Shooting Star Candle Pattern

Shooting Star Candle Pattern

Shooting Star Candles Pattern is a bearish reversal candles pattern. It forms at the top of a xauusd trend.

Shooting Star Candle-Stick Pattern occurs at the top of a up gold trend where the open xauusd price is the same as the low - and xauusd price then rallied up but was pushed back down to close near the open.

Shooting Star Candlestick Pattern Reversal Candlestick Chart Patterns: Bearish XAUUSD Candlestick Patterns

Technical Analysis of Shooting Star Candles Patterns

A sell is confirmed when a candlestick closes below the neckline of this shooting star candlestick pattern, this is the opening of the candlestick on the left side of this gold candlestick pattern. The neck line in this case is a support zone.

Stop loss orders for the sell xauusd trades should be placed a few pips above the highest xauusd price on the recent high.

The Shooting Star candlestick is named so because at the top of an upward gold market trend this gold candle pattern looks like a shooting star up in the sky.