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Double Top

GBPCHF a short opportunity 🦐GBPCHF on the daily chart is moving inside a daily descending channel . The price after the test of the 1.25500 area dropped exactly at the monthly support and from there retraced perfectly at the 1.24500 level. How can we approach this scenario? Currently, the market is testing once again the resistance area and if the pair will break below we will move on the 4h chart to search for an entry point according to the Plancton's strategy rules. --–– 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.
Short
by InkyGrip
4
EURUSD possible upcoming distributionEU is reaching a significant daily resistance zone between 1.08 and 1.09. If it manages to reach 1.085 we can start seeing some more signs of potential distribution here (+fib 0.618-0.786 area confirmation). After that we'll start looking for SELL positions (preferable once we've broken the upcoming structures to the downside). If that happens we can see the price reaching 1.066 (or a push to 1.055 is also a possibility) in the upcoming weeks. However, if we'll see a strong momentum breaking 1.085 and going higher, this setup will no longer be valid and we'll start to look or BUY opportunities. Happy trading!
Short
by GibsonTrades
Double Top Projection on FCPOA double top is a reversal pattern that is formed after there is an extended move up. The “tops” are peaks that are formed when the price hits a certain level that can’t be broken. After hitting this level, the price will bounce off it slightly, but then return back to test the level again. Entry order & position to take With the double top, we would place our entry order below the neckline because we are anticipating a reversal of the uptrend. As we are anticipating the price to be going down, we'll take short position (sell high now, buy low later) Target Profit The drop is usually approximately the same height as the double top formation which is shown by the red arrow allowing us to maximize profits from this trade by setting up our target profits. Protective Stop Loss As a protective measure towards the unfavorable price movement, we could set stop order above the peaks of the double top.
MYX:FCPO1!Short
by SirPoji
AUDUSD Short Setup - Double Top 4 HourHi Traders, Happy Wednesday! Today, I am looking at the potential double top we have playing out on AUD/USD in the 4-hour time frame. We can see that price has been in an ascending channel and following along the ascending trend line. We may have broken the trendline but we need to see full confirmation by seeing an impulsive close below the yellow neck zone. If price and volume show a decent impulsive move that closes BELOW the neck zone, I will then be waiting for a retracement back up into the neck zone. If the retracement happens, I will then and only then open up a short position with two targets. Remember, volume is key. We have divergence on the MacD, We see buyers are weakening out on the MA Lines as well as the histogram. This just adds confluence to our setup but we need to see that impulsive close below the neck zone. First target – 0.70 with a risk to reward of 1.3 Second target – 0.695 with a risk to reward of 1.5 Trade safe out there! The Vortex Trader
Short
by TheVortexTrader
EURAUD | New perspective | follow-up detailsThis is a follow-up detail on the publication shared during last week's trading session (see link below for reference purposes), where the price moved over 200pips in our favour. Now, with the present structure on the chart, I am beginning to see a set-up that might allow us to add more selling positions as long as we do not see a breakout of the bearish trendline identified on the hour timeframes. I shall keep you updated as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry