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Double Top or Bottom

BTCUSD CFD Shot Call No. 1Trading currently on just "I've seen this before". This is traded in the same account, so p&l will be listed separate for each idea. Typical situation I have seen many times over, price will drop, then come back just as fast with a stall near the lower portion. Trading the completion of the expected pattern (drawn in blue) and then looking to short from the double top neckline after. Current trade on is at 58015.85 market entry for 0.03, though will adjust down to 0.02 through management later should the pattern not want to finish. Expecting at a minimum for price to want to be attracted to the neckline of the double top and topside consolidation, where many shorts will then pile on to take price down (yellow path). Should the trade finish cleanly, the buy orders protecting the long will be eliminated and look for a long drive back down in the next trade set. Sell Limit orders will be in place at 60,240, 63,800 & 74,150 respectively for that one when it gets here. Additional buy at 56,877 and 52,100 as protection in the same style as the eurusd approach (same strategy/method of madness) where if the price should start heading short, the breakeven of the overall position would then be a much better exit point, with a greater chance of being achieved vs just letting price come all the way back. With two entries, price is breakeven between both entries. With three entries, price is breakeven at the second entry.
ICMARKETS:BTCUSDLong
by ForexStoryteller
1
Chart of the week. PayTM After its listing @ 1964 PayTM is falling down like London bridge. So far it has fallen around 321% from its all time high of 1964. This week, however, the stock has done something different. After 6 months of consolidation, the stock has given breakout above 440. In my opinion, it has made a double bottom pattern . However, even if I'm wrong it has at least given a bullish rectangle breakout with higher volume. On the fundamental side, the company is almost debt free so has a huge advantage. Whoever wishes to take this trade should know that it is a very well beaten stock with bad balance sheet . For me its a worth of a trade with small risk. CMP - 466 (13/7/24) T - 800, 1000 W SL - 395 W
NSE:PAYTMLong
by AbNamjoshi
Overlapping double top & double bottom patterns on xrpusdHard to say which one of these patterns are more likely to get validated at this point. Always a chance Bitcoin dumps one last big leg down from now until June in which case one last big capitulation dump could be enough to trigger the double top pattern here. However if the correction for bitcoin has already found its bottom then I think its a higher probability that the double bottom pattern is the one that gets validated. Either way I think a decision will be made on one or the other before June. To actually get the double top pattern to play out and drop as low as this target would be an amazing opportunity of a gift to load up on much more xrp in my opinion *not financial advice*
BITSTAMP:XRPUSD
by DrDovetail
2
ETH - WATCH OUT for SHAKEOUT : Bear-and Bull TrapsUsing leverage when the markets are trading sideways/range is especially risky, since this is a prime place for algo trading to liquidate positions. Shakeouts are more common than you may think. The above example on the left is a perfect example of an extended shakeout over a multi-week period before the upwards price action starts. It is, however, important to keep monitoring the situation. As long as the drop remains fairly small and the price stays close underneath the red trendline, recovery is an option. _________________________ BINANCE:ETHUSD
BINANCE:ETHUSD
by CryptoCheck-
ORCL: Pay Attention to These Key Points! (D / W charts)The ORCL chart displays notable patterns and key levels on both the daily (1D) and weekly (1W) timeframes, offering insights into potential trading opportunities. On the daily chart, ORCL is forming a possible double top pattern around the $145.32 resistance level, indicating a potential bearish reversal. The double top is a classic bearish pattern that occurs after an extended uptrend, and it often signifies that the asset may experience a decline. The confirmation of this pattern would be a break below the trigger point at $137.56, which could open the door for further downside. As long as the price stays above this key point, the bearish thesis won’t materialize. Additionally, the daily chart shows a price gap that occurred in mid-June, suggesting a strong bullish move that pushed the stock significantly higher. However, the recent formation of the double top pattern near the $145.32 resistance level implies that the bullish momentum may be waning. The 21-day EMA has been providing dynamic support and will be a critical level to watch. A close below this EMA could signal further bearish pressure. On the weekly chart, ORCL's long-term uptrend is evident, supported by a rising trendline that has been intact since October 2022. The stock has been riding above the 21-week EMA, indicating strong bullish momentum over the longer term. However, the recent candlestick pattern shows signs of potential exhaustion as the price nears the $145.32 resistance level, which aligns with the double top seen on the daily chart. The weekly chart also highlights a key support level at $127.54, which coincides with the rising trendline and the 21-week EMA. This support level will be crucial in determining the longer-term direction of the stock. A break below this level could signify a trend reversal, while a bounce off this level could reinforce the ongoing uptrend. In summary, ORCL is at a critical juncture with a bearish double top pattern on the daily chart and signs of potential exhaustion on the weekly chart. The key levels to watch are the $145.32 resistance and the $137.56 trigger point on the daily chart, along with the 21 EMA on the daily chart. A break below the trigger point could confirm the bearish reversal, while maintaining above the support could sustain the longer-term uptrend. Remember that the trend is bullish, and any pullback should be considered as another buying opportunity. Trends persist until a clear reversal occurs (Dow Theory, tenet #6) For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions. Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation. “To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore All the best, Nathan.
NYSE:ORCL
by Nathan_The_Finance_Hydra
Best Price Action Pattern For Beginners to Start FOREX Trading There are a lot of price action patterns: wedges, channels, flags, cup & handle, etc. If you're just starting out your Forex journey, it's natural to wonder which one to trade and focus on. In this article, I will show you the best price action pattern for beginner s that you need to start forex trading. I will share a complete trading strategy with entry, stop and target, real market examples and useful trading tips. High accuracy and big profits guaranteed. The pattern that we will discuss is a reversal pattern. Depending on the shape of the pattern, it can be applied to predict a bearish or a bullish reversal. Its bearish variation has a very particular shape. It has 4 essential elements that make this pattern so unique: A strong bullish impulse, A pullback and a formation of a higher low, One more bullish impulse with a formation of an equal high, A pullback to the level of the last higher low. Such a pattern will be called a double top pattern. 2 equal highs will be called the tops , the level of the higher low will be called a neckline . Remember that the formation of a double top pattern is not a signal to sell. It is a warning sign. The pattern by itself simply signifies a consolidation and local market equilibrium. Your confirmation will be a breakout of the neckline of the pattern. Its violation is an important sign of strength of the sellers and increases the probabilities that the market will drop. Once you spotted a breakout of a neckline of a double top pattern, the best and the safest entry will be on a retest of a broken neckline. Target level will be based on the closest support. Stop loss will lie above the tops. A bullish variation of a double top pattern is called a double bottom. It is also based on 4 main elements: A strong bearish impulse, A pullback and a formation of a lower high, One more bearish impulse with a formation of an equal low, A pullback to the level of the last lower high. 2 equal lows will be called the bottoms , the level of the lower high will be called a neckline . The formation of a double bottom pattern is not a signal to buy. It is a warning sign. The pattern by itself simply signifies a consolidation and local market equilibrium. Your confirmation will be a breakout of the neckline of the pattern. Once you spotted a breakout of a neckline of a double bottom pattern, the best and the safest entry will be on a retest of a broken neckline. Target level will be based on the closest resistance. Stop loss will lie below the bottoms. Double top & bottom is a classic price action pattern that everyone knows. Being very simple to recognize, its neckline violation provides a very accurate trading signal. Moreover, once you learn to recognize and trade this pattern, it will be very easy for you to master more advanced price action patterns like head and shoulders or triangle. ❤️Please, support my work with like, thank you!❤️
Education
by VasilyTrader
1