** The shooting star candlesticks pattern, also known as the Pinbar (or bearish pinbar/inverted Hammer) by some, is one of the most popular candlestick patterns among price action traders. It was the first candlestick signal that I relied on, and one that I still use today, although I trade it much differently than most other price action traders.
# What is a Shooting Star Candlestick Pattern?
*The shooting star consists of a long upper wick (shadow) that is, at least, twice the size of the
real body. It should have a relatively small lower wick or none at all. Its real body can be bearish or bullish (see in the chart) and is usually relatively small in comparison to previous candlesticks.
*The shooting star candlestick pattern, like all the other candlestick entry signals, must be traded
within the context of the market. In other words, a true shooting star candlestick signal can only
come after an uptrend in price (see the chart).
Note: Never trade a candlestick formation that looks like a shooting star from consolidating price
action or a tight ranging market.
A shooting star candlestick pattern is a strong reversal signal, and unlike most other price action
signals, this one does not need another candle for confirmation, according to the standard trading
technique.
However, the proprietary filters that I personally use to qualify a good shooting star are quite
different, so let’s go over those now.
#What Makes a Good Shooting Star (Pinbar/Inverted Hammer) Pattern?
** Some of the filters that I use to qualify a good shooting star make taking the entry completely
different than the standard method. In my experience, these filters have drastically improved my
strike rate with the shooting star candlestick pattern.
# Confirmation Close
The first filter that I want to talk about is the confirmation close. This is probably the most important filter that I use on the shooting star, and it’s also the filter that changes the way you must take your entry with this pattern. Basically, as a sign that the uptrend is actually ending, after the shooting star signal, you want to see a bearish candlestick that closes below the real body of the previous candlestick and You can add in your strategy for more accuracy.
** Historically in Nifty 50 when in monthly chart Pinbar/shooting star/inverted hammer appears at top that sign of bearish trend .(see in the chart)
Kindly Let me know if you have any questions.
Thank You
# What is a Shooting Star Candlestick Pattern?
*The shooting star consists of a long upper wick (shadow) that is, at least, twice the size of the
real body. It should have a relatively small lower wick or none at all. Its real body can be bearish or bullish (see in the chart) and is usually relatively small in comparison to previous candlesticks.
*The shooting star candlestick pattern, like all the other candlestick entry signals, must be traded
within the context of the market. In other words, a true shooting star candlestick signal can only
come after an uptrend in price (see the chart).
Note: Never trade a candlestick formation that looks like a shooting star from consolidating price
action or a tight ranging market.
A shooting star candlestick pattern is a strong reversal signal, and unlike most other price action
signals, this one does not need another candle for confirmation, according to the standard trading
technique.
However, the proprietary filters that I personally use to qualify a good shooting star are quite
different, so let’s go over those now.
#What Makes a Good Shooting Star (Pinbar/Inverted Hammer) Pattern?
** Some of the filters that I use to qualify a good shooting star make taking the entry completely
different than the standard method. In my experience, these filters have drastically improved my
strike rate with the shooting star candlestick pattern.
# Confirmation Close
The first filter that I want to talk about is the confirmation close. This is probably the most important filter that I use on the shooting star, and it’s also the filter that changes the way you must take your entry with this pattern. Basically, as a sign that the uptrend is actually ending, after the shooting star signal, you want to see a bearish candlestick that closes below the real body of the previous candlestick and You can add in your strategy for more accuracy.
** Historically in Nifty 50 when in monthly chart Pinbar/shooting star/inverted hammer appears at top that sign of bearish trend .(see in the chart)
Kindly Let me know if you have any questions.
Thank You