Dragonfly Doji - Bullish Candlestick Pattern

Dragonfly Doji Definition

Dragonfly doji is the bullish counterpart to the gravestone doji, where the open, high, and close are at the high of the day. The dragonfly doji has a higher success rate when the candle forms at a market bottoms. The psychology behind the candle is that the bears pushed the security down to an unsustainable level and the bulls are able to push the security up to its high by the end of the session. The dragonfly doji is similar to the bullish hammer pattern, except for the fact the dragonfly doji has no body. Traders should wait for the high of the candle to be exceeded prior to taking a long position.

Dragonfly DojiDragonfly Doji

Charting Example of A Dragonfly Doji

Dragonfly Doji Chart ExampleDragonfly Doji Chart Example


Tim Ord
Ord Oracle

Tim Ord is a technical analyst and expert in the theories of chart analysis using price, volume, and a host of proprietary indicators as a guide...

Day Trading Simulator

Tradingsim.com provides the ability to simulate day trading 24 hours a day from anywhere in the world. TradingSim provides tick by tick data for...

Send this article to a friend.

Enter multiple addresses on separate lines or separate them with commas.