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Abstract:When two dojis form one after one on the charts, traders can consider the Double Doji Forex Breakout Trading Strategy.
WikiFX Analysis (22 Dec.) -When two dojis form one after one on the charts, traders can consider the Double Doji Forex Breakout Trading Strategy. Learn more about best trading strategies on WikiFX bit.ly/wikifxIN
The doji is one of the most popular candlestick patterns, which reveals indecision in the market. It suggests that neither buyers nor sellers are in control and that price is about to break in either direction. It doesnt matter whether the market is going to go up or down at this point because a clear trend will emerge afterwards. Whichever way it goes, the thing you need to do is place pending buy stop and sell stop orders on both sides to capture the breakout.
Timeframe: 4 hours; Currency pairs: any; Candlestick pattern: doji; Forex indicators: none
Trading Rules
1. Watch until you spot 2 consecutive doji candlesticks on the charts;
2. Mark the high and low of the doji borders;
3. Wait for the third candlestick to close;
4. If the third candlestick closes above the upper border, buy at market and place your stop loss 2-3 pips below the low that you marked, or you can place it 2-3 pips below the low of the third candlestick.
5. If the third candlestick closes below the lower border, sell at market and place your stop loss 2-3 pips above the high that your marked, or you can place it 2-3 pips above the high of the third candlestick;
6. In terms of profit target, you can use previous swing highs for buy orders and swing lows for sell orders, or you can target three times what your risked.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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