What Happens after a Shooting Star Candlestick? - Is Shooting Star Candlestick Bullish or Bearish?

Shooting Star candles pattern is a bearish reversal candlestick pattern. It forms at the top of a market trend.

Shooting Star candlesticks pattern occurs at the top of an uptrend where the open price is the same as the low & price then rallied up but was pushed back down to close near the open.

What Happens after a Shooting Star Candlesticks Pattern? - Shooting Star Bearish Candles Pattern

Technical Analysis of Shooting Star Candlestick Pattern

A bearish reversal sell is completed when a candlestick closes below the neck-line, this is the opening of the candlestick on the left side of this shooting star pattern. The neck-line in this case is a support level.

Stop orders for the sell trades should be set a few pips above the highest price on the recent high once a trader decides to open trades based on this shooting star candles pattern. The Shooting Star candlesticks pattern is named so because at the top of an upward forex market trend this candlestick pattern looks like a shooting star up in the sky.