A shooting star is a bearish candlestick with a long upper shadow, little or no lower shadow, and a small real body near the low of the day. It appears after an uptrend.
Said differently, a shooting star is a type of candlestick that forms when a security opens, advances significantly, but then closes the day near the open again. For a candlestick to be considered a shooting star, the formation must appear during a price advance. Also, the distance between the highest price of the day and the opening price must be more than twice as large as the shooting star's body. There should be little to no shadow below the real body.
- Investopedia
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Interesting because it a trigger event as:
- Traders typically wait to see what the next candle (period) does following a shooting star. If the price declines during the next period they may sell or short.
- If the price rises after a shooting star, the formation may have been a false signal or the candle is marking a potential resistance area around the price range of the candle
- Investopedia
A shooting star is a bearish candlestick with a long upper...
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| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
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| 4 | 89482 | $3.04 |
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| $3.05 | 37502 | 3 |
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