Triple Top for Gold if a Strong Move Back Up from DXYI've posted about this for a while now, DXY is presently negatively corresponded with multiple markets: Gold, Bitcoin, Dow Jones, etc.
Should that negative correspondence continue and DXY makes a move back above 105, confirming a failed Head & Shoulders and then heads to 112 -> 118+:
- Gold may confirm a bearish triple top and lose nearly half its value.
If you zoom out to 3 month chart on DXY, the current Head/Shoulders looks more like a long term falling wedge that has broken out, re-tested the top, continued up and is now re-testing the top of a W pattern breakout.
The long-term DXY chart looks incredibly bullish. That said, it could instead drop in the interim and give Gold and other markets a chance to run to new ATHs, first.
Let's see what happens.
Tripletop
TRX 8% Drop Likely!When taking a look at the legendary TRX, we can see that it is showing signs of weakness after failing to trade above the recent high 3 times in a rom. If price continues down, I would expect a 8% drop to the golden pocket which lines up with the horizontal support .
Every day the charts provide new information. You have to adjust or get REKT.
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Don't trade with what you're not willing to lose. Calculate Your Risk/Reward!
This is not financial advice. This is for educational purposes only.
EURCAD - Bearish Triple TOP📉Hello Traders!
On The Daily Time Frame, The EURCAD Price Formed a Triple Top Pattern.
The Neckline is Broken🔥
The Support Line Is Broken🔥
So, I Expect a Bearish Move📉
i'm waiting for retest...
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TARGET: 1.45180🎯
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Triple Top vs. Triple Bottom PatternsTechnical analysis is a crucial aspect of trading, allowing traders make decisions based on patterns and indicators in price charts. Two common patterns that traders often encounter are the triple top and the triple bottom . These patterns can provide valuable insights into potential trend reversals in the market. In this article, we'll explore what these patterns are, how to identify them, and how to trade them effectively.
Triple Top Pattern
What is a Triple Top Pattern?
A triple top pattern is a bearish technical signal characterized by three peaks of approximately equal height on a price chart. This pattern typically emerges after a strong uptrend, indicating a potential trend reversal to the downside, also known as a bearish trend. The reason for this reversal lies in the fact that the price has attempted multiple times to surpass the peak but has failed due to insufficient buying interest at that price level.
Identifying a Triple Top
Observe three distinct peaks of nearly identical height on the price chart.
Ensure that these peaks follow a clear uptrend.
Draw a horizontal line across all three peaks to determine the resistance level.
The resistance level represents the price that must be breached for the asset to continue rising. If the price fails to break this level, it is likely to trend downward.
Trading a Triple Top Pattern
When trading a triple top pattern:
- Consider entering a short position (selling with the intention to buy back) only when the price breaks through the support level, signaling the completion of the pattern and a potential price decline.
- Look for strong trading volume accompanying the price drop to confirm the reversal. Weak volume may result in an unexpected price movement.
Triple Bottom Pattern
What is a Triple Bottom Pattern?
Conversely, a triple bottom pattern is a bullish technical indicator characterized by three troughs of similar height on a price chart. This pattern emerges after a strong downtrend, suggesting a potential trend reversal to the upside, known as a bullish trend. In this case, the price has attempted multiple times to fall further but is supported by a consistent level of demand, preventing it from declining.
Identifying a Triple Bottom
Look for three distinct troughs of approximately equal depth on the price chart.
Ensure that these troughs follow a clear downtrend.
When these conditions are met, it indicates that buyers are stepping in to prevent further price declines, creating a strong support level.
Trading a Triple Bottom Pattern
When trading a triple bottom pattern:
- Consider entering a long position (buying with the intention to sell at a higher price) when the price rises above the resistance line.
- Confirm the trend reversal by monitoring trading volume. A significant increase in volume can validate the upward movement.
Triple top and triple bottom patterns are valuable tools for traders, as they provide insights into potential trend reversals. These patterns reflect the dynamic interplay between buyers and sellers in the market and can be highly profitable when identified correctly. However, it's essential to remember that they can be challenging to spot early on and may transform into different patterns if not fully formed.
As with any technical tool, triple top and triple bottom patterns should not be used in isolation. They are not fail-proof and should be complemented by other forms of analysis and risk management strategies.
Gold -> Missing The All Time High ChanceHello Traders and Investors ,
my name is Philip and today I will provide a free and educational multi-timeframe technical analysis of Gold 💪
Looking at the overall picture you can see that Gold retested the previous all time high which was roughly at the $2060 level and from there just once again rejected towards the downside.
With this week's candle it also seems like Gold is breaking a major previous weekly structure level towards the downside so there I as higher chance that we will now see more bearish pressure on Gold.
And over the past couple of days there was a quite harsh sellof on Gold without any bullish rejection so there was no bullish setup as I was expecting - I didn't enter any long position and I am just waiting for new structure on Gold before I will look for new potential setups.
Keep in mind: Don't get caught up in short term moves and always look at the long term picture; building wealth is a marathon and not a quick sprint📈
Thank you for watching and I will see you tomorrow!
My previous analysis of this asset:
BITCOIN - BEARISH TRIPLE TOP📉Hi Traders👋🏻
On The Daily Time Frame The BTCUSD Price Reached A Strong Resistance Level (32383.96-31050.00) !
Currently, The Price Formed a Triple Top Pattern📉
The Neckline is Broken🔥
So, I Expect a Bearish Move📉
i'm waiting for a retest...
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TARGET: 28550.00🎯
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EURNZD Intraday Trade IdeaFrom my technical view, the 4H trendline has broken, the 4H candle shows hammer pattern and the price made bullish structure in minor timeframe .so,today eurnzd will go up, the chart I show is the conclusion of my analysis, so as not to confuse you guys
the area over there is an area where you can entry, you can wait the price move up and retest for better confirmation that the price will continue to move up
Our target is 1.76735
let see...
dyor
CADCHF - Bearish Triple Top📉Hi Traders👋🏻
On The Daily Time Frame The CADCHF Price Reached A Strong Resistance Level (0.67920-0.68109) !
Currently, The Price Formed a Triple Top Pattern📉
The Neckline is Broken🔥
So, I Expect a Bearish Move📉
i'm waiting for a retest...
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TARGET: 0.66430🎯
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CADJPY - TRIPLE TOP PATTERN📉Hello Traders!
On The Daily Time Frame, The AUDJPY Reached a Strong Resistance Level 📈
Currently, on 4H Time Frame, The Price Formed a Triple TOP Pattern📉
i'm waiting for a neckline break!
Then, we will see a huge bearish move📉
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TARGET 1: 107.710🎯
TARGET 2: 106.890🎯
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Gold Triple TopAnalyzing the monthly price chart, a significant pattern emerges - the Triple Top formation from 2020 till now. The Price Percentage Oscillator (PPO) and Traders' Dynamic Index (TDI) indicators further shed light on the situation. Here's my take on short-term and long-term price analysis and projection.
The Triple Top pattern indicates three consecutive peaks at roughly the same price level, suggesting strong resistance. This suggests caution as it may signal a potential reversal or consolidation phase for Gold. The triple top pattern is a bearish reversal pattern that occurs when prices reach a high three times in a row, each time at a slightly lower level. This pattern suggests that the uptrend is losing momentum and that prices may be due for a correction.
Looking at the PPO indicator, it shows a bearish divergence with the price, indicating weakening momentum. This supports the notion of a possible pullback or correction in the short term.
The TDI indicator highlights a potential shift in market sentiment. The green RSI line has been in decline as price remained elevated and could imply a downtrend is forming.
In the short term, given the Triple Top pattern and the bearish signals from PPO and TDI, Gold may experience a downward correction or consolidation phase. Support levels to watch include $1,700 and $1,600.
In the long term, caution is warranted. If the Triple Top is confirmed, it may trigger a more significant trend reversal. Key support levels to monitor are $1,500 and $1,400, while resistance remains near $2,000. The short-term technical analysis suggests that gold prices may be due for a correction in the near future. However, the long-term technical analysis suggests that gold prices are still bullish and are expected to continue to rise in the years to come. Investors should consider taking profits in the short term and waiting for a better entry point in the long term.
Please note that this analysis is based on technical factors and historical patterns, and it's essential to consider other factors and conduct further research before making investment decisions. Stay informed and adapt to changing market dynamics.
Triple Top or Triple Bottom?Technical Analysis:
Triple Top: Line A - Line B
Triple Top Possible: Line X - Line Y
Confirmed Formations:
Triple Top: A-B
Up Trendline (-N-) break during wave (D)
Bounce off trendline (-X-) at point (E).
Notable Mentions:
Trendline (-X-) is 23.6% Fibonacci retracement of 2020 lows to Jan 2022 Highs.
Low volume at peak (C)
Increased volume at point (E) to the downside
Increased volume during the breakout to the downside of triple top A-B
Triple top formed inside trendline (-A-) and (-B-) inside the 5min timeframe. The last wave in triple top A-B did not touch the top of trendline (-A-), some may see this as a failed double bottom or false breakout.
We entered a possible triple top formation inside trendlines (-X-) and (-Y-). This may turn out to be a triple bottom. Confirmation is to be seen after a sustained penetration below trendline (-Y-) or above trendline (-X-).
Bearish: Break and sustain under (-Y-) possible return move (G) and or reversal at point (G).
Bullish: Break and sustain above trendline (-B-) from the A-B triple top and sustain above major uptrend line (-N-)
Please feel free to give your input, I am in the process of learning Technical Analysis and it would be an honor to learn from you.
EURUSD is falling with 🗻🗻🗻Triple Top Pattern🗻🗻🗻!!!EURUSD managed to form a 🗻🗻🗻 Triple Top pattern 🗻🗻🗻.
EURUSD is currently completing the pullback .
I expect EURUSD to drop to the next 🟢 support zone($ 1.076-$ 1.0712) 🟢 after completing the pullback to the 🔴 resistance zone($1.095-$ 1.0915) 🔴 and the neckline.
🔅Euro/U.S.Dollar Analyze ( EURUSD ), 4-hour time frame ⏰.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy, this is just my idea, and I will gladly see your ideas in this post.
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Gold Bugs Squished?I've been talking about Gold COMEX:GC1! hitting a major high for my last two Livestreams (catch them Friday at 4pm Eastern after the market close). The current price action warrants a standalone post.
Each Livestream for many months has had at least one person ask what I thought about Gold. It was very simple: Gold was trending UP to test the major Monthly highs. In many of my social market chats about two weeks ago my gold bug friends began getting very excited. I urged caution. Price MUST break the high and confirm the breakout before getting long at this major Resistance Level. Now it looks as of gold price is respecting this monthly high from the last few years.
To be contrarian I had to short Gold (using AMEX:GLD ) based upon a Spike setup from Friday May 5th's high. Last week price pulled back and "should have gone" to retest and break the high. It did not and returned back inside the range. This sets up a short. I also know from taking market sentiment that a lot of traders may have gotten a bit overly optimistic. This could setup for a good pullback to at least the 1850 Level.
AUDCAD - BEARISH TRIPLE TOPHello Traders👋🏻
The AUDCAD Price Reached a Resistance Level ✔️
The Price Failed To Create New Higher High and formed a Triple Top Pattern ✔️
The Neckline is Broken 🔥
If Price Stays Under The Key Zone, AUDCAD Can Continue The Bearish Move 📉
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TARGET: 0.89655🎯
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CADCHF - BEARISH TRIPLE TOP📉Hello Traders👋🏻
The CADCHF Price Reached a Supply Zone ✔
The Price Failed To Create New Higher High📈
Currently, CADCHF Formed a Triple Top Pattern ✔
The Neckline is Broken 🔥
If Price Stays Under The Key Zone, CADCHF Can Continue The Bearish Move 📉
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TARGET 1: 0.65795🎯
TARGET 2: 0.65365🎯
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