Double Doji Strategy (How To Scalp or Day Trade this ?)
Sure, you can but as with most trading longer time frames are better. Look on attached 15 minute chart- I see around 3 buy trades after Double Dojis or more appeared at a minor or major support area- for quick scalps and/or a longer day trades.
For your convenience here is a summary of the rules:
1) Spot 2 Dojis in a row. it is better when they appear after a clear up or down trend ( minimum of 3 green/blue or red candles in a row).
2) Mark the upper and lower border of these Dojis highs and lows.
3) Wait for one of the borders to break. No need to actually wait, just insert 2 pending orders.
4) When one of the orders executed, cancel the other one.
5) Choose one of the three trade management methods and follow it to the letter.
6) Collect profits.
NOTE: Please see my previous posted article, related to using Double Doji Strategy on higher time frames.
For your convenience here is a summary of the rules:
1) Spot 2 Dojis in a row. it is better when they appear after a clear up or down trend ( minimum of 3 green/blue or red candles in a row).
2) Mark the upper and lower border of these Dojis highs and lows.
3) Wait for one of the borders to break. No need to actually wait, just insert 2 pending orders.
4) When one of the orders executed, cancel the other one.
5) Choose one of the three trade management methods and follow it to the letter.
6) Collect profits.
NOTE: Please see my previous posted article, related to using Double Doji Strategy on higher time frames.