What is Shooting Star Candlestick ?
The #Shooting Star is a bearish candlestick pattern that forms during an uptrend. It signals a potential reversal in the trend, indicating that the buyers are losing their control and the sellers are starting to take over.
The #pattern consists of a single candle with a small real body located at the bottom of the overall range and a long upper shadow that is at least twice the size of the real body. The long upper shadow indicates that the #buyers were unable to maintain the #upward momentum and that the sellers were able to push the price down from the high.
What Does That Indicate ?
Traders interpret the Shooting Star as a #bearish signal because it suggests that the market has reached a point of resistance and that there are more sellers than buyers at current levels. Therefore, traders may look for additional confirmation of a #reversal, such as a bearish engulfing pattern or a break of a key support level, before initiating a #short position.
The #Shooting Star is a bearish candlestick pattern that forms during an uptrend. It signals a potential reversal in the trend, indicating that the buyers are losing their control and the sellers are starting to take over.
The #pattern consists of a single candle with a small real body located at the bottom of the overall range and a long upper shadow that is at least twice the size of the real body. The long upper shadow indicates that the #buyers were unable to maintain the #upward momentum and that the sellers were able to push the price down from the high.
What Does That Indicate ?
Traders interpret the Shooting Star as a #bearish signal because it suggests that the market has reached a point of resistance and that there are more sellers than buyers at current levels. Therefore, traders may look for additional confirmation of a #reversal, such as a bearish engulfing pattern or a break of a key support level, before initiating a #short position.
What's the difference between a Hanging Man, Hammer, Inverted Hammer And Shooting Star Candlestick
This is a #common doubt that comes in my like, if Hanging Man and Hammer Candlestick looks same and Inverted Hammer and Shooting Star too, so what's difference?
The differences is the color of the candle and more specifically when it occurring.
Hammer and Hanging Man Candlestick looks the same, but if it appears in #Uptrend then its a #Hanging Man and if its appears on downtrend then its Hammer.
Similarly, #Inverted Hammer and #Shooting Star have the same Candlestick, the only difference is on the appearance, if its on a downtrend then its a #Inverted Hammer and If it appears on an uptrend then its a #Shooting Star Candlestick.
This is a #common doubt that comes in my like, if Hanging Man and Hammer Candlestick looks same and Inverted Hammer and Shooting Star too, so what's difference?
The differences is the color of the candle and more specifically when it occurring.
Hammer and Hanging Man Candlestick looks the same, but if it appears in #Uptrend then its a #Hanging Man and if its appears on downtrend then its Hammer.
Similarly, #Inverted Hammer and #Shooting Star have the same Candlestick, the only difference is on the appearance, if its on a downtrend then its a #Inverted Hammer and If it appears on an uptrend then its a #Shooting Star Candlestick.