What is the Shooting Star
The Shooting Star is a candlestick chart pattern that consists of a single candlestick. This candlestick pattern is the opposite of the Hanging Man pattern and signifies a bearish reversal.
Understanding the Shooting Star
The Shooting Star consists of a single candlestick. This candlestick has a small true body that is found at the end of the candle. It has a long shadow that is found at the top of the true body and is about twice the size of the true body. This pattern is the inverse of the Hanging Man pattern. Its formation signifies the end of an uptrend and that a bearish reversal has taken place.