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How to correctly use Doji candlesticks to spot a reversal?

  • #201
  • Jun 19, 2014 4:48pm Jun 19, 2014 4:48pm


Quoting albchr
{quote} LOL... a cross......a star......hiding in a bar.....la da dee da dee da da dee.......
SPC * Swollen PocketZ Crew!
  • #202
  • Edited 4:53pm Jun 20, 2014 3:00pm | Edited 4:53pm
So continued and final post on this nonsense.

So for the sake of the DOJI thread, I hit AU again last night short. Took a look-see during Asia and saw price going long strong off the DOJI line and then fail miserably so why pass it up.

Was hoping for another +50 but you got to take what it gives on a Friday. The method gave +24 before exit. I saw 30 this morning at some point. So for this DOJI crap two positive AUD trades and one botched GU trade on Wednesday. Similar DOJI line set up on Wednesday for GU but I took the trade before the news and careless, forgot to close it right before. There was an immediate shakeout which took me right out from the start for -20. Stop was for -15 but got over-run by 5 from the force, dam it. Then it used the DOJI line for support and it was all she wrote..... took off longggg into the sunset. Today however it was tanky tanky downtown for GU finally but I didn't trade it. Was hanging with Crude.

Well anyway, to anyone not profitable and looking for Intraday plays. To be honest..... find any area on a chart where price is reacting SUBSTANTIALLY, draw a line and just wait for price to revisit it later. If it blows past, so what... but if it hangs, well then you got something. That's really the method to this particular madness. If this thread was about wicks, I would have found a trade off of a wick. Do it with anything from a swing low, swing high, a Doji, a wick, whatever. It's really just learning what a long or short looks like when unfolding. You just got to try to read the session order flow , session by session using all time frames. Big time frames for analysis equals bigger Intraday rewards. Just my Intraday take on things. Don't get confused with the if it will hold or fail. That's why it's called trading. Don't let the market and inexperienced FF members "mind F---" you with the, "well will it hold or fail nonsense". That's the point. Price is now cornered or resting. The runaway train has slowed down. Now you can get on it. Duh!! Just go with it when it takes off again. Whichever way! Be Reactive, fuck Proactive. Anyway, it's just what works for me INTRADAY, it may not work for you but give it try first before dismissing it. What do I care. I learn more about trading from my own wacky postings and trying not to embarrass myself than probably anyone gets from reading them anyway. They have become training exercises for my trading. I actually learned 2 more things while planning and posting these trades so here I thought I could help someone and ended up helping myself again.

A few weeks ago I learned to just let price come to me. Come to my lines and forget about what anybody else was doing.

Give it a shot....

The only lines for me in the next couple of weeks will be tight lines. Going to do some fishing so no trading. Instead of price, will be looking for fish on the lines.

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..... maybe a little sideways action next week for you guys?? Who knows... have fun....

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SPC * Swollen PocketZ Crew!
  • #203
  • Jun 21, 2014 6:38am Jun 21, 2014 6:38am
Quoting JoeNY
Now you can get on it. Duh!! Just go with it when it takes off again. Whichever way! Be Reactive, fuck Proactive. ..I learn more about trading ...than probably anyone gets from reading them anyway. They have become training ... I actually learned 2 more things while planning ... I thought I could help someone and ended up helping myself again. A few weeks ago I learned to just let price come to me.
Beautiful Joe!

The very reasons I try to answer questions is to both try and help those asking and by extension, myself by digging into it. I volunteered my summers to teach special need kids about computers. How to both build and use them. I'm still amazed at how much I learned (about far more then computers) by trying to answer their questions.

So I only disagree with one point you made here, others (maybe not all) DO INDEED learn a great deal from your posts. Please never stop. After you catch you some fish that is.
Ghost Rider - WWTBMD?
  • #204
  • Jun 21, 2014 11:27am Jun 21, 2014 11:27am
Quoting albchr
{quote} Beautiful Joe! The very reasons I try to answer questions is to both try and help those asking and by extension, myself by digging into it. I volunteered my summers to teach special need kids about computers. How to both build and use them. I'm still amazed at how much I learned (about far more then computers) by trying to answer their questions. So I only disagree with one point you made here, others (maybe not all) DO INDEED learn a great deal from your posts. Please never stop. After you catch you some fish that is.
nice of you to help magix out for the summer
tradewith60
  • #205
  • May 27, 2022 7:32pm May 27, 2022 7:32pm
Quoting hanover
If the dojis occur in prior areas of supply/demand, this can significantly improve probability of a reversal. But as the screenshot demonstrates, nothing works 100% of the time. Here we see maybe 7-8 'reversal' candles (area B) that all occurred in an area of supply created by candle 'A', yet price broke further upward before eventually reversing. {image}
Hi hanover and other great coders / traders ...

How can we define a "doji" candlestick ? normally we define a candlestick like this (as far as i know) :

Inserted Code
 
   int  candleState = -1;   // bull=1, bear=0, doji=2
   string pair = Symbol();
   int tf = Period();   // can change this to meet MTF later
  
   if ( iClose(pair,tf,i) > iOpen(pair,tf,i) )  {  candleState = 1; }
   else if ( iClose(pair,tf,i) < iOpen(pair,tf,i) )  {  candleState = 0; }
   else { candleState = 2; }

i just think this is ok as long as we use it at small TF like M1 / M5.... but how about big TF like H4, D1 or even at W1, MN1 ??
in my opinion, it must be some thing like "tolerance" we give there to define that a big TF candle is in a "doji" state or not ...

Inserted Code
 
   double tolerance = X;  // the value is depend on each TF, at TF M1 can be 0.0
 
   if ( (iClose(pair,tf,i) -  iOpen(pair,tf,i)) > tolerance   )  {  candleState = 1; }
   else if ( (iClose(pair,tf,i) - iOpen(pair,tf,i) ) < -tolerance  )  {  candleState = 0; }
   else { candleState = 2; }

now how big is the tolerance shall we put for each TF ?? how to calculate it ??? because if we just define the tolerance = 0.0 for all TF,
it is very very rare to have a doji candle on big TF like H4,D1 and above... any idea ??

any clue is welcome ... Thanks a lot in advance.
  • #206
  • Jun 24, 2022 9:14pm Jun 24, 2022 9:14pm
Quoting newhope
any clue is welcome.
decide how close to center of candle body must be (depend whether you want to include dragonfly, gravestone etc)
decide what max width of body must be
i would work in % of total candle length rather than pips
--- eg. center of body must exist 25% to 75% up the height of candle, and must not be higher than 5% of total height of candle
also i google and found video
Inserted Video

much more info on internet
eg. find other doji pattern indikator and check code
  • #207
  • Last Post: Jul 5, 2022 1:05am Jul 5, 2022 1:05am
To b honest, I don’t follow any candle pattern so blindly; yeah Doji is one of the most popular candle pattern, but if you use this pattern without the market context, then surely you’ll be a loser! I think market context is the main priority than any trading pattern!
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