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Double Top

SPY- Bearish- UpdateHas been a while since I've posted an update on the SPY as a lot has transpired in financial markets over the past few weeks, and months. The SPY has been trading significantly under its average daily volume, which has primarily been the driving force behind the momentum in my opinion. On the other hand, the SPY is holding a nice symmetrical triangle on the weekly timeframe. Nonetheless, buyers and sellers continue to battle, however, on the daily timeframe the SPY is overbought on the RSI, and two Bearish Megaphones are currently still playing out. The SPY is yet again, at a make-or-break spot in my opinion. If we see another leg down, we could see a re-test of the COVID-19 trendline support. As I've said before and will happily say again, where I stand, we're in unchartered territory - Just some support and resistance levels to keep an eye on in the interim, along with some RSI-based supply and demand zones, staying hedged. --Previous Charts Attached In Description -- Weekly Timeframe Daily Timeframe Covid-19 Trendline Support
AMEX:SPYShort
by jacobosiason7
🥇GOLD - False breakdown forms a double top Gold on Friday forms a false breakdown of flat resistance (indicated on the chart). On Monday, the market forms a retest of the upper boundary and forms a false breakout again. TA on the high timeframe: 1) The market is still continuing to form a bearish trend 2) A retest of the liquidity area forms a false breakout, indicating buyer weakness at the moment. TA on the low timeframe: 1) Consolidation under resistance is forming. The market is preparing to fall 2) Within the flat we have the following targets: 1916.7 and 1907.6, which can be reached in the near future 3) Ahead is the local support at 1922 which may push the price away. At this point, the market may retest the resistance 4) We care about the dollar's reaction to the news. If the dollar starts to rise and overcomes the resistance, gold will head towards 1900. Key resistance📈: 1928.5 Key support📉: 1922, 1916 and 1907
OANDA:XAUUSDShort
by AndeWave
15
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
Didn't see that coming.. | Was there any clues I left unnoticed?NASDAQ:CGC - REKKKT This is not supposed to happen before factor X (luck?). IMO I think I did with the analyzing solid job. Please, no matter how small thing it might be. Let me know in the comments to improve I'll walk you through my thoughts: The Canopy Growth Corporation hit it's bottom on Fri 07/14/23. It fired up those Dank fueled rockets to head outer space with +350% gains. I started to see exhaustion after the first pullback. After this the chart doesn't show the same momentum and there's some divergence that will be reappearing theme the following days. You start to see decline as one would expect after this kind of run. My interpretation is that according to price action, it's starting to form a descending channel pattern. When the double top formed I was convinced the following day would come down crashing. This happened instead. Can I blame bad luck or was there other factors that needed to be addressed? Just like in the game of poker you will run into situations where you lose to one outer on the river. Please leave a comment and let me know what is your point of view. Thanks! I salute you all🫡
NASDAQ:CGCShort
by Crack_Daddy
AMAZON - 3 year old trendline broken?! See it on the chartHello, traders, investors and community! Today i am taking a sharp look on the retail-giant AMAZON and what we can expect in the next weeks and months! So lets start, looking on the weekly chart of AMAZON you can see this long trendline which begun january 2015 and ended october 2018 with a sharp decline in price, you can see it on my chart. It is marked with the two blue trendlines , one is straight and the other one is striped. So what does AMAZON do now?! We have a huge resistance above us at the 2000 - 2050 level which you can see in striped red trendline in the chart. This is a critical zone for AMAZON because when we get rejected there, the possibility for an double top gets nearer. You can also see this huge red selling volume at the break-out of that important trend-line signaling a shift in price action and heavy selling volume . If the highly possible scenario that we get rejected a second time at the 2000 - 2050 level kicks in a double top will form with targets at 830 - 840, you can see it on the chart with price projection. Also the RSI sets some bearish tone for the overall outcome, you can see in my chart that it touched the overbought area several times the last years without coming back. Now RSI struggles to make new highs in the overbought are and is consolidating in the middle range, a possible scenario is here when we see new decline in the price that RSI also falls back out of the channel which you see in the chart. The overall tone is bearish despite that AMAZON makes some bull-moves the last time. Normally you see this on a top before other declines happen. The fact that this major trendline which held for 3.75 years is broken makes the big picture for AMAZON look ugly. But, however, as traders we can also make money with falling prices. But this andvantage should not be taken for granted, it should be done smart and with the right look for market conditions! I hope you enjoyed this analysis on AMAZON! See you. Information provided is only educational and should not be used to take action in the markets. Thank you.
NASDAQ:AMZNShort
by VincePrince
6
USDCAD - Wait For The Bears ↘️Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst. on Weekly: Left Chart USDCAD has been overall bearish trading inside the falling channel in red. USDCAD is currently sitting around the upper trendline acting as a non-horizontal resistance, so we will be looking for trend-following sell setups. on M30: Right Chart USDCAD is forming a potential double top pattern but it is not ready to go yet. For the bears to take over, we need a momentum candle close below the gray neckline. Meanwhile, until the sell is activated, USDCAD would be overall bullish and can still trade higher. 📚 Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
Short
by TheSignalyst
7
📉 GOLD Analysis: Bearish Divergence & Double Top Reversal 📉📉 GOLD Analysis: Bearish Divergence & Double Top Reversal 📉 #TechnicalAnalysis #GoldTrading #BearishDivergence #DoubleTopReversal #InvestmentAnalysis Hello Traders! 👋 Today, we're diving into a detailed technical analysis of Gold (XAU/USD) on the 1-hour timeframe. Strap in, because there are some interesting findings to discuss. 📈 Overall Trend: Bullish - The overall trend for Gold has been bullish, which has been evident in the recent price action. 🐻 Bearish Divergence: - However, a concerning sign is the presence of bearish divergence on recent Higher Highs (HHs). This suggests weakening upward momentum and potential reversal. 🔄 Double Top Reversal Pattern: - We've also identified a classic Double Top reversal pattern, a bearish signal. 💡 Summary of Technicals: - Bearish Divergence - Double Top Reversal Pattern - No trend continuation patterns detected 📊 Trade Setup: - Short Entry: 1938 - Stop Loss: 1953 - Take Profit 1 (TP1): 1923 - Take Profit 2 (TP2): 1908 📅 Seasonal Pattern: - It's worth noting that historical data from the past 10 years indicates a bearish seasonal pattern for September. 📆 Time Cycle: - Additionally, the weekly cycle suggests a bearish bias. 💼 Investment Advice: Considering the technical signals, seasonal pattern, and time cycle alignment, it's prudent to consider a short position in Gold (XAU/USD) at 1938 with a stop loss at 1953. Potential targets are TP1 at 1923 and TP2 at 1908. However, always remember to manage your risk appropriately and use proper risk management techniques. The financial markets can be volatile, and it's essential to have a well-thought-out trading plan. This analysis is for educational purposes and does not constitute financial advice. Make informed decisions, and trade responsibly. 💼📉 Good luck, and happy trading! 🌟
OANDA:XAUUSDShort
by T-Q
1
Nasdaq -> What's Happening Here?Hello Traders and Investors , my name is Philip and today I will provide a free and educational multi-timeframe technical analysis of the Nasdaq 💪 Looking at the macro view on the monthly timframe you can see that at the moment the Nasdaq is retesting massive resistance of the 10+ years rising channel formation so I do expect a monthly push lower. Just two weeks ago the Nasdaq perfectly retested the 0.382 fibonacci retracement level and created a quite strong rejection towards the upside. Looking at the daily timeframe you can see that Nas100 is currently retesting the neckline of the double top of July of 2023 and if Nas100 actually breaks above this structure zone, I do expect new highs going into 2024. Keep in mind: Don't get caught up in short term moves and always look at the long term picture; building wealth is a marathon and not a quick sprint📈 Thank you for watching and I will see you tomorrow! My previous analysis of this asset:
FX:NAS100Long
by basictradingtv
26
📉 Seizing Opportunity: USDCAD 1H Double Top Breakdown 📉USDCAD presents a compelling selling chance! 🛑 A prominent double top formation has emerged, punctuated by a neckline breach, a successful retest, and a resounding rejection at this pivotal juncture. The stars align for a favorable entry to ride the downside momentum. 🧭 Leveraging the strength of the moving average and neckline, there is a confluence of resistances to strategically position our stop loss above above 1.35770 and trade safely. 🎯 Aiming for success, my take profit is located at 1.34200, while my target lies at 1.34700. Feel free to share your toughts in the comments section, follow me for updates and don't forget to press the like button if you think this insight was helpful 🌊🚀
Short
by Thomas_Zito
9
USDJPY → Double top on the background of the uptrend FX:USDJPY continues to form an ascending price channel. After breaking one of the resistance lines, the price is forming a pattern that could weaken the price during the DXY stop. On the chart, I have marked two levels that are quite close to each other. Pay attention to the levels 145.06 and 144.9. The price forms a correction after the formation of a double top reversal pattern, to realize the pattern the price needs to wait for confirmation (breakout of the base of the pattern). If the price returns above the level of 145.06 and forms consolidation of the price above the level, then in the short term the currency pair may update the local maximum and test the trend resistance If the price breaks the support at 144.9 and forms consolidation below the level, we will see a fall to the support zone. Resistance levels: 145.06, 145.515 Support levels: 144.9, 144.59 Consolidation near these levels in the short term will determine the future direction, our task is to follow the price reaction to these key points. Regards R. Linda!
Long
by RLinda
8