The emergence of a morning doji star formation is preceded by a down trend, which is essentially the information contained by the morning doji star formation reflects the failure of the first candlestick (black or black candlestick Marubozu) to continue the downward trend, why? because of the emergence of a long black candlestick or black Marubozu at the end of a down trend, technically this indicates the emergence of a bearish trend continuation, but an indication of a bearish trend continuation is ignored by the emergence of a doji formation which is an indication of doubt that is upon market conditions, as we have discussed earlier, the market will be skeptical about the trend bearish continuation which indicated by the long black candlestick formation and black Marubozu before.
Hesitancy of the market about trend bearish continuation strengthened by emergence of Doji candlestick formation in the gap down position which body candlestick ( open and close ) of doji is below closing price of long black candlestick pattern and black marubozu candlestick which appear earlier.
Gap Down in morning Doji Star formation could lead the market psychology suspect that the target to reduce the price of the down trend before been realized since there has been a downward leap / gap down.
A complete characteristic of Morning Doji Star formation can be written as follows
1. Morning Doji Star is preceded by a down trend
2. The first is a long black candlestick candlestick or black / black opening / closing Marubozu black
3. The second candlestick is a doji (four price doji / long legged doji / dragon fly doji / gravestone doji)
4. The highest point of the Doji candlestick body is under the close price of the first candlestick. This
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