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Double Bottom

GBPJPY (4Hr) Double Bottom Breakout and RetestGBPJPY formed a Double Bottom pattern on the 4Hr and 1Hr time frames with the left bottom at 179.47, right bottom at 179.73 and the neck region at 182.28. The height of the pattern is approximately 280pips. The neck region was broken to the upside on 21 July with price reaching 182.51. A pullback to the July 10 trend line at 181.20 was seen shortly. This trend line provided a good support and turned the price northward from 181.10. We need to see price reclaim 182.52 to open the door for long opportunity to 184.10 (first); then 185.10 levels.
Long
by MTAcademy
AUDUSD Alert! Double Bottom Formation: Bullish Breakout📈🐨🚀 It's time for a change in direction! After a successful short entry based on the breakdown of an ascending channel, we are now shifting gears to capitalize on a bullish opportunity on the AUDUSD forex pair. The price action on AUDUSD has formed a double bottom pattern, with a retracement to the 0.618 Fibonacci level acting as a strong support. This pattern signals a potential bullish breakout, presenting us with an ideal chance to ride the upward momentum. Moreover, our last short trade played out successfully, allowing us to secure a portion of our profits. Now, it's time to seize the entirety of those gains and switch our focus to the bullish side of the market. Adding to the bullish case, the MACD indicator has revealed a bullish divergence, reinforcing the likelihood of an upward move. The combination of the double bottom formation, key support level, and bullish divergence strengthens our confidence in this setup. To maximize our profit potential, I will be aiming for a first take profit level at 0.67850, followed by a target located at 0.68750. 🎯💰 Don't miss out on this incredible opportunity to ride the bullish wave on AUDUSD! Join me as we make the most of this breakout and continue to navigate the ever-changing market with precision and profitability. 🐨📈💪 Feel free to share your toughts in the comments section, follow me for updates and dont forget to press the like button if you think this insight was helpful🚀📈💪
Long
by Thomas_Zito
17
USDCHF LONG (DOUBLE BOTTOM)FIRST LONG ENTRY FX:USDCHF Evening fellow traders as witnessed that price failed to break below the weekly inducement of the existing weekly order block we had anticipated that price might revisit before fulfilling a bullish sentiment on the market after a few weeks. Now the price FX:USDCHF on the lower timeframes as stated in prior ideas will give entry confirmations to go long ,price created a double bottom and then went on to retest the neckline zone signaling an upwards rally and to also cement the upwards rally prediction as it can be seen that price traded below the London session opening price and created a few legs beneath it this was done to show a strong upcoming bullish trend now the New York session is likely to give the upwards move 1.ENTRY LEVELS can be taken around 0,88230 to 0,88300 with sl at 0,88150 and the take profit can be 0,88900
Long
by jack_cheques
6
GNRC - trending upAnother typical example of a stock breaking up (into a new uptrend) after forming a base: 1. Broke out of the neckline and did a classic retest of this neckline a few days later, affirming the neckline as the new support 2. trading above it's 200 day moving average 3. Golden cross for additional confirmation that the stock is in "recovery" Recent volume was not exceptional though, hence how far the stock could rise remains to be seen. Initial stop loss just under 131 (below most recent pivot low @ 131.35). Watch out for earnings expected around 26 July. Might be prudent to take some profits off prior to earnings release. Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is (probably the most) important! Take care and Good Luck!
NYSE:GNRCLong
by Juliac
1
ACCO Potential up until $6.39🐂 Trade Idea: Long - ACCO 🔥 Account Risk: 1.00% 📈 Recommended Product: Knockout / Option 🔍 Entry: +/- 5.57 🐿 DCA: No / Yes, up to or down to xxx.xx 😫 Stop-Loss: 4.75 🎯 Take-Profit #1: 6.39 (50%) 🎯 Trail Rest: Yes 🚨🚨🚨 Important: Don’t forget to always wait for strong confirmation once possible entry zone is reached. Trade ideas don’t work all the time no matter how good they look. Do not get a victim of FOMO, there is always another trade idea waiting. 🚨🚨🚨 If you like what you see don’t forget to leave a comment 💬 or smash that like ❤️ button! — Double bottom on the weekly at 4.27 with an ascending triangle formation. At 6.50 we can see the current neck line. First profit target should be slightly below at 6.39. Rest can trail and if we can jump above the 6.50 we could see some substantial upward potential. — Disclaimer & Disclosures pursuant to §34b WpHG The trades shown here related to stocks, cryptos, commodities, ETFs and funds are always subject to risks. All texts as well as the notes and information do not constitute investment advice or recommendations. They have been taken from publicly available sources to the best of our knowledge and belief. All information provided (all thoughts, forecasts, comments, hints, advice, stop loss, take profit, etc.) are for educational and private entertainment purposes only. Nevertheless, no liability can be assumed for the correctness in each individual case. Should visitors to this site adopt the content provided as their own or follow any advice given, they act on their own responsibility.
NYSE:ACCOLong
by LGNDRY-Capital
1
Nasdaq: Bullish Butterfly Pattern Points to Potential Rally! 📈✨In the 4-hour timeframe, Nasdaq has formed a bullish butterfly pattern, signaling a strong buying opportunity. The price action also reveals a double bottom pattern, adding further confirmation to this bullish setup. Additionally, the RSI indicator indicates oversold conditions, suggesting an impending upward move. Traders can take advantage of this setup with multiple take profit levels in mind. Keep an eye on targets at 14850, 14950, and 15050, as these levels could serve as significant resistance. Get ready to ride the potential rally! 🚀💰 Don't forget to press the like button if you think this insight was helpful🚀
OANDA:NAS100USD
by Thomas_Zito
4
📈 4 BULLISH PATTERNS YOU NEED TO KNOW📌How to easily identify these patterns? 🟢Cup and Handle Pattern The cup and handle pattern is a bullish continuation pattern that typically occurs after a significant uptrend. It is characterized by a U-shaped "cup" followed by a smaller consolidation known as the "handle." The cup portion represents a temporary pause or correction in the price, forming a rounded bottom. This signifies that selling pressure has diminished, and buyers are stepping in. After the cup formation, the handle is formed as a slight downward drift in price, usually in the form of a small consolidation or a shallow retracement. The handle represents a final consolidation before the resumption of the bullish move. The handle should be relatively smaller in size and have a downward-sloping price action. 🟢Double Bottom The double bottom pattern is a bullish reversal pattern that signifies a potential trend reversal from bearish to bullish. It consists of two consecutive lows that are approximately at the same level, forming a support level. The first low represents a selling climax or a period of intense selling pressure. After the first low, the price rebounds and retraces to form a temporary high, creating a potential resistance level. However, buyers step in again, pushing the price back up, resulting in a second low that matches or is very close to the level of the first low. This double bottom formation indicates a significant level of support where buying interest outweighs selling pressure. 🟢 Bullish Flag The bullish flag pattern is a continuation pattern that occurs after a strong upward move in price. It is characterized by a brief period of consolidation, where the price forms a narrow and rectangular range, resembling a flagpole and a flag. The flag portion of the pattern is typically slanted in the opposite direction of the initial price move. The flagpole represents the initial strong upward move, indicating a surge in buying interest. Following the flagpole, the price enters a consolidation phase, represented by the flag. This consolidation allows the price to stabilize and absorb selling pressure. The flag pattern should have parallel trendlines that contain the price action. 🟢Inverse Head and Shoulders The inverse head and shoulders pattern is a bullish reversal pattern that indicates a potential shift from a bearish to a bullish trend. It consists of three consecutive lows, with the middle low (the head) being lower than the two outer lows (the shoulders). The pattern resembles a head between two shoulders. The left shoulder forms as the price declines, followed by a subsequent rally to create a temporary high. The price then retraces, forming the head, which is lower than both the left and right shoulders. After the head, the price rallies again to form the right shoulder, which is usually slightly higher than the left shoulder. 👤 @QuantVue 📅 Daily Ideas about market update, psychology & indicators ❤️ If you appreciate our work, please like, comment and follow ❤️
Education
by QuantVue
4
Bharat Forge Ltd. Double BottomA Double Bottom formation has emerged on the Daily chart of Bharat Forge, and the price is currently approaching the neckline of the pattern. The slight upward tilt of the second bottom in the pattern suggests a bullish bias. Furthermore, the 10EMA has crossed above the 50EMA, indicating a potential upward movement. I have placed a buy order at Rs. 802.50, with a Stop Loss set at Rs. 756.53, which corresponds to the bottom of the pattern. With a Risk:Reward ratio of 1:1, the Target Price can be set at Rs. 850.
NSE:BHARATFORGLong
by sudhanshug92
3
XLMUSDT - Breaking through bearish trend resistanceBINANCE:XLMUSDT forms the bottom, relative to which the price develops positive dynamics. After testing 0.0758, a rally is formed and the price makes a retest of the trend resistance. As we can see, a three-day accumulation is formed in relation to the resistance. The market is obviously ready to continue rising, but in order to do that the price needs to overcome the resistance. The resistance at 0.1035 is worth mentioning. The bulls may fight hard for this level and if they manage to hold this area, the coin will show a good result in the middle term, because the level of 0.1035 is the range support, whereas the resistance and the target for the price may be the upper boundary at 0.1305. Support levels: 0.0959 and 0.0987. Resistance levels: upper trendline, 0.1035, 0.1130 I expect a confident bullish position above the level of 0.1035. An indicator for this will be consolidation above the level. Medium-term perspective - growth up to 0.1305. Regards R. Linda!
Long
by RLinda
12
📊 How to: The Double Bottom Pattern📍 What is the Double Bottom Pattern? The double bottom pattern is a trend reversal pattern observed on charts, such as bar and Japanese candlestick charts. Similar to the double top pattern, it consists of two bottom levels near a support line called the neckline. The pattern indicates the end of a downtrend and is confirmed by two failed attempts to break the support level. As a bullish reversal pattern, it signifies a shift in momentum and is commonly used by traders to enter long buying positions. 📍 How to Identify In general, it is fairly simple to identify a double bottom pattern on a trading chart. This pattern can be identified when the price retests the support line and rises up again above the neckline. As a tip, you can usually identify the pattern as a “W” letter formation. 💥 Key Takeaways The double bottom pattern is a bearish momentum reversal resembling the letter W. It requires three main elements: first low, second low, and a clear neckline to identify the formation. The pattern is more effective at the end of a strong downtrend rather than in a ranging market. Drawing a support level and a neckline is necessary to trade this pattern. Confirming the pattern with other technical analysis tools like moving averages, RSI, Fibonacci retracement level, and MACD is important. The recommended approach to trading the double bottom pattern is to wait for the price to break the neckline with a stop-loss order and assess the risk-reward ratio. 👤 @QuantVue 📅 Daily Ideas about market update, psychology & indicators ❤️ If you appreciate our work, please like, comment and follow ❤️
Education
by QuantVue
2