There are several dojis that are bullish about 58% of the time via a particular interval that occurs prior to the doji (use ET to search for the info). Regardless, they can't be meaningless to you as you stated while at the same time you're using them for supply/demand visuals. Thus, they obvious do have some value to you regardless if the value is small. Kind'uv like TraderZones several years ago saying "everything involving TA" was useless while at the same time saying trendlines and s/r levels. However, after a little probing, his source of TA info was very bad TA. Mark
Respectfully, this is why it's different: Logically, "I believe it to be not true" is a very different (and much stronger) statement than "I don't believe it to be true". It appears to me that TZ was asserting the latter.
Some time ago, I bought Nison's book on candlesticks and just could not get to grips with it. But prior to that whilst working at a bank I heard the term "Tombstone Doji" and in a very general, vague way it it seemed to capture the market mood (this was sometime between Bear and Lehman). By default, I look at candlesticks when I want to see a chart, because they impart more info than a simple line graph. However, as Eli has astutely pointed out - intraday the open and close wicks are arbitrary.
I'm passing this on with permission because someone did the same for me a couple of months ago. Put a 3 line break format in 89, 177 and 277 tick candles with standard 10,3,3 stochs and a standard MACD. Pay attention to all 3 charts setting up together for an entry. If it doesn't make any sense, just consider it hot air. Good trading to all.
There is no dog in the clouds. Call the dog a doji or call it a Hymans-Sycophant-Oscillator It don't really matter what matters is collecting enough data and applying a strategy consistently enough using that data to make a few bucks on a purely statistical basis ET is not a place to learn how to do this -ET is a place to break wind
The evidence against TA practiced by the masses is enormous. It has been tested by many, longterm and after costs, little value found. The evidence for TA is usually belief and opinion. If you do not grasp this, then you have your answer. If you grasp this, then you have your answer.
I wrote some code to markup the "common" candle patterns on charts. Aren't they wonderful? With so many to choose from, cherry picking a few to support any proposition one cares to put forward should be a snap. More seriously, the code is also integrated into a stock screener with back testing. I could find no evidence that candle patterns provide any edge, either stand alone or in combination with other factors.
Although I understand where you're coming from, what about the following. For instance, what if you wish to trade a 5 minute chart's action, which is bullish, but which higher chart do you pick if? 30min bearish 60min bearish 240min bullish Daily bulllish Weekly bearish Monthly consolidating