A shooting star formation is a bearish reversal pattern that consists of just one candle.
It is formed when the price is pushed higher and immediately rejected lower so that it leaves behind a long wick to the upside.
The long wick should take up at least half of the total length of the shooting star candle.
Benefits of the Shooting Star candlestick pattern:
And this is what a Shooting Star means…
In short, a Shooting Star is a bearish reversal candlestick pattern that shows rejection of higher prices.