Morning Star Candlestick Formation
Description
The Morning Star candlestick formation is composed of 3 candlesticks. The first candlestick is a long red candlestick in a downtrend. The second candlestick is a short body candle, either red or green, which gaps both on the open and close below the close of the previous bar, thereby forming an island. The 3rd candlestick is a large green candlestick which opens above the 2nd candlestick, and closes somewhere near the middle of the first candlestick. This is a bullish pattern and indicates a possible reversal in trend.