As well as learning the basics, it is important to understand the candlestick pattern to become a successful forex trader. We have launched a video series on the candlestick pattern. In the previous video we talked about doji and doji types. In this video we will talk about doji types. There are three major types of doji: grave stone doji, long-legged doji, and dragonfly doji. In particular, grave stone doji has been briefed in detail. What is grave stone doji? How and when is grave stone doji made? How can you make money with grave stone doji? Be sure to watch the video carefully and to the end to understand all these things better.
What is grave stone doji and how is it formed? This is a type of candle stick pattern that occurs when the opening and closing prices of the underlying asset are equal and occur at a shorter time of day. The long upper shadow indicates that the day-to-day buying pressure from sellers was countered. And the forces of supply and demand are close to balance.
This pattern is commonly used to suggest that the direction of the trend may be nearing a turning point. It doesn't matter if the grave stone doji is bullish or bearish. Grave stone doji is an important bearish reversal candle stick pattern that is formed mainly on top of up trends. The grave stone doji pattern is formed when bulls are able to push prices upwards. However, an area of resistance is found at the highs of the day and selling pressure is able to push prices back to the opening price.
Where can you get entry in grave stone doji pattern? The candle after the grave stone doji is formed should be bearish and it should close below the low of the grave stone doji candle. Which will be the next candle from this candle. From the beginning of this candle you can get the sell entry. You can also place pending order here. Because maybe this candle will go up a little at the beginning and then come back down.
There are three rules for grave stone doji. The first rule for grave stone doji is that grave stone doji should be at the top of the buy trend. The second rule for grave stone doji is that the candle formed after grave stone doji should be bearish and close below the low of grave stone doji. The third rule for grave stone doji is that you have to enter the market through pending order. This is because after the grave stone doji candle is formed, when the second bearish candle is formed, the market may go up once and then come back. So pending order is very useful to avoid loss. The fourth rule for grave stone doji is that you should trade with your stop loss and take profit. You will put a stop loss and take profit on the risk reward ratio and support and resistance.
If you look at the profit in grave stone doji, then the profit depends on the time frame. The longer the time frames, the longer the profit. If you select a shorter time frame, the profit will be just as short. However, whenever you trade, you must follow the money management and then trade..
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