Want to catch clean short entries with precision? This guide shows how to use a shooting star candlestick pattern with a Tradovate supply zone strategy — and how to automate the entire setup with Tradovate chart trading.
Mark the Supply Zone on Tradovate Charts
A supply zone is a price area where sellers have previously stepped in with strength. Using chart trading, you can:
- Spot areas where price dropped after testing resistance
- Manually draw the supply zone using horizontal zones or LuxAlgo indicators on TradingView
- Customize your Tradovate candlestick setup for clearer visibility (adjust colors, wicks, and timeframe)
Watch for the Shooting Star
Once price re-enters the supply zone, look for a shooting star candle:
- Small body
- Long upper wick
- Appears near or inside the supply zone
This indicates rejection — buyers pushed price up, but sellers took over.
Execute the Short Trade
Here’s how to use this setup with Tradovate automated execution or manual confirmation:
- Entry:
Wait for the next candle to close below the shooting star’s close. This confirms seller strength. - Stop-Loss:
Set your stop above the shooting star’s wick or the supply zone high. - Take-Profit:
Aim for at least a 2:1 risk-reward ratio. If you risk 10 ticks, go for 20 ticks in profit.
You can automate this setup using tools like PickMyTrade or ProjectX — which connect TradingView alerts directly to Tradovate chart trading, executing your trades in real time.
Automating the Setup with Tradovate
Want to avoid missing your entry?
You can turn this into an automated short trade strategy:
- Draw zones and mark entries on TradingView
- Set alerts with candle pattern confirmation
- Connect the alert to Tradovate automated execution via PickMyTrade
- Orders are placed with correct stop-loss and target instantly
This workflow removes hesitation and lets you capitalize on price action setups 24/7.
Final Thoughts
Using a shooting star inside a supply zone gives you a strong reversal signal. With chart trading, you can clearly visualize zones and candles, then execute or automate with confidence.
Whether you prefer manual entries or full automation via Tradovate automated execution, this strategy offers a repeatable way to trade clean short setups.
Trade smart. Always use stop-loss and stick to your plan.
Also Check-Out: Automate TradingView Indicators with Tradovate Using PickMyTrade
