The formation of a Doji candle on the H4 timeframe candle has provided us with an opportunity to consider an entry, especially when it formed at resistance level.
In this scenario, there are two possible trading directions with Doji candle, buy or sell. However, the key rule to trading with doji candle is wait for the price to break through and close beyond the shadow of the Doji candle.
This allows us to offer two trading options: Buy Stop/Sell Stop and Buy Stop Limit/Sell Stop Limit (MT5 only).
Furthermore, it is advisable to exercise patience and continuously monitor the price movement after a breakout to determine whether it provides clear confirmation of the price direction or not.
Buy Stop : 96.000
SL : 95.656
TP : 96.860 (+2.5)
Sell Stop : 95.655
SL : 95.979
TP : 94.844 (+2.5)
(MT5 Only)
Buy Stop Limit
Price : 96.222
Stop limit price : 96.000
SL : 95.656
TP : 96.860 (+2.5)
Sell Stop Limit
Price : 95.5
Stop limit price : 95.655
SL : 95.979
TP : 94.844 (+2.5)
In this scenario, there are two possible trading directions with Doji candle, buy or sell. However, the key rule to trading with doji candle is wait for the price to break through and close beyond the shadow of the Doji candle.
This allows us to offer two trading options: Buy Stop/Sell Stop and Buy Stop Limit/Sell Stop Limit (MT5 only).
Furthermore, it is advisable to exercise patience and continuously monitor the price movement after a breakout to determine whether it provides clear confirmation of the price direction or not.
Buy Stop : 96.000
SL : 95.656
TP : 96.860 (+2.5)
Sell Stop : 95.655
SL : 95.979
TP : 94.844 (+2.5)
(MT5 Only)
Buy Stop Limit
Price : 96.222
Stop limit price : 96.000
SL : 95.656
TP : 96.860 (+2.5)
Sell Stop Limit
Price : 95.5
Stop limit price : 95.655
SL : 95.979
TP : 94.844 (+2.5)
Order cancelled:
"Unfortunately, the buy stop limit order did not trigger at the pre-defined price as I was using MT5."
4 Trading plan
Loss : -2
Profit : +4
Total : +2