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Double Top

EURJPY Approaching Support for ReboundThe EURJPY currency pair has reached the end of its upward trend, as shown in the chart. It has faced resistance at several levels and has been unable to create new highs. Momentum indicators also show signs of divergence. However, the price is now approaching an important support area where the upward trend line meets the 50-period moving average on the hourly timeframe and the 61.8% Fibonacci level. I expect the price to respond to these levels and go up to 145 before falling again to break the previous support line and target 143. ------------------------------------------------------------------------- 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
QQQ Looking super double toppy ish right now - almost text bookSo im looking at a textbook look at a double top pattern and this set up looks to be almost identical - There's going to be a drift higher before the fade really comes in. That may be in the form of a slight green day Thursday into Friday but I would wager that Friday is gonna start a blood bath. Worst case scenario Monday its going to drop off for a nice money maker move. you can play a few options here that give decent time and are reasonably priced and will most likely allow for even better entry before the drop off. Casino Style: exp 2/24 $295 PUT Risky but cheap and might payoff big: exp 2/28 $290 and $295 Reasonable across the board in terms of time and cost -- exp 3/17: $280, $285, $290 3/31: $280 - should provide little worry and good % back on money ALL THAT being said - as soon as the PT of $285/$284 is hit its time to bounce - that's what ill be doing - obviously with some of the longer exp you could hold longer... forextraininggroup.com I tried to put the image on here of the textbook pattern but couldnt figure out how so heres the link
NASDAQ:QQQShort
by arich1282
2
Double-tops Across Markets if DXY eventually turns back upAs other major markets presently indicate similar targets, Nasdaq index also shows a pattern with measured targets pointing towards a same or slightly lower high double-top. I'm seeing this as a possibility across stock and crypto markets in correlation with a long-term bullish US Dollar Currency Index (DXY) that recently experienced a strong correction and may be preparing for another leg up. Pre-requisites This and the other double-top ideas shown below all hinge on DXY not continuing to drop, and also not immediately spiking back up. It would probably need to at least spend 2-3 (or up to 6-9 months) consolidating in the area where it is now (99-105 or so), and then move up. DXY and how it relates First some general thoughts on DXY and how it correlates with stock/crypto markets: Other Potential Double Top Patterns in US Stock and International Crypto Markets SP500 Measured Move towards same or slightly lower or higher high double-top: Dow Jones Index Measured Move towards slightly higher high double-top, likely a new but weak ATH: Bitcoin Measured Move towards same or slightly lower high double-top: DXY Correlation of Peaks vs Troughs in Crypto and Stock Markets DXY Peaks/Troughs Correlation to Total2 Troughs/Peaks: DXY Peaks/Troughs Correlation with SP500 Troughs/Peaks - this chart is older and has since made a new peak/trough for DXY/SPX and is likely headed from current trough to new peak for SP500 (first a double-top prior to suggested recession):
NASDAQ:NDX
by dudebruhwhoa
1
NZD/CHF Double Top Pattern AUDNZD currently has a score of -3, or a Sell rating after adding up all categories. First, let's look at what institutional traders are buying/selling. We can see that theAUD has a long percentage of 31.99%, and we see that the NZD has a long percentage of 55.98%. This category receives a -1, as institutional traders favor the NZD. Taking a look at AUDNZD, we see that retail traders are 70% long, and 30% short. We consider this information most useful when a market is at an extreme reading from retail traders. If the retail crowd is 60% or more positioned to one side, we get a +1 or -1. Currently, theAUDNZD gets a reading of -1 in this category. Remember, if the retail crowd is very long, we will look to short, and vice versa. Taking a look at seasonality, we get a score of +1. What this tells us is that based on historical data, this market tends to rise during this month. Trend reading is based on the daily chart, using the 5, 8, and 21 Exponential Moving Average. The more 'aligned' they are, the stronger the trend up or down. In this case, we have a score of +2. Finally, let's look at fundamentals. GDP growth favors the NZD, inflation favors the NZD, unemployment favors the NZD and interest rates favor the NZD
Short
by Elite_Forex
Double top continued BTC has confirmed the double top pattern since I last posted about it 2 days ago. The ascending triangle structure and H1 200EMA failed to hold. After a nearly 7% drawdown price rebounded off the bullish order block shown before regaining the 200EMA and the weekly 0.75 range quarter. With BTC struggling to top that all important local higher I could see a rangebound environment taking us into next week with no real momentum for either the bulls, nor the bears. For now playing the range would be the highest probability until proven otherwise.
by ProR35
TSLA: Approaching a Key Support!• The sell-off persists on TSLA, and it seems we are seeking the 21 ema again; • The 21 ema is around the black line at $187, which is a trigger point of a possible Double Top chart pattern; • The bias is still bullish on TSLA, but if it loses this area, and we don’t see any bullish reaction, it might reverse the sentiment; • Therefore, the area around $180s is extremely important for TSLA. So far, we don’t see any bullish reaction, but it is still above its key support levels; • On the other hand, in order to resume the bullish sentiment TSLA has to break the $214; • Right now, we are in “no man’s land”, moving erratically, but soon we’ll have some definition. I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analyses!
NASDAQ:TSLA
by Nathan_The_Finance_Hydra
6
TSLA: Trapped in a "No Man's Land".• TSLA is stabilizing today, after Friday’s bullish reaction; • Since TSLA failed in breaking the $214, and it did a top sign last week, it is just showing signs of weakness, however, the bias is still bullish; • The trend is still bullish as TSLA have yet to trigger a lower high/low pattern and it is still above the 21 ema; • The fact it did a double top at $214 might indicate a possible Double Top chart pattern, which is a bearish reversal structure, but TSLA didn’t trigger this pattern yet – it has to lose the $187 in order to technically trigger this Double Top; • Either way, it seems TSLA would have to break the $214 in order to resume the bull trend. For now, it seems this is just a sideways correction, trapped in a "no man's land", between its key resistance at $214, and its multiple support levels like the $187 or the 21 ema. • I’ll keep you updated every day on this. Remember to follow me to keep in touch with my daily analyses!
NASDAQ:TSLA
by Nathan_The_Finance_Hydra
7
USDJPY I 4 hr Double Top Formation - SHORTWelcome back! Let me know your thoughts in the comments! **USDJPY Analysis - Listen to video! We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support!
Short
by BKTradingAcademy
4