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The Candlestick Doji, what should you do? (1 viewing) (1) Guest
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TOPIC: The Candlestick Doji, what should you do?
#1588
Numb3rs (User)
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The Candlestick Doji, what should you do? 1 Year, 8 Months ago Karma: 3  
FXO
I was reading your article "The Candlestick Doji, what should you do?" And after reading I saw this happening on my chart.

I understand the doji top but I have never seen so many dogis in a row like this on a 4H chart. Do you have any advice how to trade this setup? Since I never seen it before maybe it is a high probabilty trade.
 
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Re:The Candlestick Doji, what should you do? 1 Year, 8 Months ago Karma: 0  
I am sure that the shorter the time frame the more you will see Dojis such as these.If they are high probability trades but happens once in awhile...hmmm...and top of that you have to be around to take the trade.
 
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#1592
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Re:The Candlestick Doji, what should you do? 1 Year, 8 Months ago Karma: 3  
Yes they only happen once in a while. It is kinda like finding a gold nuget in a stream. On this 4H chart the doji happend 4 times in a row that is 16 hours for you to see it. I would have had to be on vacation or something to miss it.

rbt wrote:
QUOTE:
I am sure that the shorter the time frame the more you will see Dojis such as these.If they are high probability trades but happens once in awhile...hmmm...and top of that you have to be around to take the trade.
 
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#1593
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Re:The Candlestick Doji, what should you do? 1 Year, 8 Months ago Karma: 9  
In case of your chart, I would suggest to trade the break out of the 4 Doji formations. That is, you can place orders at the low of the 3rd Doji, and the high of the 4th Doji. In case of downtrend doji, you can also opt to wait till the next penetration and closes higher/lower than the doji to confirm the movement. In your chart also indicated Fibo level 38.2 (next psychological comfort level), which is more likely to continue its retracement to that level before considering a reversal back.

Post edited by: FXOperator, at: 2007/05/08 21:22<br /><br />Post edited by: FXOperator, at: 2007/05/08 21:24
 
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There is no chance, no destiny, no fate, that can circumvent or hinder or control the firm resolve of a determined soul. - Ella Wheeler Wilcox (1850-1919)
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#1594
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Re:The Candlestick Doji, what should you do? 1 Year, 8 Months ago Karma: 3  
Thank you for your reply FXO.

From what I understand you are pretty much saying that when you have a doji just put a buy at the high of it and a sell at the low.

As of now the doji top setup on the chart has generated over 200pips since Sudays open.
 
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#1595
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Re:The Candlestick Doji, what should you do? 1 Year, 8 Months ago Karma: 9  
Yes. In your chart, it already showed 4 Dojis, therefore trading the breakout of that range is recommended. However, if there is only a single Doji, you might want to wait for the next bar to confirm the trend. As I mentioned in the article, a Doji on a downtrend might not be true than an uptrend Doji formation.<br /><br />Post edited by: FXOperator, at: 2007/05/08 23:04
 
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There is no chance, no destiny, no fate, that can circumvent or hinder or control the firm resolve of a determined soul. - Ella Wheeler Wilcox (1850-1919)
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#1596
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Re:The Candlestick Doji, what should you do? 1 Year, 8 Months ago Karma: 3  
Thanks FXO
I get it now. Very helpful and educational.
 
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