gravestone doji candlestick
More Candlesticks for Forex Mastery
bullish gravestone doji?
I'm trying to learn the sacred art of candlestick analysis by pretending to trade various stocks and looking up various patterns as I go.
Something I encountered today has me mixed up. A "gravestone doji" at the bottom of what is either a bullish correction or a short bearish trend. (See "MUR" for what I'm talking about.)
Most references to this gravestone doji only mention it at the top of a bullish trend, and they say it is an ominous signal of a reversal. Almost nothing mentions it being found at the bottom of a bearish trend. One site does say it might mean a reversal, but I'm not sure.
The day's chart for this stock show it shot up at open, then slowly came down until getting very volatile toward the end. It seems to me that this is the bullish pressure trying to pick up, and I should expect to see higher prices in the coming days.
I am not looking for a buy/sell here... Just some explanations to help understand what I am seeing. What do you think?
A Doji means "synchronized" in Japanese, or "at the same time.
All a doji says is that the buyers and sellers are at one with each other, nearly equaling each other out. It is as though they are staring across the fence at each other, daring the other to make a move. So, nothing happens, hence the very short-range trading day.
If you think about it, it makes sense. Suppose people have been buying like crazy. You have long white candles going up for a while, then you reach synchronicity, when the buyers and sellers stop buying and selling and dare each other to make a move.
Same with a major downtrend. When people have stopped selling and refuse to sell any lower, it is a short-range trading day: a doji.
Single candlesticks are relatively useless unless taken in a pattern of three or four, plus the major trend lines. The doji and bullish harami, three black crows and morning stars all signal changes in the market. You should check these predictions against your technical indicators and your own common sense.
Best of luck to you!
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Filed under Candles by on Aug 29th, 2011. 