About Scanner: Dragonfly Doji Candlestick Scanner

What is Drangonfly Doji Candlestick ?

A Dragonfly Doji has a long lower shadow and little to no upper shadow, with open and close prices near the high of the day. It usually appears at the end of a downward trend.

Key Points for a Dragonfly Doji:

• Long Lower Wick Indicates strong rejection of lower prices.
• No Upper Shadow Shows that bulls regained control by the close.
• Open and Close Near the High Suggests a potential shift in momentum.
• Position in a Downtrend Often found at the end of a downtrend, signalling a potential reversal.

Dragonfly Doji Trading Strategy:

• Look for a Dragonfly Doji at support levels after a downtrend.
• Wait for confirmation with a bullish candle or increased volume.
• Combine with other indicators like RSI or MACD for stronger signals.

Warning

The dragonfly doji pattern can produce false signals that lead to losses

Target

Short term - At least height of the candle,
Long term- Look at other aspects like volume spurt , recent support / Resistance levels and other technicals.

Stop Loss

Stop-loss set below the low of the Doji.

TSR Dragonfly Doji Scanner

• Set Alert as it happens
• Combine Dragonfly Doji pattern with other Technicals/patterns with Fine Tune Filter Option
• Filter on Stock basket or your watchlist
• Back test to gain confidence on the Pattern.
• Filter on small ticks like 5 mins to Monthly tick
• Auto refresh

Fine Tune : You can customise these screeners by clicking on 'Fine Tune Filter' Option

Caution : All these screeners are crafted based on some historical scenarios which may / may notbe applicable here. We recommend to fine tune them according to current market conditions or seek expert advise before taking any decision.

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