Shooting Star

Signal Type: Reversal
Bias: bearish

shootingstar

Description: Shooting stars have long upper wicks, small lower bodies and appear at the top of uptrends. They signal a possible bearish reversal. A red body is considered more reliable but is not necessary. A long wick that sticks out far above the previous price action, or just touches/pierces resistance is considered an extinction burst and is the most reliable. Shooting stars resemble an inverted hammer but occur at the top of an uptrend and indicate a possible bearish reversal.

1 Comment on "Shooting Star"
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    Comment left on:
    May 14, 2010 at 06:18
    karceWZROKIEM says:

    Change green color to red so it will be more intuitive. Same with Hanging Man

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