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.
B. What is the psychology behind?
• Similarly to Gravestone Doji, when the market opens,
the
bulls continuously push the price up during the session,
resulting in a long upper shadow.
• The bears fight strongly and conquer the bulls by
dragging
the price below or near the opening level, forming a little
square body.
• The longer the upper shadow, the more effective the
bearish signal. It tells us that the bears are strong enough
to
conquer the bulls who once drove the price so high.
C. How do we trade it?
• Look for the Shooting Star at the top of an uptrend.
• Wait for the next candle to close below the low of the
Shooting Star to confirm the existence of bearish force.
• Open a short position upon confirmation.
• Place a stop-loss above the high of the Shooting Star.
DOUBLE CANDLESTICK PATTERN
forces.
• The bulls then lose momentum, the bears conquer and
send the price down during the session, and eventually
manage to wipe out 50% gains or more from the previous
session.
C. How do we trade it?
• Look for the Dark Cloud Cover at the top of an uptrend.
• Wait for the next candle to close below the low of the
red
candle to confirm the existence of bearish force.
• Open a short position upon confirmation.
• Place a stop-loss above the high of the red candle.
one.
B. What is the psychology behind?
• The first long green candle signals that the bears are
exhausted after the prolonged downtrend and the bulls
start to take over. The bulls continue the rally with the