A Quick Overview of Shooting Star Pattern
The shooting star is similar to the Inverted Hammerin shape, but it is developed in an upward trend, with a short bottom body and a long top shadow. Like a star descending to the ground, the market will usually begin slightly higher and climb to an intra-day high before closing at a price just above the open. According to Bulkowski, this reversal predicts lower prices with an 60% accuracy rate.
ContinueSelected Reading
Price Action Trading - A complete guide for traders
Trading price action examines a securities, indexes, commodities, or currencies behavior in order to forecast...
Read MoreTop 03 Risk Management Strategies for Traders
Risk management refers to the practices that are put in place while trading to assist in keeping losses under...
Read MoreTrading Psychology: Why Does the Mind Matter in Trading?
Trading psychology covers a trader's approach to making profits and dealing with losses. Fear and greed are the...
Read MoreTrading Plan - 05 Steps to build a successful trading plan
A trading strategy is a crucial foundation for traders to follow throughout the trading process. Part of a trading...
Read More