Little bit of different setup this time.
I see it as potential double or even triple top with decreasing highers as the sign of potential trend reversal and rally down.
The fact that it is third top is little bit diminishing the risk/rewards ratio, therefore I will adjust and close the trade in the first signs of incorrect judgement.
Also it could very easily ...
What a great opportunity for shorting, right at the beginning of a trend .With a double top, macd squeeze, under ema, mtf are all confirming red (short) and higher timeframe daily strong down trend. Hope you found this helpful please comment if you have any input. Risk management is the key to success
Expect double top forming at resistance.
Sell at Resistance
Following Trend (in case of False Breakout)
Double Bottom at .70542.
Closing Descending Triangle
Buy at Support
Unless something miraculous happens for Intu that makes the bull trend continue I think we could see the price of Intu shares drop even further.
Wait for confirmation of the double top, if we see the price climb higher it will invalidate the setup. I'm looking for confirmation around 174.5, just below the bottom of the red candle of the 7th October 2018.
Over the next weeks or months I predict the price of Middleby (MIDD) could drop lower, following the confirmation of a possible double top or triple top pattern.
Like the idea if you agree and let me know what you think in the comments.
it's been a long time without posting. I've continued doing some analysis on the italian section but i've not had the time to publish my analysis here also. I'll try to publish more on the following weeks.
I'm back with a very interesting analysis on AUDCAD. I'm not used to trade on Friday but i wanted to bring you something because i think it represents ...
I'm short EURGBP going into the ECB rate decision & press conference today.
Entry based purely on the technicals, pair has hit channel resistance & put in a double top with RSI divergence, didn't get too oversold on the 4 hour though
Last post: June 11th. See chart.
Review: Price had pulled back to resistance forming a potential double top.
Update: Price has bounced off resistance suggesting weakness but the double top is still to be confirmed.
Conclusion: Continuing to stand aside and manage short positions until the pivot low of May is cleared. Compounds will then be added.
Last post: June 2nd. See chart.
Review: The bears had resumed control of the market from resistance but a break below pivot support was needed.
Update: Price has pulled back to the same key resistance which we want to see hold strong and form a potential double top.
Conclusion: A waiting game now as we let price dictate a clear trend direction. The odds are ...
this is a simple trading setup. It all starts from higher timeframe, specifically daily, where we have a downtrend and a retest of the broken support that could now turn into resistance (yellow box). Given that, we all know that this is a key place to look for trading opportunities because it could yield great results with the help of the master trend. ...
USDJPY Failed again yesterday at the 110 handle, a huge psychological level for the pair, it also sits on 61.8% fib from the jan to march sell off. we now have a double top forming, i have set a sell stop at 108.5, as if the double top neckline breaks we'll potentially see it fall to fresh 2018 lows. Have we just set a new lower high on the daily? could we be ...