A Doji is a pattern found in a candlestick chart and is typically used by traders to do technical analysis. It is characterized by a small body which means the opening and closing price are virtually equal. The lack of a real body conveys a sense of indecision between buyers and sellers and the balance of power may be shifting. A Doji is not as significant if the market is not clearly trending, as non-trending markets are inherently indicative of indecision. However, Doji are trend reversal indicators if they appear after an upward or downward trend. There are 4 common types of Doji.
This indicates extreme indecision in the market and a lack of commitment from traders. If other indicators suggest that prices are overbought or oversold, it can mean a price reversal is imminent.
Long legged Doji
This indicates indecision between bulls and bears but suggests that traders are becoming more active and that a volatile price move may soon occur.
This indicates that a current uptrend may be coming to an end with the price about to reverse downward.
This indicates that a current downtrend may be coming to an end with the price about to reverse upwards.
Easy Doji provides a comprehensive dashboard that allows you to view the presence of Doji formed over 37 currency pairs across 5 timeframes (M15, M30, H1, H4, D1) at one glance.
Below are some of the key features of the app.
- Timely display of the 4 types of Doji whenever they appear over 37 currency pairs across 5 timeframes,
- Display headline news of your favourite currency pair(s)
- Quick access to the Economic Calendar from Forex Factory which covers all important events and releases that affect the forex market.
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