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Double Top

Double Top on GBP/USD @ D1A double top pattern has formed on the daily chart of the GBP/USD currency pair. You can use it as a short trade setup on a bearish breakout. The two tops are marked with the upper yellow line; the neckline is marked with the lower yellow line. My potential entry level is at the cyan line (10% of the pattern's height below the neckline). My potential take-profit level is at the green line (100% of the pattern's height below the neckline). My potential stop-loss is not shown on the chart and will be set to the high of the breakout candle or to the high of the preceding candle should the breakout one trade mostly outside the pattern's borders. I will ignore bullish breakouts from this trend-reversal pattern.
Short
by AndriyMoraru
1
NZDUSD OVERALL BEARISH (Potential LONG OPPORTUNITY) I am anticipating NZDUSD making a retracement. -Price intitally made a bullish push -Price then met resistance around 0.6500 level and formed a Double Top. -A double top, is a sign of potentail bullish exhaustion and a possible reversal. -After price tried to break the level, price then closed as a reversal candlestick, followed by a large bearish momentum candlestick. -I am expecting price to close on 2/6/23 or 2/7/23 as a doji candlestick on the daily time frame. -On the 4hr/1hr, I am expecting a double bottom, that will then make a bullish push. - Price will then make a bullish push to test the neckline of the double top, which also aligns with the 50-61.8 Fibonacci level. Please, Like, Comment, Follow for more ideas. Feel free to drop your ideas/analysis below !!!
Long
by NoCeilingsTrading
1
GBPUSD forming a double top before the expected default of U.SHey everyone, Default on debt of the US concerns because we're amid political tensions in the congress and the maturity date is approaching. Recap : Democrats want to rise the debt ceiling VS Republicans want to lower the expenses. The failure to reach an agreement before maturity date may provocate a shock wave on the market. As we all know, the dollar tend to rise in value when in time of uncertainty. on a purely technical point of view, we can observe that the second peak of the doble top is formed. As the 1.24 level was strongly rejected again and price action analysis provide us the confirmation that trend is reversing : inside bar pattern breaking down. So the bulls may have lost power over the market from here, and we should see the bearish momentum increasing. This scenario is confirmed by the MACD indicator as well, which formed a bearish divergence. Hence a bearish scenario on GBPUSD is expected within the next days and an optimal entry point will be here. I expect the price to fall sharply to 1.18 level breaking the neckline and causing panic over the market which will trigger a massive bearish sentiment that will lead the price to reach the target of 1.11000 . Give a thumbs up if you agree ! Good luck ! have a nice week
Short
by Thomas_Zito
Weekly Double-Top Target not yet ReachedThis is an alternative idea to heading up from here, based on a long-term target from April 2021. Around early to mid-April of 2021, Bitcoin Dominance confirmed a double top. Following that we hit and surpassed the measured 1x target (TP 1 on the chart above), and have since consolidated around it. However, we have yet to hit TP 2, or the measured 1.5x target - and... in crypto, we often see 2x measured targets reached when dealing with strong patterns like these. Now, while we very well could see a 3rd swing high, or it could even just turn up from here and go back towards where it broke down in April, as many are indicating: - I think it is still possible we see it turn down from right around here at TP 1 (or even from a 3rd swing high around 48-52%) and head down to TP 2 @ 38% or even down to 32%.
CRYPTOCAP:BTC.DShort
by dudebruhwhoa
Recent Judge statements in Library case create bullish sentimentThe Judge with the assistance of John Deaton via amicus, got the SEC to agree that sales of library credits from the secondary market do not constitute a security and since that news came out lbry has had a big pump here. You can’t see it here on the weekly chart, but on the daily time frame we have also just seen one of the biggest daily volume candles we’ve seen in a long long time on lbry suggesting that there are good odds it will find a way to confirm this double bottom pattern and also likely validated the breakout from this pattern as well y breaking above the channel shown here on the weekly chart. Of course the fed could manipulate things with more rate increases or a black swan could occur that nullifies the newfound bullish momentum but barring those 2 things I would say probability should favor an eventual breakout of this pattern. *not financial advice*
by DrDovetail
SHEL, CVX, XOM SWING TRADE IDEASWith Oil companies reporting earnings and also a majority of them attempting to break ATH, I have my eyes on SHEL, CVX, and XOM. CVX and XOM already reported earnings and did not have an all around beat but CVX beat revenue and XOM beat earnings! SHEL is set to report their earnings on Thursday pre- market and I will be looking to enter into a swing in either direction. By using the 50, 100, and 200MA on the Daily timeframe, I am able to see my support levels to the downside. If we get a daily close below the 50ma at 57.30, I will look to swing it down to the 100ma at 55.11. If we can close below the 200ma on the D, at 54.58, I will look to hold this swing for a while, as it completes the double top pattern found on the D. Now, a break above 61.50/62.50 would be a new 3 year high with its next resistance Level found around 66.50/67. This is where my bias lies because I believe the energy sector, oil companies in particular, will have a bullish run this year. However, I will trade what I see, not what I think! Happy Trading!
NYSE:SHEL
0
by WSBB
1
ADSK - Still Dropping - BearishOn the chart of Autodesk(ADSK) we can see a double top pattern. For the whole year of 2022 ADSK has been in a downtrend and it is likely to continue in 2023. The double top pattern is a bearish pattern. Once the price breaks down the neckline and turns into a resitance instead of a support the pattern gets validated and the trade can be entered. Take your profits and the target can be targeted. All further details are shown on the chart. P.S. Enter short position only if/when the price breaks the neckline! Goodluck!
NASDAQ:ADSKShort
by vf_investment
Watchlist 2023-01-26 #LEVI #IBM #XRX #CVX #RUNSPY found support early in yesterday's session at the important 393.66 level. Then shorts failed to keep control for the remainder of the day. Key pivot level today is 402.63. After that, there is little resistance to the last CPI high at 410.20 from Oct 13. Bias Is high but the market loves fadeouts so be sure to watch for high volume reversals after breaking key levels. LEVI - Breaking out of a monthly range. I it can hold the 17.50 area, which is the pivot high and the 200 day, we could see it higher to 18. However, since it's up 2 ATRs in the PM, the better risk reward trade is a gap n go from 17 IMO. IBM - Looking weak AF after earnings. 137.30 pivot ideal spot to sell. Wait and see trade, if it looks incredibly we can get in early with target to 200 EMA at 134.38. XRX - Conversely with a double earnings beat and modest guidance. Double top turning into support and 17.57 is ideal zone to enter on strength. 18 isn't a very clear target so PM high is likely the best zone to sell. Other watchers: CVX - dividend increase and a massive 75B share buyback. RUN - after yesterday's capitulation
NYSE:IBM
by UnclePennybagss
SPX: Reached its Climax! What's Next? 🤔• The SPX did correct to the 21 ema, exactly as we expected in my previous analysis (link below this post, as usual); • Now it is going up again, trying to resume the bullish sentiment, but in order to confirm that, it must break the red line at 4,015; • If the SPX breaks this red line, it’ll trigger a pivot point, and in this scenario, the next resistance around 4,100 is the next target; • What could go wrong? If the SPX fails in breaking this red line, and loses the 3,889 again. That could be a Double Top chart pattern; • As long as it stays above its support levels, it’ll be fine, but a true reversal would only come if we trigger the pivot point; • I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analyses!
SP:SPX
by Nathan_The_Finance_Hydra
11
ImmunoGen Inc. (IMGN) double-top indicates a short opportunityI was scanning stocks for chart patterns and came across Immunogen Inc. (IMGN) with a double-top already formed. IMGN has been trading in a downward channel since February 2021 and shows no sign of stopping yet. The price has reached a major support level of about 4.97, with only one major breach back in May. On three occasions it has dipped below slightly to reach 4.48 - 4.26. Due to the major double-top chart pattern, I expect the 4.97 support level to be breached again and the price will likely reach 4.48 in the next several days, and possibly 3.48 sometime in January. Of course, the price could bounce and follow the support line for a bit longer, or even continue higher. I'm betting on a move lower as the pattern completes its symmetrical shape. Disclaimer: I am not a financial advisor, and the above statements are not investment advice. My comments are only intended for educational purposes. You are solely responsible for your own trading decisions.
IShort
by cdnbuzzard
AMD heading toward support areaFor those of you who are following along with me on my little obsession with AMD, the past week was pretty exciting for those who were shorting the stock as the price dropped out of that short-covering rally like a rock for a $9.46 gain. AMD is now reaching a very uncertain area with 3 support levels to get through and it's actually touched an ascending trend line, so I'm expecting a few bounces to occur. My first short target is the middle of the support area at 59.80, but with hindsight, it should have been 63.62 which is the first support level below the 2-year line. The ultimate target is still 50. It's very possible AMD will make a double-bottom before it gets to 50 so I would look out for that. I'm still bearish at this point. Disclaimer: I am not a financial advisor, and the above statements are not investment advice. My comments are only intended for educational purposes. You are solely responsible for your own trading decisions.
NASDAQ:AMDShort
by cdnbuzzard
Cardano double top (bearish breakout)Hey trader! This analysis is based on a bearish breakout as a result of a double top . As the previous resistance (at 0.5123 , 0.4262 , & 0.3769 respectively) and support levels (at 0.3398 , & 0.2443 respectively) indicate, the current development is taking place in a bear market . Despite the negative development, a bullish double top has formed which, upon breakout, could trigger a bearish trend down to the target at 0.1989 (as assessed by the Fibonacci ). I hope this analysis was instructive and useful for future consideration of Cardano .
Short
by Aksel_Rom