Doji Candlestick Pattern and accurate Candlestick Patterns - http://www.ForexCandlestickMagic.com
Doji Pattern is a very accurate pattern and can be used across any market such as Forex,stock, options, commodities etc..When used correctly, it can yield great results.
However I guess 50-60% traders don't know how best to use Doji candlesticks. Like all trading indicators and patterns, Doji pattern also works best under some boundries.
In this video, I am going to explain how to best use Doji Candlesticks and When NOT to use those.
The concepts explained in this video can be applied across any market such as Forex, Stock options etc.
There are some other similar patterns which are more like derived from doji patterns. Morning star and evening star for example are derived from Doji candlestick.
They also represent that the market is about to reverse
Remember forex Doji candles can be of various types - some with wicks on both ends, some with wick only on top of the body or bottom of the body.
Also,the body of doji should ideally be a flat line which means that opening price of the candlestick and closing price are the same. However if the body is made of few pips, thats is acceptable too.
Doji is extremely important if it happens during a support and resistance line. Rememebr, the resistance line or support line for that
matter becomes more and more stronger if more and more time forex currency pair price touches it and then reverses.
By the way if you want to use candlestick based charts, you can visit http://www.dailyfx.com
So, if doji happens on the support or resistance line,it means that market may reverse. The next candlestick should be used as confirmation for finding
if the market has reversed or is still continuing in the original direction
If the market has seemed to be reversed,you can decide to open the trade. If it hasn't it is best to not to trade
The doji candlestick pattern, like other forex candlestick patterns is more effective at higher time frames like 1 hr, 4 hr chart, day charts and soon.
At lower time frame charts such as 15 min or 5 min,. there is too much of noise and candlestick patterns are not that effective.
This is very descriptive video on Doji candlesticks. If you watch this, you'll know more or less everything you need to know about Doji candlestick patterns.
Also, don't forget tovisit my website to know more information and trading system which is candlestick based.
So, Watch this video and leave your comments
Doji Candlestick Pattern
Forex Doji Candlesticks
Forex Candlestick Patterns