A dragonfly doji can be used to predict a price reversal. A decreasing trend in the price of a security could indicate an impending price hike. In this scenario, the dragonfly is bullish.
A Doji is a cross-shaped candlestick pattern in which the opening and closing prices are equal or nearly equal. A Doji, when viewed alone, suggests that neither the buyers nor the sellers are gaining — it's a sign of indecision.
Because the dragonfly doji is uncommon, it is not a reliable tool for detecting most price reversals. When it does happen, it isn't always accurate. Following the confirmation candle, there is no guarantee that the price will continue in the expected direction.
When the prior candlesticks were bearish, buyers were able to push the price higher from the session low all the way back to the open price. This indicates that the tide has shifted. Tip #3: It doesn't matter what colour the candlestick is; it can be red or green.
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