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Evening Doji Star Candle Pattern
The evening doji star is one of the better performing candlestick patterns. It has a high reversal rate, ranking 12th, and the performance over time is respectable, too, but not outstanding. A check of the numbers shows that downward breakouts are weakest, and upward ones are strongest with the bear market/up breakout configuration doing the best of the bunch. The trouble with this pattern is its rarity, ranking 81st out of 103 candles where 1 is voted most popular. Few samples are probably why this candlestick does so well.
Let’s take a closer look at this candle pattern.
Evening Doji Star: Important Results
Theoretical performance: Bearish reversal Tested performance: Bearish reversal 71% of the time Frequency rank: 81 Overall performance rank: 30 Best percentage meeting price target: 57% (bear market, up breakout) Best average move in 10 days: 6.20% (bear market, up breakout) Best 10-day performance rank: 15 (bull market, up breakout) All ranks are out of 103 candlestick patterns with the top performer ranking 1. “Best” means the highest rated of the four combinations of bull/bear market, up/down breakouts. The above numbers are based on hundreds of perfect trades. See the glossary for definitions. |  Evening Doji Star |
Evening Doji Star: Discussion
Candle theory says that the evening doji star pattern should act as a bearish reversal of the upward price trend, and testing reveals that it does 71% of the time. That gives the candle a rank of 12th, which is quite high. However, with a frequency rank of 81st, you might not find this candle. The overall performance rank is 30th, so it could be a better performer over time, but actually does quite well — thank you very much.
The best average move 10 days after the breakout is a rise of 6.2%, but just 28 patterns account for the percentage. Thus, the results are likely to change. The best performance rank over 10 days comes after an upward breakout in a bull market. The rank is 15th, which is quite high, and 199 samples are used, so the rank is realistic, too.
Evening Doji Star Identification Guidelines
| Characteristic | Discussion |
| Number of candle lines | Three. |
| Price trend leading to the pattern | Upward. |
| Configuration | Look for a tall white candle in an upward price trend followed by a doji whose body gaps above the two surrounding days. Ignore the shadows. The last day is a tall black candle that closes at or below the mid point of the first day. |
Evening Doji Star: Three Trading Tidbits
- Evening doji star candles with upward breakouts perform well — page 329.
- Select tall candles for the best performance — page 320-330.
- Evening doji stars within a third of the yearly low tend to act as reversals most often — page 332.
Evening Doji Star: Example
The evening doji star appears circled in red on the daily scale. Price moves up to a tall white candle. The next day, a doji forms whose body floats above the bodies of the surrounding two candles. The next day, a black candle takes price below the mid point of the body of the first candle in the pattern, completing the evening doji star.
This evening doji star acts as a bearish reversal of the upward price trend because price rises into the pattern and breaks out downward. A downward breakout occurs when price closes below the bottom of the candlestick pattern.
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