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Morning Star Pattern

Morning Star Pattern

Stars are floor or ceiling patterns observed at the end of trends and can indicate a change in price trend direction in technical analysis. The star pattern can be effective in identifying important levels of price resistance and support. In general, the formation of a star pattern indicates that traders are doodling. For more information, read the technical analysis training article.

The morning star pattern is a reversal bottom triple candlestick pattern that occurs at the end of a downtrend. The first candle with a large solid body, followed by a small candle with a short body, and then a hollow candle that quickly returns to the length of the first candle.

The Psychology of the Morning Star Pattern

Similar to what was said about the evening star pattern, the reverse of the same events occurs at the bottom of the downtrend. A large number of buyers push the price up with great strength on the third day. On the trading day of the first candle and in the continuation of the downward trend, the sellers lower the price with their supply and form a strong bearish candle.

On the second day of trading, the first and last trading prices of the day are close to each other, which indicates the indecision or hesitation of sellers and buyers. On the third day of trading, buyers enter the transaction with great strength and raise the price. By observing these three candles in a row, you can be sure about the transfer of power from the hands of sellers to the hands of buyers.

Morning Star pattern approval conditions

Confirmation condition 1: The first candle in the morning star must be solid.

Confirmation condition 2: The body of the second candle should be small.

Confirmation condition 3:  The third candle has rejected half of the body of the first candle.

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Investigating the strength of the morning star pattern

The presence of a gap between the body of the second candle and the body of the first candle indicates the greater strength of the morning star pattern.
The higher volume of transactions in the third candlestick compared to the first candlestick indicates the greater strength of the morning star pattern.
The longer the body of the third candlestick and the more it covers the body of the first candlestick, the stronger the morning star pattern is.
If the morning star pattern is formed within the price support range, the pattern is more powerful.

By observing the confirmation factors and the high strength of the morning star pattern, we can have more confidence in the return of the chart trend. The morning star appears just before dawn and, in fact, heralds the arrival of the morning and the rising of the sun.

An example of the morning star pattern

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