🔥🔥🔥DRAGONFLY DOJI CANDLESTICK🔥🔥🔥

A Dragonfly Doji is a type of candlestick pattern that signals a potential price reversal, either to the downside or upside, depending on past price action.

Here are some key points to consider ¹ ² ³:

👉 The Dragonfly Doji occurs when the high, open, and close prices are the same.

👉 The long lower shadow suggests that there was aggressive selling during the period of the candle.

👉 The pattern is more significant if it occurs after a price decline, signaling a potential price rise.

👉 If it appears after a price advance, it indicates more selling is entering the market and a price decline could follow.

👉 The pattern needs to be confirmed by the candle following the Dragonfly Doji.

👉 The Dragonfly Doji is not a reliable tool for spotting most price reversals.

👉 The size of the dragonfly coupled with the size of the confirmation candle can sometimes mean the entry point for a trade is a long way from the stop loss location.

👉 The Dragonfly Doji works best when used in conjunction with other technical indicators, especially since the candlestick pattern can be a sign of indecision as well as an outright reversal pattern.