CADCHF Short Position - Bearish Cypher PatternContinuing the short bias from the previous double top/bearish bat combo, we've just come back into neckline supply zone and formed a bearish cypher pattern.
We are short again here.
Double
Twin peaks or blue book dream?Any thoughts on this scenario? would P1 and P2 qualify as double peak (supposedly a bullish formation), and is it in your opinion consistent with the later emerging upward trend (double channel)?
As I understand it, a prerequisite for a bullish development is the high traded volume at Peak2 (bottom).
Any opinions and contributions much appreciated!
Double Bottom: Execution (Education, Example)A double bottom is simply the opposite of a double top. This pattern normally occurs during a downtrend and is a signal of a reversal of the downtrend toward an uptrend. It’s easily recognizable by its resemblance to the letter “W”. The initial downward move will find a support at the first bottom and then the price action will rally off the support to a temporary new high
(the middle of the “W”). Another selloff will often take place that will reach the same support level of the first bottom, consequently sparking another upward rally. The trend is confirmed when the price breaks through the upper resistance to complete the pattern and reversal as displayed below. These are the most basic pattern structures of double tops and bottoms that you’re likely to come across. (cont in our course)
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GOLD Daily outlook "Bullish"After testing 1450.71 for the second time, could we expect a 1,2,3 move on Gold in the near future?.. Considering that the descending trendline had been hit 3 times in the past, it could be very unlikely that price would crash back down after hitting it again if price DOES make it back there. a break above it thus a continuation could be very possible.
#PatienceIsKey
EURCAD Analysis for shorting opportunityAfter what felt like an eternity, price has finally formed the second shoulder completing what looks like an INVERTED DOUBLE HEAD and SHOULDER. Now price has reached the neckline and a major level of structure. One could ask themselves WHAT WOULD PRICE DO?.. break it right away? or take a short ride back down before trying one more time. With that shooting start its clear that the break wont happen now. So we will be taking a small short position is price tries to go back there and upon good price action short.
Gud Luck.
USDCAD, Short (double top) USDCAD has seen the development of what seems to be a rising wedge pattern within an ascending channel. The double top rejection at resistance gave us a heavy bearish momentum candle that could indicate further downside continuation. A break of the lows with a retest could prove to be a valid entry.
USDCHF LONG Alright Traders, if price fails to break this level around 0.98888 and gives us a gud long trade opportunity then we could be looking at a potential INVERTED DOUBLE HEAD & SHOULDERs. However if price does break below that level, we will be looking for a shorting opportunity upon retest of that level towards 0.98500-0.98400.
#PatienceIsKey
USDJPY | DailyThree touches of 109.279 after which we see that there is a drop in price. Maybe he'll do another HL touch then it will reach 109,480 and he will form double TOP if that happens and if it breaks that uptrend it will go down
XAUUSD / GOLD SETUPAccording to the EMA the market runs below all EMA 21, 34, 89. In addition there is a "double top" chart pattern that identifies a downtrend. We take the entry point when correcting the yellow box
Triple EMA & Double Aroon StrategyThis is my revision of the 20,50,200 Ema&Aroon strategy.
Link provided.
I've added a second Aroon a indicator set to 50. This allows you even greater insight and accuracy to the beginning of a trend as well as greater accuracy in determining when the pair is consolidating.
In most cases, if the Aroon 25 doesn't catch the beginning of a good trade signal, the Aroon 50 will. This is also true vise versa.
Remember to always get confirmation when taking your trades.
Enjoy!
I have recently gathered data using this strategy on AUDUSD as well as USDJPY and this system seems to work fine on those pairs as well.
This strategy can also work on the 30 Minute time frame as well as 1 hour and 5 Minute.
Although it becomes more difficult to determine confirmation on trade signals at lower time frames such as 5 Minute and below. AUDUSD USDJPY
GS, Double top aead?Will this be Double Top technical formation or heading to Fibonacci 61.8 level time will tell.
My play is short with S/L tick above Fibonacci and T/P on 3% from MA200
Gold short term weakness can turn to strengthOANDA:XAUUSD
Gold has shown weakness for days now but key level resistances are nearing and probable central bank stimulus from ecb and fed should push gold for double top or to new highs for this year.
SL below resistance or lower trend line.
TP at double top.
EURGBPPRICE AT MONTHLY AND WEEKLY RESISTANCE LEVEL AND PRICE STOPS AND REVERSING,NEXT WILL BE TARGET PRICE HAPPY TRADING
Falling wedge target reached! Will A&Edoublebottom trigger next?After hitting our target precisely on the 1hr chart a few candles back we can see here on the 4hr chart that we went a a pip or 2 above the target afterwards most likely fueled by fomo.We now see our pullback/correction taking place but if we can maintain support above our falling wedge target from here on out we will certainly trigger the Adam and ve double bottom as well which could lift us to 13.1k and give us the opportunity to potentially break out of an even bigger symmetrical triangle to an even higher breakout target...for now the bigger triangle may only be speculative but we will know based on what price action does the closer we get o is proverbial top trendline. Our current price range for now is still a huge pivot point/fulcrum where we could just rigger the adam and eve double bottom right away and head to 13.1k or we could instead see one last big bear dump as a last resort to fill that gap at 8.5k(slim probability but still possible). That's what makes this zone so pivotal and I will be watching to hopefully see price action maintain support above the falling wedge breakout target as a new base to build off of. If I see the probability of a double bottom breakout should be undeniable.
falling wedge breakout target hit w/100% wick precisionillustrated here on the 1hr chart with a small hyphenated horizontal green line, we can see how perfectly the 1hr candle from 3 hours ago hit the breakout target of the wedge precisely and then retraced slightly....the proceeding 1hr candle(driven by fomo) has now taken us a pip or so higher than the projected target and the red 1hr candle that followed it is the correction we knew would eventually come after reaching the target. If price action can maintain itself above the hyphenated green line and can build a base of support here then probability is really good for the opportunity to trigger the Adam & Eve double bottoms(whose neckline we are currently well above). If we trigger that our necxt target is 13.1k! Of course if we were to ever dump and fill the 8.5 gap this seems like essentially the last price range where it could take a correction that far back, as Im sure once we clear 14k or so we probably will never go below 10k ever again. Anyways keep an eye out for the small chance of a possible last opportunity bear dump....beyond that we should be headed only onward and upward **not financial advice**
3day goldencross & 1day fallingwedge appear to be triggeringfalling wedges target is 11.5k we may reach 11.7k with fomo....bears may try to dump it back down after that and send price action back to retest the top trendline of the purple wedge while simultaneously filling the 8.5k gap...or it could also fall a little further tto test the 3day chart 50ma or 200ma (in orange and blue) for a big support bounce and to trick people into thinking it will be a 3 day goldencross fakeout. If it doesnt dip and can sustain support above 11.1k long enough it could also trigger a 4hr chart double bottom pattern with a breakout target of 13.1k
3&4hr chart invh&s & fallingwedge nullified. zooming out to 1dayafter the 3hr50ma refused to submit to the bulls at the invh&s neckline thee bears dumped it below the head and nullfiied the 4hr falling wedge at the same time. This is a great example of why selling at a neckline in a correction phase like this can be a very very smart move if you set a smart stoploss buy-in a few pips above the neckline. Since the smaller time frame patterns were getting nullified it was time to zoom out and take another look at the daily chart which we can see a nice falling wedge forming on as well with a strong horizontal support at 8504. That is of course a good sign for the bulls but we must also remember we are under the double tops neckline and have already closed 1 candle below it this could be the confirmation candle for it and if the double top is triggered that drop target is just under 6k! While not impossible I think he 8504 zone will likely be enough of a strong support zone to keep things a float and once the 3 day golden cross solidifies and sustains itself the correction should be finished up and ready to resume bullmode. For now the battle is 1 day falling wedge vs. 1day doubletop
