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When the body line of the Doji pattern is at the lower end of the pattern, it is known as a Gravestone Doji candlestick pattern.
This is an important bearish pattern.
The price rallied after the opening and closed almost at the same level where it opened. The bulls essentially gave up as the day progressed. It shows the strength of the bears during the session.
Irrespective of whether the high appeared first or the low, this candlestick formation is bearish and shows the strength of bears.
This pattern is a combination of Doji and the Shooting star candlestick patterns
Click here to learn more about the pattern.
This pattern can be plotted on the chart by adding it from the Add study menu in TradePoint & Patterns in RZone. The pattern is also available in the System Builder section. By combining this pattern with other patterns and indicators, you can create your own trading strategies. For any group of stocks and market segments, you can scan and backtest stocks based on those strategies.