shooting star candlestick patterns


what does a shooting star candlestick mean?

Shooting star candlestick stick pattern is exactly apposite to hammer. Its is single candle Bearish candlestick pattern. This candlestick pattern has also gained special importance just like the hammer. just because its effectiveness. Shooting star candlestick is always found on top of the chart. In the chart also we see many shooting stars but they are not as important as us. 

A shooting star is always important when it should form at the top of the chart. Its color does not matter much, it may be red or green, but the place where it is formed is very important.

shooting star candlestick pattern occurred after a significant uptrend, If there is a shooting star candle pattern forming at the top, there may be chances of a Trend change from there.

how to identify shooting star candlestick?

Candlestick must have

  • Big wick or shadow top side.
  • Small body at bottom side.
  • Shadow atleast double than body of candle.
  • It can be green or red in colour.
  • It's must found top of the chart neither it's not consider a shooting star candlestick pattern.

Is green shooting star candlestick ?

It's normal to having this question, can a shooting star candlestick be green? 

Yesthe green candle can also be a shooting star candlestick pattern is seen at the top of the chart. I mentioned in the first paragraph that color does not matter in candlestick patterns but location does matter a lot.

What shooting star candlestick indicate?

Shooting star candlestick pattern indicate us high selling pressure on top then price must go down for while. Candlestick patterns are nothing special, they only serve to tell you the direction of the market, how the price is currently moving in the market, and try to tell who the involvement is more. 

Larger the shadow in candlestick it's represent agressiveness of buyer and seller. In shooting star candlestick big shadow at top and small body at Down, this shape indicate buyer trying to push price up but seller because more active and push price down. If seller become more active, they may bring down the price even further. Simply shooting star candle represent selling pressure.

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