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Double Top

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
Macro H&S pattern for Gold?Or, is gold forming a cup and handle? Noticeably there's a head and shoulders pattern breaking to the downside that coincided with a double top on a micro time frame. Gold is currently trading below the 200DMA which is inherently bearish for the commodity. If gold bounces meaningfully with sustainable upward price movement off the 200DMA go long, if we see continued bearish momentum below the 200DMA go short to stay short. Price target $800.00 USD in the next 5 years to decade.
TVC:GOLD
by ScotianBot
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