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Double Top

DOUBLE LOWER TOP FORMING: CPI COMINGLooks just like Feb 2-10, just playing at lower price. CPI numbers next week can crush this hopium rally. ERs coming later likely to disappoint and guidance has hardly been rosy so far, can't expect much imo. Stupid happy fool rally not getting much higher imo, just another bottomfishing bull trap. Still waiting for capitulation and real panic, dip buyers not fully crushed yet. RSI back at rollover level. Time and price projections suggest a lower low in late July. Follow the TL. Fat Lady didn't sing yet...
TVC:SPXShort
by DaddySawbucks
35
Double Top Pattern On GBP/USD - 4-hourHi Traders, Happy Wednesday. Today we are looking at GBP/USD. We are on the 4-hour time frame and we can see we have a double top playing out. Notice the two peaks of the double top ( I have placed arrows on each peak ) Notice the divergence of the histogram on the MACD across these two peaks. This indicates that the sellers are coming in hot and taking control because the buyers have been weakening. We also know that we are trading with the current market trend. There's no reason for us to look for long positions in most of the major pairs right now as the DXY is rocketing up and the Euro and Pound are struggling to form a bottom. So remember, if you want to give your strategy a further edge, trade with the trend. Our current market bias on this pair is short so we have been looking for short positions. I have highlighted the neckline zone in yellow. I was waiting for a retrace to the topmost point of this zone. I wanted the price to hit the resistance of that zone before opening up a short position. This gives me a higher risk to reward and I am looking for a risk to reward of one to three for this particular setup. Switching to the weekly time frame we can see that we have support around the 1.165 level. Price always seems to react around this level and there is technically no previous price structure to stop us on the way down. This is why I have chosen the 1.165 price level as my target for this double top. My short position opened early this morning whilst I was away from my computer so I decided to showcase this trade to you guys because it is always interesting to see how these things tend to play out. I am a patient swing trader and most of my entries occur within the 4-hour time frame. So let's wait and see if this pair is indeed going to move down even lower towards my target. Double tops and double bottoms are one of the most popular chart patterns to use and it's always a great tool to add to your bag of tricks when trading forex. Keep your eyes peeled! So on that note, let's watch and see what happens. I will be seeing you all in the next one. Hope you all have a great day! The Vortex Trader
Short
by TheVortexTrader
Double Top Pattern On AUD/USD - 4 Hour Hi Traders, Happy Tuesday. Today we are looking at AUD/USD Before we get into it, can we all just acknowledge the fact that the Euro and the US Dollar is officially one-to-one. The last time this was seen was in 2002. Twenty years ago. It's quite something to see. We are living in interesting times. The DXY is still rocketing upwards. Other markets are falling. As a trader, we love volatility right. That’s our bread and butter. And because we trade constantly, we’re the first people to see these moves before the rest of the world finds out. I think we should remember not to take this ability for granted. You’ve worked hard to be where you are and thankfully if you are a consistently profitable day trader, then you can take advantage of price swings like this. The rest of the world cant. So, let's remember to be grateful every day. Ok, let's move on to AUD/USD We are on the 4-hour time frame. The price has been bearish and still is. However, we may have a Double top playing out in this time frame. As you can see I have placed two arrows indicating where the tops are. I have also highlighted the neckline in yellow. The price moved straight through this neckline and is currently sitting way below it. We have very strong bearish volume at the same time. So what I would like to see is the price slowly come back up to the neckline, which is also the previous Support flipped resistance. This is a zone that has a lot of interest so I'm happy with it being a neckline zone. Moving to Volume, we have seen nothing but bearish volume, but what I would like to see with that possible retrace up to the neckline, is bullish volume, but we don’t want overpowering bullish volume with the retrace because that could indicate a possible reversal and we would most likely be stopped out. So we want to see bullish volume lower than this previous impulsive bearish volume we have been seeing. Moving to the MACD, we have divergence across the two tops of the Double Top. We can see this on the Histogram. Buyers were weakening and this just confirms our bearish bias because as we are trading with the trend remember. So we are looking for opportunities to go short. So on that note, let's watch and see what happens. I will be seeing you all on the next one. Hope you all have a great day! The Vortex Trader
Short
by TheVortexTrader
2
AUD/USD Technical AnalysisAfter the Ukraine war started Australian dollar made an attempt to break the daily market structure to the upside as Australia is a top commodity country, but failed to break structure and found resistance at the 0.76 area and formed a double top. Since then the price went back to a downtrend and formed another low. I expect the price to follow the Fibonacci extension levels and move even lower on the medium-term outlook. For better entry prices lower time frame analysis will be appreciable.
Short
by alicanuz
SiaCoin SCUSDT - Breaking out! Falling wedge + Triangle- On the daily chart we can spot a falling wedge - bullish reversal pattern that is currently breaking out! - Also we can see a local ascending triangle, also a reversal pattern. - As per my Elliott Wave analysis, this impulse wave should be completed successfully. - Now I am expecting a retracement to 0.618 FIB + previous swing low from February. - Look at my ideas about another interesting altcoins in the related section down below ↓ - For more ideas please hit "Like" & "Follow"!
Long
by UnknownUnicorn2537518
9
DAX with a clear bearish trendThe DAX is in a clear bearish trend and there seems little that can support the idea of upside, one bullish thought might be the fact that the EUR is weak and that could help with exports for the German industry, but with inflation being so high globally and supply chains being so disrupted I highly doubt this will help the German industry generate an income since so many of their companies are on the verge of a shutdown... The image in Germany is not pretty and as it seems we will only continue to face further problems. Price action is king right? Well if we take a look at this weekly chart all I see is reasons to sell... like... hell! Constant lower lows since the H&S pattern formed at the ATH, a clear rejection of a reversal at that double top which formed at the end of May and a new weekly low followed right after that rejection. It seems for now that we are heading towards the 11650 zone for the DAX.
OANDA:DE30EURShort
by PrimedGroup
Bitcoin Bottom vs Bitcoin TopOn the left you can see the current bitcoin chart on the 12h timeframe, further confirming a bottom with an adam-and-eve chart pattern forming. It occurs after a sharp downtrend. The initial step creates a “V” shape, the Adam part. Then the price surges upwards to a neckline and then makes a round “U” shape which is the eve part. Together it’s an Adam and Eve bottom pattern. As you can see on the right, the bitcoin top created over a weekly time frame, the inverse, an Eve-and-Adam topping pattern. This is a Double Top pattern with the first top stretched by many round candlesticks that look like the letter n. The second top is pointed like an A. I hope you enjoyed my analysis, please like, comment, follow, and share to show your support and encourage me to post my thoughts.
INDEX:BTCUSDLong
by TheTraderAndy
1
WOW RIGHT ONCE AGAINWe have been seeing crazy trading success lately! SPY and the general etf and index market alone have been showing some struggle all day long. Today just market a huge double top on every time frame under the daily. This is crazy! This is confirmed by an ascending wedge pattern that looks beautiful on the hourly and 30-minute chart. If this isn't a double top, then this is a cup and handle. Half the base to the handle is 8.25 up from the peak putting our estimates at 381.87 a previous support. GOOD LUCK BYE BYE MARKET>
AMEX:SPYShort
by haydencrann
7/7/2022 In Review; Mistakes Made, Double Tops, and Bear TrapsJust reviewing today. I'll post a better analysis tomorrow morning when I see what the market does overnight. That being said, I mention how I slightly deviated from my risk management plan and stuck out a trade late in the day today (short 3893) past what I normally would. It appears I'll be able to remedy the mistake or at least correct it for a small loss instead of a larger one, but I can absolutely say that was uncharacteristic of me and I feel like I traded today in some fashion like I did when I started trading years ago. However, it is always a good reminder when you get frustrated or start trading off of "feelings" and not your trading strategy, that you should walk away. I then explain how the consistent fluctuation of the longer timeframe trends is abnormal, and that I reviewed when the last time I'd had the 4-Hour and 6-Hour trends reverse this often. The answer is a VERY classic double top that occurred during the first half of February. Of the 16 6-Hour Trend signals I've gotten all year, 3 of them have been in the past few days. Likewise, there has only been 22 4-Hour Trend Indicators in the entire year, and 3 of those have also been in the last few days. Lastly I show have you can use indicators, such as RSI or MFI, to spot Bear Traps by seeing Bearish Divergence, if you're interested. It shows how you can get faked out by an uptrend that might actually be a bear trap that will send you lower. Extremely low volume, classic bearish market patterns, price rally with overall bad economic news... My sentiment, you guessed it, continues to be bearish.
CME_MINI:ES1!Short
by SemperTrader