Trading Gravestone Doji and Dragonfly Doji patterns are very effective short-term trading strategies.
Gravestone Doji signals bearish (Sell) trend reversal (tutorial).
Dragonfly Doji signals bullish (Buy) trend reversal (tutorial).
altFINS constantly scans over 2,200 assets for 30 different candlestick patterns (see tutorial) and it identified a Gravestone candlestick pattern for several assets including DEEP.
Here are live results for that market scan.
DEEP: Price is in a Downtrend and the Perfect Gravestone Pattern (PGP - see chart below), could signal resumption of that downtrend. Price could revisit the nearest support at $0.025 (also automatically identified by altFINS system).
Context is critical!!
Notice that the Gravestone Doji was preceeded by two green candles (up days) and followed by one red candle (down day).
We call this ''Perfect Gravestone Doji'' and we have a Pre-Set screener filter for it (see live results)
The long upwick indicates that after buyers pushed up the price, sellers stepped in and aggressively sold it and pressured it down below where it started the day. And that selling followed through the following day (red down candle).
This shows that Gravestone Doji occurred in a brief uptrend and signaled bearish trend reversal, which was confirmed the next day.
Trader would enter during or after the close of that red down day that confirmed the reversal.
Also, notice the elevated, above average volume on that Gravestone Doji. That's another indication that buyers were overwhelmed by big volumes from sellers
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