After finding appropriate RSI and MACD entry points, traders benefit from analyzing key candlestick formations.
Below are the candlestick reversal formations detailed in this chart.
Two Black Gapping: appears after a notable top in an uptrend, with a gap down and two red bars.
It predicts lower lows with an accuracy of 68%.
My view on this on:
Candlestick pattern: Evening star
At: Resistance and new wave
Follow the trend: yes
Target is 0.974
Stoploss at high of the star
You can wait for the next candle close lower the the pinbar or wait for the retest at high of the star
With the USD being overbought and having bad news this morning an evening star candlestick formation was create and confirmed this evening the ext is at .9550 which is the target I would look to go for risk/reward is a 1 to 3 if you place your stop around 1.000 level. If you have not gotten in I would wait for a pull back on the 2hr chart to get in.
If you agree...
EURO is currently weak and across the board we saw a EURO decline.
Evening Star formation as shown, alongside bearish engulfing formation. The price did bounce back up yesterday but hit res and dropped back down. Can't see this being broken unless fundamentals intervene.
All levels got hit yesterday and confirmed the Evening Star which is a huge bearish sign.
ah sorry, I wasn't impulsive enough to give my perspective on this trade setup, but we've had a sudden move to the upside, however, we rejected a key long term trendline as our 3rd drive, also 4HR candle spiked and closed below 53.00 as a shooting star, ideally if we could get further spikes into the highlighted region we could enter for short trades to the...
Analyising this pair we have been in a downtrend for a couple of weeks and I noticed a slight pullback occuring yesterday. We can see that price has respected the 61.8% Fibonnaci retracement level and created a evening star formation which is a big indicator that price is going to make more ground to the downside. I have drawn in a counter trendline I will be...
break through the resistance, then retested as an support level.
There are formed a eveningstar (4H) and at dayli close perhaps a pin bar.
The candelstick pattern ist also formed at the new support level.
TP: about 1253
In this analysis I noticed that the graph has a tendency to descend because there is a doji candlestick and an evening star is being formed. And also touched the resistance line and could not pass through.
So I think it's a short sell.
Good luck :)
As you can see there is an evening star under the resistance line, so it means that the graph tried to climb but he couldn't.
Therefore it means that there is a probability of a downtrend.
Stay tuned and good luck with your reviews.
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EURUSD - PRO CHALLENGE TRADING STRATEGY
Current Price at Weekly Sup/Res level of 1.1300
Previous Evening Star candle patterns created Bearish moves
Watch for current Day candle to close Bearish to complete a 3rd Evening Star Pattern
Previous day candle was a Bearish Pin Bar
These candle patterns will confirm a Bearish continuation move...
TRX/BTC seems to be forming an evening star reversal on the 6 hour chart. A nice confirmation for this pattern would be for the next 6 hour candle to close below 800 sats. Keeping a close eye on this one.
Price has two bearish bias candle patterns - Evening Star & Spinning Top
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