Shooting star candlestick pattern is one of the best pattern in my candlestick chart. I love to trade with the help of shooting star candlestick indication. This candlestick pattern is too much reliable to me. Basically, I am not an active trader, I love to trade when I found some patterns on my candlestick chart. Shooting Star is one of them.
Do you know the actual meaning of Shooting Star?
We believe in Shooting star from the time of the classic period in Indian History. We believe that if you pray something from a shooting star ( a small part of a star which leaves the main body of the star and falling down), our prayers will be full fil by the God.
In our trading life also happened the same with us. Shooting Star Candlestick pattern indicated the falling with 90% accuracy. Now the time to set up your trade and pray!
The shooting star pattern is a 1 day pattern that is the same as the inverted hammer except that it occurs during an up-trend. The shooting star shows indecision because even though buying has occurred during the day, the bears have taken control of the market to close the price in the lower half of the day’s range. The exact rules for the shooting star pattern are as follows:
- Price has been in an up-trend.
- The upper shadow must be at least 2 times larger than the real body.
- The lower shadow must be less than 10% of the entire day range.
- The real body must be in the lower half of the entire day range.
- The shooting star can be an up day or a down day. But it is often written that the shooting star as a down day has more bearish implications.
Shooting Star Candlestick Pattern in Chart
In this case, the price value will be suddenly open the higher than the previous candle and continuously going down. It makes a long shadow or tail on the upper side of the candle body, like this.
Here you can see what I explained the above. Now the time to do some practice. At first, trend yourself to identify the Shooting Star Candlestick pattern on the live trading Candlestick chart. You need to scan your chart carefully.
How To Scan Shooting Star Candlestick Pattern on a Candlestick Chart?
Forgive me for the line “ Some traders advice you to buy a scanner to scan and identify the candlesticks pattern, but I highly recommended you to believe on your eyes, this is the God gifted scanner, no one software can beat it.”
I only use my eyes to scan any pattern on my candlestick chart with the help of my trend mind. So, when you succeed to trend your mind and eyes to quickly identify the Shooting Star Candlestick Pattern, You can make the profit in Intraday trading or Short Sell.
How To Trade With Shooting Star Candlestick Pattern?
Don’t get rid with any confusion, I will guide you to make your trade successful.
- Don’t grid if you can find out the starting of the Shooting star falling pattern.
- Wait to break out the lower price level of the previous bullish candle.
- Now make a sell position.
- StopLoss will be the 2 points higher than the starting point of the Shooting star candle.