Hi BhaiSahib,
My favourite candlestick!
Bullish Dragonfly Doji
◆ Direction: Bullish
◆ Type: Reversal
◆ Reliability: Moderate
◆ Pattern is strongest after an established bearish trend
◆ A candle forms with a very small to almost nonexistent body with a long lower wick
◆ The lower wick is at least twice as long as the candlestick body
◆ Little or no upper wick
In a bearish trending market the dragonfly illustrates an unsustainable sell-off, where price drives up to new lows, but buyers take control of the trend by market close.
Although this formation is a moderate to weak signal, it is a warning for longs that the downtrend is losing momentum and bull may retake the market soon.
Most candlestick analysts will wait to confirm the signal, watching for a blue candle on day two.
The Bullish Dragonfly Doji Pattern is a rare single candlestick pattern that occurs at the bottom of downtrend. It is very similar to the Bullish Hammer Pattern, except on a Dragonfly Doji the opening and closing prices are nearly identical (no body). The Bullish Dragonfly Doji is more reliable than a Bullish Hammer and it tends to be a stronger bullish signal.
Regarding strength of signal, the more the dragon fly looks like a Doji, the more it reflects buyers taking control of the sell-off, and the strong the bullish reversal signal.
http://www.fxwords.com/b/bullish-dragonfly-doji-candlestick.html
JB
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