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Double Top

LUNA reflectionRevolving around a better Short setup, since I missed the perfect entry (leveling my Bard in Lost Ark). I think LUNA will arc towards 99 and then attempt to break below the Neckline (~94). Even without an arc, this S/R channel is a No-No zone. With a successful Neckline breach, I'll be targeting 91 and 86. Oh, yes, and Double Top, hence the Neckline. This is my Thesis, targets are purely hypothetical based on my analysis. This is NOT Investment and/or Trading Advice. Happy Trades! ❤️ If you enjoy my ideas, Please like/comment, it means a lot, Thank You! ❤️
L
by WhoIsWu
GBPJPY Analysis I SHORTWelcome back! Here's an analysis of this pair! **GBPJPY - listen to video analysis. We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support! Brian & Kenya Horton, BK Forex Academy
Short
by BKTradingAcademy
4
Oil at 2011 Highs - What to look forThis isn't strictly a technical analysis. I'd like to gage the market sentiment and geo political tensions before I commit to a trade. If I see price break support but I'm seeing bullish headlines, I won't take a oil short. I'm waiting for a bearish catalyst and a break of the support I pointed out. Below are some bullish and bearish headlines I'll be looking out for. Bearish Oil Headlines Examples: Cease Fire in Ukraine Russians Withdrawal Iran Nuclear Deal reached Refusal to sanction Russian Oil More reserves released Bullish Oil Headlines Examples: Military action involving NATO countries No fly zone implemented over Ukraine More nuclear weapon rhetoric Sanctions on Russian oil exports. NATO countries supplying weapons/equipment to Ukraine. Iran nuclear deal negotiations fall apart
TVC:USOILShort
by natron
4
GBPCAD Analysis I It will continue to fall Welcome back! Here's an analysis of this pair! **GBPCAD - Due to fundamentals over Russia Ukraine tensions, expect more downside to support. We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support! Brian & Kenya Horton, BK Forex Academy
Short
by BKTradingAcademy
1
GBP/USD Double-Top FormingHi Traders, We are on GBP/USD 1-Hour We can see we have a double-top forming. I have highlighted the neck zone in yellow. I would like to see the price close below the neck zone accompanied by strong volume. The break of this neck zone would also confirm a break of the trend line. I will then set a pending order to open up a short position. We have partial divergence on the MACD Histogram but not on the MA Lines. Entry Rules – 1) Price needs to close below the neck zone with conviction 2 )Price needs to retrace to the neck zone. 3) We need lower volume upon entry. If those three conditions are met, then I will open a short position targeting 1.334 and then 1.3317. Good luck to everyone trading today. Trade safe. Vortex
Short
by TheVortexTrader
How to Find Legitimate Double Tops & Double BottomsHey Guys! I just wanted to post a quick tutorial on how to find legitimate double tops and bottoms. In this lesson, I explain the 4 rules that a double top/bottom must abide for it to be legitimate. So for example: For a legitimate double bottom: #1 The 2nd bottom's price must reach the 1st bottom's wick low price level. #2 The 2nd bottom's price cannot close past the 1st bottom's wick low price level. #3 There must at least be a 10 candle range between the the bottoms. (including the 2 bottom's candles) #4 The prior trend must be in the opposing direction. (which is down in the case of a double bottom) That's it! I hope this helps! Have a great day! Ken
Education
by TradingForexPriceAction
4
BTC-D1-REVERSAL IN PROGRESS...GLOBAL PICTURE DAILY (D1) After having reached, yesterday, an intraday high @ 35'332 and nearly achieved a full Fibonacci retracement (former high @ 45'850), the BTC lost momentum and as a result, closed slightly above the middle of the previous white candle which mean, that yesterday's price action, roughly triggered a DARK CLOUD COVER (Bearish warning signal); today's ongoing downside price action is currently confirming this downward selling pressure and a DAILY CLOSING BELOW 43'000 would weigh further on the BTC and therefore open the door for lower levels. Daily clouds area is between 42'524 and 39'093 RSI still above 50, @ 57.93 LAGGING LINE failed to enter in the daily clouds and is in progress to reverse too. The MID BOLLINGER BAND, my own barometer,is currently @ 40'825 and also roughly in the middle of the daily clouds support; this level should be watch at very carefully as a daily closing below this point. would directly put the focus towards the daily clouds bottom around the 39'000 level. WEEKLY (W1) A quick look at the weekly char shows , for the time being a failure to breakout the weekly top clouds resistance area ! Watch the clouds in this time frame as a broad indicator for further development. 4 HOURS (H4) DOUBLE TOP FORMATION IN PROGRESS , coupled with a double doji and a RSI BEARISH DIVERGENCE !!! Trigger level @ 43'220 Technical target (in case of downside breakout confirmed) @ 41'108 Interesting to note that the H4 Kijun-Sen is @ 41'174 and should also be seen as a PIVOT LEVEL in this H4 time frame 1 HOUR (H1) As for H4, a double top formation is in progress. Currently, already, below : 1) Kijun-Sen 2) Mid Bollinger Band 3) Tenkan-Sen 4) the clouds The double top target @ 41'108, coincides also roughly with the H1 clouds bottom support @ 41'241; the 50 % Fibonacci retracement of the 37'015-45'332 recent rally is @ 41'173 LAGGING LINE below TS and KS but still above the clouds. IRONMAN8848 & Jean-Pierre Burki
BITSTAMP:BTCUSD
by Ironman8848
1
GBPJPY on a bearish price action🦐GBPJPY after the confluence rejection is trading above an ascending trendline. The price creates a double top over the weekly resistance and we can expect the development to the lower side of the chart. How can we approach this scenario? We will wait for the break of the trendline and in that case, we will move on the 4h chart to search for the entry of a short-order 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
2
AUDCAD | Perspective for the new weekThe scope of a very strong bearish momentum on the daily time frame and a reversal set-up (double top) within the major supply zone at C$0.92400 shares a confluence with the bearish trendline to signal a selling opportunity for us in the coming week(s). Tendency: Downtrend (Bearish) Structure: Supply & Demand | Trendline | Reversal pattern (Double Top) Observation: i. Despite a long term bearish momentum identified on the higher time frame, the last 30 days witnessed a consistent rise in the value of the Aussie over the Canadian dollar but the momentum appears to be thinning out and this can be identified on the chart as a double top structure. ii. Attempts made by buyers to break above C$0.924 was met with strong resistance during last week's trading session to insinuate that the bullish trendline may no longer be strong enough to hold price action above it. iii. It is worthy to note here that, the reversal set-up (double to pattern) awaits confirmation at the breakdown of key level @ C$0.91600 to incite the risk of a decline in price value in the coming week(s). iv. In this regard, I shall be waiting to take advantage of selling the Aussie anywhere below the key level @ C$0.916000... Trade consciously!😊 Trading plan: SELL confirmation with a minimum potential profit of 200 pips. Risk/Reward : 1:3 Potential Duration: 3 to 8days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates 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