BULLISH MORNING DOJI STAR PATTERN (BMDSP)
The bears are in control… but not for long
Characteristics:
1. Market is on a downtrend;
2. Day 1 has a long black stick;
3. On Day 2, there is a Doji that gaps in the direction of the previous downtrend; and
4. The white stick on Day 3 confirms the reversal.
Brief Explanation:
The BMDSP is composed of a long black stick followed by a Doji, which gaps down to form a Doji Star. Then there is a third white stick with a closing that is well into Day 1’s black body. The BMDSP is a meaningful bottom pattern.
The black body while the market goes down may imply that the bears are in control. Then a Doji appears showing the declining capacity of the sellers to drive the market lower. The bull’s ascendancy on Day 3 is confirmed by the strong white body.
Notes:
1. The Doji may be more than one, two or three
2. The gaps of the Dojis are not important
3. The pattern’s reliability is high, but a confirmation is suggested (through a white candlestick with a higher close or a gap-up).
Related posts:
- Bullish Three Outside Up Pattern
- Bullish Mat Hold Pattern
- Bullish Side-by-side White Lines Pattern
- Bullish Three Inside Up Pattern
- Bullish Abandoned Baby Pattern
- Bullish Kicking Pattern
- Bullish Piercing Line Pattern
- Bullish Concealing Baby Swallow Pattern
- Bullish Three White Soldiers Pattern
- Bullish Rising Three Methods Pattern
