(click to enlarge)
This is one of my favorite setups. Rangy price action with lower highs being formed. I was actually getting pretty bored waiting for something to happen during the European session. I waited patiently for a good signal and got one with a shooting star inside of a bullish preceding candle.
What I want to see once the shooting star is formed is a pullback to test the high of the shooting star. I place my entry slightly less than half the length of the shooting star wick. I use a stop of 16 pips.
Fortunately, it fell like a rock. I closed it @ 1.2440 on the close of the next candle for +74 pips.
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