Candlestick patterns Hammer and Evening star - set and forget forex trading signals

Candlestick patterns Hammer and Evening star ~ set and forget forex trading signals

Hammer and Evening Star

Evening Star and Hammer Chart pattern

4 hour Evening Star pattern

EUR/USD

retraced up to the weekly Pivot point where market formed a kind of Evening Star pattern and market price started to turn around.

On the 1 hour Euro US Dollar chart (last 10 candlesticks) we see how market closed at support and breached it with the beginning of the new hourly candle [Breakout Timing setup-red ellipses, market closed at each support level (10 SMA, 20 SMA and daily pivot point)] and broke through it with the new hourly candle).

The repeated pattern of a bearish candle close at a support level and the following break of this support level with the beginning of a new candle often occurs in a strong bearish trend or a surge in downside momentum.

1 hour Hammer candlestick

5 min Pivot points

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Daily EURO Support Resistance levels - most accurate forex trading signals

Daily EURO Support Resistance levels ~ most accurate forex trading signals

Support and Resistance

EUR USD Technical Chart Analysis

The EURO started to move upward today, after yesterdays news shakeout at 7 p.m. GMT, which cleared the stops above the low of Sept. 10th at 1.2755 and then reversed to clear the stops below 1.2724. 

Todays upward momentum might be the following of the daily hammer candlestick pattern on Tuesday.


The Euro moved higher with the triggering of continuation patterns (green circles/ellipses) and Breakout timing setups (red circles/ellipses) until market reached strong resistance at the 1.28 level. This resistance zone consists of the low of October 1st, the monthly S1, the 61.80 % Fibonacci retracement on the 4 hour chart and the 38,20 % Fibonacci retracement on the daily chart. Market reversed at the 1.28 level and started to move lower.

On the 5 min chart we see how market broke through the downward sloping green trend line at 2:15 p.m. (Breakout trading-prior candle closed at trend line) so that the consolidation/ triangle got terminated.  Market started to consolidate in a  shape of a continuation pattern after the breakout of the triangle and price retested the daily R1, the high and the downward sloping trend line of the consolidation (resistance becomes support-successful retest). The Euro terminated the continuation pattern on the 5 min chart and market broke through yesterdays high with the beginning of the new hourly candle after the previous one closed strongly at resistance (yesterdays high-Breakout trading).

Recent main support and resistance levels have been the low of October 1st and September 10th and the high of last Tuesday. Yesterdays high (news spike) is also likely to play an important S/R role.

Daily Support and Resistance EURO Fibonacci retracement

4 hour Daily EURO Fibonacci retracement, Resistance Levels

hourly EURO Support/ Resistance

5 min Support and Resistance

The Chart Analysis of the trading days before


On the daily chart (first chart) we see that the EUR/USD created a hammer candlestick pattern yesterday. Market moved higher and the Euro is currently trading at the low of September 10th at 1.2755 (pink line) and the daily 10 SMA. Slightly above is the hourly 200 SMA, the weekly Pivot point and the daily R2.

Yesterdays high at 1.2729 (thick blue line below) initially acted as resistance but after the level got broken the blue line acted as support and market bounced back from yesterdays high (successful retest, changing role of daily S/R levels). The rising 20 SMA on the hourly chart also provided support at 7 a.m. together with the consolidation price zone (green ellipse, orange arrow) and again at 4 p.m..

1 hour  Hammer Chart Pattern | Daily S/R | SMA

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Candlestick Patterns Hammer - 100 accurate forex trading signals

Candlestick Patterns Hammer ~ 100 accurate forex trading signals

Price Reversal

Hammer Candlestick

1 hour Candlestick Patterns Hammer, Price Reversal

Candlestick Chart pattern

The Euro had a relatively quite session again today. Market price broke out of yesterdays consolidation pattern with the beginning of the new daily candle (Breakout trading) and the Euro made a new daily low but market hold at the daily S2 support.

At 10 a.m. the Euro created a hammer candlestick pattern and EUR/USD market price started to move upwards.

The three consecutive lows from 4 a.m. to 10 a.m. might be seen as a Three Drives pattern. Interestingly, the Euro always closed above the daily S2. The three consecutive lows tempered many breakout traders to go short following the breakout of yesterdays consolidation pattern.

These false breakouts caught many traders in the wrong position which often leads to a price reversal. The hammer pattern (Price rejection) initiated this price reversal and the EUR/USD moved back into yesterdays consolidation pattern. Yesterdays consolidation price zones acted as resistance as price approached this level again and the Euro reversed back down.

The 5 min EUR/USD chart shows some Fibonacci levels which could helped the trader to find entry and exit points. The red arrows show some false breakouts, which occurred today.

The 5 min chart also shows that we did not have a confirmed breakout through the daily S2. See Unconfirmed Breakout Candle

5 min EUR/USD Chart Pattern

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Technical Pattern Gartley - forex buy and sell trading signals set and forget

Technical Pattern Gartley ~ forex buy and sell trading signals set and forget

EURO /USD Chart Reading

Trading the Gartley pattern

The Euro found support at the 100 % Fibonacci Extension Cluster/ Gartley pattern projection yesterday and moved up from the target of the Gartley Pattern to the daily 10 SMA. From there, market moved lower with strong bearish momentum and created a new daily low.

On the 4 hour chart the EUR/USD continued its downward trend with the beginning of the new 4-hour candle at 12 a.m. after the previous candle closed at the 10 and 20 SMA Support level (Breakout Timing).
 The Euro found support at the daily S2 after clearing the stops below the important low of September the 10th (thick orange line). However, so far market did not close below this daily support (see hourly chart).

Gartley Techncial Chart pattern

4 hour Euro 100 % Fibonacci Extension

1 hour Euro Dollar Technical Chart Analysis

Technical Chart Analysis of the day before

The Gartley chart pattern

played out well. Currently, the EUR/USD is holding at the Fibonacci Support zone, which consists of the two 100 % Fibonacci Extension levels. Furthermore, this support zone coincides with the Daily S1 and the consolidation price zone of the prior consolidation pattern on the left side of the Euro US Dollar Chart. We also had a nice Doji Candlestick chart pattern on the EUR USD.
The red circles on the daily Euro chart mark some Breakout Timing Strategy, whereby market closed at the support level with a bearish candlestick (20 SMA and daily support level) and breached support with the new daily candle.

Gartley Chart Pattern, Doji, Breakout Trading Strategy

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