A textbook shooting star(bearish reversal) pattern has formed on the EUR/CHF daily chart. Additionally, looking at the daily chart we can see that there is a confluence of indicators as price reached up just shy of the resistance of the 200 period simple moving average before reversing. The 4 hour chart gave us a chance to get into this trade early as it showed a nice pin bar (a pattern similar to the shooting star) reflecting a lack of confidence in the bulls. Typically these patterns are traded by entering short with a sell stop order below the low of the shooting star or bearish pin bar pattern. Keep in mind that ... (full story)