1. Double Top Formation:
First Peak: The price reached the resistance zone ($2,940) and got rejected.
Second Peak: The price attempted to break this level again but faced rejection, forming the second top.
Neckline (Support Zone at $2,875 - $2,885): The price is now testing this area, which acts as a key decision point.
2. Bearish Confirmation (If Breakdown Happens):
If the price breaks below $2,875 and closes below this level, it confirms the double top.
The next potential downside target would be around $2,800 - $2,810 (measured move from the top to neckline).
3. Possible Scenarios:
✅ Bullish Rebound (Invalidates Double Top):
If the price holds $2,875 - $2,885 and bounces up, it could retest $2,940 - $2,960 again.
This would turn the pattern into a fakeout, leading to another bullish move.
❌ Bearish Breakdown (Confirms Double Top):
A clean break and close below $2,875 signals more downside.
Target: $2,810 (or lower if momentum continues).
4. Trading Strategy:
Short Entry (Bearish):
If price breaks below $2,875, enter a sell position.
Stop-loss: Above $2,890 (to avoid fakeouts).
Take profit: $2,810 (or trail SL if trend continues).
Long Entry (Bullish Reversal):
If price holds $2,875 - $2,885 and forms bullish confirmation (like a hammer or engulfing candle).
Stop-loss: Below $2,870 to protect from a fake breakout.
Take profit: $2,940 - $2,960.
Final Thought: If this is truly a double top, a break below the neckline could trigger a bigger correction. But if buyers step in, it could flip into a breakout-retest strategy instead.
First Peak: The price reached the resistance zone ($2,940) and got rejected.
Second Peak: The price attempted to break this level again but faced rejection, forming the second top.
Neckline (Support Zone at $2,875 - $2,885): The price is now testing this area, which acts as a key decision point.
2. Bearish Confirmation (If Breakdown Happens):
If the price breaks below $2,875 and closes below this level, it confirms the double top.
The next potential downside target would be around $2,800 - $2,810 (measured move from the top to neckline).
3. Possible Scenarios:
✅ Bullish Rebound (Invalidates Double Top):
If the price holds $2,875 - $2,885 and bounces up, it could retest $2,940 - $2,960 again.
This would turn the pattern into a fakeout, leading to another bullish move.
❌ Bearish Breakdown (Confirms Double Top):
A clean break and close below $2,875 signals more downside.
Target: $2,810 (or lower if momentum continues).
4. Trading Strategy:
Short Entry (Bearish):
If price breaks below $2,875, enter a sell position.
Stop-loss: Above $2,890 (to avoid fakeouts).
Take profit: $2,810 (or trail SL if trend continues).
Long Entry (Bullish Reversal):
If price holds $2,875 - $2,885 and forms bullish confirmation (like a hammer or engulfing candle).
Stop-loss: Below $2,870 to protect from a fake breakout.
Take profit: $2,940 - $2,960.
Final Thought: If this is truly a double top, a break below the neckline could trigger a bigger correction. But if buyers step in, it could flip into a breakout-retest strategy instead.
Trade active
The first swing target has been achieved so far. From 2880 to 2940, it's 600+ pips in three days, now take 70% of your trade and trail with SL.Trade closed: target reached
A perfect trade till 2954, just missed by 60 pips from final target. Though we made 740+ pips this week from this swing trade.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
✅Free Telegram
t.me/+6YQX9c4-BiQ2M2M8
Twitter 👇
twitter.com/QuinnGoldTrader
t.me/+6YQX9c4-BiQ2M2M8
Twitter 👇
twitter.com/QuinnGoldTrader
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.