Auslanco - GBP/JPY and GBP/USD (newstrade)

Quoting hussin naiji

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in fact a long legged doji

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Quoting hussin naiji

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in fact a long legged doji

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Quoting quecee5

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Agreed, but keep in mind it could re-test as high as 1.5800 which is 55 EMA on 4hr, a rejection there would speaks volumes and send it back down to 1.54 area then 1.53 area. . .

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Quoting DutchTrader

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True. I think that a small long position today will be a good move, then just target the bottom.

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Quoting frevd

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ay for sure, a 4:1 ratio. but this rejection of the whole bearish part could also mean a strong up bias, regarding the very instable but large previous weekly candle. however, since the bull move was also rejected and since it is said in a bear markets highs are set first, once could also take it as a bearish signal - undecided indeed yep.

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Quoting hussin naiji

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in fact a long legged doji

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Quoting quecee5

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and that would suggest what in your opinion?

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Quoting quecee5

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What does this imply if you don't mind me asking?

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Quoting quecee5

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Looks like it could be a dragonfly doji on the weekly chart IMO, your thoughts please. . .

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Quoting hussin naiji

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with upper wick (76 p)

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Quoting hussin naiji

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my closing price is 207.34
whether you have other opinion about this long legged doji ??

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Quoting hussin naiji

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http://www.candlesticker.com/Cs27.asp

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Quoting quecee5

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No, I'm asking u to explain what it means in your opinion? I'm not familar with this type of analysis so I'm asking u what is your take on this. . . Are u saying it may head up to 211 area 1st then fall from there????

The only thing I know is what I've read, please explain if you don't mind. . .

A "long-legged" doji is a far more dramatic candle. It says that prices moved far higher on the day, but then profit taking kicked in. Typically, a very large upper shadow is left. A close below the midpoint of the candle shows a lot of weakness. Here's an example of a long-legged doji:
http://www.streetauthority.com/images/swing/10-20-7.jpg
When the long-legged doji occurs outside a Bollinger band, my experience says you should be extremely vigilant for the possibility of a reversal. A subsequent sell signal given by an indicator such as stochastics is typically a very reliable warning that a correction will occur.

Finally, a "dragonfly" doji depicts a day on which prices opened at a high, sold off, and then returned to the opening price. In my experience, dragonflies are fairly unusual. When they do occur, however, they often resolve bullishly (provided the stock is not already overbought as shown by Bollinger bands and indicators such as stochastics). Here's an example of a dragonfly doji:
http://www.streetauthority.com/images/swing/10-20-9.jpg

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Quoting jarroo

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Glad you asked, Que.

Inside Bars are defined as indecision in the market, which is neither Bearish nor Bullish. So, a break of the top and/or bottom could be a tradable opportunity.

However, the DBLHC (Bullish)from two weeks ago is still in play here. Price Action historically on higher time frames (i.e. Weekly chart) will retrace before they break and move. The retracement may have been completed from last week, down to the 50 % retracement level. We shall see.

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Quoting hussin naiji

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Recognition Criteria:
1. The market is characterized by an overall uptrend.
2. Then we see a Doji at the upper end of the trading range and it is located above the trend.
3. Lower shadow of the Doji is extremely long.
4. There is no upper shadow.

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Quoting DutchTrader

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I'm looking at Aud and Euro today, GJ I leave for you guys.

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