrian
2 years ago
You are absolutely right. :) when I saw the twitter I was curious... Cheers all and good luck
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dojitrader
2 years ago
My 2 cents worth ~~~~~~
As a student of Steve Nison, he would say those are only spinning tops
and as such signal a more neutral pause that is neither bullish nor bearish.
Thus this would be a good place to take profits if you were long, but, not
strong enough to go short.
Best of luck !!!!!
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