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How to Trade the Doji Candlestick There are many ways to trade the various Doji candlestick patterns. Below we explore various Doji Candlestick strategies that can be applied to trading. Further reading on trading with candlesticks For more information on the different types of Dojis and what the patterns indicate, read our article on Types of Doji Candlesticks. The Doji is just one of the many candlesticks all traders should know. Boost your trading knowledge by learning the Top 10 Candlestick Patterns. If you are just starting out on your trading journey it is essential to understand the basics of forex trading in our New to Forex guide.

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Doji Candlesticks – Examples

Please enter valid First Name. Last Name: Please fill out this field. Please enter valid Last Name. E-Mail: Please fill out this field. A doji candlestick is formed when the market opens and bullish traders push prices up while bearish traders reject the higher price and push it back down.

It could also be that bearish traders try to push prices as low as possible, and bulls fight back and get the price back up. The upward and downward movements that happen between open and close form the wick. The body is formed when the price closes at more or less the same level as it opened. Some traders believe that the doji indicates an upcoming price reversal when viewed alongside other candlestick patterns, but this may not always be the case.

It could be a sign that buyers or sellers are gaining momentum for a continuation trend. Before acting on any signals, including the doji candlestick chart pattern, always consider other patterns and indicators , and make sure you stick to your trading plan and risk management strategy. This creates a long-legged doji, as pictured below.

Learn how to buy, sell and trade Microsoft shares. There are many ways to trade when you see the doji candlestick pattern. First, look for signals that complement what the doji pattern is suggesting. Most traders use momentum indicators to confirm the possibility of a doji signalling reversal, because these indicators can help to determine the strength of a trend. For example, if you think that a common doji at the bottom of a downtrend means possible reversal, you can test the bullish bias using the stochastic oscillator.

This indicator follows the speed and momentum of the market over a specific timeframe, predicting price movements. If the signal is confirmed, you may want to go long buy.

Top 5 Types of Doji Candlesticks

When you see the doji candlestick pattern and you want to place a trade, you can do so via derivatives such as CFDs or spread bets. Derivatives enable you to trade rising as well as declining prices. If you prefer, you can also look for the doji chart pattern and practise trading using a risk-free demo account.

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The Doji Candlestick Formation

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