How to correctly use Doji candlesticks to spot a reversal?
if you choose the fitting start- and stoptime to catch the right levels of price the AUD/USD chart will show a doji here: unfortunately NO standart TF will catch this... so a doji on 4h or daily TF is just a coincidence of the candle indicatoras it is a coincidence the probability is like a cointoss - and exactly this brings us back to support and resistance............................ {image}
Thanks jmn5611 So continued. Worked out good. Hit the trendline right at the London open for TP. Good for +51 at trade close. Now with another point of reference I adjusted trendlines as they were a bit off. Now they are killer but that's another topic and we know Magix hates Trendlines. Sorry Mag... I like em' alot. Same chart, same Doji lines So will price retrace back to the Doji line during NY or fall off the next ledge to the other Doji line?... Don't know but I don't do longs unless they are clear no brainers so will just be sitting patiently...
{quote} Nice posts Joe and nice trade on the gain there. One question, The red arrow seems to be pointing to an inverted hammer. Is the doji line you chose up top based on that, or that itty bitty doji 3 bars before it? Thanks man and again, nice trade, nice posts.
{quote} hi albchr, i do care about dojis or wicks in a pretty similar way like hiddengap is showing in his chart, its good for identifing areas or single pricemarks ans as you say battle of bears and bulls. The line on the bottom isnŽt just a line, itŽs a fibo channel. as you say the candle is lagging, i agree, and thats why magix is on a really good way, he looks on 1minute TF with different maŽs and the large TF indicator to determine the bigger pricecycles . But like this he is able to catch the movements where they begin, "near the tick". regards...
my fibs. The subject of dojis really became interesting to me again as I started working with tick charts just a couple weeks ago. 
The Red Arrow you ask.... {Insert Dr Evil laugh here} Let the candle wicks light the path...
... I seemed to have missed that one. Thank you sir. 
{quote} Ooops...
{quote} Hi thodie, I agree 100% with hiddengap's and your view on them as well. Yes I can see that's a fibo channel. I
{quote} this brings me to a idea, i need to test something
... lol
{quote} BRB? ...
{quote} Brother Thodie is one of the folk who works with some automation with myself and a few other friends... If I was a betting man...I'd be thinkin he's off testing a little piece of logic by way of an EA. Price action is one of the things we have worked with, very successfully...finding criteria and filtering around this can be of a benefit. Almost anything that can be described by pattern, can be coded...just has to be tested and confirmed.
.. You know I'm still very interested in it. The charities await. 
{quote} Brother Thodie is one of the folk who works with some automation with myself and a few other friends... If I was a betting man...I'd be thinkin he's off testing a little piece of logic by way of an EA. Price action is one of the things we have worked with, very successfully...finding criteria and filtering around this can be of a benefit. Almost anything that can be described by pattern, can be coded...just has to be tested and confirmed.
