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Figure 1. Gravestone Doji (basic candle).
Japanese name: tohbo
Forecast: lack of determination
Trend prior to the pattern: n/a
Opposite candlestick: Dragonfly Doji
Construction:
- Opening, closing and minimum prices are the same or very similar
- Long upper shadow
- appears on as a long line
The Gravestone Doji basic candle is similar to that of a gravestone. Its appearance in a downtrend may suggest its continuation or a move to a sideways trend. All the major authors emphasize the importance of the candle after the uptrend.
Tohbo (or tohba) is a wooden symbol of a Buddhist stupa set up behind a tombstone. It also includes the gravestones of those courageous men who fought in the war. According to Shimizu, the appearance of a Gravestone Doji at the top indicates the announcement of the uptrend’s end. In some cases, the Gravestone Doji basic candle may resemble One-Candle Shooting Star pattern when a small doji body is allowed (e.g. 1-3% of the candle).
Figure 2. In all three Gravestone Doji instances the opening, closing and minimum prices are equal.
