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In this video, we'll take a look at how to trade something known as a dog and a dog is essentially
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a neutral candle, although there are various flavors of it.
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But really, what you're looking at is an opening in a close price that is either the same or very close
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to being the same.
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This is one of those things where it is a little bit of an art form, you know, because some people
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will say that it needs to be an exact open and close being the same.
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Some people will say that, you know, if there's like a tick or two difference, that's fine to.
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So really, at the end of the day, though, you should assume that these two mean the same thing,
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because essentially what they do mean is that the market is undecided during that time period.
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In this case, it would be like going on the daily chart.
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There are a few other ones, there's a gravestone dodging.
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Which means that the market rallied and then broke back down during the day, and that's a pretty bearish
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sign.
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There is a Dragonfly Dogen, which is somewhat bullish in the sense that it is unchanged, but we did
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initially try to break down, but the sellers were repudiated.
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There's the long legged dog.
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Which just simply is a longer version of a dodgy they all mean the same thing, though, they mean indecision,
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so.
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Really?
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They are a bit difficult to train in the sense that they are probably not one of your more reliable
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candlestick patterns, so you have to add a filter to it.
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You know, some people will come in and just say, well, buy or sell doges.
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And that's not really the way it works in the real world.
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For example, what you're looking for is multiple doses, so I'm going to go down to a four hour chart
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here.
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And.
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This is an example here, there's three doges in a row, there's.
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Something that isn't quite a dog, but it's similar, there's something that isn't quite a dodgy, but
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it's similar, but.
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What you're looking for in a scenario like this is you're looking for some type of change in attitude.
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So.
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As you can see, when I draw these two lines, the Doty's kind of spell out the indecision area, so
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for about 16 hours or so, the market was trading in this little area.
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So what you want to see is a close below the support or resistance, and in this case it was the support
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and we did, in fact, break down from there.
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So where do you go looking towards?
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One of the most obvious places would be previous in this case, previous support, had we broke higher,
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it be previous resistance, assuming that you had it.
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You know, we're not at an all time high or something.
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So that's a quick and dirty way to look at this.
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You can put indicators on to go right along with it.
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So I'm going to go ahead and put this indicator on.
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This is the nine, Emma, and you can see that it did break lower on a close, lower of this little
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range, so it makes sense that you continue to go downward.
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In a sense, this is almost the same as trading a rectangle, but in this case it is in the top or bottom
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and essentially that, you know, that really is what it is.
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It's the market kind of not really knowing where to go and then eventually making its decision.
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So let me go ahead and get rid of this.
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And see if I can find some others.
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They do happen quite a bit, it's it's not that rare.
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You know, you could even go so far as to say that it is probably one of the more common setups.
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Again, though, like I said, it isn't necessarily the most reliable set up, so really you want to
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see multiple doses form, so.
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You can see that the Doges were bouncing off of this area here.
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This one was probably the most dodgiest of dodgy candles, if you will.
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And you can see that there was obvious resistance just above and it's also shown by these wigs.
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Once we broke out, we went straight to.
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The next potential resistance area and then pulled back.
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And not a huge move, but it does double this area much like a rectangle, you know, that would be
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your minimum.
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Obviously these do happen time and time again.
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And you'll notice that once we broke out of this area, the big green candle got support from the nine
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M.A.
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Now you can trade just a single.
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And some traders do, but the more you get in a row, the more success you'll have as a general rule.
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Now, again, that's not always going to be the case.
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You'll notice that we were in a downtrend here in Bitcoin.
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We rallied a bit.
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We formed a dozy right here where we had seen previous resistance.
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Right at about seventy one hundred dollars.
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You put a stop loss on the other side, you sell once, you break down below it and you can see it ends
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up being a nice trade.
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When I go ahead and put an e-mail here and I'm going to although you could use a night, I'm going to
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use a 20 just because I like the way it behaves on a daily or on a day time frame.
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And you'll notice that there is a dodgy right here.
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You know, the market had been rallying a bit and then it's just kind of hanging here at this moving
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average.
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You could also make an argument for a certain amount of support here and, you know, just call it 60,
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600 just to give it a round figure here.
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It's actually a little bit lower than that, which you can see that the market had been hanging on to
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this area.
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The fact that the 20, Emma, has come into play formed a little bit of a support of Candlestick here,
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known as a hammer, which will be in our next video.
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But you can see that we kind of stalled here and then we broke the top of it and then shot straight
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up, so.
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All things being equal, you're with the trend over the last several hours and the fact that we broke
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the top of the dog suggests that perhaps that indecision has gone away.
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Another thing that I would point out is that in this particular run, you can see that there is a gravestone
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division there, which in theory is very negative.
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However, it can also be said that once you break above the top of that, that's a certain amount of
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resistance overcome.
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So when you look at it and then here and the 20 M.A all kind of coming in together at the same time,
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that does suggest that perhaps there's a little bit more to go here.
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And Bitcoin.
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In the next video, I'll take a look at two of the most powerful candlesticks out there, the hammer
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and the hanging man.
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