UK Pound Drops to Record Low Against Euro

UK pound falls to record low against euro on gloomy economic forecasts

The British pound fell to a record low against the euro on Monday, flirting with one pound per euro as two gloomy economic forecasts stoked expectations that the Bank of England will make further interest rate cuts next year.
The pound fell to just euro1.022 Monday, its lowest since the euro's 1999 launch, after reports predicting unemployment will rise and house prices will fall in 2009. Those downbeat reports led currency traders to bet that the Bank of England will cut interest rates further early next year.
The rapid decline in the value of the pound, which has now fallen by around 13 percent against the common European currency this month alone, is making life tougher for British tourists -- many of whom are already getting just one euro for each pound.

For instance, the Travelex foreign exchange company was on Monday selling euro1 for exactly 1 pound at its online store, where tourists can order foreign currencies for pickup in the company's outlets at tourist locations like airports.
The pound is being driven down by expectations that the Bank of England will cut interest rates to stimulate the economy, which shrank by 0.6 percent in the third quarter, and looks like it is heading into a serious recession.
Interest rate cuts can weaken demand for a country's currency by reducing the yield on interest-bearing investments.

On Monday, Hometrack housing researchers said house prices fell by nearly 9 percent in 2008 and predicted that they would fall further next year. At the same time, the Chartered Institute of Personnel and Development predicted that employers will lay off at least 600,000 people in Britain next year, making 2009 the worst year for job cuts since 1991.
"We all know that the economy is full of bad news for 2009 -- jobs are going to be scarce, GDP is going to fall, and inflation could drop below 1 percent," said James Hughes, a currency analyst with CMC Markets. "And so, we're expecting an interest rate cut of 50 to 100 basis points in January or February." In financial terminology 100 basis points is a one percentage point.
The pound has fallen by more than 25 percent against the euro this year as the Bank of England has lowered interest rates from a peak of 5.75 percent to a more than 50-year low of 2 percent.

Interest rates in the euro zone remain higher at 2.5 percent, despite a 0.75 percent cut by the European Central Bank earlier this month.
The lower pound raises costs for Britons when they travel to the 15 countries that use the euro, and raises the price of imported goods.
Exporters, who usually benefit from a lower currency, are not getting much help from the pound's decline because the global economic slowdown is leading to weaker consumer demand in Britain's major export markets of the United States and Europe.
The pound was little changed against the U.S. dollar on Monday at $1.4598. At this time last year, 1 pound would buy more than $2.

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Euro Could Gain This Week, But Long-Term Outlook Remains Bleak

Fundamental Outlook for Euro This Week: Bullish

- ECB Governing Council Member Nowotny says he can’t rule out further rate cuts

- The Euro-zone's current account deficit narrowed to 6.4 billion euros, thanks to lower oil prices

The euro spent the majority of the past week consolidating versus the US dollar between 1.3915 and 1.4125, and these levels remain the proverbial lines in the sand, as a break above or below the bounds will suggest that price will continue to move in that direction. However, given the pair’s slow and steady climb from the December 19 low of 1.3826, it seems more likely that the EUR/USD rally could extend beyond 1.4125 toward 1.4300 once volumes pick up again.

From an event risk perspective, there’s nothing on the euro’s side of the coin to prevent such a move. The only indicators due to be released include the Purchasing Managers’ Index results for the Euro-zone’s retail and manufacturing sectors, both of which are anticipated to reflect the worst conditions on record. Nevertheless, these do not tend to be very market-moving for the euro, leaving technical analysis as a better method to use this week.

In coming weeks, though, traders should keep in mind that the European Central Bank is still anticipated to cut rates yet again on January 15, as Credit Suisse overnight index swaps are pricing in a 50bp reduction to 2.00 percent. The fact of the matter is that price growth has slowed dramatically and recession is plaguing the Euro-zone’s biggest economies. While credit conditions have improved in recent weeks, the potential for instability still lingers and the ECB may want to confront this head on with more accommodative monetary policy. As a result, further gains in the currency should be heeded with caution.

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Canadian Dollar Technical Outlook

The US dollar has found a base against the Canadian Dollar at the 1.2000 mark, representing the confluence of the USD/CAD’s short-term rising trendline and the 38.2 percent Fibonacci retracement of the 1.0300-1.3020 move.

Said level is likely to contain any short-term declines in the USD/CAD, while intraday spike-highs near 1.2400 represent subsequent support. A break below 1.2000 would negate our short-term bullish bias.

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Missouri Gov.-elect Nixon Outlines Economic Plan

Missouri Gov.-elect Nixon outlines plan to create jobs, support small business growth

Missouri Gov.-elect Jay Nixon on Monday outlined his plan to create jobs and support the growth of small businesses.
Nixon released details of his Show Me JOBS economic plan during a stop in Kansas City. He also planned an appearance later Monday at St. Louis Community College at Florissant Valley.
Nixon, a Democrat, said the plan is part of a bipartisan effort to improve Missouri's economy. It is aimed at creating new jobs by supporting small business development and providing incentives for worker training and retraining. It also seeks to bring next-generation automotive jobs to Missouri.
Nixon defeated Republican Kenny Hulshof in the November election, and takes office Jan. 12.

"During these difficult economic times, we must come together, across party lines, to get Missourians working," Nixon said.
"By working together, we'll create new jobs, support small-business growth and foster the high-tech, high-paying industries of the future here in Missouri," Nixon said.
Other legislative leaders have also called for job creation as a way to help Missourians escape the economic doldrums. Last week, incoming House Speaker Ron Richard, a Republican from Joplin, outlined his own "family recovery plan" that focused on job creation, property taxes and raising the standard of living for Missourians.

And Senate Majority Leader Charlie Shields, a Republican, said the Senate is committed to working with Nixon on job-creating legislation.
Nixon's plan calls for providing low-interest loans, especially to small businesses, through the Missouri Development Finance Board. Funding would come from the 4 percent fee collected on all MDFB tax credits.
Nixon also wants to expand the Missouri Quality Jobs Program, which he said has created jobs with above-average wages and health care benefits.
The plan would create incentives for training that would make employers eligible for tax credits to offset part of the training costs for full-time employees. That training would include tuition at a community college or vocational school. The employer would be reimbursed after the employee reaches the second anniversary with the company.

The Nixon plan would establish an Automotive Manufacturing Task Force. The economic crisis has hit the auto industry particularly hard and cost thousands of Missourians their jobs at plants in the St. Louis and Kansas City areas. Nixon said the goal of the task force is to prepare the state's workers to be at the forefront of producing high-tech, fuel-efficient vehicles.
The current Missouri BUILD Program provides tax credits to help larger businesses expand and create jobs. But under the current program, they must first solicit economic development proposals from other states before becoming eligible for incentives in Missouri. Nixon wants to give the state's economic development director discretion to waive that requirement on a case-by-case basis.

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Top Business Story: Wall Street's Makeover

Top business story of 2008: Wrong-way bets on housing lead to Wall Street's makeover

With the speed of a supermarket thriller, Wall Street was upended and remade in 2008.
First, investment bank Bear Stearns teetered near collapse, then was sold to JPMorgan Chase & Co. in a shotgun deal that valued each of Bear's shares at $10 -- roughly the same price as a New York movie ticket. The shares had traded at $154 the year before.
Then Lehman Brothers filed for bankruptcy in September. The failure of the firm, which had roots going back to the Civil War, shook investors around the globe.

They've yet to recover.
After Lehman's filing, New York traders started their work days at 3 a.m., when European markets opened. Financial chiefs were summoned to compulsory weekend meetings at the New York Fed, where they ordered takeout and dickered over the fate of the nation's largest banks. Rumors spread. No investment bank could be trusted as sound, no stock could be assumed safe.
In a year heavy with financial news, Wall Street's woes were voted the top business story by U.S. newspaper and broadcast editors surveyed by The Associated Press. The continued real estate troubles were a close second, followed by the $700 billion bailout and the global recession.

1. WALL STREET TURMOIL

The decline in U.S. home prices and the increase in foreclosures devalued the mortgage securities that had been essential to Wall Street's money machine. Before housing crashed, the banks sold the securities and reaped fees. After housing crashed, banks held the securities and watched their values plummet.
Debt markets, also essential to Wall Street, froze. Lehman's bankruptcy brought daily rumors that another bank was tottering -- many of which proved true.

Washington Mutual Inc., with $307 billion in assets, collapsed in September, the largest bank failure in U.S. history. Merrill Lynch sought shelter after its stock plunged, agreeing to be taken over by Bank of America Corp. Wachovia Corp. agreed to be bought by Wells Fargo & Co. Investment banks Goldman Sachs Group Inc. and Morgan Stanley transformed themselves into commercial banks overnight.
The U.S. government loaned $150 billion to insurer American International Group Inc. It also took over mortgage giants Fannie Mae and Freddie Mac. In late November, the government propped up Citigroup Inc., agreeing to shoulder hundreds of billions in possible losses and plowing $20 billion into the company.

2. INTENSIFYING REAL ESTATE WOES

By almost any measure, the housing market got worse in 2008, its third year of decline. Home prices continued to fall. Foreclosures hit new highs. Housing starts hit an all-time low in November, as home builders who couldn't compete with foreclosure sales virtually stopped building.
"We have seen no improvement over the past month in terms of sales conditions for new homes," David Crowe, chief economist of The National Association of Home Builders, said in December. "In fact, certain factors have gotten progressively worse, not the least of which is the job market."

3. CONGRESS PASSES $700 BILLION RESCUE

Treasury Secretary Henry Paulson first asked Congress to pass a two-page proposal authorizing the financial industry bailout. That plan went down in flames. His next try, which passed after much bipartisan arm-twisting, was more detailed. But the terms kept changing. Paulson first said the Treasury would buy troubled assets from financial institutions, then, he said it wouldn't. Instead, the Treasury used most of the first round of bailout money to invest directly in banks and lenders.
Within two months, Treasury had allocated the first $350 billion to banks, insurers and automakers. In late December, Paulson asked Congress for the second half.

As credit markets remained weak, some lawmakers said they'd been misled, while others argued some of the money should be used to avoid foreclosures.
"We've been lied to," said Rep. Davis Scott, D-Ga. said in December. "We've been bamboozled."

4. WORLD ECONOMIES BATTERED

It seemed no nation was immune to the economic woes, as even Mongolia saw runs on its banks. Argentina nationalized pension funds. Icelanders saw their three main banks and their currency collapse. Japan and much of Europe fell into recession. China's exports plunged in November by the largest amount in seven years. As oil traded below $40 a barrel, exporters Russia, Venezuela and Iran suffered.

5. OIL PRICES SURGE, THEN SLUMP

Oil's meteoric rise to $147 a barrel in July changed America's habits. Mass transit ridership saw its largest quarterly increase in 25 years. Highway driving fell by almost 5 percent. Traffic deaths fell. Truckers went bankrupt.
Then, the global financial crisis sent oil prices plummeting; they fell by more than half from the beginning of October to the end of November, raising questions about whether Americans' habits would reverse as quickly as they'd been established.

6. STOCKS PLUNGE GLOBALLY

As nervousness spread in September and credit markets froze, stocks plunged everywhere from Hong Kong to Mexico. Russian authorities closed Moscow's stock market for days at a time to contain the panic. The broadest measure of U.S. stocks, the Wilshire 5000, is down more than $7 trillion for the year. Diversification stopped working -- no market was spared, no asset class went untouched.

7. DETROIT THREE BAILOUT

By November, U.S. automakers' sales had dropped about 16 percent for the year. General Motors Corp. and Chrysler LLC pleaded for loans from Washington, while Ford Motor Co. said it didn't need a government line of credit, but it would nonetheless take one. The Senate quashed a bailout passed by the House, but the Bush administration, saying it would be irresponsible to let the industry die, offered it $17.4 billion in rescue loans.

8. FOOD PRICES SOAR AS COMMODITIES SPIKE

As prices for corn, fuel and grains soared through the summer, American shoppers grappled with substantial food inflation for the first time in 17 years. The U.S. Department of Agriculture forecast food prices would rise 5 to 6 percent for the year, compared with an average 2.5 percent annual rise for the prior 15 years. The rate of increase slowed in October and November, but food prices didn't fall the way gas prices did.

9. MADOFF PONZI SCHEME

How Bernard Madoff earned steady returns of 7 percent to 9 percent a year in good markets and bad was a Wall Street mystery for almost 20 years. In December, Madoff said the returns were fiction and his investment company was a scam, according to federal investigators. As much as $50 billion may have evaporated in the scheme, which could be the largest Ponzi scam in history.

10. MONEY MARKET FUND RESERVE PRIMARY BREAKS THE BUCK.

After Lehman filed for bankruptcy, the money market Reserve Primary Fund, which had invested heavily in Lehman debt, "broke the buck," with its assets falling to 97 cents for every dollar invested. It was the first time this happened in the money market industry in 14 years. Investors across the country -- who had seen money market funds as being safe as cash -- fled for the exits. Reserve alone saw $40 billion in redemption orders on Monday and Tuesday the week Lehman filed. As the year ended, Reserve was still liquidating its funds.

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Obama Chooses 3 More to Take on Financial Reforms

Obama names 3 more for his financial team, says regulators have been 'asleep at the switch'

Nearing completion of his Cabinet, Barack Obama plans to choose California Rep. Hilda Solis as his labor secretary, a labor official said Thursday as the president-elect named three veteran regulators to help clean up financial debacles.
Obama blamed much of the nation's economic troubles on government regulators who "dropped the ball," and he called for a return to ethics and tough enforcement.
Obama planned to announce Solis' selection on Friday, along with that of Republican Rep. Ray LaHood of Illinois for transportation secretary. The incoming chief executive is trying to get most of his major appointments out of the way before heading to Hawaii for a holiday vacation, and has held a news conference each day this week to unveil top positions.

He has yet to announce senior intelligence positions or his choice to head the Office of U.S. Trade Representative. And, numerous sub-Cabinet posts remain unfilled.
Solis, a Democratic congresswoman who is the daughter of Mexican and Nicaraguan immigrants, has focused on immigration and environment issues while in the House. The official who disclosed Obama's decision spoke on condition of anonymity because an announcement has not been made yet.
Standing before reporters on Thursday, Obama named Securities and Exchange Commission veteran Mary Schapiro as chairwoman of that agency, former Treasury official Gary Gensler to head the Commodity Futures Trading Commission, and law professor Daniel Tarullo to fill an empty Federal Reserve seat. All three will need to be confirmed by the Senate next year.

In making the announcements, Obama pointed to Wall Street money manager Bernard Madoff, under investigation in an alleged $50 billion fraud, and said the scandal underscored the need for tougher regulators. The scandal "has reminded us yet again of how badly reform is needed," he said.
The president-elect said his new team will help put in place new rules that will help "crack down on the culture of greed and scheming."
"There needs to be a shift in ethics on Wall Street," he said.
As Obama spoke in Chicago, the White House said it is considering "orderly" bankruptcy as a way of dealing with the desperately ailing U.S. auto industry. President George W. Bush, asked about an auto rescue plan during an appearance before a private group, said he hadn't decided what he would do but also spoke of the idea of bankruptcies organized by the federal government as a possible way to go.

Obama did not immediately comment on the idea.
But he wouldn't weigh in on whether he would support a decision by Treasury Secretary Henry Paulson to tap the second $350 billion installment of the $700 billion financial bailout program. Major auto companies are pleading for emergency aid, which could come from that pot.
"I think it's important that the Treasury, the Fed and all of us do whatever's required to make sure that our financial system is stable and secure," Obama said. But he added: "We cannot afford a collapse of our financial system. Main Street can't afford it." He said he would evaluate any Paulson signals about what is necessary.

More broadly, Obama blamed regulators for the financial debacle, saying that they, along with congressional committees, "have been asleep at the switch."
Americans, as they watch their investments tank, are frustrated that "there's not a lot of adult supervision out there," Obama added.
Schapiro, who would be Obama's top Wall Street regulator and investor protector, said that investor trust "is the lifeblood of financial markets." She called for tough enforcement action by incoming regulators.

If confirmed by the Senate:
--Schapiro, who served as an SEC commissioner in Republican and Democratic administrations and is currently the head of the Financial Industry Regulatory Authority, would take over an agency that faces growing criticism for its failure to protect investors and detect trouble brewing on Wall Street.
The SEC stands at what could be one of the most difficult times in its history, buffeted by criticism for failing to detect signs that major Wall Street banks were in trouble before the financial crisis erupted and for lax oversight and enforcement in other areas.

As the scandal involving Madoff continues to stun the financial world, revelations have surfaced that staff at the SEC repeatedly failed over the course of a decade to fully investigate credible allegations against him. SEC Chairman Christopher Cox on Tuesday ordered the agency's inspector general to investigate what went wrong.
--Gensler, a former Treasury official in the Clinton administration, would lead the Commodity Futures Trading Commission, which is an independent agency created by Congress to regulate trading in the commodity futures and option markets.

--Tarullo, a Georgetown law professor who also worked for President Bill Clinton, would fill an open seat on the Federal Reserve board in Washington.
His selection would allow Obama to begin to put his imprint on the Federal Reserve. All the present board members, including chairman Ben Bernanke, were hand picked by Bush. Tarullo would fill one of two vacant seats on the seven-member board. A third seat also will become available.
As a member of the Fed board, Tarullo would have an important voice in deciding policy to help jolt the economy back to life.

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ForexGen Partnership

ForexGen offers three types of business partnerships.

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ForexGen Introducing Brokers ,White Label and Money Manager holders are recognized as a strategic business partners. The main focus of our service is to satisfy our partner's needs in order to deal with a qualified service and gain a large income sharing plan.

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USING STOPS ORDERS

Please always give stop order per your risk profile when you open any new position. Medium-term reversals can be confirmed only in monthly, weekly and daily charts. Chart reading is not to predict the tops or bottoms of any move, but to confirm the change of trend as soon as they are made and adopt right strategies in that new trend. Good trades.
For position traders, the basic bias of the market in his trading time frame, the liquidity situation of the market in that time frame, and the size of trading positions must be all taken into account when exercising stops, be it based on tech levels or a certain sum of money or a percentage of a total equity. It is a must but also it is form of art like trading itself. And every trader must develop his own unique style of using stops. But unfortunately, all this can be learned only by paying a certain amount of tuition fee to the market.

Yes, but as a position trader I never use tight stops. Same goes for trailing stops. All very far away from the market not to be taken out by meaningless market noises. Initial stop is always 1% of my total equity, and never commit the whole position at a go but always scale in and scale out.
Good morning. You can avoid your problem in most cases by leaving the market always by trailing stops, i.e., do not set the profit target. So, any winning trade must be held as long as market does not tell you to leave by hitting your trailing stops. When you enter the market by market signals and leave by stops or trailing stops, it solves the most difficult part of decision making process rather easier for traders.

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Housing Data Reflects Worst Readings Ever

US CPI Falls By Record 1.7% in November, Housing Data Reflects Worst Readings Ever

The US dollar remains under pressure as the latest US economic data suggests that the Federal Reserve is very likely to cut rates this afternoon at 14:15 ET. First, inflation pressures in the US are clearly plummeting as evidenced by the record plunge of -1.7% in US CPI during the month of November, which brought the annual rate of growth down to match the December 1986 and June 2002 lows of 1.1% from 3.7%. Shifts in the core readings, which exclude food and energy, were not nearly as dramatic but the annual figure did cool to a 3-year low of 2.0%. Meanwhile, both US housing starts and building permits fell to their worst levels ever, as recordkeeping began in 1959 for the former and 1960 for the latter.

Read The Full Post Here

Homebuilder Rentiment Index

A key gauge of homebuilders' confidence remained at a record low this month, as builders continued to be overwhelmingly discouraged in the prospects of a housing turnaround amid a worsening U.S. economy and rising unemployment and foreclosures.

The National Association of Home Builders/Wells Fargo housing market index held at nine in December for the second month in a row.

Index readings higher than 50 indicate positive sentiment about the market. But the index has drifted below 50 since May 2006 and has been below 20 since April. The slide in builders' confidence sharpened this fall in the wake of the U.S. financial crisis, slipping three points in October and then five points in November.

Read The Full Post Here

Falling Property Values and a Rising Foreclosure Rate

Falling property values and a rising foreclosure rate may contribute to a growing gap in next year's state budget, the Florida Legislature's top economist said Monday.

State economists recently cut their forecast for 2009 property taxes -- based on the taxable value of properties for school purposes -- by about 5 percent since their last estimate in August.

The Legislature requires school districts to levy a minimum property tax rate -- this year about $5 per $1,000 of taxable value -- to qualify for state funding.

Read The Full Post Here

Lockheed Martin Gets Army Contract

he Army said Monday that it has awarded an $89.5 million contract to a division of Lockheed Martin Corp. for work on helicopters.

The contract, awarded Friday, is for repairs and maintenance of sensors and other equipment on board the Apache helicopter.

Read The Full Post Here

General Summations

n
i=1
G(i) = G(n + 2) – G(2) Vajda-33, Dunlap-38
n
G(i) = G(n + 2) – G(a + 1) -
Fibonacci and Golden Ratio Equations http://www.mcs.surrey.ac.uk/Personal/R.Knott/Fibonacci/fibForm...
10 of 12 6/4/03 1:49 PM
i=a
n
i=1
G(2 i – 1) = G(2 n) – G(0) Vajda-34, Dunlap-37
n
i=1
G(2 i) = G(2 n + 1) – G(1) Vajda-35, Dunlap-39
n
i=1
G(2 i) –
n
i=1
G(2 i – 1) = G(2 n – 1) + G(0) – G(1) Vajda-36, Dunlap-40
n
i=1
2n – i G(i – 1) = 2n – 1( G(0) + G(3) ) – G(n + 2) Vajda-37(variant), Dunlap-41(variant)
4 n + 2
i=1
G(i) = L(2 n + 1) G(2 n + 3) Vajda-38, Dunlap-43
2 n
i=1
G(i) G(i – 1) = G(2 n)2 – G(0)2 Vajda-39, Dunlap-44
2 n +
1
i=1
G(i) G(i – 1) = G(2 n + 1)2 – G(0)2 – G(1)2 +
G(0) G(2) Vajda-41, Dunlap-46
n
i=1
G(i + 2) G(i – 1) = G(n + 1)2 – G(1)2 Vajda-43, Dunlap-48
n
i=1
G(i)2 = G(n) G(n + 1) – G(0) G(1) Vajda-44, Dunlap-49
i = 0
G(a, b, i)
ri
a + b r
= a +
r2 – r – 1
Stan Rabinowitz,
"Second-Order Linear Recurrences"
card,
Generating Function
special case (x=1/r, P=1, Q=-1)
i = 0
i G(a, b, i)
ri
r (b r2 – 2 a r + b – a)
=
(r2 – r – 1)2 -
n
i = 1
n – i
i – 1
= F(n) -
Fibonacci and Golden Ratio Equations http://www.mcs.surrey.ac.uk/Personal/R.Knott/Fibonacci/fibForm...
11 of 12 6/4/03 1:49 PM
i = 0
n – i – 1
i = F(n) Vajda-54(corrected), Dunlap-84(corrected)
n
i = 0
n + 1
i + 1 F(i) = F(2 n + 1) – 1 Vajda-50, Dunlap-82
2 n
i = 0
2 n
i F(2 i) = 5n F(2 n) Vajda-69, Dunlap-85
2 n
i = 0
2 n
i L(2 i) = 5n L(2 n) Vajda-71, Dunlap-87
2 n + 1
i = 0
2 n + 1
i F(2 i) = 5n L(2 n + 1) Vajda-70, Dunlap-86
2 n + 1
i = 0
2 n + 1
i L(2 i) = 5n + 1 F(2 n + 1) Vajda-72, Dunlap-88
2 n
i = 0
2 n
i F(i)2 = 5n – 1 L(2 n) Vajda-73, Dunlap-89
2 n
i = 0
2 n
i L(i)2 = 5n L(2 n) Vajda-75, Dunlap-91
2 n + 1
i = 0
2 n + 1
i F(i)2 = 5n F(2 n + 1) Vajda-74, Dunlap-90
2 n + 1
i = 0
2 n + 1
i L(i)2 = 5n + 1 F(2 n + 1) Vajda-76, Dunlap-92
i=0
5i n
2 i + 1 = 2n-1 F(n) Vajda-91
5i n
2 i = 2n-1 L(n) Vajda-92
Fibonacci and Golden Ratio Equations http://www.mcs.surrey.ac.uk/Personal/R.Knott/Fibonacci/fibForm...
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i=0
With Generalised Fibonacci
n
i = 0
ni
G(i) = G(2 n) Vajda-47, Dunlap-80
n
i = 0
ni
G(p – i) = G(p + n) Vajda-46, Dunlap-79
n
i = 0
n
i
G(p + i) = G(p + 2 n) Vajda-49, Dunlap-81
n
i = 0
(–1)i n
i G(n + p – i) = G(p – n) Vajda-51, Dunlap-83

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the Inverted Hammer

As Forexgen Presents the Inverted Hammer is a pattern that occurs at the bottom of a downtrend. It indicates a possibility of the reversal of the downtrend.

Recognition Criteria:

• A small real body is near the lower part of the price range.
• The very long upper shadow.
• Occurs in a downtrend.

Also The Shooting Star is a bearish reversal pattern. It occurs in an upper trend which indicates that the market opens at the lows of the season, rallies and pulls back to the bottom.

Recognition Criteria:

• A very long upper shadow.
• The small real body at the lower end of the price range.
The real body gaps away from the prior real body.

reversal pattern

Forexgen and the Morning Star is a reversal pattern which is composed of a long black body, a star gaps away from the black body, and a long white body. The third candle is the confirmation of the reversal. It is named because it appears in the morning before the sun rises.

Recognition Criteria:

• The first day is a long black day.
• The second day is a star gaps away from the first day.
• The third day is a long white body that gaps up from the prior star.