How Do I Analyze Shooting Star Candles Pattern Technical Analysis?

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

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

How Do I Interpret Shooting Star Candles Pattern Technical Analysis?

Technical Analysis of Shooting Star Candle Pattern

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

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