The Dragonfly Doji is a bullish candlestick pattern which is formed when the open high and close are the same or about the same price.
What characterizes the dragonfly Doji is the long lower tail that shows the resistance of buyers and their attempt to push the market up.
See the example below:
The illustration above shows us a prefect dragonfly Doji. The long lower tail suggests that the forces of supply and demand are nearing a balance and that the direction of the trend may be nearing a major turning point.
See the example below that indicates a bullish reversal signal created by a dragonfly Doji.
In the chart above, the market was testing the previous support level that caused a strong rejection from this area. The formation of the dragonfly Doji with the long lower tail shows us that there is a high buying pressure in the area.
If you can identify this candlestick pattern on your chart, it will help you visually see when support and demand are located.
When it occurs in a downtrend, it is interpreted as a bullish reversal signal.
But as i always say, you can’t trade candlestick pattern alone, you will need other indicators and tools to determine high probability dragonfly Doji signals in the market.
What characterizes the dragonfly Doji is the long lower tail that shows the resistance of buyers and their attempt to push the market up.
See the example below:
The illustration above shows us a prefect dragonfly Doji. The long lower tail suggests that the forces of supply and demand are nearing a balance and that the direction of the trend may be nearing a major turning point.
See the example below that indicates a bullish reversal signal created by a dragonfly Doji.
In the chart above, the market was testing the previous support level that caused a strong rejection from this area. The formation of the dragonfly Doji with the long lower tail shows us that there is a high buying pressure in the area.
If you can identify this candlestick pattern on your chart, it will help you visually see when support and demand are located.
When it occurs in a downtrend, it is interpreted as a bullish reversal signal.
But as i always say, you can’t trade candlestick pattern alone, you will need other indicators and tools to determine high probability dragonfly Doji signals in the market.
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