Shooting Star Pattern

Shooting Star; Candlestick Patterns

The Shooting Star Pattern

The Shooting Star, the name sounds brilliant. This is the opposite of the Hammer pattern discussed previously. This pattern points to momentary bearish sentiment in the market.

Shooting Star Candlestick pattern

A Bearish reversal Pattern

This is seen when sellers have momentarily gained the upper hand over the buyers in the market. As you can see from the image the shooting star consists of a small body at the bottom of a long wick.

What does this tell us

The pattern shows us that from the open the buyers raised the price all the way to the high. At that moment the sellers regained control pushing the price back down passed the open. Resulting in a bearish close of the candle.

Golden advise

This piece of advice cannot be repeated too much – candlestick patterns or any other type of patterns are not to be traded in isolation.

[Learn more: “Limitations of candlestick charts

 

 

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Bob Bain

Bob Bain is the creator of Investo-Blog and has been trading as an independent trader for over 10 years. Bob's passion is to help people understand the simple principles behind investing and trading successfully.

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