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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.
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Double Top

A Double Top on RARE.

38 0 0
BCH due a run up

BCH is currently in the low range compared to BTC. The BCH development teams are innovating and doing the opposiate to BTC which makes them a good hedge. BCH tends to pump to keep up with bitcoin. Around 600 is a very strong level of support. Possible double bottom forming.

amcgarity amcgarity SMDS, 1D, Long ,
29 0 0
SMDS, 1D Long
Resumption of LT trend on SMDS

Recent promotion to FTSE 100 and a spate of good news and results pushed SMDS to new heights and since year-end results profit takers have corrected the share price. Oiutlok for this share is bullish based on recent market news and the same heights will undoubtedly be re-hit in the near future. Trend reversal in early June was indicated by the double top and ...

AMTrader AMTrader DXY, 1D, Short ,
13 0 0
DXY, 1D Short
DXY Bearish 2618 Signal

It looks like DXY will still be heading lower in the short to medium term after last Fridays close below the 61.8% level measured from 95.53 to 93.71, thus, a bearish 2618 trade signal following the double top above. At the moment it is difficult to assess the medium term trend for currencies with all the political turmoil in Europe and the uncertainties ...

pardo269 pardo269 XAUUSD, 240, Long ,
XAUUSD: Gold Double Demand Area
188 0 1
XAUUSD, 240 Long
Gold Double Demand Area

Gold Double Demand Area - Price bouncing off 2 extremely long term area's of Demand on Horizontal & Diagonal Plain's, Very simple, look for a little more Bullish Price Action before positioning yourself for a potential long term hold.

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ETHUSDT, 240 Long

Eth had a good pump along with btc over the past day. It is right up against a daily resistance now and if it gets rejected here we have made a new lower high and we will head down to retest the long term uptrend. If that fails to hold up against the bears next stop is a weekly support at around 392. Watching closely for a entry either off the trend line or the ...

Roker1 Roker1 GBPCHF, 240, Long ,
248 0 5
GBPCHF, 240 Long
GBPCHF - A "double" double top

Hey guys, this is quite particular as a case study. Here on GBPCHF i've gone down to a lower timeframe because i was looking at the daily chart and i saw a double top with RSI divergence. Thus i went on the 4hr chart and looked for trading opportunities at the retest. Guess what i've found: another double bottom with again, RSI divergence at the second test. At ...

ewilliams ewilliams AUDUSD, 1W, Long ,
36 0 0

This is a bold idea The Dollar is currently rising like a raging bull at the moment. However this is Just some thing I have noticed on this pair today. What looks like a potential double bottom has appeared. The main reason why I have decided to look at this idea is that the Doji candle form off the key level rejection. That for me is a big sign. price this ...

21 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 ...

36 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 ...

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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 ...

Roker1 Roker1 EURNZD, 60, Long ,
212 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 ...

TJP_Trader TJP_Trader USDSEK, D, Long ,
10 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 ...

Roker1 Roker1 EURJPY, 60, Long ,
203 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 ...

BCryptological BCryptological BTCUSD, 1D, Long ,
58 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 ,
29 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 ,
409 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 ,
258 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 ...

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