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Double Top

Double Top on XAG/USD @ D1This double top pattern has formed on the daily chart of the XAG/USD pair (Silver) following a rather long bullish trend. It can be used as a downside breakout setup. The two tops are marked with the upper yellow line; the neckline is marked with the lower yellow line. My potential entry level is at the cyan line (10% of the pattern's height below the neckline). My potential take-profit level is at the green line (100% of the pattern's height below the neckline). My potential stop-loss is not shown on the chart and will be set to the high of the breakout candle or to the high of the preceding candle if the breakout one trades mostly outside the pattern's borders. I won't be trading a bullish breakout from this trend-reversal pattern.
OANDA:XAGUSDShort
by AndriyMoraru
BMY- a large cap pharm loosing market cap SHORTBMY is here on the daily chart. The double top and death cross of the EMA moving averages makes for a strong candidate to short with shares or take put options. A comparsion of the most recent earnings report with the previous one sixty days earlier tells most of the story. The dual time frame RSI indicator shows ongoing wekaness. I will short BMY here and take some call options as well. I am in LLY long in a big position. This will be a race in opposite directions for two large cap pharmaceuticals.
NYSE:BMYShort
by AwesomeAvani
Double Top on EUR/USD @ D1This double top pattern has formed on the daily chart of the EUR/USD currency pair following an uptrend that lasted since the beginning of 2024. It can be used as a bearish breakout setup. The two tops are marked with the upper yellow line; the neckline is marked with the lower yellow line. My potential entry level is at the cyan line (10% of the pattern's height below the neckline). My potential take-profit level is at the green line (100% of the pattern's height below the neckline). My potential stop-loss is not shown on the chart and will be set to the high of the breakout candle or to the high of the preceding candle if the breakout one trades mostly outside the pattern's borders. I won't be trading a bullish breakout from this trend-reversal pattern.
Short
by AndriyMoraru
Market Direction using SPY historical trend patternsFrom a technical perspective, there hasn't been a definitive signal indicating a trend reversal for the SPY 500. Back in May to October 2023, the SPY exhibited a clear "M" pattern or double top, experiencing a drop of approximately 5%, retracing back, and then dropping around 10%, forming the M pattern. If we compare this M pattern with the current price action, we observe a striking resemblance in the market behavior, as the price retraces from a similar percentage drop of around 5%. The question arises: Is the market genuinely recovering, or are we merely witnessing the formation of another M-shaped pattern!
AMEX:SPY
by MESHANL
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