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Double Top or Bottom

SHORT USDCHF SWINGI rarely use a line chart but i wanted show this double top a more clearly. the weekly is bearish IMO retesting the .9200 area denoted with the grey zone several times then in May we had three weeks of bearish movement followed by three weeks of bullish momentum However here is where the overall view comes into play. We are now retesting the neckline of the weekly and daily double top, couple with subpar non farm employment and higher than expected unemployment claims we may see another bearish move.
Short
by Red5FX
Can the HOUSE CAPITALIZE LONG TARGETING 4HR Swing EQ Level...?COMEX:GC1! "The One Most Adaptable to Change is the One that Survives." -Charles Darwin Gold is currently trading inside of this 4Hr Swing Range in a Correction State on the 4Hr as price is slowly but surely starting to switch Overall bearish on the HTF's... Now the 4Hr Swing EQ has been playing a big role for sellers who keep selling price lower with multiple attempts however; have not been successful in breaking past the HUGE Daily Demand Zone below. Also at this price level ($2304.0) We have created EQL's... Indicating strong support Level inside the HTF Daily Demand Zone for buyers! 1) Now lets drop down to the LTF 15m TF and we can see how price is currently trading inside this HTF 4Hr Demand zone and I believe this Demand will hold for buyers!! 2) In order for me to go LONG I need to see price break above the 4Hr resistance ($2341.0) & create a nice 15m CHoCh above price ($2344.5) with confirmed candle closures above both levels and then I will be interested in going LONG from the retest of the 4Hr Resistance Level ($2341.0) and Targeting the HTF 4Hr Swing EQ Level ($2356.0) roughly around 150 points in our favor LONG!! 3) I'll keep close update as PA develops and we have more data to work with... Remember when it comes to FRM (Financial Risk Management) our job is to manage the downside costs of printing High side returns of $$$ consistently... Let's Keep Steppn!! Stay Focused & Reach Excellence!! #BHM500K #NewERA #Champions
COMEX:GC1!Long
by TreyHighPwr
May JOLTs Moderately Surprise to the UpsideAccording to the Job Openings and Labor Turnover Survey, the May Job openings report surprised to the upside, rising by 8.14 million (4.9%), up from April’s downwardly revised print of 7.92 million (4.8%), a three-year low. As per the Reuters poll, recent data surpassed the market's median estimate of 7.91 million and came within striking distance of the upper estimate range of 8.30 million, sparking a short-term bid in the dollar. Job openings in state and local education increased by +117,000; a sizable jump in job openings in the manufacturing sector was also seen, particularly durable goods, up +97,000, with a fall in job openings in accommodation and food services, down nearly -150,000. Hiring ticked higher in the month of May, up 5.76 million, or 3.6% from April’s reading of 5.62 million, or 3.5%. The quits rate, which assesses US workers who voluntarily left their current employment, remained at 2.2% for a seventh consecutive month, or 3.5 million. A higher quits rate can indicate confidence in the economy, while fewer resignations suggest less confidence in one's ability to seek employment. Regarding layoffs and discharges – involuntarily separated from employment initiated by the employer rather than the employee – job openings remained unchanged at 1.0% for a third consecutive month, or 1.7 million. We have seen a decline in both job openings and quits since peaking at just north of 12 million in early March 2022, emphasising a cooling economic landscape. Today’s release reflects resilience in the labour market, with the increase in job openings indicating demand for workers. Market Reaction The US Dollar Index witnessed a moderate bid in the immediate aftermath of the release, reaching a high of 105.90. US Treasury yields also spiked higher, with spot gold (XAU/USD) taking a hit and dropping to within close proximity of daily lows, and US equities all but overlooked the print. USD/JPY In Sight The US dollar (USD) has been trading at its most substantial level versus the Japanese yen (JPY) since the 1980s, and, interestingly, shows no signs of slowing down. Since early May, the USD/JPY has rallied six weeks out of eight, showcasing its robustness. Year to date, the pairing is up an eye-watering +15%. Demand for the USD can be attributed to a revival in US Treasury yields and major US equity indices circling record highs. Further, the Fed is one of the more hawkish central banks in the G10 pack at the moment, and BoJ officials have yet to intervene in the market. Interestingly, Vanguard recently commented that there is a risk of the USD/JPY rising to ¥170 should the BoJ fail to intervene. Short-term price action on the H1 timeframe is seen treading water just north of trendline support, extended from the low of ¥155.72, which happens to converge with a ‘local’ potential descending support line, taken from the high of ¥161.28, as well as the 50-hour simple moving average, trading at ¥161.26, and a 38.2% Fibonacci retracement ratio from ¥161.17. Chart pattern enthusiasts may also acknowledge the recent double-top pattern (¥161.74) completion, found after the H1 close below the black dashed line, drawn from the low of ¥161.41. Should price go on and hit the double-top pattern’s take-profit target at ¥161.07, this could deliver an additional floor of support. Tomorrow, we will see the latest ADP non-farm employment change report and the weekly jobless claims numbers, followed up with Friday’s government non-farm employment change print.
Long
by FPMarkets
SPY: Beware of These Reversal Patterns!In the daily chart of the SPY, a potential double top pattern is forming, signaling a bearish reversal. The key resistance level for this pattern is around 550.12, where the price has failed to break through on two recent occasions, marked by red arrows. This level is critical for traders to watch as it represents a significant hurdle for any upward momentum. If SPY fails to close above this resistance, it might lead to a bearish breakdown towards the neckline support at 542.62. A break below this level would confirm the double top pattern, potentially leading to a further decline towards the next support around 533.07. On the weekly chart, a gravestone doji pattern has emerged, a strong bearish reversal signal, especially after a sustained uptrend. This pattern indicates that buyers were unable to maintain higher prices, leading to a close near the week's low. The gravestone doji, appearing near the resistance level around 550.12, reinforces the bearish outlook suggested by the daily double top pattern. If the bearish sentiment persists, the first significant support to monitor is the 21-week EMA, which has historically provided dynamic support during uptrends. Integrating the daily and weekly charts, SPY is at a crucial juncture. The double top pattern on the daily chart and the gravestone doji on the weekly chart both indicate potential bearish pressure. If you are bullish, a decisive close above 550.12 would invalidate the double top and suggest a continuation of the uptrend. However, the current technical indicators favor a bearish scenario, with the potential for a significant correction if key support levels are breached. For now, we should closely monitor these critical levels to gauge SPY's next move, balancing the bearish signals with the potential for bullish invalidation. 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.
AMEX:SPY
by Nathan_The_Finance_Hydra
3
Ultimate Trading Strategy: Reaction to Supply and Demand Levels!🔍 Identifying Potential Buy or Sell Zones: In this step, you need to identify the zones that are likely to react and wait for the price to potentially reach them. ⏳📊 🌟 With the reaction to the first area, a buy trade is activated. 🌟 📝 Confirmations: 📉 Reaction to the expected area – Watch for a price movement hitting our anticipated zone! 🛠️ Formation of a combined hammer pattern – Look out for this powerful reversal signal! 📈 Formation of a bullish engulfing pattern – A strong indicator of upward momentum! 🔍 Trading Tips: 💡 High-risk stop-loss location: 👉 Place it below the candlestick pattern. At least twice the spread to ensure you're covered! 📏🔒 💡 Lower-risk stop-loss location: 👉 Place it below the expected area. Again, at least twice the spread for extra safety! 📏🔒 💰 Take-profit strategy: 👉 Base it on risk management mathematics, such as risk-reward ratios of 2, 4, and 6. 👉 Alternatively, observe reactions to past market areas, especially near important market highs and lows. 📊📈 🎯 Entry point strategies: 👉 Enter at the close of the confirmation candle. 👉 Or, set a limit order around 50% of the confirmation candle for a bigger volume opportunity! 📉📈 🌟 Buying in Two Phases: A Smart and Exciting Strategy! 🌟 🔹 Phase One: When you reach a profit of twice the risk, exit the trade. Why? Because the Asian high has been hunted and the candlestick formed has a long upper shadow. 🌄💹 💡 Analysis: The price hasn’t reached other zones yet and has risen in reaction to the first expected zone. Therefore, we expect a pullback and continued upward movement. 💪📈 So, I’ll place a second buy trade. 🚀💵 🔍 Confirmations for the Second Buy Trade: A double bottom has formed, marked with an X. ❌❌ A small hammer candlestick has swept the double bottom. 🔨 A long positive shadow candlestick has swept the bottom and reacted to a small order block on the left. 🌟 💡 Tips for the Second Buy Trade: Enter at the close of the long-shadowed doji candlestick or place a stop limit order above the long-shadowed doji candlestick. 📉📈 The stop loss should be below this candlestick. 📏🔒 🔹 Phase Two: Next, the price has reached an expected reaction zone from where we expected a price drop. 🌐💡 🔍 Confirmations for the Sell Trade: Reaction to the expected zone. 🔍 An inverse hammer candlestick reacting to the zone. 🔨 💡 Tips for the Sell Trade: The entry point should be in a candlestick with a negative signal indicating a price drop. This hammer candlestick can indicate a decline. 📉🔻 The target can be a reward of 2 or the last price bottom. 🎯💰 The stop loss should preferably be behind the expected zone. 📏🔒 🔥 Important Points!!: Since the price hasn’t deeply penetrated the zones, there’s a chance it might go higher or even mitigate this zone twice, ultimately turning it into a pullback for a further price rise. 🚀📈 Continuing on, the price reached the upper zone area. We expected a price drop from this zone, but it reached at 03:15, which is outside our trading session. However, we could have traded on it. 🔍 Sell Confirmations: The price has reached the expected zone. An inverse hammer candlestick pattern. 💡 Interesting Fact: If you had placed a limit order around the midpoint of the previous two zones, you would have profited by now. So, for this zone, you can also place a limit order around 50% of it. Continuing further, other zones have formed below that could be useful for new trades. ✨ Successful Sell Trade Achieved, Reaching a Reward of 4 Times the Risk. 📉 During the session continuation, the trend line was broken, triggering an upward price pullback. 🔹 Now, at the beginning of the session, we have a new zone, likely a selling order placement area. We're taking the risk on this zone. This time, we can place the trade around 50% of it. 🚀💼 🔥 Alright, what's your take now? 🔥 🌟 Is the price reacting to this level or not? 🌟 🚀📈 or 📉💥 Where are the upper zones located? What do you think? 🤔💬
Education
by mohamadrezaKhorsand
Do you think the Gold's reverse HS will breakout.It will be an interesting week for XAUUSD. 1. **Key Level 2330**: This level is crucial as it could initiate a chain reaction. A break here would confirm a double bottom "W". 2. **Possible Breakout**: Gold has been in a downward channel since May 20th. A breakout above the blue line would complete the Reverse Head and Shoulders formation at TP level 2365. Technically, it’s structured for a move to 2365. However, with significant economic news this week, including the Fed Chair's speech on Tuesday, caution is advised.
PEPPERSTONE:XAUUSDLong
by Tuksmila
2