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Double Bottom

US Oil SPOT | Perspective for the new week | Follow-upThe week concluded with crude prices surging by a staggering 7%, leaving investors on edge as the Middle East crisis intensified. Israel's announcement of a ground assault on Gaza propelled the region into a new phase of heightened tensions, further fueling market uncertainty. As we look ahead to the coming week, two pivotal factors will shape the direction of oil markets. Firstly, the extent to which the conflict in the Middle East escalates and its potential impact on oil supplies in the world's leading oil-producing region. Secondly, all eyes will be on the eagerly awaited weekly update on US crude stockpiles, set to be released on Wednesday. Notably, last week witnessed a significant surge in crude stocks, with exports experiencing a sharp decline of nearly 2 million barrels, bringing the daily average to 3.067 million barrels compared to the previous week's 4.956 million barrels. These developments set the stage for a captivating week ahead, filled with anticipation and potential market shifts. Let's explore what lies in store for us in the upcoming week. US Oil Technical Analysis: In this video, we delve deep into the 4-hour timeframe, dissecting key supply and demand zones to uncover invaluable insights into the potential trajectory of price action for USOILSPOT in the week ahead. Join us as we delve into a comprehensive technical analysis of the US oil market, exploring trends, key levels, and chart patterns that hold the key to unlocking profitable opportunities. Don't miss out on this golden opportunity to elevate your understanding of the future path of USOILSPOT. Stay ahead of the curve and gain a distinct competitive edge by immersing yourself in this price-action-based technical analysis. Disclaimer Notice: Please be aware that margin trading in the foreign exchange market, including commodity trading, CFDs, stocks, and other instruments, carries a high level of risk and may not be suitable for all investors. The content of this speculative material, including all data, is provided by me for educational purposes only and to assist in making independent investment decisions. All information presented here is for reference purposes only, and I do not assume any responsibility for its accuracy. It is important that you carefully evaluate your investment experience, financial situation, investment objectives, and risk tolerance level. Before making any investment, it is advisable to consult with your independent financial advisor to assess the suitability of your circumstances. Please note that I cannot guarantee the accuracy of the information provided, and I am not liable for any loss or damage that may directly or indirectly result from the content or the receipt of any instructions or notifications associated with it. Remember that past performance is not necessarily indicative of future results. Keep this in mind while considering any investment opportunities.
FX:USOILSPOT
by darcsherry
COUR (Long) - Impressive relative strength in a choppy marketFundamentals I do not wish to dwell on fundamentals too much; I am more impressed by price performance and I am always guided by the price as I consider the collective wisdom of the market the best indicator However, the growth of the company has still been strong, with sales consistently rising by 20% and above Mainly though, Coursera has future - education does need to undergo a digital revolution and in this sense, the firm has a strong competitive edge . Hence, I would not discourage anyone from taking a longer-term position in the company But this trade is focused on a more of a 6-month outlook Technicals As I tend to, I have been watching the price of NYSE:COUR for over a month; the price has done a decent climb and has been orderly consolidating for the past month. Despite the turmoil in the broader markets, the price has never substantially decreased Over the past year, it has formed a robust base built on top of an immaculate double top pattern I am also big fan of the impressive relative strength against the S&P500 which can be seen at the bottom of the chart Trade I have not entered the trade myself as I am still waiting for a confirmation that the trend is going to continue upwards One could enter now at a better price, but the probability that the trade works out is lower ; a clear breakout would give the idea more validity The bottom of the consolidation range represents a clear stop-loss option My main caveat is that I am pretty bearish on the overall market in the next 6-month window. So although the stock does not have to necessarily plummet down with the market, it will certainly complicate its upward trajectory. Hence, I would advice for some patience if you decide to go with the trade. Follow me for more analysis & Feel free to ask any questions you have, I am happy to help If you like my content, Please leave a like, comment or a donation , it motivates me to keep producing ideas, thank you :)
NYSE:COURLong
by jurajholik
💱EURUSD - A correction signal is generatedEURUSD is forming a local false breakout. The base of the pattern "double bottom" is the level of 1.049 and we see a breakout (return) of this line. In the near future a correction may be formed after which the local growth will continue. But we should not forget - the global trend is bearish TA on the high timeframe: False breakout of resistance. If the price returns beyond 1.0536 a strong rebound will be formed The liquidity area interesting for the market appears - 1.06000 TA on the low timeframe: False breakout will form an imulse. A correction back to support may be formed, which will form an entry point Buy entry point could be 1.0490, 1.0499. Key support📉: 1.0490 Key resistance📈: 1.0560, 1.05900
Long
by AndeWave
9
👑 GBPJPY 🗝️ LEVELS TO WATCH AND WHY👀 Hello traders and welcome! Let's take a look at GBPJPY today. The British Pound Japanese Yen has formed a price action reversal pattern known as a double bottom on its hourly chart. The price has created two bottoms, with the first at 180.817 and the second at 180.899, with a peak at 182.320. We can draw our neckline breakout. Now, our trade setup is about to begin. I plan to execute it by waiting for a clear breakout above the NECKLINE BREAKOUT level, which is at 182.309, accompanied by significant volume. If this breakout occurs, we will execute a long entry position, considering the confirmed uptrend. After receiving a clear bullish confirmation, our stop loss will be set at the midpoint, approximately 181.608. Our target will be the height of the double bottom, measuring from its peak to the first bottom. Target 1: 100% of AB = 183.795 Target 2: 150% of AB = 184.539 Target 3: 200% of AB = 185.293 Target 4: 250% of AB = 186.031 If you like this idea and share the same bias, please let me know in the comments. Feel free to hit the like button to support the idea, and stay tuned by following for more updates.
Long
by TradeChartPatternsLikeThePros
1
BURGER KING (RBA) Possible long entry The share is making a comeback. Showing some strength after long downtrend. I would accumulate slowly waiting upto a clear confirmation from neckline break in the charts. and most importantly a Golden crossover has already formed. Target price is Rs.200 anytime during the year 2024. Note: Trade with caution! Do not trade solely based on my strategies, these are just individual ideas, kindly consult your investment advisor before taking trades.
NSE:RBA
by StockSession
MKR Double Bottom UpdateYesterday, I made a trade with BINANCE:MKRUSDT because of the pattern and long confirmation and for this trade, two take profit areas are set ( Refer to the fib lines ) along with protective stop loss for each take profit hit areas for net profit security. I didn't have an image of my win rate on Binance, but I will provide you the next time :) I ended the trade because of what my indicators presented, the RSI is on the oversold territory and the MACD line nearly approaching to the signal line in 1-hour timeframe. Meaning, we can see a retracement (possibly another double bottom pattern) of the price movement. If I want to trade this coin, I will wait until it forms a pattern potentially scalp short because of upward trend not until we see a breakdown in the support line particularly in the tp 1 area ( Refer to the the chart ) Overall, confluences of my trade include confirmations, resistance breakout, buy volume, and MACD. Always plan your trades by putting take profit and stop loss in every positions. Happy trading!!!
by Habadoo
EURCAD ↗️ ↘️ Analysis (double Bottom ) Hello Everyone 🙋🏽‍♂️ As we could see at the end of the descending channel, we had Double bottom and the most recommended movement after the This move is a ascending trend, so we had two scenarios her as we could se on the chart, 1️⃣ first one is the ascending trend which is the most common move to this pattern after testing the price 1.43900 2️⃣the second one is the descending move in the rectangle which is it possible movement after the price change the channel movement 1.42700 We are not responsible of any losses for anyone, our trades are profitable more for long terms and we take losses as everyone, manage your lot size as well and your SL and TP Don't forget to hit the like bottom and write a comment to support us. Follow us for more 🙋🏻‍♂️ Best Regard / EMA Trading . Disclaimer: ---------------- It's not a financial advise, As everyone we take losses sometime but for long term trading we are profitable traders, so manage your account well with SL and TP and your lot size to keep your account safe and stay in the market .
by EMA_Trading
4
MKR Double Bottom UpdateYesterday, I published this double bottom pattern of MKR as I'm in the wait-and-see mode for a possible scenario - 1) a breakout or 2) a price rejection. The coin had a breakout on its neckline, thus lead to the activation of the bullish pattern as it nearly approaches our target profit area, I also put a protective stop loss, thanks to the .618 fib area to secure profits. Overall, confluences of my trade include confirmations, resistance breakout, buy volume, and MACD
Long
by Habadoo
👑 CADCHF PRICE ACTION TRADING 🔑 KEY LEVEL TO WATCH👀 AND WHY 👋 Hello Traders! Welcome to today's analysis. Having monitored this pair for several months and successfully entering a long position above EL: 0.65435, it's time to provide a fresh update on the current state of the pair. CADCHF showcases a clear Double Bottom pattern. This formation can be traced back to the high on May 22. It's significant to note that this pattern came to light after enduring a downtrend for an entire year. Since that defining point in May, the pair has carved out a distinct double bottom on its weekly chart. For an extended period, the price has consistently traded and held its ground at 0.64767. A recent upswing, fueled by strong volume, led to a close above our specified entry level (EL) at 0.65435 this September. At present, the price is navigating its way to the pivotal neckline breakout at 0.68293. With our position at 0.65435, we've locked in our profits, even realizing partial gains at the 0.68293 neckline breakout. We're keenly awaiting a breakout above this threshold backed by substantial volume. If this unfolds, our double bottom validation will set sights on targets of 62% exAB: 0.72059 and 0.73935. However, the path is strewn with potential obstacles. We anticipate resistance from the AB swing at 38.2% exAB: 0.69204 and 50% exAB: 0.70624. As the price pushes past the 0.68293 neckline breakout, these resistance points will be crucial, especially as we target 62% exAB: 0.72059 and, possibly, 79% exAB: 0.74119. The rationale behind my target choices is twofold: 1. The esteemed golden extension. 2. The Fibonacci retracement at 70.7, which intriguingly aligns with these target levels. If you find value in this analysis, please extend your support with a 👍 LIKE. I greatly value your opinions, so do leave a COMMENT below and FOLLOW for more detailed updates. Stay connected, and here's to profitable trading! 🚀 TCPLTP
Long
by TradeChartPatternsLikeThePros
3
Double Top vs. Double Bottom PatternsHello traders and investors! If you appreciate our charts, give us a quick 💜💜. Trading double tops and double bottoms is a common strategy in technical analysis used by traders to identify potential trend reversal points in financial markets. These patterns can occur in various timeframes and on different assets, including crypto, stocks, forex, and commodities. Here's a guide on how to trade double tops and double bottoms: 1. Identify the Double Top and Double Bottom Patterns: 🔺🔺 Double Top: This pattern forms after an uptrend and consists of two peaks at approximately the same price level, separated by a trough in between. It indicates that the uptrend may be losing momentum. 🔻🔻 Double Bottom: This pattern forms after a downtrend and consists of two troughs at approximately the same price level, separated by a peak in between. It suggests that the downtrend may be losing strength. 2. Confirm the Pattern: Look for confirmation of the pattern through other technical indicators such as volume, trendlines, and oscillators (e.g., RSI, MACD). Confirmatory signals can increase the reliability of the pattern. 3. Entry and Exit Strategies: Entry: For a double top pattern, consider entering a short (sell) position when the price breaks below the trough that separates the two peaks. For a double bottom pattern, consider entering a long (buy) position when the price breaks above the peak that separates the two troughs. Stop-Loss: Always set a stop-loss order to limit potential losses. Place it above the double top (for short positions) or below the double bottom (for long positions) to protect your trade. Take Profit : Determine your profit target based on factors such as the depth of the pattern and overall market conditions. You can use support and resistance levels or Fibonacci retracement levels as potential profit targets. 4. Risk Management: Ensure you use proper risk management techniques, such as position sizing, to protect your capital. Avoid risking more than a 10% of your trading capital on a single trade. 5. Timeframe Considerations: Double top and double bottom patterns can appear on various timeframes. Shorter timeframes (e.g., 1-hour, 4-hour) may provide more opportunities but are also more prone to false signals. Longer timeframes (e.g., daily, weekly) may offer more reliable signals but fewer trading opportunities. 6. Monitor for False Breakouts: Be aware of false breakouts where the price briefly penetrates the pattern's neckline (the level that separates the two peaks or troughs) but then reverses. False breakouts can occur, so it's essential to monitor the price action closely. 7. Practice and Analysis: Backtest the double top and double bottom patterns on historical data to gain confidence in your trading strategy. Continuously analyze your trades and adapt your strategy as needed. 8. Combine with Other Indicators: Consider using other technical indicators, such as moving averages, Bollinger Bands, or Fibonacci retracements, in conjunction with double tops and double bottoms to enhance your trading strategy. Remember that no trading strategy is foolproof, and there are always risks involved in trading financial markets. It's essential to have a well-thought-out trading plan, manage your risk, and practice discipline to become a successful trader. Additionally, consider seeking advice from experienced traders or financial professionals before implementing any trading strategy.
Education
by Vestinda
US Crude Oil Long for MN timeframeHi traders, We've had great successes trading crude oil over the past two years. We sent an analysis to short USOIL 9 months ago and it met most of our targets. What we see is that this commodity rejected on the neckline of our double bottom confirming that our double bottom is now complete. We will now take long positions to take profit at these prices: TP1 103 TP2 113 TP3 125 TP4 140 Because this nalysis is on the monthly timeframe, we anticipate our targets being met over a period of another 9 months considering pullbacks and market retracements. Please share your thoughts Discalimer NASDAQ Guru offers general trading signals that does not take into consideration your own trading experiences, personal objectives and goals, financial means, or risk tolerance.
TVC:USOILLong
by Mezzoforte_Privilege