Shooting star candle is formed at the top. It is formed at the top after a strong rally in the market. Its volume is more than the previous candle. To take a trade here, the open price of the new second candle should be at the close price of the shooting star. When the new candle goes below the low price of the shooting star candle, a selling position should be created.
Along with this, a stop-loss should be placed at the high price of the shooting star. Shooting star candle pattern is formed in intraday charts, daily charts and weekly charts. If you do intraday trading, then it should be seen on 5 minute, 10 minute or 15 minute charts and if you do positional trading, then it should be seen on daily or weekly charts.
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