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Double Top

Gold Bear market incoming - down to 1686, 1440? As we can see we have both a Double top, as well as a reversed cup & handle pattern on the weekly chart. Both announce a bearish sentiment to the market for the coming months if correct. We can see gold retest 1680 level as it did 18/07, breaking that (very strong) support could cause the pair to depreciate to 1440-1446. I am personally opening a smaller lot, long-term sell position, TP1 set at 1686, TP2 set 1512.5. Don't risk opening big lots on such trades, this process could take months, we also need to remember to take external factors into consideration. Let me know what you think!
EASYMARKETS:XAUUSDShort
by mbarbar
USDCHF - Trend-Following Setup!Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst. on DAILY: Left Chart USDCHF is overall bearish and now retesting the brown trendline so we will be looking for sell setups. Knowing that USDCHF can still trade higher till the green resistance zone before going lower. That's why we don't sell blindly, we always zoom in to lower timeframes and look for the bears to take over. on H1: Right Chart USDCHF is forming a double top but it is not ready to go yet. Trigger => waiting for a momentum candle close below the gray neckline to sell. Meanwhile, until the sell is activated, USDCHF can still trade higher. 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
by TheSignalyst
7
QQQ/SPY Topping Pattern?Pretty interesting relationship between QQQ vs SPY. QQQ/SPY started massively deviating from the long term trend around March 2020. We've since reverted to the mean a bit, and are now potentially showing signs of a top, which would mean QQQ is set to underperform vs SPY. Double top scenario: -we get rejected off the 21-week EMA, then break down from the channel. Head & Shoulders top scenario: -we rally a little longer up to the resistance level of the channel but then get rejected, forming a downward sloping H&S. It would make sense if we saw QQQ underperform and then revert to the long term trend. However, the RSI is showing that we are very oversold, so perhaps this rally has more room to go.
NASDAQ:QQQ
by Huntz
GBP/USD:SHORT from Double TOP + FIBO Level + Resistance | SHORTAs shown in the last Idea, the price after a Local double TOP in confluence with the 50% Fibo Level, inside a Resistance Area ( White rectangle ) and the rebound on the Dynamic trendline, the price definitely broke also the neckline of the Double TOP, fallen strongly to down in direction of the main trend, almost closing our first Take profit area. The Stochastic it's outside the Overbought area in direction of a Bearish side and the RSI is still also bearish. The Forecast Ichimoku remains RED and our clues are about a continuation of the Short trade...
Short
by FOREXN1
8
EUR/NZD:SHORT from Fibo Levels , POC Volume and Double TOP -SELLThe EUR/NZD it's for a long time in Downtrend, In the last sessions had a Pullback into the Area of 50% 61.8% Fibonacci where placed the Volume Point of Control from the previous Swing high and, this reaction may be made also by the presence of Dynamic trendline and by the 200 SMA. The scenario is a Typical Swing trading setup with a divergence on the Stochastic indicator in Overbought meanwhile the RSI is still bearish. The DIvergence on RSI is made by a local Double TOP made by the price on the chart. Our bias is for a continuation of the Downtrend.
Short
by FOREXN1
9