Dragonfly Doji | Doji candle | doji pattern
Channel: Trading for beginners
Date: 25/10/2023

@https://www.youtube.com/@tradingforbeginners1875

Dragonfly Doji Candlestick

A Dragonfly Doji is a type of candlestick pattern that can signal a potential reversal in price to the downside or upside, depending on past price action. It's formed when the asset's high, open, and close prices are the same.

The long lower shadow suggests that there was aggressive selling during the period of the candle, but since the price closed near the open it shows that buyers were able to absorb the selling and push the price back up.

KEY analysis 

A dragonfly doji can occur after a price rise or a price decline.

The open, high, and close prices match each other, and the low of the period is significantly lower than the former three. This creates a "T" shape.

The appearance of a dragonfly doji after a price advance warns of a potential price decline. A move lower on the next candle provides confirmation.

A dragonfly doji after a price decline warns the price may rise. If the next candle rises that provides confirmation.

Candlestick traders typically wait for the confirmation candle before acting on the #dragonfly 

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