Shooter and Momo Shooter Pattern

Shooter and Momo shooter are candlestick patterns that represent the bearish trend reversal and bearish trend continuation, respectively. 

Learning these two patterns will help us to find the entry point and take profit levels because these are actionable signals in the strat patterns. 

In this article, I will explain these two actionable signals, their significance, and trading psychology, so make sure to read the full article without skipping any points.

Shooter Actionable signal

Shooter is a bearish trend reversal candlestick pattern that has a long upper shadow with a small body at the lower end. 

To identify the shooter, you must follow the following rules,

• The shooter candlestick should form after the series of higher-high candlesticks.
• The body of the shooter candlestick must lie in the lower 33% of the total range of candlestick.
• The color of the shooter pattern can be green or red. The main point is the structure that reveals many secrets of market makers.

Look at the image below for a better understanding of this pattern.

When does the shooter candlestick become in force?

As we have read above, the shooter is a bearish trend reversal pattern, but it is valid only if the price breaks the low of the shooter candlestick. If the price continues rising, making higher highs, then this shooter candlestick will no longer be valid. 

So a shooter candlestick becomes in force when the price breaks its low. Then, you can open sell trades. You can also expect 2-2 down pattern formation after breakout. 

Remember that the break of low is the most important for this actionable signal.

The psychology behind the shooter candlestick

When a series of bullish candlesticks form, then it means that buyers are stronger than sellers, and the price is increasing. But with time, the momentum of sellers decreases as it is a natural pattern.

The long upper shadow of the shooter represents that buyers are exhausted, and they tried their best to push the price higher but failed, and sellers overcame the buyers. That’s why there’s a small body of the shooter forms at the bottom. 

A long upper shadow also suggests a price rejection from a key level.

When the price breaks the low of the shooter, it means the trend has changed from a higher high to a lower low. This is another confirmation of trend reversal.

Momo Shooter Actionable signal

Momo shooter is a bearish trend continuation candlestick pattern that has a long upper shadow with a small body at the bottom. It forms after a series of bearish candlesticks. 

To find the Momo shooter candlestick, follow the following rules:

• The momo shooter should form at the low of the previous bearish candlestick. There must be a bearish trend.
• The body of the momo hammer should form in the lower 33% of the total candlestick’s range.
• The color of the momo hammer can be red or green.

Analyze the image below for a better understanding of an ideal momo shooter pattern.

When does the momo shooter become in force?

When the price breaks, the low of the momo shooter candlestick, then this pattern becomes in force. This means that the bearish trend will continue after the low breakout. Without a break of low, the moo shooter will not be a valid, actionable signal.

Basically, the momo hammer is helpful, especially in trailing stop loss. For example, if you are holding a bearish trend and a momo shooter form. Then, you should place the stop loss above the high and keep holding the trade.

Psychology of Momo Shooter Candlestick

In nature, price moves in the form of an impulsive wave and a retracement wave. After an impulsive wave, a retracement wave will form. After retracing, an impulsive wave will form. 

Similarly, after the big bearish candlestick, a small body candlestick forms that represent the profit-taking process of big traders. Here, the momo shooter is a candlestick that represents the profit-taking process. After profit-taking, the impulsive wave will continue again. 

The wick of momo shooter also represents the weak buyers in the market that are unable to reverse the trend. And it is a short-term pullback.

Conclusion

Both shooter and momo shooter patterns generate very high probability trades when they are traded with the rules of the strat patterns. You can also hold a trade longer using the momo hammer and momo shooter to get high-risk reward trades. 

I highly recommend you learn the behavior and psychology of each actionable pattern. By taking at least 50 screenshots of each pattern and analyzing screenshots to filter the best ones will improve your trading psychology. It will also help you to make better decisions in live trading. 

If you have any questions related to these two actionable signals, then don’t forget to comment below, and I will try my best to answer all of your queries.