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Doublebottompattern

PROSBUSD - Double bottom pattern?What is Double Bottom Pattern? The double bottom pattern looks like the letter "W". It indicates an trend and momentum reversal in a particular asset. It is best for analyzing the intermediate to longer-term view of a market. Double Bottom Pattern one of the most reliable reversal pattern after Head and Shoulders Pattern. How does Double Bottom Pattern Work? Double Bottom Pattern works in two phases: Phase 1: When the major trend is downtrend and forms the first down peak, then from the support the prices bounce to a new higher resistance and unable to break that resistance. Phase 2: When prices are not able to break the resistance it again goes to the same level and take support form similar levels forming second down peak also double bottom . Again due to demand the prices rises up to the resistance and break that resistance. Increase in volumes during breakouts further confirms the reversal move. This marks the completion of the pattern. Above Chart Explanation: This is the daily chart of PROSBUSD here we can see in a downtrend prices take support and forms a down peak one and took support form there and bounce back to the above resistance. But prices were not able to break it instead prices got rejection from resistance and the prices again go down forming second down peak. This is where we are NOW . What next? Well, after taking support the prices should bounce and break resistance. There usually traders enter on the breakouts and target the next resistance.
PLong
by fortitude23
USDCAD |New perspectiveThe USD/CAD appears to be doing a recovery from the weekly low as the price bounces off the key level identified on the daily timeframe around the C$1.32000 area. So, I have identified two key levels which we shall be using as a yardstick for trading activities in the new week, and these levels are situated at C$1.32000 and C$1.3500. The coming week is laced with major market-moving economic releases, both from the US and Canada; the fundamental backdrop from these events will be anticipated by participants in this market as the price remains within a critical juncture above the C$1.32000 level and hence warrants some detailed understanding of the current structure before positioning ourselves for any trading opportunity. Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, and risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
3
Double Tops & Bottoms - Advanced Analysis | EducationalNo chart pattern is more common in trading than the double bottom or double top. This pattern appears so often that it alone may serve as proof positive that price action is not as wildly random as many Traders claim. Price charts simply express trader sentiments, demand, and supply, so the double tops and double bottoms represent a retesting of temporary extremes. If prices were truly random, why do they pause so frequently at just those points? To traders, the answer is that many participants are making their stand at those clearly demarcated levels. 1. Double Tops Double tops are a bearish pattern commonly found in uptrends and characterized by two consecutive peaks located at an approximately similar level, separated by a trough. Here we can see a good example of a Double Top in GBP/USD in August 2022, in the recent past. The Price forms a "V shape" as a Double Top, then there is a breakout of the confirmation Line, we can call this also a " Neckline " for a continuation of the price. 2. Double Bottoms Double bottoms are a bullish pattern commonly found in downtrends and characterized by two consecutive troughs located at an approximately similar level, separated by a peak. The Double Bottom is always formed by a V shape, the figure it's just a Mirrored shape of the Double Top. Also for the Double Bottom, there is a breakout confirmation Line. 3. Take Profits For double tops, the take profit is determined from the height Peak to the trough. This measurement will be copied from the confirmation line ( breakout )to below. For double bottoms, the take profit is determined from the lowest trough to the peak. This measurement will be copied from the confirmation line ( breakout ) to the upper.r.
Education
by FOREXN1
25
Charge Up After the Break Point on ChargePoint Holdings Inc.!Charge Up After the Break Point on ChargePoint Holdings Inc.! I strongly believe ChargePoint Holdings Inc. is "charging up" after the break of the upper trendline! If we hold above the break through the bottom of the week, I will enter a swing trade on CHPT. The following patterns were identified prior to the break of the upper trendline-"Double Bottom" inside "Falling Wedge" *This is not financial advice. Loved and Blessed, MrALtrades00
NYSE:CHPTLong
by MrALtrades00
2
US500 4583.4 LONG IDEA + 0.58 % * PRICE ACTION & REVERSAL 📈📉💡HELLO EVERYONE HOPE EVERYONE IS DOING GOOD HAVING A GOOD ONE. HERE'S A LOOK AT POSSIBLE SCENARIOS THAT COULD PLAY OUT IN THIS NEXT WEEK ON US 500. The index opened the week with a bullish rally since it broke out of that descending channel . * The index is still strongly bullish looking at momentum to the up side, but what goes up must come down as we definitely seeing a slowing down in momentum currently. * Now since we where in a bullish rally we are currently in the formation of a bullish flag that could possibly see the formation of a double top before reversal other wise break below triggers. * Break above of structure cancels the whole set-up. - looking for reversals with the bears see below. lets see how it goes. IF THIS IDEA ASSISTS IN ANY OR IF YOU LIKE THIS ONE SMASH THAT LIKE BUTTON & LEAVE A COMMENT. ALWAYS APPRECIATED ____________________________________________________________________________________________________________________ * Kindly follow your entry rules on entries & stops. |* Some of The idea's may be predictive yet are not financial advice or signals. | *Trading plans can change at anytime reactive to the market. | * Many stars must align with the plan before executing the trade, kindly follow your rules & RISK MANAGEMENT. _____________________________________________________________________________________________________________________ | * ENTRY & SL -KINDLY FOLLOW YOUR RULES | * RISK-MANAGEMENT | *PERIOD - SWING TRADE
UShort
by PULEMokhothu
1
Double Bottom Chart PatternCompany info Amazon.com, Inc. is a company that engages in the retail sale of consumer products and subscriptions internationally and North America. It sells merchandise and content purchased for resale from third-party sellers. The company also manufactures a range of electronic devices. Sector analysis The main ETF that tracks this sector is the Vanguard Consumer Discretionary ETF. Over the last four months, the ETF has been on a decline. Mainly led by inflation worries. AMZN has also been following a similar pattern. So, I would keep an eye on this ETF. If you see the ETF falling, you can expect AMZN to possibly follow suit. Double Bottom Analysis Type: Eve and Adam Length between Valleys: 5 weeks Volume Trend: None Breakeven Failure Rate: 12% Throwback Rate: 67% Average Rise: 42% Price Target: 3677.06 Percentage Change: 14% The length between the two valleys is 5 weeks. This is ideal. As it means the strength of this double bottom could potentially be stronger. There isn’t a volume trend for AMZN between the two valleys. The volume seems to be higher on these two valleys compared to prior price movements but that’s it. Also, just like the stock above, AMZN is near its all-time high which could pose some issues concerning potential upward movement. However, this is a major blue-chip stock. This means two things. The positive is that the stock is are already near the confirmation line and has great volatility to break through and maybe reach the price target. The negative is that you will have to look out for any news concerning this stock to see if there is something that could lead to a throwback or a breakeven. Furthermore, as stated above, the stock has been on a decline along with the ETF, so there could be a rebound upward and this double bottom could be profitable, or the stock could rebound now and fall downwards after hitting the confirmation line that can act as a resistance level. So, I would pay attention to the ETF. Watch any news concerning Amazon and inflationary issues so gauge if the stock will break through the confirmation line and if this chart pattern will work. Henceforth I am giving this double bottom a pattern strength of 2/5
NASDAQ:AMZNLong
by BlackbearTrader
2
Same 1INCH cycle as last time! LOOK ! ! ! 🧐😱😱 Hello everyone, At the same time as Bitcoin and Ethereum delete investors by jumping up and down. 1inch performs its previous moves with 100% efficiency. After counting a sharp decline, it drew: - #1 bottom - correction - double top - fakeout - #1 bottom As since the last bearish market on May 23. Do we have a chance for growth now? If the cyclicality continues in line with the last time, the answer is yes Price soared by 362% in recent gains If it goes that %high in the future, I'm aiming to retest the highest points (where I will be exiting some of the profits) and aiming further at FIB 1,618 that is $ 11.1 for coin Comment and like, greetings
Long
by SayMoney
6
$PKK Double Bottom Reversal PatternThis is where Technical Analysis and strong company fundamentals collide. CSE:PKK has their strongest quarter incoming (Q4) which is expected to surpass 2020's revenue in it's entirety. This, combined with a NASDAQ listing, and other unknown catalysts should result in powerful capital market results. More on the double bottom pattern: "The double bottom looks like the letter "W". The twice-touched low is considered a support level. The double bottom pattern always follows a major or minor down trend in a particular security, and signals the reversal and the beginning of a potential uptrend. Consequently, the pattern should be validated by market fundamentals for the security itself, as well as the sector that the security belongs to, and the market in general. The fundamentals should reflect the characteristics of an upcoming reversal in market conditions. Also, volume should be closely monitored during the formation of the pattern. A spike in volume typically occurs during the two upward price movements in the pattern. These spikes in volume are a strong indication of upward price pressure and serve as further confirmation of a successful double bottom pattern."
CSE:PKKLong
by MicroChartist