The Power of a Long-Legged Doji

Sometimes I will place a trade strictly on technical price action, but then lower the size of the trade. This is usually a trade where I expect a pair to strengthen in an overall weak trend. Below is what gave me the trade to buy 1 mini-lot ($10,000) of the Ozzie/US Dollar:

(Experienced traders...this is for the newbies!) Do you see the long skinny bar with a line right through the middle? That is a Long-Legged Doji Candlestick on an hourly chart. It is considered bullish, but obviously would be a much better indicator if it were on a daily or weekly chart. That is why I did a 'scalp' trade...in and out quickly. It was a small profit for $15.00...but it was in 5 minutes.