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Shooting Star

Technical Analysis of Nike (NKE)Looking at Nike ’s stock on a monthly timeframe, we can clearly observe that it has been in a downtrend since November 2021, following the formation of a Double Top pattern, confirmed by the development of a Shooting Star candlestick. The downward movement has currently paused at a support level (SUP) in the $70 area, where the stock has shown a reaction. At the moment, the stock is trading near a crucial volume level, the Point of Control (POC). Above this level, up to $110, there are significant volumes that could make upward movement more challenging. Bullish Scenario For a bullish scenario, the stock needs to break above the current POC level and the descending trendline. The first target could be the resistance (RES 1) around $110. If it successfully breaks through this resistance with strength, the second target could be the $130 area (RES 2), which has acted as both support and resistance in the past. Bearish Scenario However, if the stock lacks the momentum to break through the POC and the entire high-volume area up to RES 1, the downtrend could continue, with the next support (SUP1) located around the $50 area. This analysis outlines both bullish and bearish scenarios for Nike's stock, offering a clear view of the key price levels to watch.
NYSE:NKE
by Giovanni_Bandini
The Art of Candlestick Trading: How to Spot Market Turns EarlyBuckle up, TradingViewers! It's time to unravel the ancient secrets of candlestick patterns. Originating from an 18th-century Japanese rice trader, these patterns aren't simply red and green elements on your trading charts—they are the Rosetta Stone of market sentiment, offering insights into the highs and lows and the middle ground of buyers and sellers’ dealmaking. If you’re ready to crack the code of the market from a technical standpoint and go inside the minds of bulls and bears, let’s light this candle! Understanding the Basics: The Candlestick Construction First things first, let’s get the basics hammered out. A candlestick (or Candle in your TradingView Supercharts panel) displays four key pieces of information: the open, close, high, and low prices for a particular trading period. It might be 1 minute, 4 hours, a day or a week — candlesticks are available on every time frame. Here’s the breakdown: The Body : This is the chunky part of the candle. If the close is above the open, the body is usually colored in white or green, representing a bullish session. If the close is below the open, the color is usually black or red, indicating a bearish session. The Wicks (or Shadows) : These are the thin lines poking out of the body, showing the high and low prices during the session. They tell tales of price extremes and rejections. Understanding the interplay between the body and the wicks will give you insight into market dynamics. It’s like watching a mini-drama play out over the trading day. Key Candlestick Patterns and What They Mean Now onto the fun part — candlestick formations and patterns may help you spot market turns (or continuations) early in the cycle. The Doji : This little guy is like the market’s way of throwing up its hands and declaring a truce between buyers and sellers. The open and close are virtually the same, painting a cross or plus sign shape. It signals indecision, which could mean a reversal or a continuation, depending on the context. See a Doji after a long uptrend? Might be time to brace for a downturn. The Hammer and the Hanging Man : These candles have small bodies, little to no upper wick, and long lower wicks. A Hammer usually forms during a downtrend, suggesting a potential reversal to the upside. The Hanging Man, its evil twin, appears during an uptrend and warns of a potential drop. Bullish and Bearish Engulfing: These are the bullies of candlestick patterns. A Bullish Engulfing pattern happens when a small bearish candle is followed by a large bullish candle that completely engulfs the prior candle's body — suggesting a strong turn to the bulls. Bearish Engulfing is the opposite, with a small bullish candle followed by a big bearish one, hinting that bears might be taking control of the wheel. The Morning Star and the Evening Star : These are three-candle patterns signaling major shifts. The Morning Star — a bullish reversal pattern — consists of a bearish candle, a small-bodied middle candle, and a long bullish candle. Think the dawn of new bullish momentum. The Evening Star, the bearish counterpart, indicates the onset of bearish momentum, as if the sun is setting on bullish prices. The Shooting Star and the Inverted Hammer : Last but not least, these candles indicate rejection of higher prices (Shooting Star) or lower prices (Inverted Hammer). Both feature small bodies, long upper wicks, and little to no lower wick. They flag price exhaustion and potential reversals. Trading Candlestick Patterns: Tips for Profitable Entries Context is King : Always interpret candlestick patterns within the larger market context. A Bullish Engulfing pattern at a key support level is more likely to pan out than one in no-man’s-land. Volume Validates : A candlestick pattern with high trading volume gives a stronger signal. It’s like the market shouting, “Hey, I really mean this move!” Confirm with Other Indicators : Don’t rely solely on candlesticks, though. Use them in conjunction with other technical tools like RSI, MACD, or moving averages to confirm signals. Wrapping It Up Candlestick patterns give you a sense for the market’s pulse and offer insights into its moment-to-moment sentiment — is it overreacting or staying too tight-lipped. Mastering candlesticks can elevate your trading by helping you spot trend reversals and continuations. These patterns aren’t foolproof — they are powerful tools in your trading toolkit but require additional work, knowledge and context to give them a higher probability of confirmation. It’s time to light up those charts and let the candlesticks illuminate your trading path to some good profits!
Education
by TradingView
6
MU: A Dangerous Inflection Point! (D&W charts).Daily Chart: On the daily chart, MU is trading within an ascending channel, a bullish indicator suggesting an uptrend continuation. The recent price action has tested the lower boundary of this channel, around 133.30, a critical support level that was a previous resistance, as evidenced by the red arrows – another example of the Principle of Polarity. The price rebounded from this support, highlighting its significance. A sustained move above this level could push the stock higher within the channel, potentially targeting the recent highs around 157.41. The only thing missing is a clear bottom signal (there isn't any so far). However, a break below 133.30 could signal a potential shift in trend, leading to a deeper correction in the weekly chart. Weekly Chart: In the weekly chart, a shooting star pattern is observed, a bearish reversal signal that often appears at the top of an uptrend. This pattern indicates a potential top, especially if followed by a bearish confirmation in the subsequent weeks. The current weekly close below the low of the shooting star reinforces the possibility of a correction (however, this week isn’t over yet). If the price continues to decline, the next significant support level to watch is the 21-week EMA, which has previously acted as a dynamic support. Conclusion: Integrating both time frames, MU is at a crucial juncture. The daily ascending channel suggests a bullish bias, but the weekly shooting star pattern warns of a potential correction. If the price holds above the key support of 133.30 on the daily chart, it could resume its upward trajectory within the channel. However, failure to maintain this level might lead to further downside, aligning with the bearish implications of the weekly shooting star. Fow now, we should monitor these levels closely to gauge the stock's next move, balancing the bullish potential of the ascending channel with the caution warranted by the shooting star pattern. For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions. Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation. “To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore All the best, Nathan.
NASDAQ:MU
by Nathan_The_Finance_Hydra
QQQ: Key Levels and Potential Scenarios (D&W charts).Daily Chart: On the daily chart, QQQ has recently hit an all-time high of 486.86, marking a significant resistance level. This milestone suggests a bullish momentum, but it's essential to watch how the price behaves around this level. There's also a noticeable gap at 468.14, which often acts as a magnet for price action, serving either as support or resistance. Currently, the price is hovering around the 473.82 support level, which, if maintained, could signal continued bullish momentum. Additionally, the 21-day EMA is another critical support level; staying above it would further validate the uptrend. Should the price break above the all-time high, we could see new peaks. Conversely, losing support at 473.82 might lead to a sharper pullback, potentially down to 460.58 or even 449.34. Weekly Chart: Looking at the weekly chart, a shooting star pattern has emerged, typically a bearish signal suggesting a potential reversal. This pattern indicates that despite reaching new highs, there was significant selling pressure, hinting at a possible decline. The 21-week EMA, however, shows that the longer-term trend remains bullish as the price is still well above this level. If the price confirms the shooting star by dropping in the following weeks, it might signal a deeper correction. Maintaining above the 21-week EMA would still suggest a strong underlying bullish trend, despite short-term bearish signals. Conclusion: In conclusion, while the QQQ shows strong bullish signals, indicated by new all-time highs and support levels on the daily chart, the shooting star pattern on the weekly chart warrants caution. If the price holds above 473.82 and the 21-day EMA, the bullish trend is likely to continue with potential for new highs. However, if these supports fail, we might see a correction down to the gap at 468.14 or lower. Overall, monitoring these key levels will be crucial in determining whether the QQQ continues its upward trajectory or enters a period of correction. For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions. Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation. “To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore All the best, Nathan.
NASDAQ:QQQ
by Nathan_The_Finance_Hydra
2
EWTX hanging man + shooting starPrice has made some serious moves up but has formed two interesting candles just below a previous s/r area. The most recent candle is unfortunately not the greatest considering yesterday was a green day and formed a hammer but I still think EWTX is overextended. An insider has also just dumped a large amount of shares which further supports my bearish feelings. What is absolutely not in my favor is the most recent news (yesterday) regarding the FDA fast track of one of their drugs as this may bring in some hype...
NASDAQ:EWTXShort
by daveslow84
#BTC/USDT 1h (OKX Futures) Parabolic channel on resistanceBitcoin just printed a shooting star and seems likely to retrace down with that overbought RSI, very short-term. ⚡️⚡️ #BTC/USDT ⚡️⚡️ Exchanges: OKX Futures Signal Type: Regular (Short) Leverage: Isolated (9.0X) Amount: 5.0% Current Price: 47555.0 Entry Targets: 1) 47643.2 Take-Profit Targets: 1) 45534.1 Stop Targets: 1) 48700.3 Published By: @Zblaba CRYPTOCAP:BTC OKX:BTCUSDT.P #Bitcoin #P2P bitcoin.org Risk/Reward= 1:2.0 Expected Profit= +39.8% Possible Loss= -20.0% Estimated Gaintime= 2-4 days
Short
by TradingOn
1
#Oil possible more bearish moveThe bearish move that we see in this chart, which started on September 28th, has formed two bearish channels, preventing the price from going higher seven times so far. As you can see on Friday, January 12th, with the geopolitical news from the Red Sea conflict, the price attempted to form a bullish breakout of the smaller channel but got rejected from the larger channel. As a result of this rejection, not only did the price form a daily shooting star candlestick pattern , but also the bullish breakout now seems like a false breakout, signaling the potential for further bearish movement in oil. We can also see that we have a bearish trendline on Stochastic oscillator which also bring more selling pressure on this commodity. If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
CAPITALCOM:OIL_CRUDEShort
by mohemati
Shooting Star Reversal bearish divergence at resistance Weekly Possible shooting star reversal on the weekly if the next candle closes lower. We are at overhead resistance and there is bearish divergence on the RSI. Could be the bull trap that brings us back to the bottom of the pattern. If we lose all the support levels, we could test the lows again. BTC is up 100% since the beginning of the year. The appearance of this pattern at a resistance level is significant as it might suggest a potential exhaustion of the buying momentum. Could be a pullback consolidation at support before moving to much higher prices in the future.
BITSTAMP:BTCUSDShort
by NotQualifiedToGiveFinAdv
USDJPY high around 143.800The dollar has been in a weak uptrend for the past few hours so I decided to take advantage of some indecision at a high. Price presented a shooting star on the 30minute chart as well as a strong bearish engulfing on the 5min at the exact area needed for a short. This area is exactly where price closed at then was immediately rejected on last Friday (6/23). This retest could be early considering NY session is hours away. Also the lower timeframes haven't began creating lower low yet.
Short
by DesharedPierreJr.
USDJPY rejected at 4H Lower HighI decided to short UJ here as the 4H shooting star at a re-tested area was a bearish enough signal for me to go short. Price has been making Lower Highs on 4H and daily chart. The bullish candles have been forming with a lot of indecision. This entry was taken based on the 4H close, as well as the 1H presenting a strong evening star at a Evening star re-test. My entry was upon a bearish 15min engulfing at a potential high/re-test of resistance. My stop loss is just Above the high of the shooting star. My target is the next daily Lower Low.
Short
by DesharedPierreJr.
2
Grabbing the best possible trade on NQ1!Obviously, going short at every supply zone or going long at every demand zone doesn't work every time. If it did trading would be too easy and no one would lose. So, how do we trap the losers and become the winners? Wait for a liquidity sweep above, most often indicated by a bearish shooting start candlestick with a close back below the supply zone. Previous shorts will be stopped out and new longs will be trapped. That's the best possible time to enter short and ride the reversal back down here on CME_MINI:NQ1!
CME_MINI:NQ1!Short
by thetradedoc
Ethereum is retracing to create its lower highIt's a great thing we're no longer fooled by big big candles being a big move. Proce closed pretty Bullish on Sunday only adding to the combination of randomness . Anytime price created a lower low, I project and expect it tush lower after a retest. This is exactly what price is doing, a reversal candlestick at a key area suggests its almost time to short. If anything price has determined where it wants to slow down. This 61.8 retracement is no surprise considering the fact that the weekly was rejected earlier when price attempted to break it. It seems price wants another crack at rejection. I'll short here since the 30min and 1H is already creating lower lows and lower highs upon reaching that area.
BITSTAMP:ETHUSDShort
by DesharedPierreJr.
Potential High for usdjpy, intraday short setup 30mminUSDJPY has been uptrending rather strong for quite a few weeks now. Its common that you'd like to go go against the trend, however, the only way to learn how to trade reversals is to trade them. Price presented a volatile shooting star for the close of Thursday. (4H). The daily had some wick action also. The 1H had a moving average crossover to the downside before making the latest high. the 30Min has already created a srtrong eveing star and began downtrending on its 2nd lower low. Im looking to get in on the Lower high. A counter trend trade short back down to Weekly support.
Short
by DesharedPierreJr.
1
EURGBP falls again with ⭐️Evening Star⭐️Candlestick Pattern!!!EURGBP has attacked the resistance line several times, but it seems that the 💡sign💡 of the failure of this attack can be the formation of the Evening Star Candlestick Pattern on the resistance line and near the 🟡 Price Reversal Zone(PRZ) 🟡. I expect EURGBP to fall to the 🎯targets🎯 I specified in the chart; I also shared a short position with RR=2.28 with you, but be sure to trade according to your own strategy and don't forget capital management. 🔅Euro/British Pound Analyze ( EURGBP ), 4-hour time frame ⏰. Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy, this is just my idea, and I will gladly see your ideas in this post. Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Short
by pejman_zwin
37
NVDA: 2 Top Signals Under a Powerful Resistance - What's Next?• NVDA finally hit its long-term target this week, the 289 resistance, which I mentioned in my previous public analysis (the link to it is below this post, as usual); • It has been correcting since then, as it did a top signal just under our 289 resistance (Bearish Harami). However, the trend is still bullish, as NVDA is still doing higher highs/lows and it is still above the 21 ema; • Despite this correction, there’s no clear technical bearish reversal pattern around; • The 21 ema is supposed to act as a support now, but if it doesn’t, the main support line is the 262 – only by losing this line NVDA might reverse the mid-term trend and trigger a sharper pullback in the weekly chart. • In the weekly chart we see that the candlestick is quite bearish – so far, it is a Shooting Star, and it appeared right under the 289 resistance (green line), another top signal, if it closes this week looking like this; • If NVDA loses its key support level in the daily chart, a sharper correction in the weekly chart is plausible, and the 21 ema would be our next target; • Even a correction to the 21 ema wouldn’t ruin the long-term bullish bias, however, it would frustrate the bull trend in the daily chart; • For now, let’s pay attention to how NVDA is going to react now that it is close to the 21 ema in the daily chart. I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
NASDAQ:NVDA
by Nathan_The_Finance_Hydra
3