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Candlestick Patterns

Dragonfly Doji

A doji with a long lower wick and little upper wick: sellers pushed price down, buyers brought it back to the open — a bullish clue after a decline.

dragonfly
Schematic of a dragonfly doji — illustrative geometry, not a live price chart.

A dragonfly doji opens, trades well lower, then recovers to close at or near the open, which sits near the session high. The long lower shadow is the rejected selling.

After a decline it leans bullish, much like a hammer with no body. It still needs confirmation: a higher close the next session, ideally near support. After an advance the same shape is a warning instead — it reads like a hanging man.

How it has actually played out

  • Dragonfly Doji: across 1,815 signals on US stocks in the last 150 days, price was higher a week later 42.6% of the time (-2.0 pts vs. an ordinary session) and higher a month later 39.4% (-3.0 pts).

Measured from the signal-day close, no stops or costs, versus every session of the same stocks over the same window. A base rate, not a prediction.

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On StockSetups

StockSetups flags a dragonfly doji when the body is at most 10% of the range and the upper wick at most 15% (open and close at the top of the bar), only after a downtrend. A bar with a visible body (10–33% of the range) is a hammer instead; the same doji after an advance is labelled a hanging man. It shows on Daily Candlesticks or as a confirmation on a chart setup.

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Frequently asked

Is a dragonfly doji bullish?

After a decline it leans bullish, because buyers recovered the whole intraday drop. It's a clue that needs a higher close next session to confirm.

What is the difference between a dragonfly doji and a hammer?

Both have a long lower wick. A hammer has a small visible body; a dragonfly doji's open and close are nearly equal.

Related terms

DojiHammerGravestone DojiLong-Legged DojiSupport and Resistance

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