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Double Top

USDCHF - Trend-Following Setup!Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst. on DAILY: Left Chart USDCHF is overall bearish and now retesting the brown trendline so we will be looking for sell setups. Knowing that USDCHF can still trade higher till the green resistance zone before going lower. That's why we don't sell blindly, we always zoom in to lower timeframes and look for the bears to take over. on H1: Right Chart USDCHF is forming a double top but it is not ready to go yet. Trigger => waiting for a momentum candle close below the gray neckline to sell. Meanwhile, until the sell is activated, USDCHF can still trade higher. Which scenario do you think is more probable and why? Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
by TheSignalyst
7
QQQ/SPY Topping Pattern?Pretty interesting relationship between QQQ vs SPY. QQQ/SPY started massively deviating from the long term trend around March 2020. We've since reverted to the mean a bit, and are now potentially showing signs of a top, which would mean QQQ is set to underperform vs SPY. Double top scenario: -we get rejected off the 21-week EMA, then break down from the channel. Head & Shoulders top scenario: -we rally a little longer up to the resistance level of the channel but then get rejected, forming a downward sloping H&S. It would make sense if we saw QQQ underperform and then revert to the long term trend. However, the RSI is showing that we are very oversold, so perhaps this rally has more room to go.
NASDAQ:QQQ
by Huntz
GBP/USD:SHORT from Double TOP + FIBO Level + Resistance | SHORTAs shown in the last Idea, the price after a Local double TOP in confluence with the 50% Fibo Level, inside a Resistance Area ( White rectangle ) and the rebound on the Dynamic trendline, the price definitely broke also the neckline of the Double TOP, fallen strongly to down in direction of the main trend, almost closing our first Take profit area. The Stochastic it's outside the Overbought area in direction of a Bearish side and the RSI is still also bearish. The Forecast Ichimoku remains RED and our clues are about a continuation of the Short trade...
Short
by FOREXN1
8
EUR/NZD:SHORT from Fibo Levels , POC Volume and Double TOP -SELLThe EUR/NZD it's for a long time in Downtrend, In the last sessions had a Pullback into the Area of 50% 61.8% Fibonacci where placed the Volume Point of Control from the previous Swing high and, this reaction may be made also by the presence of Dynamic trendline and by the 200 SMA. The scenario is a Typical Swing trading setup with a divergence on the Stochastic indicator in Overbought meanwhile the RSI is still bearish. The DIvergence on RSI is made by a local Double TOP made by the price on the chart. Our bias is for a continuation of the Downtrend.
Short
by FOREXN1
9
BOIL / GUSH RATIO- Leverage 3X Natural Gas ETFsAMEX:BOIL BOIL is the #X leveraged ETF for Natural Gas while KOLD is it inverse. On this 30M chart I setup the ration between BOIL and KOLD. This is to find precise swing entries without a lot of work for those only trading part time like myself. At the highs, BOIL has peaked relative to KOLDAccordingly, this is the time to exit BOIL and enter a position on KOLD. Conversely, when the ratio is at an inflection bottom, a trader should exit KOLD and enter a BOIL position. This chart shows several patterns including: a double or triple top which may breakdown as there is a newer cup and handle potentially breaking out above the handle in continuation of the prior uptrend. It the present chart, the Bollinger Band basis line the uptrending of its boundaries and the MACD all favor the probability of an uptrend., the spot markeri All in all, I am waiting to buy BOIL since natural gas is being liquified and shipped to Europe to make electric power to supply to air conditioner for the long hot summer. XNGUSD has had dramatic action in the past couple of months, all good for BOIL's price action. Three evening stars or three-bar plays marked with red down arrows. If not in a position at present, the chart should be observed for the cup and handle pattern completion towards a resumption of the uptrend. IF so, a BOIL position could be entered. If it fails the triple top controls the price action and a KOLD position could be entered. This chart demonstrates the importance of looking for patterns to help guide higher probability setup.
AMEX:BOILLong
by AwesomeAvani
2
AUDJPY, 2 Possible Sell Senarios Hello Traders, AUDJPY has been moving within a HTF ascending channel creating clear price action for a couple opportunities for a sell position. Price is approaching a level which could give us a strong bearish reversal as looking in previous history has been tested 3 other times pushing price downward. I will be looking at the LTF for bearish confirmation if price reacts from this 95.72 level. If price impulsively breaks above this level I will be waiting for it to touch the upper boundary of the ascending channel, making a new high before looking for bearish confirmation for another sell opportunity. Trade Safe Thanks
Short
by ktlfx
2