The two one-bar patterns most often used to read rejection.
Hammer
- A small body at the top, a long lower wick (± 2× the body), minimal upper wick.
- Appears after a decline. Shows that price dropped and was then pushed back up.
Shooting Star
- A small body at the bottom, a long upper wick, minimal lower wick.
- Appears after a rise. Shows that price spiked and was then rejected lower.
Conditions for it to be meaningful
Ideally it sits at a support area (hammer) or resistance area (shooting star), and is followed by a confirmation candle in the direction of the rejection.
Key points
- What matters is the rejection shown by the wick, not the name of the pattern.
- Without a level and confirmation, these patterns are weak.
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