Have you ever seen a Dragonfly?
If not then they are some kind of insect that only comes out during the rainy season. They often fly around and it's quite hard to catch one of them. Catching them requires some great skill but anyway, just leave them free out-there since our primary focus is the type of Candlestick which is also referred as a "Dragonfly Doji".
If you have read the previous post which is all about Doji then this Dragonfly type of Candlestick has a close similarity. They don't have any Real Bodies but the level of the closing and opening price is near the top level.
In most cases, you will notice this type of Doji Candle at the bottom part of the trend. The long wick or shadow simply indicates that that a bullish reversal could occur at any given period of time. A similar issue goes with the "Hammer" but comparing the two, the Dragonfly Doji is more bullish than a Hammer.
If not then they are some kind of insect that only comes out during the rainy season. They often fly around and it's quite hard to catch one of them. Catching them requires some great skill but anyway, just leave them free out-there since our primary focus is the type of Candlestick which is also referred as a "Dragonfly Doji".
If you have read the previous post which is all about Doji then this Dragonfly type of Candlestick has a close similarity. They don't have any Real Bodies but the level of the closing and opening price is near the top level.
In most cases, you will notice this type of Doji Candle at the bottom part of the trend. The long wick or shadow simply indicates that that a bullish reversal could occur at any given period of time. A similar issue goes with the "Hammer" but comparing the two, the Dragonfly Doji is more bullish than a Hammer.
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