Trading Pattern Spotlight
Doji
Candlesticks
Doji are one of the most iconic varieties of Japanese candlesticks. They have a distinct look and appear often, so most traders learn about them early. While not a signal onto themselves, they do appear in many candle patterns and can play a pivotal role in price action.
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What Is a Doji Candle Pattern?
A doji is a candlestick with no body. They may have long or short wicks in either direction. In extremely rare cases, they may even have none. Doji are seen as a sign of market indecision, as they show price opening and closing at the same price over a given time period.
Why Doji Candles?
Fundamental building block of technical anysis
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I don’t claim to be an expert on anything I write about.
Hell, I hardly claim to be an expert on myself. 😂😂😂
These breakdowns are largely for me. I use them to record and reference. Unlike most others on this site though, this goal setting page might actually be useful to the outside observer.
No promises. You can tell me.
Chart Narrative
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Indecision Indicator
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Price Discovery
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Inflection Points
local highs & lows… reversals, continuations… volatility, consolidation… show up everywhere
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How To Trade Doji Candlesticks
I’m climbing my way toward mastery.
More than anything, I just need a few more years.
I already have a fairly sophisticated system. But for me, figuring out what I really want takes reps.
I use my goals to carve out a life purpose.
- Importance – 99%
- Passion – 85%
- Mastery – 90%
Where Dojis Fit
Experienced traders know:
Nothing is the end-all-be-all when it comes to technical analysis.
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Top Doji Resources
- StockCharts – Intro to Candlesticks
- Doji Candlesticks
- How Candlesticks Work
- Indecision Candlesticks
Where Doji’s Fit in the Money Games
Goals are one of the most important pieces of the Achievement puzzle.
For me, they’re a “Tier 2” concept, on the same level as Mindset, Habits, Growth, and High Performance.
It is also closely tied to practices like Journaling.
2. Trading
3. Technical Analysis
‣ 4. Candlesticks
4. Chart Patterns
4. Indicators
Courses Completed
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Mentions on My Sites
Books Read
(Casual***) Doji Candle Trading Ideas/Examples/Signals
Price Ranges
Doji candles can help establish important price ranges.
In the example above/to the left, the doji candle set an important price range. It did not provide a directional bias, but its wicks set shorter-term support and resistance levels.
After closing above the range, price returned to the top level, tested it as support, then continued upward.
Trade Idea***: Buy the breakout and set your stop loss at the top of the doji’s upper wick. Or, wait for price to retest the former resistance level and turn it into support before entering the trade.
Reversals
Doji candles can help indicate price reversals.
In the example above/to the left, the large doji appears after a series of large bearish candles. This illustrates a potential change in momentum as the bulls attempt to establish a swing low.
After closing above the doji’s upper wick on the next candle, price proceeded to recoup a substantial percentage of its most recent losses.
Trade Idea: buy after close above doji range (next candle after doji)
Continuation
Doji candles can help set up continuation.
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Pulling Threads: A Lion Chasing Rabbits
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Where Doji Candlesticks Fit in the Game of Playing Markets
Candlesticks are the most popular way to chart price for stocks and other tradeable assets.
must be put into context/perspective
candlestick analysis
technical analysis
should understand them as a pass… understand the underlying story
recognize the most basic patterns in the market without indicators… just look at a chart and have a decent idea of what may happen next… not necessarily a prediction but some statistical probabilities… surely have different probababilites across different markets
Full analysis, check out our full Doji Candlestick Guide on Playing Markets.
Similar Candlestick Patterns
Spinning Tops
Darth Mauls
Hammers
My Top Three Trading Teachers
YouTube University is my go-to for trading training. I've completed several programs and keep up with these guys weekly.
Final CTA
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