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Dragonfly Doji

A Dragonfly Doji is a type of single Japanese candlestick pattern formed when the high, open, and close prices are the same. It signals a potential reversal. The candle ends up with a tall lower shadow and no body. It is usually seen at the bottom of a downtrend. The Dragonfly Doji is bullish.

To identify a Dragonfly Doji, look for the following criteria:

  • The Dragonfly has a long lower shadow but no upper shadow, and it resembles the capital letter T.

  • The candlestick is formed when the opening and the closing prices are at the highest of the session

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