Shooting Star in GBP/USD

DannyBly1 · Sep 23, 2012

Looking at the daily chart a bearish shooting star pattern formed on Friday:

Zooming out we can see some major trendlines that could form support:

Also worth noting that MACD crossed the zero line from positive to negative...

college ruled · Sep 23, 2012

A nice one too. Where would you place the stop on that short?

I would place it just above the high of red candle 2 days ago.

DannyBly1 · Sep 23, 2012

Agreed, just above Friday's high...

Lucrum · Sep 23, 2012

Quote from DannyBly1:

Looking at the daily chart a bearish shooting star pattern formed on Friday

It would appear so.

Also worth noting that MACD crossed the zero line from positive to negative...

More...

Uh...not so noteworthy.

college ruled · Sep 24, 2012

Quote from DannyBly1:

Agreed, just above Friday's high...

What's your target on this trade?