Long Legged Doji

Long Legged Doji Candlestick Pattern
June 16th in Single-Stick Patterns by Mash Bonigala .

Long Legged Doji shows that there is a great amount of indecision in the market. This pattern is formed when prices trade well above and below the day's opening price, but then close almost at the same level as the opening price.

Long Legged Doji
Discussion
My tests show that the long legged doji acts as a bullish continuation candlestick 51% of the time, which I consider random. Thus, the indecision label is an apt one.

Long Legged Doji
Long legged Doji candlesticks are a stronger sign of trend change when they appear during a strong uptrend or downtrend
A Long Legged Doji is characterized by much longer shadows. It is an important reversal signal.

Long Legged Doji
A Doji pattern with very long upper and lower shadows. This indicates market indecision.

Long Legged Doji Pattern:
A Doji pattern with long upper and lower wicks.
Interpretation: A top reversal signal.

Spinning Top, Doji, Long Legged Doji, Dragonfly Doji, Gravestone Doji, Four Price Doji
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All that was required was a bullish trading day after the long legged Doji on Friday. The Dow closed up 936 points. Needless to say, this is bullish confirmation.

The stock declined to its previous support level in early March, formed a long legged doji and later a spinning top (red circle).

A long legged doji has formed right smack on the 61.8% Fib level. If you paid attention in Grade 2, you'd know that this is an "exhaustive candle." Has buying pressure died down? Is resistance at the Fib level holding? It's possible.

A long legged doji has long upper and lower shadows. A gravestone doji has a long upper shadow and no lower shadow. A dragonfly doji has no upper shadow and a long lower shadow.

can be used as both a trade entry and a trade exit pattern (i.e. an exit from a long trade, and/or an entry into a short trade). Note that if the two candlesticks were compressed into a single candlestick, that they would create a long legged doji.

See also: Trading, Candle, Candlestick, Long, Pattern