- #28,366
- May 1, 2012 4:21am May 1, 2012 4:21am
I missed it by 2.5 pips....but its good as the demand is strong...
Hi all,
Just wanted to post this candle formation, I'm not huge advocate of taking trades based solely on candlestick patterns, but the gravestone doji is a very reliable pattern. Pair these up with S/D zones and you're on to a pretty good setup.
The thinking behind it is that someone has just placed a fairly large order that price couldn't breach, therefore it has to come away from the level before it can try again. In my experience on the M5 they'll usually give you at least 10-15 pips.
Edit: I should add that I would only take them after the doji candle has closed, and only in a supply/demand area.
Hope this helps someone.
Just wanted to post this candle formation, I'm not huge advocate of taking trades based solely on candlestick patterns, but the gravestone doji is a very reliable pattern. Pair these up with S/D zones and you're on to a pretty good setup.
The thinking behind it is that someone has just placed a fairly large order that price couldn't breach, therefore it has to come away from the level before it can try again. In my experience on the M5 they'll usually give you at least 10-15 pips.
Edit: I should add that I would only take them after the doji candle has closed, and only in a supply/demand area.
Hope this helps someone.
Hi all,
Just wanted to post this candle formation, I'm not huge advocate of taking trades based solely on candlestick patterns, but the gravestone doji is a very reliable pattern. Pair these up with S/D zones and you're on to a pretty good setup.
The thinking behind it is that someone has just placed a fairly large order that price couldn't breach, therefore it has to come away from the level before it can try again. In my experience on the M5 they'll usually give you at least 10-15 pips.
Edit: I should add that I would only take them after...
, I was eyeing this setup and decided against it. Will remember for next time.
Couldn't you post this 1 hour earlier
- #28,374
- Edited 9:15am May 1, 2012 8:55am | Edited 9:15am
- Joined Nov 2011 | Status: Trader | 1,271 Posts
