Indicators and patterns
11/19/2024
Indicators and patterns
The "Advance Block" pattern and the "Shooting Star" pattern are both bearish indicators in technical analysis.1. Advance Block:
- Symbol: USD/JPY
- Timeframe: 15 minutes
- Signal: Bearish
- Recommendation: Sell
- Price: 154.39
- Date and Time: November 19, 2024, 4:30 AM
The Advance Block pattern is a three-candle bearish reversal pattern that occurs during an uptrend. It consists of three consecutive small bullish candles with higher closes. This pattern suggests that the buying pressure is weakening, and a potential reversal to the downside may occur.
2. Shooting Star:
- Symbol: USD/JPY
- Timeframe: 15 minutes
- Signal: Bearish
- Recommendation: Sell
- Price: 154.39
- Date and Time: November 19, 2024, 4:30 AM
The Shooting Star pattern is a bearish candlestick pattern that indicates a potential trend reversal. It forms when the price opens higher, trades significantly higher during the session, but then closes near its opening price. This pattern suggests that the bulls tried to push the price higher but failed, indicating a possible shift in momentum to the downside.
In summary, both the Advance Block pattern and the Shooting Star pattern are bearish signals that suggest a potential downward movement in the USD/JPY currency pair. Traders may consider selling based on these indicators.
This is not investment advice. Remember to verify the information provided here.
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