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Double Top

NVDA: A Dangerous Pattern Appears.• NVDA is doing a pullback to its 21 ema, which is a normal movement. The problem is that this correction is occurring after it found a strong resistance at 280; • This could be the beginning of a Double Top chart pattern. In order to trigger this pattern, NVDA would have to lose the 263 support line, which is the previous bottom area; • In this scenario, NVDA would seek the 244, the next support line; • In order to avoid this bearish thesis, it is important to see NVDA doing a bullish reaction, preferably above the 21 ema, and breaking the 280 as soon as possible; • So far, it seems NDA is just doing some range trading between its two key support/resistance lines. I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
NASDAQ:NVDA
by Nathan_The_Finance_Hydra
2
QQQ: A Dangerous Chart Pattern Appears.• QQQ is trading inside a range, between the resistance at 321, and the dual-support area made by the 21 ema + 313; • Only a breakout would bring something new. If QQQ triggers an upwards breakout, it’ll just resume the bullish bias, and seek the next resistance at 334; • On the other hand, if QQQ loses the dual-support level, it would trigger a Double Top chart pattern, and in this scenario, it could easily correct all the way down to the304 again;; • So far, there’s no breakout yet, but QQQ is approaching its dual-support area. It all depends on how it’ll react around here. I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
NASDAQ:QQQ
by Nathan_The_Finance_Hydra
GBPUSD: Waiting for Confirmation of Bearish TrendThe GBPUSD pair has formed a double top pattern, with divergence on momentum indicators, and is now completing a head and shoulders pattern. To confirm the start of a bearish trend, I will wait for the price to break below the neckline at 1.2350. However, I will likely wait for the price to bounce off support levels and re-enter slightly above the neckline (around 1.237), when it has captured some liquidity from traders anticipating a rapid decline, before entering a short position. This will enable me to capture more liquidity at a better price and minimize losses. When trading, it is important to remember that the majority of traders (90%) lose money. Therefore, one should only sell at the highest possible price and buy at the lowest possible price, even if it means missing out on some opportunities. It is also crucial to avoid placing stop-loss orders in easily accessible locations, as prices often return to areas of liquidity. Finally, instead of chasing prices, one should wait for them to come to their desired conditions. ------------------------------------------------------------------------- Let me know your thoughts in the comments, and show your support by liking the idea. Please follow if you're interested in more ideas like this. Your support is greatly appreciated!
Short
by Candlestick_OB
EURGBP - New Selling Opportunity! Hello Traders ! On The Daily Time Frame The EURGBP Price Reached a Resistance Level ✔ The EURGBP Price Was Trading in a Bullish Structure but The Price Came Under Renewed Selling Pressure 📉 He Failed to Create New Higher High 📈 Currently, The Support Line is Broken🔥 So, I Expect a Bearish Move📉 ---------------- TARGET 1: 0.87920🎯 TARGET 2: 0.87540🎯 ___________ if you agreed with this IDEA, please leave a LIKE, SUBSCRIBE or COMMENT!
Short
by Hsan_BenAhmed
1
BTC 15m Head and Shoulders and 1H Double Top on the Trend WavesWe can use candle patterns on the oscillators too. On 1h my waves oscillator, we have a double top, ideally rejected from the 70 lines, and it broke down the neckline. A pullback in strength could go below a zero line. In that case, aggression (grey wave) would be rejected in the area of -50 to -70. The head and shoulders pattern formed on a 15m timeframe, and it retests the neckline at the moment of writing this, with a possible drop to 30300 right through the hole on VPVR on the right. Again, the fact that I remain bearish should not change the fact that trading against the trend is a big NO-NO.
Short
by RockinHood