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Psychology behind Patterns - Shooting Star Candlestick Pattern | Vibhor Varshney - YouTube
Channel: Vibhor Varshney
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Hi everyone, welcome to another series of candlestick pattern
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will learn something good in today series
with simple crisp clear price action analysis
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how to work on it & in which time frame
15min for intraday & positional for daily chart
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will cover everything and cronology behind this
is imp. part
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Hi everyone, my name is Vibhor Varshney
I am SEBI Registered research analyst
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will learn strategy in today video
my motive to cover and teach behind scenes movement
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with practical example, will cover in video
Entry, SL, Valid-Invalid pattern, time fram
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starting with video, covering Shooting star - single
candlestick pattern
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will make more videos, but 1st understand this
will do progress slowly slowly
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why we name it shooting star and what is it
it is kind of inverted hammer or pin bar
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ultimate goal to understand cronology
keep making notes of all point, take book & pen
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1st its must be in up trend, in down trend
clear avoid it and useful in selling time
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in downtrend already alot of selling then
nothing left to earn in selling
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R:R not favorable in comparison to uptrend
must be in uptrend, no2 shooting star formed
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lets understand what happened, why shooting star formed
buying started,eg.-stock at 500
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stock started moving upside, 520,550,600
buyers are confident, as buying at anylevel
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not worried about rate, they only want to buy
now shooting star formed,stock opened
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buyers started buying and stock move upside
selling started in 2nd half
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and slowly stock cool down, 1st indication
where buyer said not want to hold now
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not want to buy more and cool down
understood if cool down in up trend, its good
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as in downtrend there were sellers already
buyers were few only, trade only in uptrend
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if in downtrend, will cover entry point,SL
R:R will not be favorable much
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shooting star must form in uptrend also covered
why in uptrend?
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ques is where to short and put SL?
will cover graves stone, minor diff only not big
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starting with reliance then nifty, BN
small timeframe also, here massive move came in
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from 2k to 2.3k, its clear in uptrend
ques uptrend of how many candle? here move of 10%
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either 10%move or small candles 8-10
giving 1-2%move to know its uptrend
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if zooming in then its not uptrend
its pullback, here uptrend came buyers cool down
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buyers keep buying then thought that stock
looking overvalued a bit
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head of shooting star should be of 2-3times
in comparison to real body or tail
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means i want big uptrend then cool down starts
same happened here
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now ques is where am i going to short here
clear that its for short side as in uptrend
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listen carefully, most people dont know where to short
will see live where pattern form
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but entry dont come, next day trend
begin, every pattern has its own define entry point
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entry point valid till 2 candles, close below low
and must be red candle formation
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these 2 condition fullfill, bindass short
Sstar low was 2310, next close at 2299
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close below low and red as well, its my entry point
can take entry at 3.15 to 3.25
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have a look at perfect fall, more then 160pt fall
in 4-5days, understand its cronology
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adding one more line to its extension
here can assume that buyer cool down
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here next day red candle form and understand
that seller active on Sstar formation day
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and started selling on same day from top
and selling continued
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it is trigger point,people dont know
where to short, next candle red & close below low
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same rules will apply in 15min and in daily chart also
now SL, one of most imp point
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hight point is 2369 in daily chart will keep
buffer of 1%, SL close to 2392
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i always keep buffer, this was shooting star
looking at nifty, BN,
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you must have doubt of its color, it can be of red color
drawing it now, have a look
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if forms like this, then its valid, if form red/green candle
as this, its valid
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all 3 are valid pattern, trade with same rules
in index here shooting star formed
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next candle didnt gave entry here, as it was doji
close below low but doji formed
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this fall about to came, candle formed in RS-UK war
people started manage position
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another eg, every candle has its entry point
uptrend came from 33k to 35k in BN
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Shooting star formed, have look, entry point
valid till 2 candle, didnt went below low
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neither its red candle, both condition not satisfied
means entry point not triggered
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again uptrend started, always define your entry point
and trade on it
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checking same in 15min chart
everytime shooting star form, what happens
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consider this as doji, see after doji
here SStar formed, followed by red candle
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closed below low and continous selling
see another shooting star formed
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eg of grave stone, have a look, uptrend
Grave star, follow by red candle
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15min tf, SL very small, for intraday 0.5% enough as its index
and perfect fall
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from 33550, immediate fall and further
more then 350 pt fall easily
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what else we need beyond this, nothing else!
as i have simple setup, saw its uptrend
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next candle closing below low, people use so many indicator
work on price action only
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trade i found today, its uptrend, yes
SStar formed as head went high
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no entry in next candle, later entry came
close below low and red also
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here i got trigger, even if i am in buy
will start reducing my positions and exit
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see good fall came from 236 to 224
12pt fall
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simple analysis of shooting star
cover entry point, SL, practical eg in video
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also covered intraday and positional
covered all using price action
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trade bindas in this strategy, good trade in
nifty & BN and in stocks in intraday
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will post more videos in price action,
if like video, share with friends
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like and subscribe, thank you for watching video
Lots of Love!
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