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Doublebottomreversal

US500 4583.4 LONG IDEA + 0.58 % * PRICE ACTION & REVERSAL 📈📉💡HELLO EVERYONE HOPE EVERYONE IS DOING GOOD HAVING A GOOD ONE. HERE'S A LOOK AT POSSIBLE SCENARIOS THAT COULD PLAY OUT IN THIS NEXT WEEK ON US 500. The index opened the week with a bullish rally since it broke out of that descending channel . * The index is still strongly bullish looking at momentum to the up side, but what goes up must come down as we definitely seeing a slowing down in momentum currently. * Now since we where in a bullish rally we are currently in the formation of a bullish flag that could possibly see the formation of a double top before reversal other wise break below triggers. * Break above of structure cancels the whole set-up. - looking for reversals with the bears see below. lets see how it goes. IF THIS IDEA ASSISTS IN ANY OR IF YOU LIKE THIS ONE SMASH THAT LIKE BUTTON & LEAVE A COMMENT. ALWAYS APPRECIATED ____________________________________________________________________________________________________________________ * Kindly follow your entry rules on entries & stops. |* Some of The idea's may be predictive yet are not financial advice or signals. | *Trading plans can change at anytime reactive to the market. | * Many stars must align with the plan before executing the trade, kindly follow your rules & RISK MANAGEMENT. _____________________________________________________________________________________________________________________ | * ENTRY & SL -KINDLY FOLLOW YOUR RULES | * RISK-MANAGEMENT | *PERIOD - SWING TRADE
UShort
by PULEMokhothu
1
SLP BIG SIGNALSDue to the recent news, the Ronin ecosystem was hacked. Lots of people got scared which resulted a dump in most coins like AXS, RON, and SLP. SLP went down to about 16% because of the FUD. Focusing in the chart, signals are getting stronger and stronger. The hidden bullish divergence we have is still intact, the longer it stays that way the bigger the pump once the divergence plays out. We have a big bullish butterfly pattern and a double bottom appearing in the 1H TF. If the RSI breaks the resistance which is the black line, we will go up. We could reach levels: 0.0226, 0.0229, 0.0238 , and most likely higher once Origin comes out. If Sky Mavis continues to release the alpha test for Origin despite the hacking that happened, we will pump big. This is a good opportunity for them to release Origin. Big reversal will come anytime soon.
by elexicius
Eve & Adam Double Bottom confirmation on Costco ($COST)Earlier this month, Costco made confirmation of an Eve & Adam Double Bottom chart pattern as it began seeing daily closes above the mid range between lows. This pattern indicates a fairly high probability (about 88%) of a bullish reversal relative to the sell off which from the recent all-time high (571.49) achieved on December 29th, 2021. Today, the price is within 10 points of the all-time high. I'll be looking over the coming weeks to see what happens next, and for possible positions. From here, I see one of two likely outcomes over the near term: A) COST breaks out above the previous high and likely has a forcible move to the upside, or... B) COST gets rejected from the current levels in the near term and has a pullback to somewhere around $520 In the case of A , I'll be looking to short either with a PUT spread, or potentially straight up long PUTs - which have a greater risk/reward but are enticing considering the macro picture of the broader market/economy as a whole. In the case of B , I'd shop for a long position with some kind of CALL spread. The statistics indicate that track B has about a 2/3 chance of playing out. This could be even more advantageous because it could potentially offer both decent long and short opportunities over the next few months. We'll have to see where the chips fall.
NASDAQ:COSTLong
by InnerMotionTrading
1
POSSIBLE SELLHello, on this pair Analyzing from daily time frame down to 1 hour timeframe(Topdown Analysis), price as tested the upper Trend on the DTF and got rejected moving down to the lower time same setup applies(on 4HTF spootted a double bottom with is also an addition to our factor of confluence). Looking forward to short the pair. My Target is to support 0.7183. Please kindly support this idea by giving it a thumbs up👍 And if you have any idea let me.know.in the comments section. NOTES : It just an idea trade with you Risk management Plan.
Short
by Yemi_Fx1
BNBUSDT | Bullish Dragon Pattern - Time to swing your tail now!Price action and chart pattern trading medium term setup > Bullish Dragon Harmonic Pattern - ridge breakout pullback entry > 1st Target Hump zone 0.5 - 0.618 and the final target at extended tail swing zone 1.0 and above > Stop zone at dragon claws zone - doubled bottom > Risk ratio 3:1 for medium term trading Indicator: > Bullish divergence RSI and MACD golden cross Always trade with affordable risk and respect your stoploss
Long
by dukeposh
1
GOLD FUT- W1 - EN ROUTE FOR 2'161 !FIRST BREAKOUT ON A WEEKLY CLOSING BASIS OF THE DOUBLE BOTTOM TRIGGER LEVEL @ 1'919 (WEEKLY CLOSING WAS 1966.60) PULLBACK ON RSI HOLD AND RECOVERED; currently above 50 @ 68.21 LAGGING LINE ABOVE FORMER HIGH = positive signal too On the downside the first support to look at is at 1'878 (TS) ahead of 1'848 (KS) and MBB @ 1'827 which is also the top of the weekly clouds support zone (weekly clouds range from 1'827-1'778) Warning ! Despite this weekly positive picture, watch carefuly the daily price action which is showing a RSI bearish divergence and which could trigger some short term downside correction, potentially towards the daily TS currently @ 1'928 IRONMAN8848 & Jean-Pierre Burki
COMEX:GC1!Long
by Ironman8848
1
Double Tops & Bottoms - Advanced AnalysisDouble tops/bottoms are relatively frequent and easy formations to identify and use. In this post, we provide a description of each pattern, implications, respective measure rule, as well as the variations described by Bulkowski. We also review the literature on these patterns in order to find various observations as well as a theoretical explanation of their occurrence. 1. Double Tops Double tops are a bearish pattern commonly found in uptrends and characterized by two consecutive peaks located at a similar level, separated by a trough. Bulkowski suggests that the absolute relative distance between the two peaks should be within 6%. The first peak is followed by a 10/20% decline. The location of the trough in the formation forms the "confirmation" level. The price breaking this level signifies the completion of the pattern, and a short position should be opened. In order to avoid fake breakouts, Bulkowski suggests a 5% decline below the confirmation level. Volume is generally declining during the formation of a double top. The time separating two peaks is an important factor when it comes to determining the validity of a potential double top. This separation should be in accordance with the duration of the uptrend before the peaks. Peaks that are too close to each other are not indicative of a double top, while an excessive time separation might indicate that the prior uptrend is outdated. Double top on OIA daily. 2. Double Bottoms Double bottoms are a bullish pattern commonly found in downtrends and characterized by two consecutive troughs located at a similar level, separated by a peak. Bulkowski suggests that the absolute relative distance between the two troughs should be within 6%. The first trough is followed by a 10/20% rise. The location of the peak in the formation forms the "confirmation" level, the price breaking this level signifies the completion of the pattern, and a long position should be opened. In order to avoid fake breakouts, Bulkowski suggests a 5% decline above the confirmation level. Volume is generally declining during the formation of a double bottom. Like with double tops, the time separation between two troughs should be in accordance with the duration of the downtrend prior to the troughs. The observations on the matter previously described for double tops also apply to double bottoms. Double bottom on CFFN daily. 3. Measure Rule The measure rule allows for the determination of the amplitude for the expected price move after a breakout of the confirmation line. This also allows for the trader to decide the location of take-profits/stop-losses when trading double top/double bottom patterns. For double tops, the take profit is determined from the height given by subtracting the formation highest peak with the trough. The height is then subtracted from the formation trough. For double bottoms, the take profit is determined from the height given by subtracting the formation peak with the lowest trough. The height is then added to the formation peak. Another rule suggests an expected price movement after breakout equal to 73% of the distance between the formation highest peak and the formation lowest low. 4. Eve/Adam Variations Bulkowski classifies double tops and double bottoms into four distinct types: - Adam & Adam - Adam & Eve - Eve & Adam - Eve & Eve The term Adam and Eve is given to peaks/troughs depending on their width, with the term Adam given to narrow (V-shaped) peaks/troughs and the term Eve given to wider (U-shaped) peaks/troughs. There aren't large scale studies quantifying the accuracy of each of these variations, Bulkowski ranks each one of them as follows (lower is better) (1): For double tops: - Adam & Adam: 19 out of 36 - Adam & Eve: 10 out of 36 - Eve & Adam: 16 out of 36 - Eve & Eve: 12 out of 36 For double bottoms: - Adam & Adam: 26 out of 39 - Adam & Eve: 17 out of 39 - Eve & Adam: 20 out of 39 - Eve & Eve: 5 out of 39 Note that such classification is not always used by traders. Example of Adam & Eve double top on LEO daily. 5. Observations The big M and big W patterned described by Bulkowski are variations of the double top/bottoms. The analysis conducted by Caginalp and Balevonich shows that double formations can be the consequence of identical equilibrium prices with slightly differing undervaluation (2). 6. References (1) Bulkowski, T. N. (2021). Encyclopedia of chart patterns. John Wiley & Sons. (2) Caginalp, G., & Balevonich, D. (2003). A Theoretical Foundation for Technical Analysis. Capital Markets: Market Microstructure eJournal.
Editors' picks
BITSTAMP:BTCUSDEducation
by LuxAlgo
29
ITW finally ready to move higher?Note: I've mentioned this stock a couple of times before but both times it pulled back to an expected level due to the market conditions at the time. * Excellent earnings * Very strong up trend * High 3-month relative strength of 2.61 in the Industrial sector * Breaking out of a ~9 month base with higher than average volume * Tried to break out a couple of times before but failed due to market conditions at the time * Now breaking out again with higher than average volume * The recent price action did make a double bottom and the price has confirmed a break of the double bottom as well. Trade Idea: * Now's a great time to enter as the price is just breaking out and is close to the broken level * If you're looking for a better entry you can look for a buying opportunity near the $242.52 area
NYSE:ITWLong
by HaseebKhan_90
NZDCHF on a double bottom 🦐NZDCHF on the daily attempt twice to break the dweekly support creating a double bottom. The market took the liquidity and is moving upward, with a test of a resistance area. According to Plancton's strategy IF the price will break above and the academy conditions will be satisfied we will set a nice long order. –––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> >4h structure. Here is the Plancton0618 technical analysis , please comment below if you have any question. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Long
by InkyGrip
20
$PKK Double Bottom Reversal PatternThis is where Technical Analysis and strong company fundamentals collide. CSE:PKK has their strongest quarter incoming (Q4) which is expected to surpass 2020's revenue in it's entirety. This, combined with a NASDAQ listing, and other unknown catalysts should result in powerful capital market results. More on the double bottom pattern: "The double bottom looks like the letter "W". The twice-touched low is considered a support level. The double bottom pattern always follows a major or minor down trend in a particular security, and signals the reversal and the beginning of a potential uptrend. Consequently, the pattern should be validated by market fundamentals for the security itself, as well as the sector that the security belongs to, and the market in general. The fundamentals should reflect the characteristics of an upcoming reversal in market conditions. Also, volume should be closely monitored during the formation of the pattern. A spike in volume typically occurs during the two upward price movements in the pattern. These spikes in volume are a strong indication of upward price pressure and serve as further confirmation of a successful double bottom pattern."
CSE:PKKLong
by MicroChartist
1.14.5 Update for DOGE! Is this the turning point for Doge?!Here's a quick Look at DOGE daily chart . As we can see, the price has been forming a bigger double bottom formation! A break above 0.35$ will confirm the double bottom and from there we could see a big rally to 1$! Also a new Dogecoin update has been released today and this could have an impact on the price! Keep an eye on this setup! The best entry would be, when the price breaks above the 0.35$ with good amount of volume . ------------------------------------------- The idea is: Buy the breakout from 0.35$ and take profits at the levels shown in the chart. Targets: 1. 0.435$ 2. 0.51$ 3. 0.59$ ------------------------------------------- If you like the content, then make sure to comment and like the post :D Follow me for daily profitable trading setups BTC dictates the market. If BTC falls, then Alts will fall as well. Trade safe!
Long
by MBM_Crypto
19
Is $34.59 the double bottom? Falling Wedge complete?I called $33 as the bottom and wait it until November 1st to see. But what I saw today price movement might suggest $34.59 is the double bottom. If it continues to dip to Monday. Then $33 is still in play. What I like to see is can AMC bounce back up to $38-$39 next week quickly and then break the $44 neckline to $53? I don't expect much price movement tomorrow. Although there are bullish divergence flashing on the hourly chart indicator suggest we will see more higher price movement tomorrow. Only time will tell. Until then I am chilling with AMC.
NYSE:AMC
by gojira91
3
$AMC $33 Double Bottom and then $53? Unlikely or Reasonable? This probably my last AMC publish article for this month. I don't believe in fractal theory. But If $AMC hits $33 and bounces off quickly to $40 again. It confirms two things. 1. $33 is the next double bottom. It becomes the new high lows. ($28 was the last double bottom before we hit $53 and fall down.) Along with completing the 3 drop of the falling wedge. 2. $44 is the resistance line. If we break out $44 resistance line one more time. The symmetrical of AMC is then completed. No need to search to $53 to break out. *Bulls institution bought AMC shares around $33 Quick summary of historical data chart of AMC based on the Daily Chart AMC fell from $14.54 on March 18th. April 14th 2021 AMC bottoms around $8-9. AMC meets resistance level all high at $12 on April 27th 2021. This is the resistance. AMC was smack down to $8-9 again on May 6th. This is the double bottom. AMC gain green candle to $10 at May 13th AMC meet around $14 at May 18th and drops AMC consolidate gain a new support line $12 at May 19th-21th AMC then surge from May 25th to June 2nd from $14 to $72 AMC dips $72 all to $28 in August AMC gain a higher low of $28 when it double bottoms AMC surge to $53 on September 13th AMC smack down to $33 on September 30th. $33 became new high low? AMC surge to $44 on October 19th AMC dips to $36 on October 22nd So yeah this is a mixture of technical analysis and theory. But I tried to refrain from theorizing and speculating. Do I believe it? Probably not. Will it play? Probably not. This is only base on historical chart of falling wedge, and double bottoms of AMC play out beginning this year.
NYSE:AMC
by gojira91
3
$PTONIn its most recent quarter, Peloton reported 2.3 million connected fitness subscribers. These members purchased a Peloton exercise machine and paid $39.99 per month to access Peloton's live and recorded exercise classes. Overall, subscription revenue totaled $281 million in the fourth quarter. Compare that to Peloton's total revenue of $936 million in the quarter, and it shows the bulk of its sales come from products. That could be a challenge for the company because the products it sells can last for several years. That means once Peloton saturates its total addressable market -- estimated by management at 75 million households -- its sales could drop off significantly. Peloton would then have to rely on existing customers upgrading older machines every few years. The good news is that the subscription side of the business will bring in recurring revenue at higher margins. Indeed, the gross profit margin of the subscription business was 63.3% in the latest quarter compared with 56.8% a year earlier. And there is the potential to increase prices on subscribers over time as the company adds content. There is also the potential to improve the gross margin on the subscription segment as Peloton adds more members. The cost of creating the content will be roughly the same, but it will be spread out over a larger audience.  Peloton has taken a big hit over the past month moving from $112 down to the mid $80s but in saying that, It looks like it’s found some support on the daily chart. Whether it will hold or not, that’s another question. Only time will tell. Going into next week this should be on watchlist. If price is able to hold it gives a good opportunity for a long but if it breaks below support, it also gives a good opportunity to go short. Keep your eyes on this one. Watchlist this.
NASDAQ:PTONLong
by TheBlankFund