GBPUSD - 60 - Double Top
Do not trade based on my ideas - I am a novice trader and post for your interest only.
Spotted a double top (maybe even triple!) at the hourly here. I believe the price will fall to respect the intersection of trendlines.
If it does do this, it may form the right shoulder of inverse head and shoulder (spotted thanks to Mr. FxCanli - his idea is in the link below), then I believe it will ricochet back up :)
The nice thing about double top is that stop loss can be only very small - if price action goes above it is invalid :) Again to be proper you should wait for breaking the neckline but personally I don't mind to break the rules for such a good ratio.
Spotted a double top (maybe even triple!) at the hourly here. I believe the price will fall to respect the intersection of trendlines.
If it does do this, it may form the right shoulder of inverse head and shoulder (spotted thanks to Mr. FxCanli - his idea is in the link below), then I believe it will ricochet back up :)
The nice thing about double top is that stop loss can be only very small - if price action goes above it is invalid :) Again to be proper you should wait for breaking the neckline but personally I don't mind to break the rules for such a good ratio.
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