Here's an update to yesterday's idea.
We've seen price fall from our highlighted level, in line with a triple top formation at a whole psychological level in the market. Make sure you check these whole levels and familiarise yourself with actual price. It can be very useful!
Simple technical analysis on Cable today.
Price tested 1.37 three separate times (a whole psychological level) and rejected all three times. Price has moved 125 pips to the downside. Combining key psychological levels with double and triple tops is a powerful trading confluence.
We also have fundamental news with Boris Johnson to outline further lockdown steps...
1) Price at Major resistance zone
2) triple top
3) Price moving in a bearish channel
4) waiting for the price to break the neckline first with a retest then entry
5) clear divergence
6) 2nd entry after price breaks the bearish channel and then a correction = entry
With an interest rate decision coming out at 1500 hours we can expect the USDCAD pair to carry bearish momentum as the Canadian dollar is expected to come out positive after the interest rate decision.
Triple top which is marked by the horizontal black line signals a reversal which has been confirmed.
Although this entry may be late there are still some pips that can be caught and to be safe the TP is at the previous low.
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...
Looking for entries for shorts at 134.518
1. Currently sitting in a supply zone
2. Looking for 3rd touch of 0.5 fib level
3. Would then create a triple top
4. Previous break and retest indicating downside
Targeting demand zone about 750 pips down can also set a tight SL here
EURJPY currently uptrending. A weakness in JPY has been observed with XXXJPY pairs rising over recent days.
However, this pair has came to a halt at the resistance zone forming a triple top. We look to sell to meet the upward trendline.
Potential short for 150+ pips once price action confirms bearish reversal.
The DAX is at a make or break position on the weekly. Some will see a double top others will see a triple top. No debates - the point is that these areas carry the least levels of randomness.
Positions can be taken on lower time frames.
Disclaimers: This is not an encouragement or advice to trade in securities. 70 to 90% of retail traders consistently lose...
Daily chat is showing descending channel being made. Going on a lower timeframe, price respected resistance zone 3 times which is a triple top at best. Going on the 15min for entry, I see price also made a rising wedge + 3 minor triple tops as well so this has me believing that price will go...
Good afternoon traders,
Looking at an interesting setup in US dollar versus Canadian dollar with a triple top forming around 1.34 with a third attempt to trade above that level failing and pointing to a pull back lower for the pair. More recently we just had slightly weaker than expected Manufacturing data from Canada which failed to give any real boost to US...