MORNING STAR CANDLESTICK PATTERN

                 Morning Star candle is a combination of 3 candles 1st is a Red candle 2nd is a Doji candle red or green and 3rd candle should be a green candle. When the market is in a downtrend, the Morning Star candle is formed at the lower level near the support zone or demand zone, and from there signals a bullish reversal.
When a Morning Star candle is formed, We should avoid selling the stock, if it is trading above the label of the Morning Star candle formation.

                                                              

 

How to work the Morningstar candlestick pattern?

If the market condition is downtrend and reaches the near support zone or demand zone, in the support zone 1candle will be a red candle, 2^nd candle anything red or candle but should be a doji candle, and 3^rd Candle should be a Strong green candle equal to the first red candle, so in this way morning star candle has structure.  
You can see in this chart 

                                                                     

 

Entry Setup for Morning Star Candle & And what should be his stop loss target?

            You can see the chart of the Morning Star candle above, as shown in the chart, as soon as the third candle closes, it breaks the high of the Morning Star candle level or gives a breakout, and then there we can create a long position. Our target should be 1 to 2% of the stock price or resistance level in case of an index, and the stop loss will be the low of the second doji candle. If the target is hit by 1 to 2%, profit will be booked, and stop-loss will be hit if the low of the doji candle is broken to the downside.