name ONE
There's a big (enormous) difference within Japanese Candlestick Analysis between single candlestick
lines versus candlestick
patterns...as in one interval versus multiple intervals to provide price action context.
Simply, a doji line all by itself provides LESS information versus a doji pattern. This thread mentions nothing about doji patterns. Thus, I'm going to assume the thread is started about a single doji interval.
Further, dojis (lines or patterns) provide less information about price action context in comparison to other candlestick lines or patterns. For example, the
Hammer line/pattern provides more information about key changes in supply/demand in comparison to doji lines/patterns.
Without getting into any statistical details, overall Japanese Candlestick lines/patterns are
not profitable all by themselves and the results varies dramatically from one trading instrument to the next and the same from one trade management plan to another. In contrast, traders that are profitably using Japanese Candlestick patterns are not using them alone. In fact, they are just using them to provide information about key changes in supply/demand instead of as entry signals.
Yet, if you want some kind'uv of statistics...take a look at the stuff by Thomas Bulkowski @ thepatternsite.com
I think he only monitors five types of dojis and one of them ranks in the top 5 out of 103 candlestick lines that he follows via whatever methodology he uses. I'll let you do your own research to determine what candlestick lines are ranked higher than dojis via whatever it is that you trade because as stated above...the performance rankings will dramatically change depending on what you trade and how you trade it (trade management after entry) if you're going to use candlestick lines/patterns as entry signals.
My own testing (will not disclose) involves Emini ES, NQ, TF, EMD, Eurex DAX, Eurex DJstoxx50, Euronext CAC40, Euronext FTSE100 since the birth of those trading instruments. Also, 15 years of info in other futures instruments (e.g. 6C, 6E, ZB, ZN and others). Hammer lines/patterns in my stats rank higher than doji lines/patterns.
Regardless, Japanese Candlesticks aren't my primary strategy, I don't use them as entry signals and I mainly use them for information about changes in supply/demand and profit targets.
P.S. Don't trade them via codes or automation...they were designed for such.
