Monday, January 16, 2012

Candlesticks Overview and The Doji Pattern

The Doji is a good candlestick pattern for a beginner to recognize because it's very easy to spot so it will be emphasized it in this article.

Historically
Candlesticks were originally used by Japanese rice traders to do early technical analysis in the 1600's and was implemented by Charles Dow in the 1900's in the US. Steve Nison later made candlestick trading more popular in the US from his book "Japanese Candlestick Charting Techniques" published in 1991. Nison also translated early Japanese works.

Although candlesticks were first used in the 1600's they were not fully utilized until Munehisa Homna a prominent rice trader implemented them in the 1700's. With his research he developed a philosophy called "The Sakata Rules" which became the framework for Japanese investment. His research took into account historic price moves and weather conditions. Surprisingly, Japanese Candlestick analysis was never a hidden or secretive trading system.

In 1755, Munehisa Homna wrote "The fountain of Gold - The Three Monkey Record of Money", the first book on market psychology. He notes the psychological aspect of the market is critical to trading success. He is rumored to be the most successful market trader in history, generating over $100bn in profits at today's prices, some years earning over $10bn a year. He literally cornered the rice market and was made a financial adviser to the government. To some he is despised (many successful rice traders were) but to some (including myself) he is a Japanese hero of the time.

Homma named various patterns; Long days, Short days, White Marubozu , Black Marubozu, Spinning tops, Stars, Rain drops, Dark Cloud Cover, Evening Star, Doji's, Three Black Crows, Dragonfly Doji, Hanging Man and others.

Interpretation
The key to candlesticks was price action rather than news events that were unreliable than the actual mathematical representation of supply and demand or market emotion that could depicted in the form of a candlestick.

There are various patterns watched by candlestick traders that reflected emotion, supply and demand, or simply put points where the market may reverse do to previous interpretations. A Doji is one such pattern - it represents a decision point (some say a meeting of the minds) because the open and close are very close together (nearly equal).



To properly identify the Doji you must know what the candlestick parts mean. The first key part of a candlestick is the body. The body is the point between the open and close which makes up the width of the candle. I use a dark color (red or brown) to represent bear candlesticks and a bright color (lime or light blue) to represent bull candlesticks. A stick is bearish when the closing price is less than the opening price and bullish when the closing price is greater than the opening price.

The other key part of the candlestick is it's wick (also called shadows - a more confusing term) which is a very important piece of data but not as important as the open and close. The wick represents the high and low prices. Wicks represent where price action goes independent from the open and close so they don't have a body but reflect price extremes.

Don't get too complicated with candlestick parts - they are meant to be easy to read - interpreting patterns however is another subject entirely. The key pieces of a candle are: 1. The Body 2. The Upper Wick 3. The Lower Wick 4. The Opening Price 5. The Closing Price. How those various parts interact together make up what type of candlestick has formed - the wise rice traders watched these pieces of data like hawks. Also what the previous sticks have done and the following candlesticks after a pattern has formed are the key to learning and using the patterns. The previous candlesticks help identify patterns while the following (not yet formed) are used for confirmation of a pattern.

*Sometimes candles have no upper or lower wicks or no body (for example: when opening price equals closing price.

Doji Tutorial, Identification, Analysis



Above are variations of valid Doji's. Both variations represent a meeting of the minds - decision points (also called a tug-of-war between the buyers and sellers where the result is a standoff).

Bullish or Bearish action is based on preceding price action and future confirmation.
Therefore the previous trend is one of the keys to spotting a valid Doji Pattern. A Doji in a range is not as enticing as one that appears in a ascending or descending set of candles.

People get very technical in the identification of Doji Patterns but in general you are looking for a meeting of the minds (where open and close is nearly equal) after a preceding uptrend or downtrend. Preferable there's at least 5-10 bars in an uptrend or downtrend when the Doji occurs and not within a range.

(click to enlarge)

To me the above pattern is a valid Doji Pattern with all the essentials: 1. A prior trend 2. A long (of the previous direction) candle prior to the actual Doji. 3. A Meeting Of The Minds or Tug-of-war that ends in a standoff. 4. Confirmation / breakout of the Doji Pattern.

In my opinion you couldn't ask for more from the above pattern. The reward was also very impressive. It occurred in a daily timeframe so the profit was very generous.
Some might say that pattern was actually a spinning top (but the upper wick is not tall enough if you want to get technical - there are some grey areas to identification). I classify it as a Doji because I see a meeting of the minds and that's what were looking for - indecision after a prior trend.

Also the above pattern can be confused with a Hanging Man or Hammer but no look closely the lower wick is not long enough for either patterns to be valid.



A rarer variation is the Dragon Fly and Gravestone Doji. These patterns are times of high emotion and sometimes mark massive tops or bottoms.

Another variation is the Long Legged Doji.


By Neal Vanderstelt
Forex Trader, Market Analyst, Trading System Designer

42 comments:

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  11. I am going to share with you one very simple strategy based on a strong and easily noticeable candlestick pattern. They call it "Lucky Spike". Everyone can learn it, use it and make money with it. There are traders who make a living trading just this pattern. Just check out this ebook I am giving you for free:

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  12. Japanese traders have found that candlesticks form interesting patterns in the seeming market chaos. These candlestick patterns are LEADING indicators and they can be used to make a profit if used correctly and effectively. The "Forex Candlestick Tactics" ebook reveals powerful methods to trade candlestick patterns combined with standard technical indicators. Check out what's inside: http://www.forexmystery.com?hs4dg4sdfh


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  13. Japanese traders have found that candlesticks form interesting patterns in the seeming market chaos. These candlestick patterns are LEADING indicators and they can be used to make a profit if used correctly and effectively. The "Forex Candlestick Tactics" ebook reveals powerful methods to trade candlestick patterns combined with standard technical indicators. Check out what's inside: http://www.forexmystery.com?hs4dg4sdfh


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  18. Drawing trend lines is one of the few easy techniques that really WORK. Prices respect a trend line, or break through it resulting in a massive move. Drawing good trend lines is the MOST REWARDING skill.

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  20. Great analytics! I always feel comfort trading on meta-trader-4 than metatrader-5. And also prefer most following candlestick patter. Certainly Doji tells us the trading moving tendency and possibility price moving. But not always show the confirm trend as price movement solely depends on relevant many factors like present political situation, financial consumption and so on. But for forex trading metatrader-4 is really very easy to understand and smooth trading.

    ReplyDelete
  21. Do you think that to dramatically improve your success rate you have to read tons of thick books, buy expensive software and spend countless hours of learning more about Forex?

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    Let me give you an EXAMPLE:

    Imagine you trade a system that makes 50% winning trades, but another 50% are losing trades. If you increase your odds of winning by only 20%, that would make 70% winning trades and 30% losing trades.

    Well, HOW TO accomplish that?

    Just pick the best trending pair at the current time and simply follow the trend! I have found ONE INCREDIBLE TOOL that continuously scans the Forex market and picks the most reliable trending pairs for you.

    ==> http://www.forextrendy.com?vhbshygdf398432

    ReplyDelete
  22. Do you think that to dramatically improve your success rate you have to read tons of thick books, buy expensive software and spend countless hours of learning more about Forex?

    What I'm going to share with you is something very EASY to use and very POWERFUL at the same time.

    Let me give you an EXAMPLE:

    Imagine you trade a system that makes 50% winning trades, but another 50% are losing trades. If you increase your odds of winning by only 20%, that would make 70% winning trades and 30% losing trades.

    Well, HOW TO accomplish that?

    Just pick the best trending pair at the current time and simply follow the trend! I have found ONE INCREDIBLE TOOL that continuously scans the Forex market and picks the most reliable trending pairs for you.

    ==> http://www.forextrendy.com?ljsjhd8374h

    By taking signals in the direction of a strong trend you would REDUCE UNNECESSARY LOSSES and increase the odds of winning. You need to know "how well" the market is trending to avoid very short-term trends.

    STOP hunting the market for every potential trade. Pick only the best trending pairs and time frames and DO NOT take any trading signals in the choppy market (unless you know exactly what you are doing).

    Successful traders keep it simple and this is the way how the pros made fortunes in the markets - by trading less and making more.

    To increase the profitability of any system or robot you are currently using, check out this easy and powerful ultimate solution:

    ==> http://www.forextrendy.com?ljsjhd8374h

    ReplyDelete
  23. The "Forex Mystery Platinum Package" includes all this stuff:
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    ReplyDelete
  24. Japanese traders have found that candlesticks form interesting patterns in the seeming market chaos. These candlestick patterns are LEADING indicators and they can be used to make a profit if used correctly and effectively. The "Forex Candlestick Tactics" ebook reveals powerful methods to trade candlestick patterns combined with standard technical indicators. Check out what's inside: http://www.forexmystery.com?hs4dg4sdfh

    ReplyDelete
  25. I am going to share with you one very simple strategy based on a strong and easily noticeable candlestick pattern. They call it "Lucky Spike". Everyone can learn it, use it and make money with it. There are traders who make a living trading just this pattern. Just check out this ebook I am giving you for free:==> http://www.forexmystery.com?hgd4h84gdh

    ReplyDelete
  26. The "Forex Mystery Platinum Package" includes all this stuff:
    #1 Candlestick Pattern Recognizer - an awesome indicator that will light up your chart!
    #2 Forex Candlestick Tactics - three powerful strategies easym to use
    #3 Divergence Pattern Recognizer - the missing weapon for recognizing the coming trend reversal
    #4 Divergence Master Trader - the ultimate trading system to profit on both small corrections and full trend reversals
    #5 Forex Tools & Tips Subscription - you will receive only quality information, special indicators and more to your email for free!
    ==> http://www.forexmystery.com?z4vc7zxcv

    ReplyDelete
  27. The "Forex Mystery Platinum Package" includes all this stuff:
    #1 Candlestick Pattern Recognizer - an awesome indicator that will light up your chart!
    #2 Forex Candlestick Tactics - three powerful strategies easym to use
    #3 Divergence Pattern Recognizer - the missing weapon for recognizing the coming trend reversal
    #4 Divergence Master Trader - the ultimate trading system to profit on both small corrections and full trend reversals
    #5 Forex Tools & Tips Subscription - you will receive only quality information, special indicators and more to your email for free!
    ==> http://www.forexmystery.com?z4vc7zxcv

    ReplyDelete
  28. The "Forex Mystery Platinum Package" includes all this stuff:
    #1 Candlestick Pattern Recognizer - an awesome indicator that will light up your chart!
    #2 Forex Candlestick Tactics - three powerful strategies easym to use
    #3 Divergence Pattern Recognizer - the missing weapon for recognizing the coming trend reversal
    #4 Divergence Master Trader - the ultimate trading system to profit on both small corrections and full trend reversals
    #5 Forex Tools & Tips Subscription - you will receive only quality information, special indicators and more to your email for free!
    ==> http://www.forexmystery.com?z4vc7zxcv

    ReplyDelete
  29. The "Forex Mystery Platinum Package" includes all this stuff:
    #1 Candlestick Pattern Recognizer - an awesome indicator that will light up your chart!
    #2 Forex Candlestick Tactics - three powerful strategies easym to use
    #3 Divergence Pattern Recognizer - the missing weapon for recognizing the coming trend reversal
    #4 Divergence Master Trader - the ultimate trading system to profit on both small corrections and full trend reversals
    #5 Forex Tools & Tips Subscription - you will receive only quality information, special indicators and more to your email for free!
    ==> http://www.forexmystery.com?z4vc7zxcv

    ReplyDelete
  30. The "Forex Mystery Platinum Package" includes all this stuff:
    #1 Candlestick Pattern Recognizer - an awesome indicator that will light up your chart!
    #2 Forex Candlestick Tactics - three powerful strategies easym to use
    #3 Divergence Pattern Recognizer - the missing weapon for recognizing the coming trend reversal
    #4 Divergence Master Trader - the ultimate trading system to profit on both small corrections and full trend reversals
    #5 Forex Tools & Tips Subscription - you will receive only quality information, special indicators and more to your email for free!
    ==> http://www.forexmystery.com?z4vc7zxcv

    ReplyDelete
  31. Japanese traders have found that candlesticks form interesting patterns in the seeming market chaos. These candlestick patterns are LEADING indicators and they can be used to make a profit if used correctly and effectively. The "Forex Candlestick Tactics" ebook reveals powerful methods to trade candlestick patterns combined with standard technical indicators. Check out what's inside: http://www.forexmystery.com?hs4dg4sdfh

    ReplyDelete
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    ReplyDelete
  33. The "Forex Mystery Platinum Package" includes all this stuff:
    #1 Candlestick Pattern Recognizer - an awesome indicator that will light up your chart!
    #2 Forex Candlestick Tactics - three powerful strategies easym to use
    #3 Divergence Pattern Recognizer - the missing weapon for recognizing the coming trend reversal
    #4 Divergence Master Trader - the ultimate trading system to profit on both small corrections and full trend reversals
    #5 Forex Tools & Tips Subscription - you will receive only quality information, special indicators and more to your email for free!
    ==> http://www.forexmystery.com?z4vc7zxcv

    ReplyDelete
  34. The "Forex Mystery Platinum Package" includes all this stuff:
    #1 Candlestick Pattern Recognizer - an awesome indicator that will light up your chart!
    #2 Forex Candlestick Tactics - three powerful strategies easym to use
    #3 Divergence Pattern Recognizer - the missing weapon for recognizing the coming trend reversal
    #4 Divergence Master Trader - the ultimate trading system to profit on both small corrections and full trend reversals
    #5 Forex Tools & Tips Subscription - you will receive only quality information, special indicators and more to your email for free!
    ==> http://www.forexmystery.com?z4vc7zxcv

    ReplyDelete
  35. Japanese traders have found that candlesticks form interesting patterns in the seeming market chaos. These candlestick patterns are LEADING indicators and they can be used to make a profit if used correctly and effectively. The "Forex Candlestick Tactics" ebook reveals powerful methods to trade candlestick patterns combined with standard technical indicators. Check out what's inside: http://www.forexmystery.com?hs4dg4sdfh

    ReplyDelete
  36. The "Forex Mystery Platinum Package" includes all this stuff:
    #1 Candlestick Pattern Recognizer - an awesome indicator that will light up your chart!
    #2 Forex Candlestick Tactics - three powerful strategies easym to use
    #3 Divergence Pattern Recognizer - the missing weapon for recognizing the coming trend reversal
    #4 Divergence Master Trader - the ultimate trading system to profit on both small corrections and full trend reversals
    #5 Forex Tools & Tips Subscription - you will receive only quality information, special indicators and more to your email for free!
    ==>http://www.forexmystery.com?z4vc7zxcv

    ReplyDelete
  37. I am going to share with you one very simple strategy based on a strong and easily noticeable candlestick pattern. They call it "Lucky Spike". Everyone can learn it, use it and make money with it. There are traders who make a living trading just this pattern. Just check out this ebook I am giving you for free:==> http://www.forexmystery.com?hgd4h84gd

    ReplyDelete
  38. I am going to share with you one very simple strategy based on a strong and easily noticeable candlestick pattern. They call it "Lucky Spike". Everyone can learn it, use it and make money with it. There are traders who make a living trading just this pattern. Just check out this ebook I am giving you for free:==> http://www.forexmystery.com?hgd4h84gdh

    ReplyDelete
  39. Drawing trend lines is one of the few easy techniques that really WORK. Prices respect a trend line, or break through it resulting in a massive move. Drawing good trend lines is the MOST REWARDING skill.

    The problem is, as you may have already experienced, too many false breakouts. You see trend lines everywhere, however not all trend lines should be considered. You have to distinguish between STRONG and WEAK trend lines.

    One good guideline is that a strong trend line should have AT LEAST THREE touching points. Trend lines with more than four touching points are MONSTER trend lines and you should be always prepared for the massive breakout!

    This sophisticated software automatically draws only the strongest trend lines and recognizes the most reliable chart patterns formed by trend lines...

    http://www.forextrendy.com?kdhfhs93874

    Chart patterns such as "Triangles, Flags and Wedges" are price formations that will provide you with consistent profits.

    Before the age of computing power, the professionals used to analyze every single chart to search for chart patterns. This kind of analysis was very time consuming, but it was worth it. Now it's time to use powerful dedicated computers that will do the job for you:

    http://www.forextrendy.com?kdhfhs93874

    ReplyDelete
  40. The "Forex Mystery Platinum Package" includes all this stuff:
    #1 Candlestick Pattern Recognizer - an awesome indicator that will light up your chart!
    #2 Forex Candlestick Tactics - three powerful strategies easym to use
    #3 Divergence Pattern Recognizer - the missing weapon for recognizing the coming trend reversal
    #4 Divergence Master Trader - the ultimate trading system to profit on both small corrections and full trend reversals
    #5 Forex Tools & Tips Subscription - you will receive only quality information, special indicators and more to your email for free!
    ==> http://www.forexmystery.com?z4vc7zxcv

    ReplyDelete
  41. Let me explain the basic principle how most Forex systems work. They are tuned up

    to work in a specific market condition. They often make money in a trending

    market, but loose money in a choppy market. It is not a problem as long as the

    market is trending and the system is making more money than it loses. Such a

    system can be profitable for several months and you would be happy with it.

    BUT...
    PREPARE FOR THE WORST...
    Market change over time. A well designed system starts with trend analysis to

    stay away from potentially losing trades. There are two problems of how a Forex

    system recognizes the trend.
    PROBLEM: FALSE "STRONG TREND" INDICATION.
    The system responds only to immediate price action. An explosive price movement

    that is usually the result of news release is tempting people to jump in and make

    a profit. It looks like a "strong trend", but what usually happens next is a hard

    fall.
    To avoid falling into this trap, check for the SOLUTION to find a REAL trend:
    ==> http://www.forextrendy.com?nsjjd92834
    SECOND PROBLEM: TREND RELIABILITY
    Most systems use various indicators to determine the trend. Actually, there is

    nothing bad about using indicators. One Simply Moving Average can do the job. The

    problem comes with the question: "Is the market trending NOW?" Whether the market

    is trending or not trending is not like black and white. The correct question is:

    "How well the market is trending?"
    And here we have something called TREND RELIABILITY.
    Trends exist and they can be traded up and down for a profit. You have to focus

    only on the most reliable market trends. "Forex Trendy" is a software solution to

    find the BEST trending currency pairs, time frames and compute the trend

    reliability for each Forex chart:
    ==> http://www.forextrendy.com?nsjjd92834

    ReplyDelete
  42. The "Forex Mystery Platinum Package" includes all this stuff:
    #1 Candlestick Pattern Recognizer - an awesome indicator that will light up your chart!
    #2 Forex Candlestick Tactics - three powerful strategies easym to use
    #3 Divergence Pattern Recognizer - the missing weapon for recognizing the coming trend reversal
    #4 Divergence Master Trader - the ultimate trading system to profit on both small corrections and full trend reversals
    #5 Forex Tools & Tips Subscription - you will receive only quality information, special indicators and more to your email for free!
    ==> http://www.forexmystery.com?z4vc7zxcv

    ReplyDelete