SPY putting in a shooting star at the major resistance and a MACD divergence could be signaling a rejection. Will be watching for any additional signs of weakness in anticipation for a revisit to the key support areas. Trading against the trend and the formation of the shooting star on low volume are two things to be cautious of.
Consider taking some profits. Things could get soft here.
I am the owner of Grok Trade and I am long SLV; however I see a Shooting Star candlestick reversal pattern. This could drop!
UAL has not been in the best of trends although it has been heading up since the 2009 low. The monthly ranges can be large, which makes it difficult to trade. September 2014 saw price fakeout above the 2007 high so another deep pullback was not unexpected. More recently, however, price again broke above the resistance and this time has stayed above. There was a...
Created a script for identifying Hammer, Hanging man, Shooting start, Inverted hammer.
Shooting star reversal candle setup High probability setup. Massive divergence and overbought on the oscillators.
In order for the pattern to fully form we need a reversal in this area and with today's shooting star we have a chance. We need confirmation over the next two day but a reversal will help form the rest of our descending wedge which ultimately is a bullish continuation pattern.
The beautiful head-and-shoulders formation effectively led to a downtrend and it seems like a good time to hop on. Risk/reward is very good considering that this pair has a lot of downside potential. Although I do not want to go into the details regarding fundamentals as I want to keep this post short, I’ll say that they are favorable to this trade on a mid-term...