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Double Top or Bottom

The double top is one of the most popular patterns in trading. It's a reliable reversal pattern that can be used to enter a bearish position after a bullish trend. It consists of 2 tops at nearly the same level with a valley in between, which creates the neckline. The second top does not break the level of the first top, so the price retested this level and tried to make a higher high, but failed. Price breaking the neckline and closing below it would complete the pattern.

Conservative traders look for additional confirmation and aggressive traders may enter a bearish position from the second top. The target can be estimated by measuring the height of the pattern and projecting this downwards from the neckline. Common stop levels are just above the neckline, halfway between the neckline and the tops or above the tops. The double bottom is the bullish version of this pattern that can form after a downtrend. A popular variation of this setup is the 2618 trade (as taught by Jason Stapleton) with specific rules for the pattern configuration including where to enter and to exit the trade.
Roker1 Roker1 EURNZD, 60, Long ,
EURNZD: Opportunity LONG on EURNZD
162 0 2
EURNZD, 60 Long
Opportunity LONG on EURNZD

Hi guys, on the daily chart EURNZD is in oversold condition and it's also testing a key structure zone. That's why i've highlighted the yellow box that you see above. In cases like this, i like to go on smaller timeframes looking for additional clues to take a trade. In this case i've found multiple hints: first of all, on the 4H chart we can see a couple of ...

Roker1 Roker1 EURJPY, 60, Long ,
EURJPY: Reversal on EURJPY? I think so
187 0 2
EURJPY, 60 Long
Reversal on EURJPY? I think so

Hi guys, this is the hourly chart on EURJPY and i'm taking this long trade because of several reasons. First of all, we're in a strong supporto zone on the daily chart and we're also creating a nice divergence on the RSI there. Then, if we lower a timefeame (4H), you can see a couple of pinbars (candles with long wick to the bottom) signaling buying pressure ...

Jack_Boulevard Jack_Boulevard XEMBTC, 240, Long ,
12 0 0
XEMBTC, 240 Long

XEM has broken out of its short term downtrend and is now consolidating on a strong level of support. It has held here multiple times previously and gone for good runs after consolidating at this level. It also seems to be forming a symmetrical triangle just above the support level. If BTC behaves I feel like a good push could happen with 6-12% gains depending ...

Sublime_Trading Sublime_Trading TRYJPY, 1D, Short ,
TRYJPY: Bears Coming in at Resistance on The TRYJPY?
33 0 1
TRYJPY, 1D Short
Bears Coming in at Resistance on The TRYJPY?

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. Any ...

Sublime_Trading Sublime_Trading TRYJPY, 1D,
TRYJPY: A Potential Double Top on The TRYJPY?
28 0 3
A Potential Double Top on The TRYJPY?

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 ...

TJP_Trader TJP_Trader USDSEK, D, Long ,
7 0 0
USDSEK HIts new YTD Highs

SEK weakness continues to reign , previously we saw a potential double bottom (DB) form with the February low (pattern later confirmed with a break of the neckline in April) and had further reason to be convinced of the reversal with an A-B-C reversal pattern forming off the same Feb low. After reaching a YTD high of 8.9159 we saw a ner retest of the DB ...

BCryptological BCryptological BTCUSD, 1D, Long ,
BTCUSD: Bitcoin heading for critical support
57 0 0
Bitcoin heading for critical support

Bitcoin has been flirting for some time with the critical support located around $6000-$6500, and each time the support has held strong. But continued failed attempts time and time again to push up to and through the critical resistance at $11500 is a very bad sign for the immediate value of BTCUSD... each failed attempt increasing the likelihood we will fall ...

kcFX kcFX EURAUD, D, Short ,
EURAUD: EURAUD Double Top (short)
21 0 0
EURAUD Double Top (short)

Daily timeframe Sell setup on daily candle close for the EURAUD Double top pattern with neckline break to confirm

Roker1 Roker1 CHFJPY, 60, Short ,
CHFJPY: Short with Structure on CHFJPY
393 3 7
CHFJPY, 60 Short
Short with Structure on CHFJPY

Hi guys, 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. ...

Roker1 Roker1 NZDJPY, 60, Long ,
NZDJPY: Long on NZDJPY - Structure trade
251 4 6
NZDJPY, 60 Long
Long on NZDJPY - Structure trade

Hi guys, there are several reasons why i'm going long on this pair. For starters, price is testing a very important structure level that you can see both on the daily and weekly timeframe, and in doing so it's creating a nice divergence on RSI on the daily. Moreover, if we lower a timeframe, we can see on the 4HR that we have two engulfing candles (one after ...

tharrison tharrison AUDCHF, 1D, Short ,
15 0 0
AUDCHF, 1D Short
AUDCHF Reversal

Double top on the daily with a high test close. Slight bearish MACD divergence. Looking for downside momentum back to value at the 20/50 ema zone

Claty123 Claty123 USDJPY, 1D, Short ,
USDJPY: USDJPY Double Top Sell Stop
164 5 5
USDJPY, 1D Short
USDJPY Double Top Sell Stop

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 ...

Roker1 Roker1 USDCHF, 60, Short ,
USDCHF: Short on Double Top - USDCHF
280 0 5
USDCHF, 60 Short
Short on Double Top - USDCHF

Hi guys, in front of you, there's the hourly chart of USCHF. The yellow box represents a daily level of structure that i've pointed out in my higher timeframe analysis; this is also associated with a strong overbought condition (more than 7 consecutive green candles on the daily) and a divergence on the 4H and 1H charts. In this case, we also have a double top ...

vnee vnee BTCUSD, 1W, Long ,
BTCUSD: bulls returning, uptrend beginning...
39 0 0
bulls returning, uptrend beginning...

Now we see the return of bulls (but for a long time? :)). First(impulse) wave is forming. The RSI points to the overbought market, indicating that the correction is approaching. Probable level of of correction (by Fibonacci) is 9700. Then will decrease to 9000, or 8500. After its completion, and with the continuation of growth, we get the formed pattern "inverted ...

kingesbe kingesbe GBPUSD, 240, Long ,
16 0 0
GBPUSD, 240 Long

with the current affairs on the news regard the next step with brexit its crunch time. Big drop off from earlier this month on cable, plunging down to oversold levels via the RSI. On the flip side the dollar has been having recent success with the bull run but that looks to be running out of steam. I think there is key levels to watch out for before going long on ...

kingesbe kingesbe GBPUSD, 240, Short ,
GBPUSD: GBPUSD shorts incoming
79 0 2
GBPUSD, 240 Short
GBPUSD shorts incoming

I've been watching this and the DXY lately and now the gbp has reached overbought levels via the RSI indicator, i know its not set in stone but its a good indication to start looking for short entry points for the cable. Big important news today could support this further and strengthen the us dollar.

Roker1 Roker1 CADCHF, 60, Short ,
258 0 6
CADCHF, 60 Short
2618 on CADCHF

Hi guys, this is on of the pairs i'm going to be looking at over the next days. And the reason why is pretty simple to explain: if you go on the daily timeframe you'll see price is dancing around a very important level of structure (yellow box) and in doing so it has created a bearish engulfing candle pointing downside (in RSI overbought conditions). If we lower ...

ShaunBC ShaunBC USDJPY, 1D, Short ,
USDJPY: USDJPY: downtrend continuation - short
104 2 2
USDJPY, 1D Short
USDJPY: downtrend continuation - short

Daily: downtrend 1) price has just hit an ongoing downtrend resistance line 2) 62 period EMA acting as a dynamic resistance line 3) Stochastic indicator currently in overbought conditions 4-hour chart: 1) double top formed during uptrend. Reversal signal so next move is down. 2) 3 black crows bearish candle formed 3) 5 period EMA currently pointing down, and ...

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