7 Dec 2015

FREE FOREX EDUCATION - SHOOTING STAR CANDLESTICK SIGNAL



Shooting star is a candlestick that is very good at signalling about a very strong resistance level ahead.

The best way of using a shooting star candlestick signal is when it appears at the old support as the new resistance.
GBP/AUD H4

Here you can see a shooting star candlestick appearing at a broken head and shoulders pattern neckline (the red line) when it tests this level as the new resistance.

It is a strong indication that the break is indeed legit and we can enter new short positions.

In situations like this we can enter the market straight away and the stop loss level should be based above the shooting star's high.




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