In feng shui, dragon is the powerful symbol that gives strong yang energy. It is known as a symbol of prosperity and success. Placing the statue, sculpture or figurine of a dragon (or dragons) in the right direction and place can help to give the best result. Since the dragon is associated with the east therefore according to feng shui placing this mythical animal in the eastern areas of your house will be especially beneficial. This placement will help the family members to become prosperous and successful and bring in other positive effects. Placing the dragon in your bedroom or any room where you are seeking relaxation is not recommended as the dragon is a very active symbol.
Like the dragon, phoenix is also exist only in legends and fairy tales. The Chinese call phoenix the King of all birds. It is also sometimes known as the August Rooster and associated with the tenth Chinese zodiac sign, the Rooster. It is a Chinese symbol of grace, luck and happiness. Feng huang (Chinese word for phoenix) is the guardian of the south, therefore the feng shui masters will suggest that the pictures and statues of phoenix is best when placed in the South areas of your house.
In feng shui the dragon is paired with the phoenix to symbolizes perfect balance of yin and yang. In this case, the dragon is the yang and phoenix is the yin. But if the phoenix is displayed alone without the dragon, then the bird will give the yang energy instead of yin. When these two popular mythical animals are put together they will not only strengthen relationships but also bring back the warmth of togetherness in relationship with the useful energy of the phoenix. The dragon-phoenix combination is one of the most common symbol you can find in the Chinese wedding ceremonies and dresses.