How to Analyze Shooting Star Candlesticks Pattern

Shooting Star candles pattern is a bearish reversal candle pattern. It forms at top of a market trend.

Shooting Star xauusd candlesticks pattern occurs at top of an upward xauusd trend where the open gold price is same as the low & gold price then rallied up but was pushed back down to close near the open.

Interpret Shooting Star Candles Pattern

Technical Analysis of Shooting Star Candlestick Pattern

A bearish reversal sell is completed when a candle stick closes below neckline, this is the opening of the candle stick on left side of this shooting star pattern. The neck line in this case is a support zone.

Stop orders for the sell gold trades should be set a few pips above highest gold price on the recent high once a trader decides to open trades based on this shooting star candlesticks pattern. The Shooting Star xauusd candlesticks pattern is named so because at the top of an upwards xauusd market trend this xauusd candle pattern resembles a shooting star up in the sky.