shooting star
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What is Shooting Star Candlestick?
Shooting star candle looks like a shooting star, hence it is called shooting star candle. This is a candle indicating a bearish trend pattern, it gives us a bearish signal.
HOW TO IDENTIFY SHOOTING STAR CANDLE
- Shooting star candle is very easy to identify.
Such a candle in which the body is small and its shadow is two or three times larger than its body or sometimes it is more than two or three times larger, we will call such a candle a shooting star candle. - Its body is possessed by Low bottom sight.
And it has a shadow on its upper side i.e. on the open side. - A shooting star is similar to an inverted hammer.
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Importance and features of SHOOTING STAR candle
- This shows recession in the market. If we see this on the chart, it means that there may be a recession in the market.
We always see it forming at the top of the bullish market trend.
At the time of formation of the shooting star candle, its volume should be more than the previous candle because it indicates to us that there is a possibility of the market going into bearish mode and there may be a recession in the market. - Color is not important in Shooting Star Candle Stick Pattern, it can be either red or green but if it is red then it is considered more important.
This candlestick pattern is formed near the resistance in the market, if we see it forming at the resistance then we get a signal that the market may fall.
A lot of formations can be seen in Shooting Star candles on daily charts and intraday. - In a shooting star candle stick its shadow can be two or three times as large as its body or more.
Its body is small and the open and close points are close.
This is considered a bearish candlestick patternThere can be a change in the market when a shooting star candle stick is formed. We confirm this by looking at the candle formed after that. The candle formed after that should be from the bearish candlestick pattern and also if it closes below the low of the shooting star candle. So this indicates to us that there may be a decline in the market.
RELATIONSHIP IN VOLUME AND SHOOTING STAR CANDLES
There is a relationship between volume and shooting star candle in this way, if a shooting star candle is formed then its volume should be more and that volume should be more than the previous candle and the next candle formed after the shooting star should have the volume of the candle formed after that. The star should be equal to or more than the candle, only after which we can see a change in the market.
TRADING STRATEGY WITH SHOOTING STAR
If you do option trading then you can get a lot of profit by trading with shooting star. Because the shooting star candlestick pattern gives us signals about the reversal in the market, then we can take it as a good trade and can easily enter the market and exit without any loss.
How to set market entry target and stop loss with SHOOTING STAR
Market entry in Shooting Star Candlestick?
In a bullish market, when a shooting star candlestick pattern is formed, then if the next candle is of the bearish candy stick pattern and its closing point is below the co point of the shooting star candle, then we immediately enter the market. Should be taken.
Where to place stoploss in shooting star candle
It is very easy to set stop loss in shooting star candle. After entry, we have to set stop loss at its high point.
Where to set targets in shooting star candlestick pattern
In Shooting Star Candle, we have to set the target after looking at the support or we should always set the target two or three times of our stop loss.
If the support is very close then we should not enter the market because the possibility of profit is very less. Enter the market only when the possibility of profit is two or three times or more.
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