I'm in the middle of doing a bunch of statistical analysis on candlesticks – I'm trying to answer the question "given this candle print in this context, what are the chances of a reversal based on today's market context."
My code tells me the crude oil candle on Friday was a spinning top, forming the second part of a "bearish harami", not a shooting star. Definition of shooting star says the length of the upper shadow must be >= 2x the body. Shooting stars can be unpleasant, bearish harami not so much. I think the idea is that failed rally needs to be a bit more exciting for it to be a stronger candidate for reversal.
Bulkowski (one site I'm using to help me in my work) suggests that a bearish harami is a continuation pattern 53% of the time. http://thepatternsite.com/HaramiBear.html
Here is the def of "shooting star": http://thepatternsite.com/ShootingStar.html
Prior to my recent work, I have been a bit sloppy in identifying the various candle patterns! My code is now keeping me in line…