Get started

Shooting Star

EURGBP - Shooting star rejection of a levelEURGBP has accelerated today off the back of a stronger euro and a weak pound. Price is now overextended above the upper BB band and has given us this shooting star before closing back just above the 0.236 level. I would like a better R:R than this current setup, but the 4 touch resistance is likely to act as strong support. See entry and exits on the chart. Stop above the high, exit at nearest support. Happy trading:) follow for more
Short
by pasojov
XLF shooting star top of channel $BAC $WFC $CIT $JPM $XLFtop of channel / ABC or WXY complete from march lows after triangle breakout in late oct/early november. shooting star weekly. please post and correct me but zooming out i think its 5-3-5 ABC for W (2009 low to jan 2018) into an X wave and now completed X within WXY of the X macro..startin Y down to finish macro X. August 20 $23P on $BAC for me but this thing might take longer than I expect considering W (within macro X of WXY from 09 low) went from jan 2018 - march 2020
AMEX:XLFShort
by Drunkmonk
9
BTC - H4 -SHOOTING STAR + DOUBLE TOP IN PROGRESS !H4 : Last candle triggered as shooting star coupled with a potential double top in progress. In addition indicators are also in divergences process Watch : 36477 (TS), 35300 (MBB) and 35280 (KS) 35300 should be seen as a very important support area in this time frame Failure to hold above it would open the door for : S1 :35002 S2 :33885 S3 :32767 H1 : Short term reversal already in progress (doji) followed by a black candle (bearish engulfing) which has been confirmed by a second black bearish candle which hold above TS. Watch : 37538 (TS), 37085 (MBB) and 36973 (KS) Below important congestion zone support between 36045 and 34594 (clouds area and Fib ret Watch very short term time frame M15 and M15 to check price action and detect early invalidated signal (s) of the expected intraday short term potential reversal.
BITSTAMP:BTCUSDShort
by Ironman8848
1
BTC - H4 - SECOND SHOOTING STAR !H4 : Last candle triggered a second "shooting star". Important to note that both patterns took place following the failure to upside breakout KS Moreover, clouds support is very thin = fragility ! In addition, MBB and TS also coincides with the clouds support area. Watch also the first uptrend line support (the one which rely the closing lows) as the first significant support line, ahead of the one relying the low of the candles. There is also a double top formation in progress (shooting stars top !) with its trigger level @ 35430 A failure to hold above 35430 would open the door for a target @ 33410 On the upside, in order to neutralise further downside risk, we need to see a recovery above former highs (37450 & 37320) Finally, as long as we stay below the former downtrend line resistance (in red) the trend remains BEARISH ! Currently, in a broad triangle pattern where a breakout should occur over the coming hours, either on the upside or on the downside... Wait and see
BITSTAMP:BTCUSD
by Ironman8848
5
What is the chart telling us about BITCOIN now???I have provided a few reasons above that support a correction is likely on the way for BTC. 1) Descending Triangle, key support line, at around $25,700 now. A move and close below this line in next few hours will be very bearish. 2) A breakout from the descending triangle forming a shooting star pattern at hourly chart shows bears are working hard to press the price downward. In other words, bulls are losing their strength now. 3) For further confirmation we need to wait for the candle to drop back into the descending triangle to know it was a false breakout . 4) BTC is trading below some key hourly moving averages now. 5) Line $25,700 has been touched twice, a third touch could send BTC downward now, bulls therefore must protect this level for us to have more upside confidence. Stop loss can be placed around $25,500 or $25,000 to stop you out from further losses. Hope this helps you! God bless!
COINBASE:BTCUSDShort
by livegreat
2
MULTI-TIMEFRAME ANALYSIS - GBPUSD1W Analysis The pair made an upwards move into the resistance zone identified last week before getting rejected and closing as what seems to be a shooting star candle. If the pair fails to gain momentum to re-test the zone we might see it fall towards the support zone identified last week. However a break above the resistance zone would see the pair rally towards the next resistance zone above it. 1D Analysis The structure of the 1D chart is unchanged, with the last candle closing above the 1D resistance turned support zone even after being rejected by the 1W resistance zone. The pair would need to close below the 1D resistance turned support zone in order for a definite sell to occur. 8H Analysis The pair can be seen within an ascending channel and seems to have closed its last candle reasonably close to its resistance after bouncing off the 8H support zone. A break above the channel's resistance could see the pair rise towards the 1W resistance zone. A rejection however would see the pair head to re-test the 8H support zone and possibly break below it and head towards the support of the channel. 4H Analysis The pair closed within a 4H resistance zone and seems to have closed as a hanging man, the candle that follows would need to confirm that the pair is indeed going to decline if not we could see the pair break the 4H resistance zone and ultimately break the resistance of the 8H ascending channel. 2H Analysis The can be seen within a 2H ascending channel and seems to be creating a HH/HL structure. The structure however seems to have lost momentum as it approached the 4H resistance zone. A close below the last HL would in turn cause the pair to be rejected by the 4H resistance zone starting a new LL/LH structure. However a close above the 4H resistance zone could indicate a further buy. Conclusion Monitor the pair on the 2H and 4H timeframe to see exactly what the pair does and how it coincides with the 8H, 1D and 1W in order to make an accurate trading decision. If you liked this analysis make sure to give us a thumbs up, leave us a comment and make sure to follow us for future ideas 👍❤
by JJForexAcademy
SPX: A challenging moment for the index!Hello traders and investors! Let’s see how SPX is doing this Friday 13! In the hourly chart, I see that the index is moving sideways, inside a congestion . The 21 ema is flat, and we have the 3,581 as resistance, and the 3,511 as support. In theory, since SPX is coming from a bullish momentum, it should do an upward breakout, and defeat the green line for good. But the situation is not as simple as we wish . Let’s look at the daily chart now: The problem is, SPX failed in defeating the previous All Time High (black line), and it did a Shooting Star pattern. The volume is decreasing, and the 21 ema is moving erratically, along with the price. Regardless of any personal belief, I see this as a binary situation: If SPX defeats the green line in the hourly chart, it’ll seek record highs, and I don’t believe the black line at 3,588 will hold the price. But if it loses the red line, then the 21 ema would be the next target, at least. It won’t be easy for SPX to cancel this Shooting Star, and honestly, I think that if SPX continues trading sideways, until the price hits the 21 ema, will be a good thing, as now the catalysts that were increasing the volatility aren’t as strong as before (elections and second wave). The FAANGs have no unique direction today, and this makes the indices quite hard to read. This is a challenging moment, but I hope this analysis helped you in some way. If that’s the case, please, support it , and follow me to keep in touch with my daily analyses! Have a great weekend!
SP:SPX
by Nathan_The_Finance_Hydra
14
Short term reversal, Shooting Star, for the S&P 500?The SPX shows a “Shooting Star” candle pattern. The shooting star candle is much like the “Inverted Hammer” but it comes after a move up in price. 
This is a bearish candle for many reasons. - After shooting higher, the bears were able to drive price all the way back below the open, near the low. - Long wicks above the real body in candle charting therefore represent selling pressure. - The close was near the open, creating a small real body. - Small real bodies in candle charting represent indecision, uncertainty. This uncertain pause coming after a move up is not good for the bulls. Adding weight to this perspective is that this candle pattern is formed at resistance of prior highs. When there are a confluence of events lining up then it allows an investor to have more confidence in the idea. Also, interesting to note that the other major U.S. Indices are showing bearish candles. The Dow Jones Industrial is showing a similar candle to this, albeit just above prior highs, and the Nasdaq Composite is showing a “Bearish Engulfing” pattern.
SP:SPXShort
by GoNoGoCharts
SPX: The most important point for SPX!Hello traders and investors! Let’s see how the SPX is doing today! The moment is quite challenging with everything that is going on (elections, second wave, vaccine), but the Technical Analysis can always offer us some interesting insights. Firs, the hourly chart is in a strong bull trend, and despite the fact it is too stretched, there’s nothing indicating we’ll see a reversal ahead . But we can’t discard the possibility of a pullback. The red line at 3,588 is the most important point for SPX in the short/mid-term , and only if SPX loses it, we’ll see a sharper pullback. This red line only makes sense if we analyze the daily chart: Yes, the red line is the previous All Time High (ATH), and if SPX closes under it today, leaving a huge shadow above the candlestick body, we’ll see a Shooting Star pattern in the daily chart, and a false breakout from a previous resistance, and usually these are not good signs. Also, we may see an Exhaustion Gap here (yellow area), reinforcing the idea of a pullback, and SPX could easily hit the 21 ema again in the next few days, if these signs will be triggered. Let’s keep our eyes open here, as the moment is quite decisive for SPX, and if this idea helped you, please, support it! And follow me to keep in touch with my daily analyses. Have a good Monday!
SP:SPX
by Nathan_The_Finance_Hydra
12
$SPCE How To Best Position Yourself For Future DevelopmentsThis is a follow-up post from my previous $SPCE analysis on October 4th titled "$SPCE Love Space Travel, But You May Want To Wait Before Buying". Technical Analysis In my previous post, when $SPCE was priced at $20.77 before the moon towards the October 20th's Highs of $24.36, I talked about how at that point in time, $SPCE had 2 unfilled gaps at $24.02 and $16.43 respective, despite having a history of closing any of its gaps. Within that post, I also gave 2 possible scenarios that I foresaw would occur leading up to the October 22nd's window opening for Virgin Galactic's next crewed spaceflight test. If you are interested to see what exactly my previous analysis was about, you can refer to my previous post which I have linked down below in the 'Related Ideas' section. Update 1: Since the post on October 4th, we saw $SPCE prices staying above the Symmetrical Triangle chart pattern after breaking out of it and re-testing the Slope of Lower Highs on October 13th. After rejecting the Slope of Lower Highs, it continued bulling and eventually filled 1 of the 2 unfilled gaps at $24.02 on October 20th. However, after filling the gap and reaching the Highs of $24.36, we saw an immediate rejection within the same 4H candle, creating a Shooting Star candlestick pattern. Later on during the session, we saw prices rejecting all the way down and closing at $20.44 for the day. Update 2: What caused this huge 16% decline from the peak of $24.36? There are 2 reasons for this. The first reason is a technical one based on what I have mentioned earlier. After closing the $24.02 gap, $SPCE entered into a strong resistance zone of $24.26 to $24.85. On top of this, because of the meteoric rise, a Regular Bearish Divergence was also created. These technical factors combined created a retracement cum rejection from the strong resistance zone. Update 3: However, based on this factor alone, it does not justify a 16% decline from the peak. This brings me to my 2nd reason which is short-seller Jim Chanos of Kynikos Associates' comment on the space sector. If you aren't aware of what happened, at an investor conference, Chanos expressed his bullishness on the space sector but later retracted his statement by saying that he was joking. This, combined with the technical factor I mentioned earlier, created a 16% decline from the peak of $24.36. Entries, Price Targets, Stop Losses Because of the highly speculative nature of $SPCE plays at this stage due to so many uncertainties surrounding it and so many things that can go wrong, I can't give an exact price target or stop loss at this juncture. But what I can say is that, if something does go wrong, even the most minute incident that is unfavorable for $SPCE, it is almost certain that we will see $SPCE back in the $16.43 range to close the last unfilled gap. What I can also say is that if you want to trade or invest in $SPCE - don't go all-in yet . The approach to take is to have a small enough position in $SPCE so that you feel that you have some skin in the game but not so much position such that even if $SPCE falls to the $14.00 to $16.00 range, you can still feel emotionless. Personally, I have taken this approach as well, where I have an entry at $20.91 and is mentally prepared to stay emotionless for both a meteoric crash towards $14.00 as well as a meteoric rise towards $30.00. Disclaimer I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor. All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment, or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. I will not and cannot be held liable for any actions you take as a result of anything you read here. Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise. If this post has helped you out in making your investment/trading decision, give it a huge thumbs up, and follow for more updates regarding this ticker symbol!
NYSE:SPCELong
by UnknownUnicorn6361804
6