Forex Shooting Star. The candlestick can mark a top (but is often retested). Learn what it is, how it's formed and how to trade it.
This is a great reversal strategy used to trade short-term rallies found in a bearish market. Nature: The Shooting star pattern is formed when the price of a currency has increased and still continues to increase. The Shooting Star forex strategy is made up of one reversal candlestick pattern and one exponential moving average for trend direction.
Elsewhere, this pattern has a significant advantage – it occurs on the charts quite often, so it won't take too much time to find it.
It can signify a short term or long term bearish correction.
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Besides, multiple trade setups exist following the aggressive or conservative profile of the trader. Shooting Stars refer to bearish candlesticks which possess a long upper shadow, almost no or very little lower shadow and a sma
ll real body near the low of a day. When trading forex using the shooting star pattern, confirmation is needed.