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5 Most Powerful Single Candlestick Patterns

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Type of 5 Candlestick Patterns:-

1) Doji:-Considered to be one of the most important single candlestick patterns, the Doji can give you an insight into the market sentiment. Dojis are said to be formed when the opening price and the closing price of a stock are the same. Since the opening price equals the closing price, these candlesticks virtually have nobody. Here’s an example of a Doji.

2) Dragonfly Doji:-The dragonfly Doji is formed when the opening and closing prices of a stock are at the highest point of the day. The dragonfly Doji has no upper shadow and a long lower shadow. The candlestick pattern looks like this.

3) Gravestone Doji:-It is the direct opposite of the dragonfly Doji. The gravestone Doji is formed when the opening and closing prices of a stock are at the lowest point of the day. The pattern has no lower shadow and a long upper shadow.

4) Spinning top:-Similar to the Doji, the Spinning Top is another single candlestick pattern that reflects indecision and uncertainty in the market. A spinning top is formed when the closing price is close to the opening price. The Spinning Top has a similar structure to the Doji, but with a smaller but distinct body. The pattern looks like this.

5) Hammer:-Hammer is a single candlestick pattern that appears at the upper end of a candle with a short body and a long lower shadow. If the upper shadow of the candle is small then the pattern is still considered a hammer. Here's what the pattern looks like.