How Do I Read Shooting Star Candles Pattern?

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

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

How Do I Read Shooting Star Candlestick Pattern Bullish or Bearish?

Technical Analysis of Shooting Star Candle Pattern

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

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