What is the Triple Top Pattern❓
🟢What is the Triple Top Pattern?
A triple top chart pattern is a bearish reversal chart pattern that is formed after an uptrend.
This pattern is formed with three peaks above a support level/neckline.
The first peak is formed after a strong uptrend and then retrace back to the neckline.
The formation of this pattern is completed when the prices move back to the neckline after forming the third peak.
When the prices break through the neckline or the support level after forming three peaks then the bearish trend reversal is confirmed.
🟢Trading the Triple Top
There are some rules when trading the Triple Top chart pattern.
✔️Firstly one should identify the market phase whether it is in uptrend or downtrend. As the triple top is formed at the end of an uptrend, the prior trend should be an uptrend.
✔️Traders should spot if three rounding tops are forming.
✔️Traders should only enter the short position when the price breaks out from the support level or the neckline.
🟢Stop Loss
In the case of a Triple Top chart pattern, the stop loss should be placed at the third top of the pattern.
🟢Price Target
The price target should be equal to the distance between the neckline and the tops, also taking into the account the key levels below.
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