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What is Dragonfly Doji?
Dragonfly Doji is a T-shaped doji candle with the open, close, and high prices all the same, and only the lower tail extended. Named after the shape of a dragonfly with its wings spread, it is a strong bullish reversal signal that appears at the bottom of a downtrend.
Doji
⚪ Neutral
Interpretation: The price fell strongly during the day, but buying forces perfectly pushed the price up and closed at the opening price. The selling force was completely defeated.
Dragonfly Doji vs Monument Doji — Comparison
| Dragonfly Doji | Monument Doji | |
|---|---|---|
| shape | T-shaped (T) | Inverted T (⊤) |
| signal | 🟢 Upside reversal | 🔴 Decline reversal |
| Appearance | Downtrend Bottom | Uptrend high |
| Candles that resemble | hammer type | Shooting Star |
Reliability conditions
Strong Signal Checklist:
- After a downtrend or near the support line
- The lower tail must be sufficiently long (2 times the body height+)
- RSI below 30
- The next candle is confirmed to be a candle.
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Futures trading long strategy
Entry: Open after the next candle is confirmed as a candle.
Stop Loss: Below Dragonfly Doji Low
Target: Nearest resistance level or EMA 50
Note: Pattern with the same meaning as hammer type.
Because it is a doji, buying and selling are more perfectly balanced, indicating a buying win.
Related guides
- Gravestone Doji Pattern →
- All types of Doji candles →
- Comparison with hammer-type candle →
- Liquidation price calculator →
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