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Well, today in this article I am going to talk about one of my most favourite candlestick pattern i.e Morning star candlestick pattern
What is the Morning Star Candlestick Pattern?
Morning Star candlestick pattern is the stock price pattern used by traders to find possible bullish trends.
The morning Star is a three candlestick bullish pattern that appears at the down of a downtrend.
It represents that there is confusion between the buyers and sellers and later buyers dominating the market.
How to find a Morning star Candlestick Pattern?
Spotting Which is morning star (candlestick pattern) is very easy.
Here, to illustrate the morning star candlestick pattern I am going to use Olymp Trade.
In case you don’t have an Olymp Trade account yet, click here.
You can also sign up via the form given below.
Firstly, click on register.
Now, enter your email, password and click sign up.
Once you have signed up you will land on the Olymp Trade dashboard.
Now, click on the chart button and select Japanese candlestick from the menu.
Your dashboard will look like something given below.
That’s it!! the basic setup is over.
Now, talking about How to find a morning star candlestick pattern? or Which is morning star candlestick pattern? well, it’s damn very easy.
It is to be noted that the morning star candlestick pattern works best in a downtrend.
In the Morning star candlestick pattern,
The first candle must be a strong bearish candle.
The second candle must have a small body with a small wick indifferent to the colour.
The third candle must be a strong bullish candle.
How do you trade morning star patterns?
Trading with Morning star candlestick pattern is damn very easy.
Let’s check some examples.
Given above is a 1-hour chart. and we can see a good morning star. (check the arrow)
However, later due to market fluctuations we see a downtrend instead of an uptrend.
Therefore, here we should use support and resistance for confirmation.
See, the chart above, firstly we can see a big downtrend.
Secondly, we see a morning star near the support level.
So, here should go for BUY Trade with a 1-hour time frame. Here, you can take bulk BUY Trade for a big profit.
So, this is the end of this article. I hope you found this article really helpful.
So, Spotting and Trading with Morning Star is really easy and profitable.
However, for the best results use Support and Resistance to confirm your order.
Wishing you the very best of luck 🙂