http://thepatternsite.com/LongLegDoji.html
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. The breakout direction is not known, and trying to depend on this candle hinting at a direction is fraught with error.
The overall performance rank is 37, which is closer to 1 (best performance) than 103 (worst). The best average move 10 days after the breakout is a rise of 4.62% in a bear market. That climb gives the long legged doji its best rank of 38 (bear market, up breakout). The 38 rank is a different measure than the overall performance rank of 37, which combines the results of 1, 3, 5 and 10 days for all market directions.
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. The breakout direction is not known, and trying to depend on this candle hinting at a direction is fraught with error.
The overall performance rank is 37, which is closer to 1 (best performance) than 103 (worst). The best average move 10 days after the breakout is a rise of 4.62% in a bear market. That climb gives the long legged doji its best rank of 38 (bear market, up breakout). The 38 rank is a different measure than the overall performance rank of 37, which combines the results of 1, 3, 5 and 10 days for all market directions.
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