GBPUSD long trade idea
Updated
A Double Bottom Pattern is a Classical Chart Pattern which indicates a possible bottom after a downtrend. It is one of the patterns in Technical Analysis with a very high success ratio of above 70%.
The double bottom pattern looks like the letter “W”, where the price drops to a low then rebounds, then again drops to the same low and again rebounds. Hence it is also commonly referred to as the “W” pattern. The twice-touched low is considered a support level. A trader would enter a stock at the breakout of the high of the double bottom pattern, which is like a resistance (also called a neckline).
The double bottom pattern looks like the letter “W”, where the price drops to a low then rebounds, then again drops to the same low and again rebounds. Hence it is also commonly referred to as the “W” pattern. The twice-touched low is considered a support level. A trader would enter a stock at the breakout of the high of the double bottom pattern, which is like a resistance (also called a neckline).
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