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June 11, 2009
Forex Candlestick Doji - On what kind of charts is candlestick doji significant?
Forex Candlestick Doji like I mentioned is one of the very important patterns in candlestick. Presence of a doji on most of the charts can indicate that a reversal may be around the corner.
But not all forex charts carry such significant of doji. In some cases, this pattern would mean nothing at all.
Which charts are these?
Well any forex chart which is on day trading time frame such as 15 min., 5 min., may be even 30 min. would not carry so much significance of forex candlestick doji.
But, on the other hand presence on 1 hr chart and daily chart can cause flutters among traders and they may start adjusting their stop losses or may even choose to close the trades.
So, always watch for doji on daily, 8 hr or 1 hr forex chart. But on day trading time frames, feel free to ignore candlestics Doji.