Bullish Dragonfly Doji:
Dragonfly Doji Candlestick Pattern
Type : Reversal
Direction : Bullish
Prior Trend : Bearish
Reliability : Medium
Bullish Dragonfly Doji is a reversal pattern that occurs in a downtrend. It consists of a single candlestick where the price opens at the top and closes at the same point with a long lower shadow. There won’t be any upper shadow.
How to Recognize Bullish Dragonfly Doji:
1) The market is charecterized by a downtrend.
2) A doji forms in the downtrend with the open and close at the same point.
3) The doji will have a long lower shadow.
4) The doji does not contain any upper shadow.
Important Factors:
This is a medium bulliish candlestick pattern so always use some other indicators or confimation before you enter the trade.
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