I did a thorough review of my trading in retrospect then I found that
I have been trading for the past five years with no tangible result.I use a combination of trend line, higher low,lower high and hammer. Hammer is the only candlestick formation I look out for whenever I am basing my entry on candlestick pattern. Many times, I discovered that my positions do eventually emerge the prevailing trend, however I get knock out of the market before the trend surfaces.I did a thorough review of my trading in retrospect then I found that little retrenchment do get me out of my profitable positions. This is due to the lot size I use, what is your recommendation on this.More importantly I will like you to give me two reliable and profitable candlestick trading strategies which I will like to adopt in my live trading.
Basic Knowledge on Famous Doji Pattern
The doji is one of the most important candlestick patterns.
It is seen many times in a candlestick chart.
There are also many complex patterns which have doji included in it.
There are also many variations under the doji pattern.
So, traders who are trading regularly on the basis of candlestick charts need to know all the basic information about the doji pattern.
A doji formation is a single-candle pattern.
It occurs when prices opened and closed at the same level.
Basically, the body of the doji pattern is very small that it almost looks like a straight line.
A doji represents equilibrium between supply and demand, a tug of war that neither the bulls nor bears are winning.
Traders should not take action on the doji alone.
They should always wait for the next candlestick to make an appropriate trade.
Otherwise they may find it difficult to save their investment and get their desired profits.
A doji indicates the instability of the market.
It may create confusion among the traders, as doji shows the indecision of the buyers and sellers in the market.
The previous patterns or in some cases the next pattern after a doji can help the traders make an accurate prediction about the market.
After a long uptrend, the appearance of a doji can be an ominous warning sign that the trend has peaked or is close to peaking.
The converse holds true for a downtrend.
When assessing a doji, always take careful notice of where the doji occurs.
If the security you’re examining is still in the early stages of an uptrend or downtrend, then it is unlikely that the doji will mark a top, but it could precede a pause in the current trend move.
It can be viewed as a pivot.
So, steps should be taken carefully while predicting the doji pattern.