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Double Bottom

AUDUSD Falling Wedge And Double BottomLooking at Trading a possible falling wedge and double bottom on AUD/USD today in the 4-hour chart. My bias is still in fact, bearish. Prices are still moving lower and on the Daily chart, we can see we have a nice gap where prices can still fall right down to the 0,668 price level. So, looking for longs right now is all very well and good, however, we have to be careful and make sure we have bullish confirmation of a reversal before we go jumping into the deep end and going long right away. On the 4-hour chart, we have a falling wedge with price bouncing nicely in between the top and bottom of this wedge. Usually, we will see a breakout from a falling wedge, which will usually be to the upside. We also have a possible double bottom inside of this falling wedge. I have highlighted the neckline in yellow. We would need to see the price strongly break out of the wedge and straight through the yellow neckline. We would need to see bullish volume accompany this move to help confirm that the bulls are back. We have partial divergence on the MACD’s Histogram. This means that the sellers may weaken and the buyers may be getting ready to regain market control. My concern is the large gap in the daily time frame. We still have space to fall. And, if we do fall further, we can then look for further short entries, using that previous daily support level as a target. However, no short setups currently present themselves, at least to me. I am patiently waiting to see if the price will break to the upside and reclaim that yellow line as support. We have Bullish confluence all around: Falling Wedge, Double Bottom, Partial Divergence. But, as much as we would like to try and convince ourselves that the price will indeed reverse from this point, the truth is, that on higher time frames, the price movement is still bearish. We are still making lower lows. So, let's watch what happens today. Perhaps we will get a bullish breakout. See you on the next one. The Vortex Trader
by TheVortexTrader
1
Already bullishHey everyone, I saw an opportunity here, and I felt it is important to share it with you. Looking at the H4 chart, I saw a rejection of the support that we are on (and that I talked about yesterday, link down below) and the price looks like going to close above the trendline that I drew on this chart. If it does, it means that we were (and we are still in) in a demand zone and we might see some bullish moves. I could confirm this bullish bias by looking at the H1 timeframe, where there is a double bottom and liquidity has been removed from the last low. Most probably we are going to retest the last high as support. I really see potential here because I saw this pattern a couple of times in the past.
Long
by yassin_khanji
DAX40 Double Bottom Formation In The 4 Hour ChartI am looking at a possible double bottom formation on the DAX40 on the 4-hour chart. We have seen nothing but bearish price action since we hit the daily resistance level around the 1395 price point on the 17th of August. Since then we have been making lower lows and lower highs, forming a descending trend line. We have tested this descending trend line twice. What is interesting about the second time we touched the trend line is that the second tap coincided nicely with retesting previous support flipped resistance. I have highlighted the neckline in yellow and have extended this zone to the left and right and we can see that the top of the current double bottom neckline is testing resistance that was once support if we look to the left. So we have some nice confluences here lining up already. Looking at the two bottom peaks, we can see they are around the same price level but looking below at the MACD, we clearly can see full divergence. The Histogram is weakening and the MA lines are trending upwards as well. This means that the bears (sellers) are weakening and at some point, the bulls (buyers) should be stepping in and taking control. When trading double tops and double bottoms, we always look for full divergence because this adds confidence and confluence to the setup. Now, to confirm this double-bottom formation, we need the rest of the formation to play out. We need the price to move impulsively upwards pushing past the descending trend line, then push and close above the neckline. We also need to see strong bullish volume accompany that bullish move. If we see that, and only If we see that, I will then be looking at reasons to go long. I will be waiting for a retrace back into the neckline and enter somewhere inside of the neckline retest. My targets will be previous daily resistance. Currently, we are still ways away from something like this happening. However, I wanted to bring this to your attention because it is good to be able to see patterns begin to form early. This helps us keep an eye on it and set alerts if need be. This also trains our eyes and gives us the ability to spot these patterns in the smaller time frames where the action occurs much quicker and decisions need to be made must faster. Let's watch what happens. If the double bottom formation doesn’t form and the price continues to drop, we may look for further short opportunities and other pattern formations. We can only trade what the charts give us. Hope you all have a fantastic first of September. See you on the next one. The Vortex Trader
OANDA:DE30EURLong
by TheVortexTrader
2
Wait for DirectionBYBIT:BTCUSDT BTC is trying to print a move. Be patient for a bullish retest of highlighted zone around 20,400 level for a possible breakout to 21,850. For more experienced traders, aggressive entry via LTF. Rejection at highlighted zone would provide re-entry ideas between 19,500 and 19,750 provided general double bottom idea holds. Always respect the market and don't forget your stops. If you liked this idea or if you have your own opinion about it, write in the comments. The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations.
Long
by imr4nkh8n
1
BTC falling wedge4h chart Got falling wedge formed (bullish figure, more chance for move up from it) Multiple bull divergence RSI, SRSI, MACD histogram (if the price does not continue down hard pulling oscillators with it. Possible double bottom formed... Interesting point is that end of this wedge is more or less at the technical target of the big blue rising wedge... To resume, could go down some more, but in mid-term we have a nice chance for some kind of reversal in the days to come. Falling down from this figure, if it happens, could be very hard...
by PhilosophersStone
BTC - Short-Term Correction | ETH analysis inside!Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst. As per my last analysis (attached below) the bears took over by breaking the wedge pattern downward and BTC traded lower till the 20k support zone. 18k - 20k is a strong support zone so we will be looking for buy setups on lower timeframes. Knowing that BTC can still dive inside the support zone before trading higher. BTC is forming a minor double bottom pattern, but it is not ready to go yet. For the bulls to take over, to start the minor correction upward, we need a momentum candle close above the blue neckline. Meanwhile, until the buy is activated, BTC would be overall bearish and can still dive inside the 18-20k support zone. Regarding ETH, we can see a very similar pattern. ETH is sitting around the 1450 - 1500 support so for the bulls to take over, we need a momentum candle close above the blue neckline. Meanwhile, the bears can still kick in and break the 1450 downward, in this case, further bearish movements would be expected. Which scenario do you think is more probable and why? Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
BITSTAMP:BTCUSD
by TheSignalyst
53
2 paths for BTC 1H chart,both long?hi folks.previous idea still going.despite the pattern changing its formation from past idea,our target OR stop has not touched yet.as I told you before,it was a risky trade.if you have opened a long trade like me,you should be in profit.I have 2 suggestions for you : "either save profit now or move stop loss below 20500".but be advised,moving stop loss makes your trade a lot riskier and you should be a master at risk managment to do so! if you have not opened the trade,I think an entry around 20500 would be a good place to go long.but remember,this is still a reversal trade and risky! good luck all!
Long
by NikanShakeri
EUR/USD Double Bottom OR Short Order Block EntryLooking at trading EUR/USD today. We have a potential double bottom formation on the 4-hour chart. Remember, we are currently at major major support levels. The fact that the euro is less than one to one with the dollar is incredibly unsettling. So, we know that we have a major fight currently happening between the bears and the bulls. I have highlighted the neckline in yellow and I would like to see strong volume show up to accompany a close above this zone. We can also see that we are currently sitting against a descending trend line and it is very possible that we could bounce off of this region, get rejected, and carry on lower. There is also an order block that we have currently pierced that could give us a target of 1 / 8 Risk to reward if we were shorting. So there's one awesome opportunity. However, if we were looking for a long setup, we have the full divergence across the MACD histogram as well as the MA lines which dd confluence to the setup. We just need that volume to show up. Once we see a close above the neckline zone, I would be waiting for a retrace back into the neckline zone, which would coincide nicely with flipping the trend line to support resistance. This would trigger a long entry with two targets up above. Target number one would be the 1.01 price level. Target number two would be the 1.02 price level. Remember, going long right now is trading counter-trend. We must be certain and need all the stars to align in our bag of rules and criteria. I also would not risk my usual amount on a counter-trend position. Let's keep an eye out and watch what happens. Hope you all have a great day
Long
by TheVortexTrader