The dragonfly doji is a frequently-occurring, one-bar indecision Japanese candlestick pattern that is best traded using a bearish continuation strategy in all markets, according to backtests covering multiple markets and decades.
If you’re a technical candlestick trader, you might be surprised to learn that you can profit from this indecision candle. The data shows you can capitalize on future bearish price action.
Keep reading if knowing what history says about the best dragonfly doji trading strategy excites you.
What Is a Dragonfly Doji Candlestick Pattern?
The dragonfly doji is a type of doji that opens and closes near the high.
The name comes from how dragonfly doji looks like a dragonfly on a candlestick chart.
The name may suggest prices flying away bullishly, but the data shows this dragonfly’s direction is typically down. But before we get into the optimal dragonfly doji trading strategy, let’s learn how to identify it on our candlestick charts.
How to Identify the Dragonfly Doji Candlestick Pattern
The following are the requirements for a valid dragonfly doji candlestick pattern:
- The open and close must be equal or near equal.
- There must be little to no upper wick.
We see the dragonfly doji candlestick pattern on the Amazon (AMZN) March 5th, 2021, daily chart.
We see a single candle whose open and close prices are almost identical with almost no upper wick. We don’t need to concern ourselves with the trend.
Now that we know how to identify one of the most straightforward candlestick patterns, let’s learn how to trade it.
How to Trade the Dragonfly Doji Pattern
The dragonfly doji should be traded using a bearish bounce strategy, using the high as a stop and the close as your entry in all markets into a large bullish move.
Since traditional technical analysis believes this to be an indecision candle and does not recommend a trading strategy, we’ll jump right to the best dragonfly doji trading strategy according to history.
Dragonfly Doji Bearish Candlestick Continuation Trade Setup
We see a single candle whose open and close is almost equal with a very short upper wick. With the pattern identified, data-driven traders enter short when the price falls below the close with a stop loss above the doji candle’s high.
Let’s use the big daddy of cryptocurrencies, BTCUSD’s November 3rd, 2021 daily chart, to clarify this.
The day after the dragonfly, we see that the opens lower by ten cents the next day, triggering an immediate short entry. The same day prints a large bearish candle, and intelligent traders would have captured significant profit.
Speaking of profits, what can history tell us about the best dragonfly doji trading strategy?
Does the Dragonfly Doji Candlestick Pattern Work? (Backtest Results)
Using the following rules, I backtested the dragonfly doji pattern on the daily timeframe in the crypto, forex, and stock markets.
- A close above the 50-day SMA constitutes an uptrend.
- I tested risk-reward ranges from 1 to 5.
- The optimal risk-reward ratio is selected using profit per bar.
- Entry and exits are discussed in the how-to trade section above.
- Confirmation must occur within three days of the pattern signal.
| Id | Pattern | Pattern Bars | Required Trend | Traditional Strategy | Market | Strategy | Setup | RR | Tickers | Signals | Trades | Trade Bars | Edge | Edge Per Bar | Confirm % | Win % | Cons Wins | Cons Losses | Avg. Trade Bars | Avg. Win Bars | Avg. Loss Bars | Details |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9,301 | dragonfly_doji | 1 | none | indecision | crypto | bullish | low-high | 1 | 235 | 6,062 | 4,567 | 13,568 | -0.119 | -0.12 | 0.75 | 0.44 | 7 | 11 | 2.97 | 3.39 | 2.64 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 9,302 | dragonfly_doji | 1 | none | indecision | crypto | bullish | low-high | 2 | 235 | 5,899 | 4,436 | 18,594 | -0.034 | -0.03 | 0.75 | 0.32 | 4 | 13 | 4.19 | 5.83 | 3.41 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 9,303 | dragonfly_doji | 1 | none | indecision | crypto | bullish | low-high | 3 | 235 | 5,757 | 4,326 | 22,324 | 0.043 | 0.04 | 0.75 | 0.26 | 4 | 13 | 5.16 | 8.34 | 4.03 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 9,304 | dragonfly_doji | 1 | none | indecision | crypto | bullish | low-high | 4 | 235 | 5,645 | 4,248 | 26,203 | 0.116 | 0.12 | 0.75 | 0.22 | 4 | 26 | 6.17 | 11.00 | 4.77 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 9,305 | dragonfly_doji | 1 | none | indecision | crypto | bullish | low-high | 5 | 235 | 5,561 | 4,179 | 28,881 | 0.155 | 0.16 | 0.75 | 0.19 | 3 | 26 | 6.91 | 13.64 | 5.30 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 9,306 | dragonfly_doji | 1 | none | indecision | forex | bullish | low-high | 1 | 1,198 | 84,626 | 64,744 | 270,380 | -0.358 | -0.36 | 0.77 | 0.32 | 21 | 74 | 4.18 | 4.28 | 4.13 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 9,307 | dragonfly_doji | 1 | none | indecision | forex | bullish | low-high | 2 | 1,198 | 79,951 | 61,323 | 362,358 | -0.310 | -0.31 | 0.77 | 0.23 | 11 | 197 | 5.91 | 7.71 | 5.37 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 9,308 | dragonfly_doji | 1 | none | indecision | forex | bullish | low-high | 3 | 1,198 | 77,005 | 59,168 | 430,234 | -0.283 | -0.28 | 0.77 | 0.18 | 10 | 197 | 7.27 | 11.72 | 6.30 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 9,309 | dragonfly_doji | 1 | none | indecision | forex | bullish | low-high | 4 | 1,198 | 75,020 | 57,597 | 483,416 | -0.280 | -0.28 | 0.77 | 0.15 | 6 | 197 | 8.39 | 16.10 | 7.08 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 9,310 | dragonfly_doji | 1 | none | indecision | forex | bullish | low-high | 5 | 1,198 | 73,386 | 56,240 | 527,524 | -0.265 | -0.27 | 0.77 | 0.12 | 5 | 197 | 9.38 | 21.43 | 7.70 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 9,311 | dragonfly_doji | 1 | none | indecision | stock | bullish | low-high | 1 | 6,133 | 350,519 | 279,000 | 684,453 | -0.097 | -0.10 | 0.80 | 0.45 | 12 | 13 | 2.45 | 2.55 | 2.37 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 9,312 | dragonfly_doji | 1 | none | indecision | stock | bullish | low-high | 2 | 6,133 | 341,134 | 271,700 | 1,017,362 | 0.010 | 0.01 | 0.80 | 0.34 | 7 | 24 | 3.74 | 4.75 | 3.24 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 9,313 | dragonfly_doji | 1 | none | indecision | stock | bullish | low-high | 3 | 6,133 | 333,299 | 265,532 | 1,311,081 | 0.077 | 0.08 | 0.80 | 0.27 | 7 | 30 | 4.94 | 7.47 | 4.00 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 9,314 | dragonfly_doji | 1 | none | indecision | stock | bullish | low-high | 4 | 6,133 | 326,194 | 259,884 | 1,578,893 | 0.134 | 0.13 | 0.80 | 0.23 | 5 | 37 | 6.08 | 10.72 | 4.72 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 9,315 | dragonfly_doji | 1 | none | indecision | stock | bullish | low-high | 5 | 6,133 | 319,818 | 254,948 | 1,830,465 | 0.180 | 0.18 | 0.80 | 0.20 | 5 | 37 | 7.18 | 14.39 | 5.42 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 9,996 | dragonfly_doji | 1 | none | indecision | crypto | bearish | high-low | 1 | 235 | 6,175 | 3,700 | 9,661 | -0.362 | -0.36 | 0.60 | 0.32 | 16 | 16 | 2.61 | 3.23 | 2.32 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 9,997 | dragonfly_doji | 1 | none | indecision | crypto | bearish | high-low | 2 | 235 | 5,956 | 3,568 | 16,439 | -0.346 | -0.35 | 0.60 | 0.22 | 11 | 20 | 4.61 | 6.90 | 3.97 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 9,998 | dragonfly_doji | 1 | none | indecision | crypto | bearish | high-low | 3 | 235 | 5,660 | 3,404 | 22,267 | -0.372 | -0.37 | 0.60 | 0.16 | 8 | 29 | 6.54 | 9.74 | 5.95 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 9,999 | dragonfly_doji | 1 | none | indecision | crypto | bearish | high-low | 4 | 235 | 5,520 | 3,319 | 27,365 | -0.404 | -0.40 | 0.60 | 0.12 | 7 | 36 | 8.24 | 16.84 | 7.09 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 10,000 | dragonfly_doji | 1 | none | indecision | crypto | bearish | high-low | 5 | 235 | 5,338 | 3,205 | 31,551 | -0.410 | -0.41 | 0.60 | 0.10 | 7 | 36 | 9.84 | 23.62 | 8.34 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 10,001 | dragonfly_doji | 1 | none | indecision | forex | bearish | high-low | 1 | 1,198 | 91,614 | 53,567 | 123,039 | -0.540 | -0.54 | 0.58 | 0.23 | 93 | 95 | 2.30 | 3.31 | 1.99 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 10,002 | dragonfly_doji | 1 | none | indecision | forex | bearish | high-low | 2 | 1,198 | 88,947 | 52,313 | 161,405 | -0.466 | -0.47 | 0.59 | 0.18 | 85 | 95 | 3.09 | 5.71 | 2.52 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 10,003 | dragonfly_doji | 1 | none | indecision | forex | bearish | high-low | 3 | 1,198 | 87,367 | 51,545 | 193,865 | -0.431 | -0.43 | 0.59 | 0.14 | 83 | 120 | 3.76 | 8.56 | 2.96 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 10,004 | dragonfly_doji | 1 | none | indecision | forex | bearish | high-low | 4 | 1,198 | 85,643 | 50,763 | 223,865 | -0.408 | -0.41 | 0.59 | 0.12 | 76 | 245 | 4.41 | 11.90 | 3.41 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 10,005 | dragonfly_doji | 1 | none | indecision | forex | bearish | high-low | 5 | 1,198 | 84,276 | 50,153 | 247,228 | -0.400 | -0.40 | 0.60 | 0.10 | 72 | 259 | 4.93 | 15.76 | 3.73 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 10,006 | dragonfly_doji | 1 | none | indecision | stock | bearish | high-low | 1 | 6,133 | 352,735 | 215,745 | 449,429 | -0.285 | -0.29 | 0.61 | 0.36 | 96 | 20 | 2.08 | 2.50 | 1.86 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 10,007 | dragonfly_doji | 1 | none | indecision | stock | bearish | high-low | 2 | 6,133 | 345,046 | 211,191 | 639,969 | -0.222 | -0.22 | 0.61 | 0.26 | 60 | 31 | 3.03 | 4.43 | 2.54 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 10,008 | dragonfly_doji | 1 | none | indecision | stock | bearish | high-low | 3 | 6,133 | 338,917 | 207,397 | 813,832 | -0.194 | -0.19 | 0.61 | 0.20 | 49 | 42 | 3.92 | 6.79 | 3.20 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 10,009 | dragonfly_doji | 1 | none | indecision | stock | bearish | high-low | 4 | 6,133 | 333,516 | 204,111 | 983,256 | -0.184 | -0.18 | 0.61 | 0.16 | 39 | 46 | 4.82 | 9.62 | 3.87 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 10,010 | dragonfly_doji | 1 | none | indecision | stock | bearish | high-low | 5 | 6,133 | 327,869 | 200,713 | 1,147,327 | -0.170 | -0.17 | 0.61 | 0.14 | 34 | 52 | 5.72 | 13.02 | 4.55 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 10,966 | dragonfly_doji | 1 | none | indecision | crypto | bullish | atr-pattern_low | 1 | 235 | 6,032 | 3,179 | 9,621 | 0.018 | 0.02 | 0.53 | 0.51 | 15 | 6 | 3.03 | 3.19 | 2.86 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 10,967 | dragonfly_doji | 1 | none | indecision | crypto | bullish | atr-pattern_low | 2 | 235 | 5,738 | 3,008 | 16,112 | 0.162 | 0.16 | 0.52 | 0.39 | 5 | 7 | 5.36 | 6.97 | 4.34 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 10,968 | dragonfly_doji | 1 | none | indecision | crypto | bullish | atr-pattern_low | 3 | 235 | 5,567 | 2,906 | 20,513 | 0.228 | 0.23 | 0.52 | 0.31 | 5 | 13 | 7.06 | 10.06 | 5.74 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 10,969 | dragonfly_doji | 1 | none | indecision | crypto | bullish | atr-pattern_low | 4 | 235 | 5,451 | 2,839 | 23,761 | 0.304 | 0.30 | 0.52 | 0.26 | 3 | 13 | 8.37 | 12.59 | 6.88 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 10,970 | dragonfly_doji | 1 | none | indecision | crypto | bullish | atr-pattern_low | 5 | 235 | 5,342 | 2,773 | 25,961 | 0.365 | 0.37 | 0.52 | 0.23 | 3 | 14 | 9.36 | 15.55 | 7.54 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 10,971 | dragonfly_doji | 1 | none | indecision | forex | bullish | atr-pattern_low | 1 | 1,198 | 90,415 | 46,936 | 123,043 | -0.063 | -0.06 | 0.52 | 0.47 | 18 | 20 | 2.62 | 3.01 | 2.28 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 10,972 | dragonfly_doji | 1 | none | indecision | forex | bullish | atr-pattern_low | 2 | 1,198 | 79,360 | 41,211 | 245,856 | -0.032 | -0.03 | 0.52 | 0.32 | 5 | 25 | 5.97 | 7.45 | 5.25 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 10,973 | dragonfly_doji | 1 | none | indecision | forex | bullish | atr-pattern_low | 3 | 1,198 | 76,062 | 39,486 | 315,969 | -0.028 | -0.03 | 0.52 | 0.24 | 4 | 63 | 8.00 | 12.01 | 6.71 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 10,974 | dragonfly_doji | 1 | none | indecision | forex | bullish | atr-pattern_low | 4 | 1,198 | 74,017 | 38,444 | 371,355 | -0.034 | -0.03 | 0.52 | 0.19 | 4 | 64 | 9.66 | 16.51 | 8.01 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 10,975 | dragonfly_doji | 1 | none | indecision | forex | bullish | atr-pattern_low | 5 | 1,198 | 72,234 | 37,532 | 416,659 | -0.035 | -0.04 | 0.52 | 0.16 | 4 | 67 | 11.10 | 22.41 | 8.93 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 10,976 | dragonfly_doji | 1 | none | indecision | stock | bullish | atr-pattern_low | 1 | 6,133 | 344,444 | 180,655 | 480,861 | 0.035 | 0.04 | 0.52 | 0.52 | 16 | 11 | 2.66 | 2.71 | 2.61 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 10,977 | dragonfly_doji | 1 | none | indecision | stock | bullish | atr-pattern_low | 2 | 6,133 | 334,158 | 174,798 | 772,260 | 0.132 | 0.13 | 0.52 | 0.38 | 9 | 20 | 4.42 | 5.36 | 3.85 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 10,978 | dragonfly_doji | 1 | none | indecision | stock | bullish | atr-pattern_low | 3 | 6,133 | 327,153 | 170,883 | 1,023,039 | 0.191 | 0.19 | 0.52 | 0.30 | 6 | 22 | 5.99 | 8.62 | 4.87 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 10,979 | dragonfly_doji | 1 | none | indecision | stock | bullish | atr-pattern_low | 4 | 6,133 | 321,079 | 167,431 | 1,254,716 | 0.238 | 0.24 | 0.52 | 0.25 | 6 | 26 | 7.49 | 12.63 | 5.81 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 10,980 | dragonfly_doji | 1 | none | indecision | stock | bullish | atr-pattern_low | 5 | 6,133 | 315,543 | 164,369 | 1,465,725 | 0.280 | 0.28 | 0.52 | 0.21 | 6 | 32 | 8.92 | 17.12 | 6.69 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,651 | dragonfly_doji | 1 | none | indecision | crypto | bearish | high-close | 1 | 235 | 7,309 | 7,072 | 7,402 | -0.162 | -0.16 | 0.97 | 0.42 | 172 | 14 | 1.05 | 1.06 | 1.03 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,652 | dragonfly_doji | 1 | none | indecision | crypto | bearish | high-close | 2 | 235 | 7,267 | 7,030 | 7,612 | 0.224 | 0.22 | 0.97 | 0.41 | 172 | 14 | 1.08 | 1.10 | 1.07 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,653 | dragonfly_doji | 1 | none | indecision | crypto | bearish | high-close | 3 | 235 | 7,210 | 6,974 | 7,868 | 0.585 | 0.59 | 0.97 | 0.40 | 172 | 30 | 1.13 | 1.17 | 1.10 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,654 | dragonfly_doji | 1 | none | indecision | crypto | bearish | high-close | 4 | 235 | 7,164 | 6,929 | 8,193 | 0.916 | 0.92 | 0.97 | 0.38 | 172 | 37 | 1.18 | 1.26 | 1.14 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,655 | dragonfly_doji | 1 | none | indecision | crypto | bearish | high-close | 5 | 235 | 7,137 | 6,904 | 8,549 | 1.225 | 1.23 | 0.97 | 0.37 | 172 | 37 | 1.24 | 1.30 | 1.20 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,656 | dragonfly_doji | 1 | none | indecision | forex | bearish | high-close | 1 | 1,198 | 117,049 | 112,490 | 132,162 | -0.199 | -0.20 | 0.96 | 0.40 | 1,591 | 64 | 1.17 | 1.24 | 1.13 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,657 | dragonfly_doji | 1 | none | indecision | forex | bearish | high-close | 2 | 1,198 | 116,552 | 111,981 | 137,831 | 0.190 | 0.19 | 0.96 | 0.40 | 1,590 | 64 | 1.23 | 1.28 | 1.20 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,658 | dragonfly_doji | 1 | none | indecision | forex | bearish | high-close | 3 | 1,198 | 116,041 | 111,464 | 142,293 | 0.560 | 0.56 | 0.96 | 0.39 | 1,589 | 64 | 1.28 | 1.33 | 1.24 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,659 | dragonfly_doji | 1 | none | indecision | forex | bearish | high-close | 4 | 1,198 | 115,575 | 110,992 | 145,194 | 0.920 | 0.92 | 0.96 | 0.39 | 1,589 | 64 | 1.31 | 1.37 | 1.27 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,660 | dragonfly_doji | 1 | none | indecision | forex | bearish | high-close | 5 | 1,198 | 115,148 | 110,567 | 147,301 | 1.280 | 1.28 | 0.96 | 0.38 | 1,589 | 64 | 1.33 | 1.40 | 1.29 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,661 | dragonfly_doji | 1 | none | indecision | stock | bearish | high-close | 1 | 6,133 | 384,759 | 355,921 | 411,863 | -0.316 | -0.32 | 0.93 | 0.34 | 292 | 36 | 1.16 | 1.24 | 1.11 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,662 | dragonfly_doji | 1 | none | indecision | stock | bearish | high-close | 2 | 6,133 | 383,778 | 354,996 | 419,442 | 0.012 | 0.01 | 0.93 | 0.34 | 288 | 40 | 1.18 | 1.28 | 1.13 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,663 | dragonfly_doji | 1 | none | indecision | stock | bearish | high-close | 3 | 6,133 | 382,410 | 353,698 | 430,556 | 0.308 | 0.31 | 0.92 | 0.33 | 288 | 40 | 1.22 | 1.34 | 1.16 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,664 | dragonfly_doji | 1 | none | indecision | stock | bearish | high-close | 4 | 6,133 | 381,130 | 352,467 | 441,987 | 0.580 | 0.58 | 0.92 | 0.32 | 286 | 42 | 1.25 | 1.41 | 1.18 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,665 | dragonfly_doji | 1 | none | indecision | stock | bearish | high-close | 5 | 6,133 | 379,937 | 351,320 | 455,731 | 0.825 | 0.83 | 0.92 | 0.31 | 286 | 42 | 1.30 | 1.49 | 1.21 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,871 | dragonfly_doji | 1 | none | indecision | crypto | bullish | low-close | 1 | 235 | 6,161 | 5,257 | 14,628 | -0.138 | -0.14 | 0.85 | 0.43 | 7 | 13 | 2.78 | 3.30 | 2.39 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,872 | dragonfly_doji | 1 | none | indecision | crypto | bullish | low-close | 2 | 235 | 5,980 | 5,094 | 19,854 | -0.014 | -0.01 | 0.85 | 0.33 | 7 | 18 | 3.90 | 5.54 | 3.09 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,873 | dragonfly_doji | 1 | none | indecision | crypto | bullish | low-close | 3 | 235 | 5,835 | 4,961 | 23,019 | 0.068 | 0.07 | 0.85 | 0.27 | 4 | 18 | 4.64 | 7.42 | 3.63 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,874 | dragonfly_doji | 1 | none | indecision | crypto | bullish | low-close | 4 | 235 | 5,699 | 4,846 | 26,596 | 0.116 | 0.12 | 0.85 | 0.22 | 3 | 18 | 5.49 | 9.74 | 4.26 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,875 | dragonfly_doji | 1 | none | indecision | crypto | bullish | low-close | 5 | 235 | 5,621 | 4,778 | 29,298 | 0.155 | 0.16 | 0.85 | 0.19 | 3 | 28 | 6.13 | 12.18 | 4.69 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,876 | dragonfly_doji | 1 | none | indecision | forex | bullish | low-close | 1 | 1,198 | 83,561 | 69,903 | 293,084 | -0.358 | -0.36 | 0.84 | 0.32 | 21 | 90 | 4.19 | 4.29 | 4.14 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,877 | dragonfly_doji | 1 | none | indecision | forex | bullish | low-close | 2 | 1,198 | 78,981 | 66,177 | 382,091 | -0.288 | -0.29 | 0.84 | 0.24 | 11 | 105 | 5.77 | 7.49 | 5.24 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,878 | dragonfly_doji | 1 | none | indecision | forex | bullish | low-close | 3 | 1,198 | 76,169 | 63,894 | 448,472 | -0.252 | -0.25 | 0.84 | 0.19 | 10 | 201 | 7.02 | 11.10 | 6.09 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,879 | dragonfly_doji | 1 | none | indecision | forex | bullish | low-close | 4 | 1,198 | 74,074 | 62,119 | 500,726 | -0.238 | -0.24 | 0.84 | 0.15 | 10 | 201 | 8.06 | 14.92 | 6.82 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,880 | dragonfly_doji | 1 | none | indecision | forex | bullish | low-close | 5 | 1,198 | 72,528 | 60,830 | 538,373 | -0.220 | -0.22 | 0.84 | 0.13 | 5 | 201 | 8.85 | 18.54 | 7.40 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,881 | dragonfly_doji | 1 | none | indecision | stock | bullish | low-close | 1 | 6,133 | 353,894 | 298,953 | 677,817 | -0.102 | -0.10 | 0.84 | 0.45 | 13 | 13 | 2.27 | 2.36 | 2.20 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,882 | dragonfly_doji | 1 | none | indecision | stock | bullish | low-close | 2 | 6,133 | 344,848 | 291,516 | 984,421 | 0.016 | 0.02 | 0.85 | 0.34 | 9 | 22 | 3.38 | 4.22 | 2.95 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,883 | dragonfly_doji | 1 | none | indecision | stock | bullish | low-close | 3 | 6,133 | 337,325 | 285,341 | 1,260,122 | 0.089 | 0.09 | 0.85 | 0.27 | 7 | 30 | 4.42 | 6.55 | 3.61 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,884 | dragonfly_doji | 1 | none | indecision | stock | bullish | low-close | 4 | 6,133 | 330,470 | 279,612 | 1,507,647 | 0.150 | 0.15 | 0.85 | 0.23 | 5 | 30 | 5.39 | 9.27 | 4.23 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,885 | dragonfly_doji | 1 | none | indecision | stock | bullish | low-close | 5 | 6,133 | 324,182 | 274,453 | 1,742,805 | 0.200 | 0.20 | 0.85 | 0.20 | 5 | 34 | 6.35 | 12.40 | 4.84 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,986 | dragonfly_doji | 1 | none | indecision | crypto | bearish | atr-pattern_high | 1 | 235 | 5,962 | 3,908 | 12,040 | -0.016 | -0.02 | 0.66 | 0.49 | 25 | 9 | 3.08 | 3.01 | 3.15 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,987 | dragonfly_doji | 1 | none | indecision | crypto | bearish | atr-pattern_high | 2 | 235 | 5,618 | 3,670 | 20,929 | -0.008 | -0.01 | 0.65 | 0.33 | 15 | 16 | 5.70 | 6.61 | 5.25 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,988 | dragonfly_doji | 1 | none | indecision | crypto | bearish | atr-pattern_high | 3 | 235 | 5,360 | 3,494 | 29,388 | -0.028 | -0.03 | 0.65 | 0.24 | 13 | 20 | 8.41 | 10.43 | 7.76 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,989 | dragonfly_doji | 1 | none | indecision | crypto | bearish | atr-pattern_high | 4 | 235 | 5,184 | 3,372 | 34,150 | -0.096 | -0.10 | 0.65 | 0.18 | 11 | 38 | 10.13 | 14.53 | 9.16 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,990 | dragonfly_doji | 1 | none | indecision | crypto | bearish | atr-pattern_high | 5 | 235 | 4,919 | 3,237 | 41,425 | -0.155 | -0.16 | 0.66 | 0.14 | 8 | 38 | 12.80 | 19.97 | 11.62 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,991 | dragonfly_doji | 1 | none | indecision | forex | bearish | atr-pattern_high | 1 | 1,198 | 83,584 | 55,271 | 233,741 | 0.058 | 0.06 | 0.66 | 0.53 | 189 | 11 | 4.23 | 5.08 | 3.28 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,992 | dragonfly_doji | 1 | none | indecision | forex | bearish | atr-pattern_high | 2 | 1,198 | 71,537 | 47,267 | 391,013 | 0.086 | 0.09 | 0.66 | 0.36 | 63 | 17 | 8.27 | 10.93 | 6.76 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,993 | dragonfly_doji | 1 | none | indecision | forex | bearish | atr-pattern_high | 3 | 1,198 | 67,447 | 44,566 | 474,945 | 0.114 | 0.11 | 0.66 | 0.28 | 47 | 108 | 10.66 | 16.40 | 8.45 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,994 | dragonfly_doji | 1 | none | indecision | forex | bearish | atr-pattern_high | 4 | 1,198 | 64,849 | 42,777 | 538,760 | 0.104 | 0.10 | 0.66 | 0.22 | 37 | 108 | 12.59 | 22.60 | 9.76 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,995 | dragonfly_doji | 1 | none | indecision | forex | bearish | atr-pattern_high | 5 | 1,198 | 62,713 | 41,201 | 597,157 | 0.090 | 0.09 | 0.66 | 0.18 | 29 | 155 | 14.49 | 28.75 | 11.31 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,996 | dragonfly_doji | 1 | none | indecision | stock | bearish | atr-pattern_high | 1 | 6,133 | 340,686 | 220,751 | 635,083 | 0.056 | 0.06 | 0.65 | 0.53 | 81 | 16 | 2.88 | 2.85 | 2.90 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,997 | dragonfly_doji | 1 | none | indecision | stock | bearish | atr-pattern_high | 2 | 6,133 | 326,101 | 211,557 | 1,059,737 | 0.108 | 0.11 | 0.65 | 0.37 | 59 | 18 | 5.01 | 5.87 | 4.51 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,998 | dragonfly_doji | 1 | none | indecision | stock | bearish | atr-pattern_high | 3 | 6,133 | 314,202 | 204,100 | 1,466,918 | 0.114 | 0.11 | 0.65 | 0.28 | 46 | 29 | 7.19 | 9.73 | 6.21 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 11,999 | dragonfly_doji | 1 | none | indecision | stock | bearish | atr-pattern_high | 4 | 6,133 | 304,824 | 198,261 | 1,786,212 | 0.104 | 0.10 | 0.65 | 0.22 | 39 | 37 | 9.01 | 14.23 | 7.53 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
| 12,000 | dragonfly_doji | 1 | none | indecision | stock | bearish | atr-pattern_high | 5 | 6,133 | 295,662 | 192,490 | 2,083,289 | 0.090 | 0.09 | 0.65 | 0.18 | 31 | 39 | 10.82 | 19.17 | 8.96 | https://analyzingalpha.com/dragonfly-doji-candlestick-pattern |
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Other Doji Candlestick Patterns
Multiple types of doji candlesticks lead to confusion for many technical analysts. Understanding these critical differences is essential when trading doji patterns.
The four types of doji are:
- Dragonfly Doji
- Common Doji
- Gravestone Doji
- Long-legged Doji
As we just saw, the dragonfly doji is a doji that closes near the high. The gravestone doji is a doji that closes near the low. The long-legged doji is a doji that has a more extensive range than prior candles, and the common doji is a doji that doesn’t fit any prior doji.
Takuri Line vs. Dragonfly Doji
The takuri line candlestick pattern is a one-bar bullish reversal doji pattern that’s almost the same as a dragonfly doji. The difference between a takuri line and a dragonfly doji is that a takuri line has a longer lower shadow and occurs in a downtrend.
The Bottom Line
The dragonfly doji is a doji candlestick pattern that is supposed to represent indecision. Most traders pass on these patterns; however, our backtests show that these single-bar patterns can be traded profitably using a bearish trading strategy.
Isn’t data fantastic? This pattern is great for day trading a bearish bounce into one of the best swing trading candlestick patterns.
