EUR/USD - Shooting Star - Possible trend reversal!

The upper shadow displayed is one of the longest since around Aug 16th (last temporary trend reversal). Confirmation bearish bar at the end still needed but otherwise looking good (will be confirmed in a day).

Any other confirmations (fundamental + technical) are appreciated. Please post if you disagree!

Looking at a possible temp correction... the bulls may be out of breath for now.

Considering the EUR/USD is down now some 120+ pips from your "shooting star" I'd say, a reversal/correction was a good call. I've managed to gain a good 20 pips today myself during this pull back. For me, as conservative as my trading is right now (no more than 0.1 lots), I consider that good!!

DAMN!!

I had several shorts from 1.4180, and I was waiting to see a Long correction, but that Chinese comments just killed me, when it reach 1.4720 my account just vanished!
It is what happen when a person use BIG SL against the trend!!!

In my opinion we can see here a 50% Fib Correction from 1.3350 to 1.4750 to around 1.4050, it is about 700pips, here it is where I will go enter to long positions, but I will see where the price is at Daily RSI 50.00.
NO MORE SHORTS in this pair!!! I was killed by them, now I guess if I go long here, I hope then not to see what I was waiting to see here, that is finally a TREND REVERSAL in 2008 and see this pair again at 1.20's.


It is really a mess, those times we are living in forex, for a medium-long term trader I think it is a nightmare!!

Well not really, i am having a great time. Work hard on MM before you place the next trade on the next account is the best advice one can give you at this moment.

ya, holding a position for a while against the long term trend can easily hurt your account equity.

Thanks for your advice, and I congratulate you for your success!
MM it is really my nightmare!
I was reluctant to start trade forex, because my lack of patient.
No more trades without reasonable SL's, now it is for real!!

Thanks and I hope I can win some 200 to 500Pips trades in near future.

Give me your email or one e-mail you can create in 1 minute. I have a MM tool i wanna send you. You will enjoy it for sure

People looking too much at shooting stars may be shot dead by the market and people looking too much at hanging men may be hung by the market , I don't even want to talk about people looking too much at gaps

fx amateur,

Please explain how I am "looking too much at shooting stars"? For lack of a better expression, "I don't get it". If you disagree with the analysis, please say why.

thank you

rudenstein

i just wan't to make a small correction, a shooting star and all the other candles formations, doesn't mean trend reversing, they mean "the prior trend is closely to an end", this doesn't necessarily means reversing, it can also refer to range(or simple consolidation).

Now, letting pure theory besides, this is an intresting candle, being at a new high, at a point that most analist are shouting "over valuated" to the euro, or at least are testing euro's strenght.
This was a good call, I trade it.

Speaking for a long term perspective, to me this is just a correction, not a change of the big trend

Hope i could help

What I basically want to say is that all those candlestick patterns are useless and the fact alone that people know their names is already a reason to lose money on FX

Buf if you want to lose on Forex for sure you must read the book
Japanese Candlestick Charting Techniques by steve nison.There you can read about which men are usually hung in the evening before the doji came out in the morning after a gap was shooting the star , or was it the other way around?

Miguel, can you please share that tool with me also. Thank in advance.
Lynn

Never mind the sell stops, he he. I like the Eur/Usd above any currency pair with regard to trendlines. Support and resistance levels are so clean with this currency pair. I see the Eur/Usd potentially breaking this trendline to the downside. It's a trendline that has been tested 4 times previously. In addition, if we see a break below the trendline and the 50 day moving average at the same time it will generate a big sell signal. Notice the trendline break to the upside at the bottom part of my chart and notice how the 50 day moving average was broken to the upside as well. Strong moves.

Semar,

I agree totally! This will be a temp correction, but possibly a big one.

rudenstein

Ok Lynn

hi miguel.

can you share that tool with me, too. my email [email protected].

Thanks in advance

Done

and me please! [email protected]

Hope you don't mind sharing it with me too
([email protected])

Thanks,
BK

and me too please? [email protected]
i also got burnt by the margin call...