Morning Doji Star Pattern & related strategies

myamit

Well-Known Member
#1
Hello Friends,

I'm trying to learn various candlestick pattern & trying to work out a method that can be really effective.

I was told that morning doji star is very effective bullish pattern.
While working with last 6-12 monhs data I found above is very true as almost 45 stocks (out of NSE F&O scripts only) made this patterns & till date not violated low they have made during this pattern.

Impressed with above findings, I tried to search various resources for this particular pattern & related strategies. However I really could not find anything worth mentioning. Can anyone help me in finding answes like after such pattern what should be the entry, stop loss, target etc.? Also what if there are down days after such pattern emerges on the chart.

I really appreciate any help in this regards.

Regards,
 

babukraman

Well-Known Member
#2
Hello Friends,

I'm trying to learn various candlestick pattern & trying to work out a method that can be really effective.

I was told that morning doji star is very effective bullish pattern.
While working with last 6-12 monhs data I found above is very true as almost 45 stocks (out of NSE F&O scripts only) made this patterns & till date not violated low they have made during this pattern.
Hi myamit,
I'm not sure if that's the only successful and effective pattern. Since you've already begun working on the data and got those 45 stocks, may I ask you to post (posting the charts are very tedious, I know) atleast details like scrip names and the dates on which this particular pattern was made? So that I can look myself in the charts. Thanks!

Impressed with above findings, I tried to search various resources for this particular pattern & related strategies. However I really could not find anything worth mentioning. Can anyone help me in finding answes like after such pattern what should be the entry, stop loss, target etc.?
A strategy could be worked out from your findings itself, if you could post that data please. There is no need to look elsewhere. There is a saying in Tamil, "Kaiyil vaennai irukka, neiyukku alaivaanaaen?" meaning when there is butter readily available, why look for ghee all over the place.

Impressed with above findings, .......... Also what if there are down days after such pattern emerges on the chart.
As per your findings, the 45 stocks performed impressively; then, why is the caution?
Cheers!
Babu Kothandaraman
 

myamit

Well-Known Member
#3
Dear Ravi,

Thank you for your reply. Yes morning doji star is very effective but my dilema here is that whatever results I'm seeing are because of current bull run or due to these stocks individual merit?

Like last Thursday (21-Oct) this pattern got formed on Nifty, SBIN, Hindalco charts. Now are they good buy? If yes, what should be kept as target/SL?

Regards,
 

myamit

Well-Known Member
#5
Dear calmeshenoy

I could not spot any morning star or morning doji star pattern on Bhel or Onmobile. For this pattern to happen - second candle should be gap down from first candle & doji. In both the cases you have mentioned are not gap down open.

I could spot only following stocks (under NSE F&O group) having these patterns on 21st Oct 2010.

Nifty
SBIN
Hindalco
IOB
Sobha

Regards,
 
#6
Dear calmeshenoy

I could not spot any morning star or morning doji star pattern on Bhel or Onmobile. For this pattern to happen - second candle should be gap down from first candle & doji. In both the cases you have mentioned are not gap down open.

I could spot only following stocks (under NSE F&O group) having these patterns on 21st Oct 2010.

Nifty
SBIN
Hindalco
IOB
Sobha

Regards,
bhel close of 19/10/2010 2507.9
open of next day 2499.0 so its gap downof 8.9 point
candle of 20/10/2010 is not doji but its a morning star
 

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