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Username: Fluffy Rating:  Asked to: Apinya Kamon Date Created: 10 May 2017 |
| Category | 17 |
| Tag | Financial |
| Question | Please give the definition of 'Rickshaw Man'. |
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Hello Fluffy, The rickshaw man is a long candlestick with a doji body that indicates indecision in the market. In particular, the rickshaw man is a type of long legged doji where the body must be located at or very near the middle of the candle. The rickshaw man candle occurs when both bulls and bears control a security’s price at different times. This creates a wide trading range for the period, and therefore, long shadows on the candle. Despite the significant volatility, there is no clear directional movement and the price closes very near its opening price, which creates a doji or plus or cross-like pattern. These dynamics suggests indecision in the market, but could send a signal to traders based on context. In some cases, the pattern may represent a period of consolidation, which could mark a continuation pattern. In other cases, the pattern could indicate indecision at the end of a bullish run-up, which could mark a reversal pattern. Traders that have enough context may want to bet on a continuation or reversal, but in many cases, traders may want to hold off on taking any positions until a clearer chart pattern emerges. |
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