BONUS DOJI #6: Four Price Doji
I was deciding whether I should include this doji in this article or not simply because it is totally useless in the highly liquid forex market.
You may see this four price doji in the stock(share) market but in forex, I have personally never come across any.
So in my opinion, you are not going to need it, but for the sake of learning something new, I have to include it anyway.
This is what a four price doji looks like:
- no candlestick body length
- there are no upper and lower wick on the four price doji
SUMMARY: TRADING THE DOJI
Here is a chart showing these 6 doji patterns that you have covered so far in this article:
In my opinion, location or price level where a doji candlestick patterns forms is very important if you are going to trade doji patterns.
Doji’s can form anywhere on your forex charts you are looking at but that does not mean anything until a doji candlestick pattern forms on important levels like:
- support levels
- resistance levesl
- fib retracement levels
- trendlines etc
I sit up and take notice when I see doji patterns form on these important levels. Any other level, I completely ignore. That is how I trade doji patterns.
How To Trade Doji Patterns
There are forex trading strategies on this site where you can use doji as buy or sell signals with other reversal candlesticks.
Look at your forex trading system, can you incorporate what you learnt here with doji patterns into your trading? Like a buy and sell trigger/signal?
You can even use this knowledge in the free forex trading signals service I provide.
You see, you just have to learn to think outside the box a little bit with such things.
I hope you learnt something in this article on doji candlestick patterns and if you did, please don’t forget to share, tweet etc.