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Trading and Investment Terms

shooting star

A shooting star formation is a bearish reversal pattern that consists of just one candle. 

It is formed when the price is pushed higher and immediately rejected lower so that it leaves behind a long wick to the upside. 

The long wick should take up at least half of the total length of the shooting star candle.

 

Benefits of the Shooting Star candlestick pattern:

  • Easy to identify
  • Reasonably reliable if all criteria are met
  • Suitable for but not limited to novice traders

And this is what a Shooting Star means…

  1. When the market opens, the buyers took control and pushed price higher
  2. At the buying climax, huge selling pressure stepped in and pushed price lower
  3. The selling pressure is so strong that it closed below the opening price

In short, a Shooting Star is a bearish reversal candlestick pattern that shows rejection of higher prices.

 

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