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How to Trade Shooting Star Candle Patterns
Japanese candlesticks are a popular charting technique used by many traders. Today, we are looking at the shooting star reversal pattern which is a popular Japanese candlestick formation and how to apply it towards the FX market. A shooting star formation is a bearish reversal pattern that consists of just one candle. It is formed when the price is pushed higher and immediately rejected lower so that it leaves behind a long wick to the upside. The long wick should take up at least half of the total length of the candle. Additionally, the closing price should be lower than the opening price creating a red candle. As ... (full story)