Yesterday educational idea given to our members and also share on trading view platform. This shows the power of candlestick chart. Look today major of the stocks are trading in green but look at the stock of bharti infratel no news nothing still stock is falling . so identify these type of patterns in charts which makes you successful trader in the market. So all the below conditions are fulfilled when the shooting star candle is appear on the daily chart as we have seen on 29-May-2020. In technical analysis, a shooting star is interpreted as a type of reversal pattern presaging a falling price. The Shooting Star looks exactly the same as the Inverted hammer, but instead of being found in a downtrend it is found in an uptrend and thus has different.
1) After the uptrend we have seen the shooting star candle on the charts. Means now it's bears turns to capture the momentum of the stock.
2) 2nd Confirmation given as the shooting star appear near the resistance zone of the stock.
3) We can put the stop loss at top wick of the shooting star candle.
4) Look see our Stop Loss is well respected & not even touched by any candle during whole trading session.
5) Stock falls & we can book the profit as per our reward to risk ratio.
This idea is sharing for educational purpose only. Please note candle stick charts are not generating any trading ideas but increase the probability of stock will move as per our direction.
1) After the uptrend we have seen the shooting star candle on the charts. Means now it's bears turns to capture the momentum of the stock.
2) 2nd Confirmation given as the shooting star appear near the resistance zone of the stock.
3) We can put the stop loss at top wick of the shooting star candle.
4) Look see our Stop Loss is well respected & not even touched by any candle during whole trading session.
5) Stock falls & we can book the profit as per our reward to risk ratio.
This idea is sharing for educational purpose only. Please note candle stick charts are not generating any trading ideas but increase the probability of stock will move as per our direction.