Candlestick Patterns

Dragonfly Doji

Dragonfly Doji is a bearish reversal pattern represented by one candle. This candle has the shape of a Doji with a long lower wick and no upper wick. This one-candle pattern can have bearish potential, especially if found during uptrends. Dojis are indecision patterns per se. Bulls and bears fight none of them wins and the open and close of the candle are very close to each other. However, when it is following an uptrend it’s more likely that the bears will take over and the price will decline. Dragonfly Dojis will signal a sell in an automated strategy when it is spotted in the chart.

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