Candlestick - Light the Way! (BAC)
Richard O. Zamora, III; CMT • Dec 27, 2018
Trading a Bullish Morning Doji Star.
What beginning trader doesn’t love using Japanese Candlestick Charts?
For me, ever since Steve Nison published his classic book in 1991, I have been hooked. What’s not to like? The fact is Candlesticks are inherently easy to read, evaluate and trade upon; the sentiments of traders who make up each Candlestick - provides not only a valuable lesson in Technical Analysis, but also a great “quick-start” to those new to trading and eager to learn.
While I’m not going to discuss the specifics of their composition (you can learn this at your own pace) – I am going to talk about one of the best that signals a major bottom reversal – The Bullish Morning Doji Star.
Traders look for whatever “edge” that’s out there. And, this Japanese Candlestick pattern offers a wonderful opportunity to enter a position and catch the beginning of an upward market trend. The Bullish Morning Doji Star is a (3) three candlestick pattern. The first Candlestick is Red or Black (depending on your color scheme), followed by a Doji, which usually gaps down to form a Doji Star. And then, we have a third Green or White Candlestick that closes well into the first session’s real body. YOU simply can’t miss its distinctive pattern!
Looking at Bank of America’s (BAC) chart, we notice that this Candlestick pattern fulfills its definition on December 26th. And as of December 27th, we can see that a new Bullish Uptrend as started. As always, the question is: HOW do we know when to trade this pattern? And HOW do we know when to take profits? I can help you answer that through consultation; contact me today!
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