A Doji is a pattern found in a candlestick chart and is typically used by traders to do technical analysis. It is characterized by a small body which means the opening and closing price are virtually equal. The lack of a real body conveys a sense of indecision between buyers and sellers and the balance of power may be shifting. A Doji is not as significant if the market is not clearly trending, as non-trending markets are inherently indicative of indecision. However, Doji are trend reversal indicators if they appear after an upward or downward trend. There are 4 common types of Doji.
Standard Doji
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This indicates extreme indecision in the market and a lack of commitment from traders. If other indicators suggest that prices are overbought or oversold, it can mean a price reversal is imminent.
Long legged Doji
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This indicates indecision between bulls and bears but suggests that traders are becoming more active and that a volatile price move may soon occur.
Gravestone Doji
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This indicates that a current uptrend may be coming to an end with the price about to reverse downward.
Dragonfly Doji
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This indicates that a current downtrend may be coming to an end with the price about to reverse upwards.
Easy Doji provides a comprehensive dashboard that allows you to view the presence of Doji formed on many popular instruments and across multiple timeframes (M5, M15, M30, H1, H4, D1) at one glance. (Please note that M5 is only available for viewing as an optional in-app subscription)
Below are some of the key features of the app.
- Timely display of the 4 types of Doji whenever they appear on many popular instruments including cryptocurrencies, exotic pairs across multiple timeframes,
- Display headline news of your favourite currency pair(s)
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