Potential Double Top Forming on EURUSD Hourly Chart
Updated
There is potential for a double top on the hourly chart on EURUSD. Price needs to spike above 1.17889 and then close below that level for it to meet my rules. Once this happens, I would look to get short at the next bar market with first target at 1.17477 and next target at 1.17225. First target reward is 41 pips and target 2 reward is 66 pips for a total reward of 107 pips if both targets are hit. Stop loss would go to 1.18003 leaving a total risk of 23 pips, so nearly a 2:1 risk reward ratio assuming you enter at 1.17889. When first target is hit, take off half the position and roll stops to break even.
Trade closed: stop reached
The market is a wily one. Double top formed and then next bar stopped us out.
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