How to identify

1.   An uptrend is under way 2.   The first day is a white day 3.   Prices gap open on second day with a small real body at the lower end of the trading range 4.   Upper shadow usually at least twice as long as the real body 5.   No lower shadow

The Shooting Star bear pattern occurs during an uptrend and indicates an end to the upward move. The Shooting Star pattern looks exactly the same as the Inverted Hammer bull. The difference of course is the preceding days candlestick and that the Shooting Star bear occurs at market tops. The market gaps open above the previous day's close, rallies to a new high then loses strength and closes near its low for the day. This action, following a gap up, can only be considered as bearish. The length of the shadow will help determine its strength. Certainly, it would cause some concern to any bulls that have profits. Confirmation of the trend reversal would by an opening below the body of the Shooting Star bear, a black candlestick, a large gap down or by a lower close on the next trading day.

The Shooting Star bear pattern is very similar to the Gravestone Doji bear. With the Gravestone Doji bear the open and close are identical whereas the Shooting Star bear has a small real body at the upper end of the trading range. The Gravestone Doji bear has a higher reliability associated with it than a Shooting Star bear.

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