Shooting Star

Shooting star is just like an inverted paper umbrella. It has got a small real body with longer upper shadow and the length is twice the length of real body and there is no lower shadow as per text book rules but small lower shadow is acceptable. Shooting star is a bearish pattern so its prior trend should be bullish , candle's body color does not matter but as per my experience, it is acceptable if the body color is red as we r looking for potential bearish trend i.e. if the candle is red, it means bears were successful in winning over bulls and that provides more logical explanation compared to the candle with blue body. 


In the above icici bank chart, we can observe the following:

1. There is a candle with small real body in red color with longer upper shadow.
2. It is formed at the top end of uptrend.
3. In such cases, traders need to look forward to potential reversal of trend.





In the above reliance chart, we can observe the following:

1. Candle with small real body in the color green is formed with longer upper shadow.
2. It is formed at the top end of upward trend.
3. But, in this case, there is no reversal of trend, instead there is continuation in trend by bulls after accumulation of strength. Like I mentioned earlier , in my experience, in most of the cases, this is the result which needs to be kept in mind by traders while decision making. 

To summarize:

1. Shooting star is the candle with small real body with longer upper shadow and it is formed at the top end of upward trend.
2. Formation of shooting star provides signal of reversal of bullish pattern.
3. As per my opinion, if the candle is red, success is more and if the candle is blue, then the possibility of reversal of trend is less.









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