The Shooting Star is a formation that has the market taking a hard stab at a blow off to the upside but eventually failing and giving way to the sellers of the market. This indicates that trader sentiment may be shifting to the downside.
Written by DeWayne Reeves of CFRN.net. Burton Schlichter is a partner and featured broker at CFRN.net. One of the easiest candlestick signals to spot besides our consummate favorite the Doji, is the Bullish Engulfing Pattern. This is one of the 12 primary signals taught to me by candlestick mentor, Steve Bigelow. A candlestick purist might… Read more.