as you can see price reached a strong weekly resistance wich you can have a better look in weekly TF .
RSI shows us a good divergence wich signaling end of current bullish trend.
There is a possible double top structure wich confirm only when its neck line breaks.
So our targets are : 0.66200 , 0.64400 (if price closes under neckline) and lasts target is about...
The 4H chart is showing the formation of a possible double top.
If the price continues to fall down to the neckline, we could see a nice short trade set up here.
The MACD and the RVI indicate that price may temporarily reverse as bears come into power.
Confirmation? I will wait for the price to break the neckline before entering a short trade.
GBP/CHF has been in an ascending channel pattern recently, with a possible double top forming.
What is a double top?
A double top occurs when the price moves upward and struggles to continue its bullish momentum and so it returns back down only to move upward again (forming the neckline) and reverse at the same price level. At this point, we look for the price...
This is a resistance level that I've marked up on the hourly time frame on NDX. It's a DT short reversal trade with a 40 stop and 60 target and then a trailing stop on the remaining part of the trade.
EURAUD is Bearish - We look to Sell at 1.6673
▪️ Short term bias is mildly bearish.
▪️ Bespoke resistance is located at 1.6673.
▪️ We have a 78.6% Fibonacci pullback level of 1.6700 from 1.6763 to 1.6469.
▪️ Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 1.6673, resulting in improved risk/reward.
After forming one technical double top reinforced by the weekly fractal as resistance printed at 1.26479, the cabe is now trading below the neck/support zone with the most recent resistance between 1.22499 and 1.22966, the 4h fractal and the daily fractal resistance.
The most recent support is now positioned at 1.21615 (4h fractal) and the daily...
More confirmation to me of a short potential on AUDUSD. Triple/double top (however you see it) gave me my first indicator, proven supply area in the purple box playing out, and formation of H & S pattern on the right has meant I've placed a SELL Limit.
SL placed 2 pips above the last high spike, entry placed at the start of this hourly candle, and TP giving me a...
Reason for shorting this position is due to the text book double top patterning. Stop loss for this trade is currently in profit, this is a risk free trade. Stop loss is adjust from the 15 minute chart to new LH formed. THETRENDISYOURFRIEND.
Stay safe people.
100% PRICE ACTION
As we can see, usdjpy has broken a very strong structure that it has struggled to break for weeks, bulls tried to step in to break above but were over powered.
Price then tested the area once and bounced off, confirming that bears are in controll. we are now waiting for a second retest at this structure before entering.
Price action is king,...