How to Read Shooting Star Candles Pattern

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

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

How to Read Shooting Star Candles Pattern?

Technical Analysis of Shooting Star Candlestick Pattern

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

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