Shooting Star Candle Pattern

Inverted Hammer Bullish XAUUSD Candlestick Patterns

Inverted Hammer Candle Pattern and Shooting Star Candle Pattern candles look alike. These candlestickshave a long upper shadow & a short body at the bottom. Their color does not matter. What matters is the point where these candle-sticks appear whether at the top of a market trend (star) or the bottom of a market trend (hammer).

The difference is that inverted hammer candleestick is a bullish reversal pattern while shooting star candleestick is a bearish reversal pattern.

Upward Gold Trend Reversal - Shooting Star Candles

Downward Gold Trend Reversal - Inverted Hammer Candles

Inverted Hammer Candle Pattern and Shooting Star Candle Pattern Chart Patterns

Inverted Hammer XAUUSD Trading Candle

This is a bullish reversal candlestick pattern. It forms at the bottom of a trend.

Inverted hammer candleestick occurs at the bottom of a down trend & indicates possibility of a market reversal of the downwards Gold trend.

Inverted Hammer XAUUSD Candle

Analysis of Inverted Hammer XAUUSD Trading Candle

A buy is confirmed when a candle closes above neck line, this is opening of candle on leftside of this pattern. The neck-line point in this case forms the resistance level.

Stop orders for the buy trades should be set a few pips below the lowest trading price on the recent low.

An inverted hammer candleestick is named so because it shows that the xauusd market is hammering out a bottoms.

Shooting Star Candlestick

This is a bearish reversal candle pattern. It occurs at the tops of a market trend.

It occurs at the top of an up trend where the open price is same as the low & xauusd price then rallied up but was pushed back downward to close near the open.

Shooting Star Candlestick

Technical Analysis of Shooting Star Candle

A sell is confirmed when a candle closes below neckline, this is opening of the candle on the leftside of this pattern. The neck line in this instance is a support zone.

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

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