The Shooting Star Candle

DEFINITION of ‘Shooting Star’

A type of candlestick formation that results when a security’s price, at some point during the day, advances well above the opening price but closes lower than the opening price.

Shootinh Star
The long upper wick of the candlestick pattern indicates that the buyers drove prices up at some point during the period in which the candle was formed but encountered selling pressure which drove prices back down for the period to close near to where they opened. As this occurred in an uptrend the selling pressure is seen as a potential reversal sign. After encountering this pattern traders often check for a lower open on the next period before considering the sell-signal valid.
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Strategy examples:

Shooting Star
Shooting Star (2)