The Doji candlestick chart pattern is a formation that occurs when a market’s open price and close price are almost exactly the same. It is characterized by having a small length, which indicates a small trading range. A Doji candlestick can take the form of a plus sign, a cross, or an inverted cross.
The different types of Doji pattern are- Neutral Doji, Long-legged Doji, Gravestone Doji and Dragonfly Doji
1-Neutral Doji: It is generally forms when the buying and selling powers for a stock in the market are at an equilibrium. It means that the price of the financial asset closes in the middle of the day’s high and low. Following the trend prior to the Doji, a change in direction can be expected. A neutral Doji looks like a plus sign.
2- Long-legged Doji: Long-legged Doji, which looks like a cross, also indicates that the price of the financial asset being traded closes in the middle of the day’s high and low. A long-legged Doji forms when the buying and selling powers for a stock in the market are at an equilibrium. This Doji type shows a great amount of indecision among buyers and sellers in the market.
3-Gravestone Doji: Gravestone Doji (which looks like an inverted “T”) signifies that a stock or other financial asset opened and closed at the day’s low. The pattern normally forms at the bottom or end of a downward trend. The longer upper side of the Gravestone Doji, also known as a shadow, hints at a possible end to the current trend direction in the market and a reverse in direction.
4- Dragonfly Doji: Opposite to the Gravestone Doji, a Dragonfly Doji (which looks a “T”) signifies that a stock or other financial asset opened and closed at the day’s high. It tends to form at the peak of an upward trend and signals a possible trend reversal. This Doji type also shows a great amount of indecision among buyers and sellers in the market.
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