How to Read Shooting Star Candles Pattern

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

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

How to Read Shooting Star Candles Pattern

Technical Analysis of Shooting Star Candle Pattern

A bearish reversal sell is completed when a candlestick closes below the neck-line, this is the opening of the candlestick on the 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 upward xauusd market trend this xauusd candle pattern looks like a shooting star up in the sky.