Learn the Easiest Chart Pattern That You Can’t Forget
At Cryptohopper, the candlestick patterns are a core part of our proprietary strategy builder solution that allows traders and investors to automate trading strategies. The bullish Doji Star is part of the 91 candlestick patterns offered by Cryptohopper and helps traders time the market better.
Bullish Doji Star Chart Pattern
As the name suggests, the Doji Star is a candlestick pattern that resembles a star or a cross.
Thus, the bullish Doji Star can be easily identified on a price chart by the small candlestick length with an almost equal open and closing price.
The Doji Star pattern acts as a bullish reversal signal if it's developing at the end of a bearish trend. However, to be completed, the bullish Doji Star needs to be:
Preceded by a big range bearish candlestick
And be followed by a big range bullish candlestick
How to Trade the Bullish Doji Star Pattern?
Since the pattern signals the end of a downward movement and the start of an upward movement, traders are looking to buy once the price breaks above the third candlestick's high.
However, you don't need to worry about this part since at Cryptohopper, we do this automatically for you!
To cash in the most profits, one can use a trailing stop loss to ride the newly established uptrend.
