LONG LEGGED DOJI
The chart showing Series 1 series.
LONG LEGGED DOJI
Definition
This candlestick is a Doji with very long shadows.
Recognition Criteria
1. The body length is either null or very close to null.
2. Both the upper and lower shadows are long and similar in length.
Candlestick Requirements and Flexibility
Ideally, the body should be colorless and have zero length. However, candlesticks with close-to-zero body lengths and white or black body colors are also acceptable. Both shadows should be long.
Trader’s Behavior
The Long-Legged Doji is observed when prices trade significantly above and below the day’s opening price but then close either exactly at or almost at the same level as the opening price. This means that the end result is not different from the initial opening despite the excitement and high volatility during the day. It implies a loss of sense of direction and significant indecision in the market. This candlestick is especially important when seen at market tops.
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