Representing indecision among buyers and sellers, the Long Legged Doji is a neutral single-candle pattern whereby the opening and closing price are equal. That is, prices trade well above and well below the opening price and close at the same price level as the opening price.
Displayed as a long upper and lower wick (or shadow) which are almost equal in length, the Long Legged Doji displays price fluctuating to extreme highs and extreme lows.
Also known as the “Rickshaw Man”, the Long Legged Doji represents a lack of price direction. Although Long Legged Doji’s with longer upper and lower wicks tend to have stronger breakouts than their shorter counterparts, Bulkowski suggests breakouts occurring after this candle pattern is almost completely random and therefore as a standalone candle, should not be used to enter long or short trades.