Dragonfly Doji and Gravestone Doji Candlestick Chart Patterns

Basically there are seen 4 types of Doji in the trading chart. Dragonfly and gravestone doji are two of those.

However, These two have much important effect to take your trading idea.

Because, the doji is basically Known as an indecision candlestick chart pattern.

But these two aren't completely indecision candlestick chart patterns. These may indicate potential path of price.


Dragonfly Doji                   

Dragonfly doji is a doji which has a long lower shadow and on the contrary a very small upper shadow or no upper shadow.

After a bearish movement of price, A dragonfly doji may come.

The long lower shadow indicates having an extreme selling pressure, bears turned the market down.

But It was found a support and bulls were able to close the price where the day or period was open or near the opening price.

However, A dragonfly doji indicates for a potential bullish movement. But to be ensured, you need to check others confirmation sources.

Gravestone Doji                  

A gravestone Doji is just opposite to a dragonfly doji candlestick chart pattern. It is known as bearish reversal candlestick pattern.

Because it is usually seen at the end of an exhausted uptrend.

When a doji comes after an exhausted uptrend which has long upper shadow and short lower shadow or no lower shadow is called gravestone Doji candlestick chart pattern.

This doji is just another significant one of Doji candles.

The long upper shadow indicates having an extreme buying pressure, bulls turned the market up. But It was found a resistance and bears were able to close the price where the day or period was open or near the opening price.

However, as previously mentioned, A gravestone doji indicates for a potential bearish movement. But to be ensured, you need to check others confirmation sources.

Notice the chart above where two types of doji have been identified.

If you want to be a skillful trader. you should be master of your chart. If you study and practice with profitable candlestick chart patterns, you can be a good Forex trader soon. Because, it will enable you to trade on the basis of price action.