What is Shooting Star?
Shooting star: small body low in range, long upper shadow after advance.
Formula
All three anatomical criteria must be present: small body near the low, upper shadow at least 2× the body, and minimal lower shadow — a candle missing any one of these is not a shooting star.
Indian market context (NSE)
Reference levels: Nifty 50 at 24,300, Reliance Industries at ₹1,300, Bank Nifty futures at 55,000 (lot size 30). Examples below show how Shooting Star shows up on Indian index, equity, and futures books — update to live quotes in your journal.
Nifty 50 perspective
Shooting Star Candlestick Pattern on Nifty (24,300): on the 15-minute chart, combine with session VWAP and 9:15–10:00 liquidity — index shooting star candlestick pattern signals misfire on expiry Tuesdays without volume confirmation.
Reliance Industries perspective
Shooting Star Candlestick Pattern on Reliance at ₹1,300: daily vs hourly settings diverge around results and ex-dividend dates; note corporate events in journal when shooting star candlestick pattern readings spike.
Bank Nifty futures perspective
Shooting Star Candlestick Pattern on Bank Nifty futures (55,000): first-hour signals differ from post-14:30 behaviour; avoid standalone entries when banking names lead the move.
How to validate
- Forward-test Shooting Star on paper or sim for two weeks after rule changes.
- Validate only on trades where Shooting Star settings matched the written playbook.
- Split results by trending vs range weeks on Nifty before trusting the signal.
- Require higher-timeframe bias agreement if that is part of your rule.
How to track in TradeLyser
- Add Shooting Star reading to trade entry notes (value + timeframe).
- Create tags: “Shooting Star aligned” / “Shooting Star ignored”.
- Monthly: filter trades by alignment tag and compare win rate and avg R.
- Screenshot chart context for mentor review on disputed trades.
Best practices
- Combine Shooting Star with higher-timeframe bias — not as a lone trigger.
- Avoid curve-fitting settings on less than three months of tagged data.
- Refresh playbook screenshots when changing Shooting Star parameters.
- Skip trading when Shooting Star conflicts with written risk limits.
Common pitfalls
- Treating Shooting Star as a guaranteed reversal signal.
- Optimising parameters on one bullish month only.
- Trading against higher-timeframe bias because Shooting Star “said so”.
- Failing to log when you overrode Shooting Star discretionally.
How to use this in TradeLyser
Tag wick-to-range ratio threshold; pair with resistance zone.
Related terms
A candlestick summarises price action for a timeframe: body shows open-to-close range; wicks show extremes. Patterns are context tools, not guarantees.
Evening star mirrors morning star at top — weakness after uptrend.
Pin bar (hammer/shooting star family) shows rejection from level with prominent tail.
Resistance is a price area where supply has repeatedly slowed rallies. It is a zone, not a single tick — breaks need confirmation.
FAQ
Shooting star in uptrend?
Counter-trend fade needs stats — often wait confirmation.
Same as inverted hammer?
Location names it — downtrend vs uptrend.
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