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Double Top or Bottom

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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 PRO EURGBP, 60, Short ,
EURGBP: EURGBP ready to reverse? My point of view
50 0 2
EURGBP, 60 Short
EURGBP ready to reverse? My point of view

Hey guys, in front of you you see an hourly chart on EURGBP. The daily outlook of this pair brought me to such lower timeframes: we have a daily resistance here that could push price lower and we're moving in an overbought condition on RSI. This gave me reasons to believe it could be a reversal when i saw the retest failed at the first touch of that previous ...

Roker1 Roker1 PRO AUDCAD, 240, Long ,
AUDCAD: Double Bottom at Structure!
71 0 3
AUDCAD, 240 Long
Double Bottom at Structure!

Hey guys, here on AUDCAD price is testing a key support level that pushed prices higher in the past. Therefore i can expect a reaction at this level on lower timeframes, such as a double bottom with RSI divergence like it's happening on the 4hr chart. At this moment price is also creating a nice engulfing candle that could additionally confirm our view. With stops ...

Bsapps Bsapps USDJPY, D, Long ,
USDJPY: Up then down....USD JPY
56 1 2
USDJPY, D Long
Up then down....USD JPY

Looking at the chart, a double top has been formed at the 114 area and a neckline at the 50% Fib level of 108.80ish. It's yet to break this 50% 108.50-80 Fib level and we've been left with what ALMOST looks like a bullish hammer close! Although the candle is red..lol. I do believe this will go up to test the 38.2% (111.00) fib before visiting 106.50 IF it's breaks ...

bmck1 bmck1 PRO XAUUSD, D, Short ,
XAUUSD: Spot Gold 2618 - Daily
108 0 4
XAUUSD, D Short
Spot Gold 2618 - Daily

Since the beginning of 2017 this market has been on quite a rally. We started the year down around the $1120s price area and have recently tested that $1280-$1300 area a couple of times. You can see from the daily chart that the $1300 psychological level appears to have held for the time being as we put in a nice big double top back in June. We've since seen price ...

Roker1 Roker1 PRO GBPJPY, 240, Short ,
GBPJPY: Double Top & 2618 on GBPJPY
266 0 13
GBPJPY, 240 Short
Double Top & 2618 on GBPJPY

Hey guys, this is a pair i've been looking at for the last weeks, and it turned out to be a good setup. Now price managed to break and close below the double top's neckline and that gives and indication of its intention to go lower. As usual, when such cases happen i look for a 618 retracement and sell at market, in according with the 2618 strategy. Stops would go ...

ollosimango ollosimango PRO XAUUSD, D, Short ,
XAUUSD: Gold Short - 618 retracement from Double Top (2618) -Daily chart
44 0 0
XAUUSD, D Short
Gold Short - 618 retracement from Double Top (2618) -Daily chart

This pair has been bullish up until we made a new structure high and failed to break it on a second test, forming a double top . Price then was able to break the previous low confirming the buyers are running low on energy. A retest and break of the new low would confirm a change in direction. Entering short on a clear rejection of the fibb 618 retracement with ...

Roker1 Roker1 PRO EURUSD, 60, Short ,
EURUSD: EURUSD at the top. Time to fall?
272 0 9
EURUSD, 60 Short
EURUSD at the top. Time to fall?

Hey guys, this is the hourly chart on EURUSD. If you're wondering why i'm in this chart, that's because EURUSD has hit the superior edge of the consolidation channel that's trapped it for more than 2 years. When i'm in a high location i always look for shorting opportunities, and if we're in a daily structure i'm allowed to use 4hr and 1hr chart in order to find ...

beaN_ beaN_ ETHUSD, 60,
ETHUSD: Ethereum Double Bottom
268 1 3
ETHUSD, 60
Ethereum Double Bottom

Possible Double Bottom on ETHUSD

spacefrog spacefrog SPX, D,
SPX: s&p buy climax up to 2500
78 0 1
SPX, D
s&p buy climax up to 2500

s&p buy climax up to 2500. so my early prediction of a double bottom and rally up to 2500 is in effect. we have strong buying here and i suspect this will hit our profit targets at 2480 and 2500 before a correction

Roker1 Roker1 PRO USDCAD, 240, Long ,
USDCAD: Decision Point on USDCAD
90 0 2
USDCAD, 240 Long
Decision Point on USDCAD

Hey guys, i'm waiting to see how price will react at the retest of the lows here. The situation on the daily is pretty clear, price has had a downward move from long time ago and i'm now expecting a relief rally out of that. Looking left now we have a former suppport zone that could act again in this pair. But since the trend is very strong i want to have a ...

Evan_Moe_Money Evan_Moe_Money USDJPY, D, Short ,
USDJPY: Short with huge profits in the long term!
59 0 0
USDJPY, D Short
Short with huge profits in the long term!

1. the main trend goes down. 2. a double top is forming out 3. Price bounced off that resistance Aren't that 3 good reasons to go short? Tel me what you think!

Roker1 Roker1 PRO GBPUSD, 60, Short ,
GBPUSD: 2618 opportunity on GBPUSD!
289 2 14
GBPUSD, 60 Short
2618 opportunity on GBPUSD!

Hey guys, here you can see the hourly chart of GBPUSD: i'm in here because of my higher timeframe analysis that allows me to highlight a structure area (yellow box) from the daily timeframe. When price touches such zones it usually reacts, giving us an edge to exploit the market. In this case you can see price has formed a double top followed by a break of ...

paschal88 paschal88 GBPUSD, 240, Short ,
GBPUSD: GBP/USD - 4hr (Short)
52 0 4
GBPUSD, 240 Short
GBP/USD - 4hr (Short)

Price action has recently completed a double top candlestick formation with a possible 2618 trade set up. Would like price to hit my Killzone before taking a conservative approach or I can jump in aggressive entry at 61.8% fib level.

Roker1 Roker1 PRO USDCHF, 60, Long ,
USDCHF: Long on USDCHF
86 0 2
USDCHF, 60 Long
Long on USDCHF

Hey guys, i'm trying to be the more short i can since this is happening right now. Double bottom with break of structure down on lower timeframes in a nice structure level. Stops below the lows, targets as shown. If you're aggressive you can swith target1 to target2 and let it run. If you have questions or ideas, share below. Otherwise, see you in the next chart!

Roker1 Roker1 PRO EURAUD, 60, Long ,
EURAUD: Double Bottom at Structure?
192 2 7
EURAUD, 60 Long
Double Bottom at Structure?

Hey guys, just wanted to let you know what i'm looking for in the next hours. On EURAUD price is testing a key support level on the daily (in oversold condition) and therefore i can expect market to react at this level. As i go down on 1hr chart i can see there's a double bottom setting up with RSI divergence and this also increase my confidence in this trade. I ...

Zak_MoneySteps Zak_MoneySteps AUDUSD, D, Short ,
AUDUSD: AUDUSD Deep Pullback Complete
45 1 1
AUDUSD, D Short
AUDUSD Deep Pullback Complete

Tweezer top potentially forming on daily Wait for daily close.

Roker1 Roker1 PRO EURUSD, 60, Short ,
EURUSD: Another short on EURUSD? 2618 trade!
316 2 13
EURUSD, 60 Short
Another short on EURUSD? 2618 trade!

Hey guys, this is a 1hr chart on EURUSD and as you can see price is still in the yellow box that represents a resistance area. I've already shorted this pair two times in the recent past (one with target1, one at breakeven). And it's now creating another short setup, in the form of a double top broken to the downside, this signifies price wants to go lower and a ...

Trading_Jazz Trading_Jazz PRO EURGBP, 45,
EURGBP: (45) Dbl bottom / broken neck / Bat at 88 / target neck / 2618
545 1 14
EURGBP, 45
(45) Dbl bottom / broken neck / Bat at 88 / target neck / 2618

FX:EURGBP https://uk.tradingview.com/chart/DXY/uYss8mns-24-Educational-charts/ Safe Trades;

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