How to Make Money Trading with Candlestick Charts


Doji at key reversal levels in



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How to Make Money Trading with Candlestick Charts Balkrishna M Sadekar 210522233256

Doji at key reversal levels in
Pfizer
The Doji told the candlestick trader to keep a
close watch. It indicated that the sellers, who
were so dominant till this point, were being
challenged by the bulls. There is indecision
in the market. There is, therefore, a good


probability that the trend reversal is near.
However, there is need for confirmation
buying. 
The Japanese say that a Doji at
the top warrants immediate selling, but a
Doji at the bottom of a trend needs
confirmation of strength from the bulls.
This is because the weight of the market can
still drag the stock down if the bulls are not
forceful enough. Hence, one needs to wait to
see strength in the markets after a Doji type
day.
What better way to see strength then a gap up
bullish day as seen in Pfizer! The candlestick
trader should immediately act on this signal.
What signal do you see at the top of the
trend? A Doji!


Examine the chart of Syndicate Bank in
Figure 3.4
.
Figure 3.4:
Doji formations in the chart of
Syndicate Bank
The early part of May (Point A) shows a
Doji type day stopping the downtrend. The
next day provided the confirmation the


candlestick trader would have needed to go
long. The rally lasted till mid-May, where a
Doji (Point B) ended the bullish run. Upon
going short after confirmation (yes, I wait for
confirmation even after a Doji at the top), the
trader would have again made a good profit.
The third arrow on the chart (Point C) shows
a spinning top and a Doji stopped the
pullback.
Figure 3.5
 shows a chart of Hindalco. Notice
the arrows showing quite a few Doji. This is
why I like to see confirmation even for the
Doji at the top.


Figure 3.5:

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