The Shooting Star candlestick pattern is a bearish reversal pattern that generally appears at the top of an uptrend.
The Shooting Star consists of two candles.
The first candle is typically a large bullish candle.
The second candle is an inverted hammer candle, where it has a short full body, little to no lower wick with a long upper wick.
In order for the Shooting Star candle pattern to be considered a valid pattern signal, it needs to meet a few requirements.
The market is in an obvious uptrend.
The first candle must be bullish with a full long body.
The second candle should be a short inverted hammer.
The inverted hammer can be bullish or bearish.
The wick of the inverted hammer should be at least twice as long as its body.
The inverted hammer must have a very small lower wick or no lower wick at all. None is preferred.
The open and close of the inverted hammer should be above the close of the first large bullish candle.