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Improve Your Market Timing: The Shooting Star Candlestick Pattern

By markettamer
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 Courtesy of MarketTamer

  • The Shooting Star is essentially a single candle bearish reversal pattern but is enhanced in its’ interpretation if read as a three candlestick pattern.
  • The session prior to the Shooting Star should ideally be a long white bullish candle with a gap up to the shooting star candle.
  • The Shooting Star candle has a wick that is at least twice the length of the real body with little or preferably no wick to the downside.
  • If the Shooting Star candle is dark then it is a bit more bearish.
  • The longer the upside wick the better the probability of a strong reversal.
  • The reversal is confirmed when the stock gaps down after the Shooting Star session and trades down with a dark candle.
  • If large volume is associated with the Shooting Star candle it indicates that the investment community attempted to take the stock higher and the consensus of opinion was that the stock couldn’t justify the higher price level.


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