SHOOTING STAR - CANDLE FORMATION (BEARISH REVERSAL)
The shooting star is a candle formation that closes below the open and
has an upper body wick at least twice as large as the body. It is a bearish
reversal pattern and suggests price action may decline in the near future.
NOTE:
TRIGGER:
has an upper body wick at least twice as large as the body. It is a bearish
reversal pattern and suggests price action may decline in the near future.
NOTE:
- The higher the wick and the lower the close with little to no lower
wick the better and more powerful the reversal. In order to take
advantage of this candle formation is must happen at resistance.
TRIGGER:
- Sell on the open of the next candle after the close of the shooting star.
- After the close of the shooting star wait for the open of the next candle to sell a retrace of the shooting star.
