Shooting Star

A bearish reversal pattern (white or black) that appears in an UpTrend. It opens higher, trades much higher, then closes near its open.
 
Shooting Star looks just like the Inverted Hammer except that it is bearish. This is similar in concept to the Hammer and Hanging Man concept in which the same shape line is bullish or bearish depending on the preceding trend.

 

Recognition Criteria:

·       DownTrend

·       A Spinning Top with an upper shadow greater than N% of the body length AND

        with a lower shadow less than M% of the total line range(High-Low)

·       The closing price of the following line is lower then this line.

 

Function: ShootingStar()

Trend: Bearish

Type: Reversal