#10: Doji Candlestick Pattern
Remember I said in the beginning that a doji candlestick pattern can go both ways and it really depends a lot on where the doji candlestick forms?
Well, in that context, the doji candlestick can be a bullish reversal candlestick when it is formed in a downtrend.
As you should know by now, the doji candlestick is a single candlestick pattern.
It tends to be a very short candlestick with little to no body at all. This shows a period of indecision.
On the chart below, note that the 2nd doji candlestick forms on a support level and the breakout of its high saw price going up in an uptrend:
Where Doji Candlestick Patterns Form On A Chart
Look for doji candlestick patterns when price is near or touching these levels:
- major support levels
- upward trendline bounces
- fib retracement levels
Summary Of Reversal Bars & Reversal Candlesticks
I have covered 5 bearish engulfing patterns and they are:
- bearish engulfing
- shooting star/or bearish pin bar
- bearish harami candlestick pattern
- the dark cloud cover candlestick pattern
- and the doji candlestick pattern
Here’s what they look like just to refresh you memory again:
I also covered 5 bullish reversal candlestick patterns patterns and they are:
- bullish engulfing reversal pattern
- bullish hammer/ bullish pin bar pattern
- bullish harami candlestick pattern
- piercing line candlestick pattern
- and the doji candlestick pattern
Here’s what they look like:
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