Doji Candlestick on Binomo

The Retest strategy combined with the Doji candlestick pattern is one of the best Binomo trading strategies, and many traders prefer to use it. In this educational article, you will learn what the Doji candlestick is and get step-by-step instructions on using the Retest strategy combined with the Doji candlestick on the Binomo trading platform.

Basic information

Below we will outline the basic idea of trading with a retest price and Doji candles. When the price reaches a breakout and reverts, showing the new trend, such price behavior is a retest of resistance or support. In other words, a retest arises when the price bounces back to the level that it has broken in the past. The retest strategy applies this inherent price behavior, and traders can combine this strategy with the Doji candlestick to achieve better results.

A Doji is a session where the price candlestick has almost equal open and close pattern components. Such candles appear when the bullish traders push prices up when the market opens, and the bearish traders push prices back down.

In general, traders use the following formulas:

• For open-up trades, the price will retest the support with a Doji candlestick.
• For down trades, the price will retest the new resistance with a Doji candlestick.

Alone Doji candles are neutral patterns, but they are helpful with other trading tools.

Notes for the retest strategy with Doji Candlestick

If you want to try the Retest strategy with Doji candlestick on the Binomo platform, here are a few tips to help you:

1. The trades you open should have an expiration time of five minutes or more.
2. If the news causes price fluctuations, postpone the trade.
3. Try to balance your investments and do not open to many trades simultaneously.

You can open trades and apply this trading strategy on Binomo if the above conditions are met.

The retest strategy with Doji Candlestick on a real account

Let’s look at how to apply the retest strategy in combination with the Doji candlestick on a Binomo real account. For example, we have five trades opened after a downtrend. We found the right time when prices formed a downtrend and opened trades.

Let’s take a closer look at these trades:

1. The first trade. We have opened this trade because prices started to create a downtrend after the morning session. Moreover, the price had already broken out of the support, and it was retested to create a candlestick. In this case, the right choice is to open a down trade with a 20-minute duration.
   
2. The second trade. After that, the prices proceeded to retest the resistance with one more Doji candle. Here we can open the second down trade. Don’t forget to watch out for the expiration time point.
3. The third, fourth, and fifth trades. As we can observe, the prices continue to retest the level with a Doji candlestick. For this reason, we can open three more trades.
   

We can proceed with opening new trades until we see the price downtrend. Now we can see the result – 2 correct forecasts and 1 incorrect.

Note! This strategy requires patience to find the times when prices create a trend and entry points.

Conclusion

As you can see from this article, the Retest strategy with the Doji candlestick may be an effective trading strategy for Binomo and other platforms. Some traders say that this is one of the best trading strategies on Binomo because, with its help, they can achieve good results from trades.

We hope this educational article helped you get a central thought about this trading tool and encouraged you to use the Retest strategy with the Doji candlestick on the Binomo platform. However, do not forget that online trading involves financial risks, and no trading strategy guarantees a 100% result.