HITBTC:STEEMBTC   STEEM / Bitcoin
a "dragonfly" doji depicts a day on which prices opened
at a high, sold off, and then returned to the opening price. In
my experience, dragonflies are fairly infrequent. When they do
occur, however, they often resolve bullishly (provided the stock
is not already overbought as shown by Bollinger bands and
indicators such as stochastics). Here's an example of a
dragonfly doji:
When assessing a doji , always take careful notice of where the
doji occurs. If the security you're examining is still in the early
stages of an uptrend or downtrend, then it is unlikely that the
doji will mark a top. If you notice a short-term bullish moving
average crossover, such as the four-day moving average
heading above the nine-day, then it is likely that the doji marks
a pause, and not a peak. Similarly, if the doji occurs in the
middle of a Bollinger band , then it is likely to signify a pause
rather than a reversal of the trend.
As significant as the doji is, one should not take action on the
doji alone. Always wait for the next candlestick to take trading
action. That does not necessarily mean, however, that you
need to wait the entire next day. A large gap down, after a doji
that climaxed a sustained uptrend, should normally provide a
safe shorting opportunity. The best entry time for a short trade
would be early in the day after the doji .


*DISCLAIMER*:
I am not a financial advisor nor am I giving financial advice.
I am sharing my biased opinion based on speculation.
You should not take my opinion as financial advice.
You should always do your research before making any investment.
You should also understand the risks of investing. This is all speculative based investing.
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