What's a Shooting Star Candlesticks Pattern in XAUUSD?

What Does Shooting Star Candlestick Mean? Shooting Star Candle Definition

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

Shooting Star candle-sticks setup occurs at the top of an up trend where the open price is the same as the low and price then rallied up but was pushed back downward to close at near the open.

What is Shooting Star Candlestick in XAUUSD? - Shooting Star Candlestick Pattern

Candles Setup

A sell is completed when a candlestick closes below neck-line, this is opening of the candlestick on left side of this pattern. The neck line in this case is a support zone.

Stop orders for the sell trades should be set just a few pips above highest price in the recent high.

The Shooting Star candle-sticks setup is named so because at the top of an upwards market trend this candle pattern looks like a shooting star up in the sky.