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Double Top

GBPUSD forecast for this weekThe British pound edged above $1.12 recouping some losses from the previous session The Bank of England’s emergency bond-buying scheme, which was used to cover pension funds caught up in the market chaos sparked by the tax cuts announced last month, I think by Wed or Thursdays we will see price starting to fallin we are monitoring GBPUSD for a selling opportunity around 1.14500 and 1.16500 zone, once we will receive any bearish confirmation the trade will be executed! free to ask any question in comments
Short
by TradingWithMohamad
2
Gold is VulnerableGold has fallen below the 50-month MA (thick blue), 200-month MA (red), and is below all of the major monthly, weekly, and daily moving averages. It’s in a well-established downtrend channel after a major double top breakdown with a retest. The green line pointed to by the green arrow was a potential major uptrend line which was broken and retested. The next major trend line is the line pointed to by the purple arrow which is next to the 100-month MA (yellow). This is a logical support/target area. The Commitments of Traders (COT) report from last week show that commercials (Producer/merchant), swap dealers, and managed money are net long by a significant margin and that “Other reportables” have taken the other side of trade. I’m not sure who all these “other reportables” are but I’m sure retail traders would fall in this category. Normally the big dogs are not all on the same side of the trade but when they are, it kind of makes coming to a conclusion about likely direction based on the COT report a lot easier. Position: Short 2 micros since this morning at 1641. stops: 1645 and 1652 targets: 1625 and 1503
COMEX:GC1!Short
by Skipper86
6
░▒₿▒░ 💀 DOUBLE TOP 💀 | 1D ░▒₿▒░COINBASE:BTCUSD Bitcoin - Spread Double Top Descending. This is currently an increasing probability. Dec. 13-16th is the time area where this will be determined. We would need to break the blue dotted trend line to further increase the odds of this senerio and probability solidification. While this scenario does have a likelihood of breaking the current trend .... The odds are apparently less likely that this scenario will be technically considered a "Double Top" and reach below $29K for a considerable amount of time, let alone any. I'll be posting more as I see a major bull pattern playing out that needs further analysis. ~Memento Mori
COINBASE:BTCUSD
by CRYPTIK1
Possible short trades for ETH on hourlyI think these are nice possible short trades on hourly. The first one I see is price pullback to around ~1356 and I set stop loss of 1.25% for this, this is a bit risky and can be tighter but I'm ok with entering with small position here. I'm looking for first TP around ~1325, which is one of the target I got from this fib. The second one I see is possible double top forming around ~1370 and I set stop loss of 0.5% for this, it can be tighter since it is based on double top forming. This trade is much more safer and the first TP is still around ~1325 considering the strong trendline support. I personally plan on entering with small position at ~1356 and adding some more at ~1370 with stop loss being above the possible double top scenario. Note: I'm only going to take these trades on these entry targets being hit and I will also be looking at the price action around these entries for confirmations. To see clearly, zoom in.
Short
by clumsy_trader
4hr GBPUSD Patterns in patternsAs you can see marked out on my charts, the yellow arrows show the top of a massive double-top structure. Both these structures have tested and could not break the 200ema(white line, red arrow) which acts as a very strong support\ resistance. The second leg of this double top is forming a head and shoulders at the 200ema resistance, and if you look closely, the head of the head and shoulder structure is actually a double top. If you go into smaller time frames you will also see these structures within structures. Its magic lol. Boost me if you like what I post. Dont be shy
Short
by faddy
$MATIC | Double Top? McDonalds M Coming?Here we have one of my personal favorite cryptos & L2 sidechains, MATICUSD or Polygon. Potentially we may see, a downtrend because of a couple of factors. Let’s zoom in! I see the potential for a “McDonald’s M” or most notably referred to as a Head & Shoulders pattern which could signify a downtrend. Here are some reasonings & findings: * MATIC has touched the 0.8721 area twice now but has pushed through this resistance * Upper Bollinger Band has been broken previously * Nearing extreme overbought statuses on the RSI * After the initial push down from the 0.8721 area, 0.8456 acted as support for the potential “head” of the pattern * MATIC is still above the 200 EMA The last note should be taken into consideration when placing a SHORT trade for MATIC. It is still above the 200 EMA currently so a safe TAKE PROFT could be back to the “neck line” area of 0.8456 in case there is a bounce and your STOP LOSS above the resistance area of 0.8721.
COINBASE:MATICUSDShort
by CryptoHotep
Will Gold (XAU/USD) continue to move lower over the long-haul?This is a weekly chart of Gold. During the first week of August 2020, XAU/USD made an all-time high of 2075.11. During the week of March 7th, 2022, XAU/USD came within a few dollars of reaching that peak again, forming a double top. The target for a double top is the height between the 2 peaks of the top, added to the breakdown point. In this case, it is near 1290. Notice the correlation between the US Dollar Index (DXY) and Gold in the bottom panel of the chart. The current correlation is -0.92. Readings below -0.80 are considered strong negative correlations. Therefore, if the DXY continues to move higher, Gold should continue to move lower on the weekly timeframe (as long as the correlation remains). First confluence of support is at the lows from the last week of September and the 50% retracement level from the lows of August 2018 to the highs of August 2020, near 1615. If price breaks below there, support is at the 61.8% Fibonacci retracement level from the same timeframe near 1510 , then the lows from the week of March 2020 at 1451.27. However, if the double top plays out, price could reach 1290!
FOREXCOM:XAUUSD
by FOREXcom