How Do I Analyze Shooting Star Candles Pattern?

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

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

How Do I Analyze Shooting Star Candles Pattern?

Technical Analysis of Shooting Star Candlestick Pattern

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

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