Four-Price Doji

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This article describes the Four-Price Doji basic candle.

Japanese name: doji
Forecast: lack of determination
Trend prior to the pattern: n/a
Opposite pattern: none

Construction:

• a doji candle
• all prices are equal
• lack of shadows
• appears on as a short line

Four-Price Doji is a basic candle that has all four prices equal (i.e. open, close, low and high). Usually this means that we are dealing with a very small number of transactions, and in many cases, with a single transaction. Therefore, its importance is very limited.

Please note that we can assume, as for all other types of doji candles, that a very small body is acceptable. In the case of Four-Price Doji this means that open, close, high and low prices are not necessarily all the same, but are very much similar. Please see the following articles for more detail: The problem with doji candles (Part 1) and The problem with doji candles (Part 2).

Four-Price Doji often appears in pre-market and after hours trading. Also, when the candles are of a low frequency (e.g. 1-minute candles), the chances are higher that such candles will be seen. When such candles occur on a daily chart, it means that the trading volume is likely to be extremely low.