XAUUSD Shooting Star Reversal with Wick-Based Stops and Targets

Summary

This strategy looks for a bearish shooting star on a 15-minute XAUUSD chart. It requires a minimum candle body, an upper wick at least a configurable multiple of the body, a relatively small lower wick, and a close above the close from a configurable number of bars earlier. A qualifying candle triggers a short entry at its close.

The stop is placed above the candle high by a body-based buffer, while the profit target is set below entry by a body-based multiple. The script also provides an optional time-of-day filter and chart labels and lines. Its description reports a backtest win rate and trade count for a stated period, but provides no broader performance analysis. Results are limited to that sample and instrument; the excerpt ends before the full order logic, so execution and exit handling cannot be assessed.

Key ideas

• A short signal requires a large upper wick, a limited lower wick, a minimum body size, and a preceding upward move.
• The strategy enters short at the close of a qualifying candle.
• Stop distance and target distance are defined as multiples of the candle body.
• A session filter can restrict signals to selected server-time hours.
• The reported backtest covers a limited XAUUSD sample and does not establish out-of-sample performance.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.