Binary Signal Pattern 3

Binary Signal Pattern 3

Shooting Star

The shooting star candlestick pattern occurs after an uptrend and acts as a major reversal. The shooting star candlestick consists of a small real body at the bottom of the candlestick with a long upper shadow and little or no lower shadow. The real body may be either bullish or bearish, but bearish body is more significant than bullish. The shooting star looks exactly like the bearish inverted hammer. The difference between Shooting Star and Inverted Hammer is that shooting stars are bearish reversal signals and form at the top of uptrends, while inverted hammers are bullish reversal signals and form at the bottom of the down trend. In the above picture there is a Shooting  Star which covered a previous little body candle which means it gives bearish engulfing signals too.