Candlestick Pattern Quiz

This Morning Star faded without rising!

For some reason - i think today;s the bottom.

I have just looked at the 15 mins chart as a start and I just think today could see the lows.

But pretty gutted that the morning star didnt play out - especially when its one of the most realiable pattern.

waverider2 wrote: For some reason - i think today;s the bottom.

I have just looked at the 15 mins chart as a start and I just think today could see the lows.

But pretty gutted that the morning star didnt play out - especially when its one of the most realiable pattern.

I think there's more to the downside with this one... Too many bearish candles taking out any sniff of a bullish move - in some occasions with a single swoop (imho!)

Good luck either way!

no 3rd day green candle

It closed below 249.9 so no longer in an uptrend

I normally don't try to catch falling knives but it was a strong morning star at a support with the MACD histogram rising ( I should haave waited for the MACD line to cross the signal line but thats a hindsight now) hence why I took the risk of trading it.

There was another similar bullish pattern on Blackrock world which failed!

Blue circle on the chart shows Bullish 3 white soldiers but like Evraz it failed!

Lesson learned : Only trade a Morning Star in an Uptrend when there are HHs and HLs BUT also with an upward sloping trendline