Sentences with phrase «shooting star signals»

This particular 50 % entry (which is 50 % of the entire range [high to low] of the candlestick) is only used on pinbars — like the hammer, in this case, or shooting star signals.

The new upward movement is short - lived, but you still could have earned some decent profits on this one, especially if you had used the 50 % entry that I like to use on hammer and shooting star signals.

It would be like trading a shooting star signal, but not nearly as strong.

Basically, as a sign that the uptrend is actually ending, after the shooting star signal, you want to see a bearish candlestick that closes below the real body of the previous candlestick.

When trading the shooting star signal with resistance levels, I like to see the wick, at least, touch the resistance level (assuming the level is chosen and drawn correctly).

Not exact matches

In this artist's rendering, jets of high - energy radiation shoot out from a Gamma - ray burst, signaling the death of a massive star.

Some price action traders will trade shooting star candlesticks that don't occur at the absolute top of an uptrend, but in my experience, these signals aren't strong enough to be consistently profitable.

A very large shooting star candlestick can create a poor reward to risk scenario because some of the bearish reversal that you are hoping to take advantage of has already been taken up by the extra large upper wick of the signal, which lowers the odds of you hitting a full take profit.

Just in case you're completely new to the shooting star candlestick signal, we'll start with the basics.

Therefore, a relatively large shooting star candlestick is a more significant bearish signal than a relatively small one.

First, I wanted to explain the proprietary techniques that I've been using to trade this price action signal for the past few years, while still including the basic, standard shooting star techniques for those who aren't interested in trading it the way I personally do.

When combining bearish divergence and shooting star candlestick patterns, the bearish divergence is actually the key signal.

How large or small the signal candlestick (in this case the shooting star) is in comparison to the previous candlesticks should also be considered (see the image below).

The shooting star candlestick pattern, like all the other candlestick entry signals, must be traded within the context of the market.

Since it's a bearish reversal signal, a true shooting star candlestick pattern can only occur after an uptrend.

A shooting star candlestick pattern is a strong reversal signal, and unlike most other price action signals, this one does not need another candle for confirmation, according to the standard trading technique.

I prefer to use a few specific price action signals, mainly the bearish engulfing pattern and the shooting star (with confirmation and pullback).

This pattern is considered to be a moderately strong reversal signal — not in the same strength category as, for instance, a pinbar (shooting star or hammer) or an engulfing pattern.

However, we then get a shooting star (which is a strong bearish signal) that pierces the high of the mother candle.