How Do You Read Shooting Star Candles Pattern?

Shooting Star candles pattern is a bearish reversal candle pattern. It occurs at tops of a market trend.

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

How Do I Read Shooting Star Candlesticks Pattern?

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 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 market trend this candlestick pattern looks like a shooting star up in the sky.