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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 CADCHF, 60, Short ,
211 0 5
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 ...

ArminZed ArminZed EURUSD, 1M,
EURUSD: EUR USD  ( Long-Term Analysis )
578 4 12
EUR USD ( Long-Term Analysis )

If you like to trade long-term, this is what I see, hope it helps. Good luck! Would you like to receive more charts, please follow me :)

ShaunBC ShaunBC USDJPY, 1D, Short ,
USDJPY: USDJPY: downtrend continuation - short
101 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 ...

Roker1 Roker1 NZDJPY, 60, Long ,
NZDJPY: 2618 trade opportunity on NZDJPY
75 0 2
NZDJPY, 60 Long
2618 trade opportunity on NZDJPY

Hi guys, here on NZDJPY we've just tested a very important level on the daily timeframe, while creating a double bottom with RSI divergence on the lower timeframe (4H). This is a clear sign of reversal and could point to a change in trend on a long term basis (especially in the location we're). One of the way that you can trade double bottoms is by waiting for a ...

kingesbe kingesbe GBPUSD, 240, Long ,
10 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
77 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.

JackTheTrader JackTheTrader AUDUSD, 30, Long ,
AUDUSD: Short Term - AUDUSD Long @ 0.7684
19 0 0
AUDUSD, 30 Long
Short Term - AUDUSD Long @ 0.7684

Recent Double Bottom @ 0.765 followed up by bullish sentiment on 30m graph. In addition to this. RSI looks to be crossing the 50 mark aggressively, hence proving the dollar count be set to weaken over the next few days. LONG ENTRY @ 0.7684 SL @ 0.7657 TP @ 0.7735 RR @ 2.02

JackTheTrader JackTheTrader GBPCHF, 60, Short ,
GBPCHF: Short Term - GBPCHF Short @ 1.3485
24 0 0
GBPCHF, 60 Short
Short Term - GBPCHF Short @ 1.3485

For my first piece of analysis I see a potential short forming on the 60m chart for GBPCHF 0.08% . There has been a double top at a key structural resistance level. The last candle has closed bearish showing us confirmation this looks a good entry point! I usually aim for a Risk:Reward ratio of between 2:1 - 2.5:1 so for this trade I have set the following ...

Roker1 Roker1 GBPCHF, 60, Short ,
GBPCHF: Short Trading on GBPCHF
244 0 3
GBPCHF, 60 Short
Short Trading on GBPCHF

Hi guys, i've looking at this pair since we've reached the yellow zone highlighted on the left hand side of your screen. And i'm now getting involved because of the false breakout that you see on the right hand side of your screen. But let me be clear: first, we are at a major structure level on the daily timeframe, second, we've reached overbought condition on ...

scorpiousg scorpiousg EURNZD, 1D, Long ,
40 0 0

I've had my eye on EURNZD for a while now, but more recently in the last week or two. The Euro has over the last week (actually since April 2017, but what's 12 months between ticks) staged quite the bullish run and the charge seems to be in full momentum (I should know on account of being on the wrong side of it recently and donating some to the market). Most ...

ShaunBC ShaunBC USDCAD, 1D, Short ,
32 0 0
USDCAD, 1D Short
USDCAD - Short

USDCAD - Strong reverse head and shoulders formed with a successful break past neckline. Left with exhaustive bullish candle, followed by strong Three inside down candles - Stoch indicator has strong selling momentum and heading towards over sold conditions - Bollinger band bounce down - MA5 heading down towards MA20

vnee vnee BTCUSD, 1D,
BTCUSD: level of reverse movement not far
52 0 0
level of reverse movement not far

Today we have a deep correction, began after two attempts to punch 12,000. The price broke the 9500 - and we received a pattern of two tops, according to the price can drop to 7500 (9500-2000). On the way down on 7850 (0.786 Fibonacci) there is a level of support, RSI and stochastics are in the owersold area, so it is more likely to stop and reverse the movement ...

Roker1 Roker1 EURNZD, 240, Short ,
EURNZD: EURNZD shorting with patterns
274 3 12
EURNZD, 240 Short
EURNZD shorting with patterns

Hi guys, this is interesting: on EURNZD we're testing a key structure level on the daily and we've also formed a nice Bat Pattern that's completed and that's not yet hit targets. Around the completion zone, price has also created a nice double top with RSI divergence that makes me comfortable in taking this short with stops above structure and targets down below ...

ArminZed ArminZed EURUSD, 240, Short ,
272 0 2
EURUSD, 240 Short

Price is near those levels and would be pushing the price down and breaks the neckline strongly wait to see clearly signal Good luck! :)

FernanEspejo FernanEspejo BTCUSD, 1D, Short ,
BTCUSD: Double Top on Bitcoin
579 0 10
BTCUSD, 1D Short
Double Top on Bitcoin

Bitcoin on the daily chart seems to showing Double Top signs. The rule of double top says the length of the decline should be the same length as the neckline and and top. Should be a good time to short

mda_fx mda_fx GOLD, 1D, Short ,
GOLD: (daily) gold (short)
51 0 0
GOLD, 1D Short
(daily) gold (short)

-DESCRIPTION double top formation on the daily chart waiting for breakout at the kneck line and bearish candle stick formation as entry confluences. target: 1261

Roker1 Roker1 GBPCAD, 240, Short ,
GBPCAD: Short with a double top on GBPCAD
480 10 10
GBPCAD, 240 Short
Short with a double top on GBPCAD

Hey guys, i've been looking at this pair from last week and this could be the right moment to enter the market, according to my trading strategy. We're testing a very strong resistance and we've seen price slowing down approaching that level. And now you can see a triple top that's forming on the 4hr chart. I'm entering now with stops and targets as shown. Be ...

ShaunBC ShaunBC EURUSD, 1D, Short ,
EURUSD: EURUSD: Double Top - Short
64 0 1
EURUSD, 1D Short
EURUSD: Double Top - Short

Double top identified Stochastic still currently in a downtrend 7MA downward crossover 20MA If trend continues down, entry at the neckline; SL at double-top head

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