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Guide to Standard Shooting Trading For Novice [#287173]
Guide to Standard Shooting Trading For Novice: The shooting star candlestick is considered one of the most reliable candlestick patterns by Barry C. Glenn
English | June 18, 2021 | ISBN: N/A | ASIN: B0975DDF62 | 119 pages | MOBI | 0.20 Mb
The shooting star candlestick is considered one of the most reliable candlestick patterns. One of the reasons for this is the unique structure - a small body with a high upper candlewick.
The psychology of the trade has many layers of complexity.
First, buyers are enjoying their gains as the stock shoots to a short-term high. As this euphoric moment begins to set in, short traders begin to sell the stock on a flurry of buy orders.
At this point, the longs who were late to the party begin to get scary and start to sell out as well. This panic long selling and short selling leads to a sharp reversal in the price action, thus generating a small candlestick body on the chart.
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