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The Evening Star Doji candlestick pattern does not occur very often, making it rare. It is a strong signal that traders should pay attention to when it does occur. Before examining the evening doji star in detail, it\u2019s essential to understand the basics of candlestick formations and their components.<\/p>\n
Morning Doji Star is the opposite candlestick pattern of evening Doji star. I have explained a simple trading strategy of the morning Doji star, which can also be applied to the evening Doji star. A single evening Doji star cannot reverse the whole trend of the market. So, to make it a powerful candlestick pattern, you will have to add other technical confluences, for example, resistance or supply zone. For example, a trader might use the appearance of an evening doji star as a cue to close a long position that has been following an uptrend. Alternatively, more proactive traders might see it as an opportunity to open a short position in anticipation of a bearish move.<\/p>\n
This candlestick pattern is more effective at key support and resistance levels. They signal that the bulls are about to lose control, and the bears will take over. It is a reliable reversal pattern, but being aware of fakeouts is important. Please be sure to use proper risk management techniques when trading an evening star pattern. Multiple candlestick patterns are often confused with the evening doji star pattern.<\/p>\n