What is a Shooting Star Candles Pattern?

What Does Shooting Star Candle Mean? Shooting Star Candlestick Definition

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

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

What is Shooting Star Candlestick in Gold Trading? - Shooting Star Candle Pattern

Gold Candles Pattern

A sell is confirmed when a candle closes below the neckline, this is opening of candle on the leftside of this 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.

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