Is Dragonfly doji a bearish doji?

The bearish version of the Dragonfly Doji is the Gravestone Doji. It looks like an upside-down version of the Dragonfly and it can signal a possible downtrend. Although the Dragonfly Doji can indicate the coming of a bullish price change, traders should not rely on this indicator alone:

What is Dragonfly doji Candlestick?

A dragonfly doji candlestick is a candlestick pattern with the open, close, and high prices of an asset at the same level. A dragonfly doji pattern does not appear constantly. It is used as a technical indicator that signals a potential reversal of the asset’s price.

How do dragonfly dojis work?

The Dragonfly pattern typically forms when the asset's high, open, and close prices are the same. Dragonfly Dojis initially cast long wicks toward the downside, suggesting aggressive selling within the market. However, the price then recovers and closes at the price it opened at; this signals strength within the market.

What is Dragonfly doji reversal pattern?

What is Dragonfly Doji: Bearish Reversal Pattern? - Technicals Glossary Dragonfly doji is a bearish reversal pattern. It is opposite to the gravestone doji. In this pattern, open, high, and close are at the high of the day. Strategy: Long positions can be taken once high of the candle is exceeded.