Dragonfly Doji Pattern
A doji with a long lower shadow and no upper shadow, shaped like a "T", signaling potential bullish reversal at support.
Quick Answer
A doji with a long lower shadow and no upper shadow, shaped like a "T", signaling potential bullish reversal at support.
What Is the Dragonfly Doji Pattern?
The Dragonfly Doji is a special type of doji candlestick that looks like a "T" shape. It forms when the open, high, and close are all at or near the same level, with a long lower shadow. This pattern shows that sellers pushed prices significantly lower during the session, but buyers stepped in and pushed the price back up to the opening level. At the bottom of a downtrend, this is a bullish signal.
How the Dragonfly Doji Forms
- 1Open, high, and close at same/similar level
- 2Long lower shadow extending down
- 3No or minimal upper shadow
- 4Forms after a downtrend for bullish signal
How to Confirm the Pattern
Best Timeframes for Dragonfly Doji
How to Trade the Dragonfly Doji
- →Identify potential bottom reversals
- →Spot strong buyer rejection of lower prices
- →Combine with support levels for entries
- →Set stops below dragonfly low
Common Mistakes to Avoid
Detect Dragonfly Doji Automatically
VaultCharts automatically detects Dragonfly Doji patterns on your charts. No manual analysis needed - the pattern is highlighted with entry zones and targets.