How to trade Dragonfly Doji ?

Hello friends welcome to the shareholder blog. Today we will find out more about Dragonfly Doji Candle.

Dragonfly Doji

Dragonfly Doji is one part of a single candle stick. Dragonfly Doji is named after the Japanese people from above Dragonfly. Dragonfly is a small worm. All of us must have seen these small flying insects flying in the open field or in the rainy days in the fields.

There are mainly two types of Dragonfly Doji charts.

Both of these are used in the same way. Both of these have some things in common which are as follows:

1. Open and close are the same.
2. Both of these have a long lower shadow or tail.
3. These two do not have any type of color.

Dragonfly Doji Candle is a Bullish Candlestick Pattern. This means that if Dragonfly Doji is found in the stock, then the bearish time in that stock is over and now the time of bullish is about to begin. If you use Dragonfly in an intraday chart, one thing to keep in mind is that it should be low in the chart and if you look in the past or historical chart, the minimum number of candles in the chart should be 25 to 30 days. This can only be used if Dragonfly Doji is at the bottom of the chart. It does not matter if the Dragonfly Doji chart is made in the middle or top.

How to Trade on Dragonfly Doji

When you want to trade from above Dragonfly Doji, you should buy Dragonfly above the candle front of Candle and stoploss should be set below Dragonfly Doji candle low. If you do not want to take advantage of a bullish rally for long after taking a trade, you can exit by booking a profit on your way. If you want to trade longer, then you should not make a profit booking until the next confirmation trade is obtained.