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Double Top or Bottom

Where are the 'stops' and 'bargain hunters' in Gold?Precious Metals have softened recently after continued liquidation, stop-loss selling, and de-grossing pushed Gold futures down to a value zone of $2300/oz on the June futures contract. Since then, bargain hunters have stepped in, driving futures $30 off their lows. The potential for a strong recovery in gold is on the horizon, especially if miners strengthen and ETF inflows follow. While geopolitical safe-haven flows have eased recently, with Middle-East tensions waning, it is often the calmest before the storm. 'Stops' refer to the price levels at which traders exit their positions, and understanding these can provide insights into market movements. For the June gold contract, pocket support remains at $2299-2294, with crucial trendline support at $2286/oz, where stops will most likely remain. On the upside, short sellers will place their stops just above $2400, where any breach should allow prices to run back to all-time highs. www.tradingview.com CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs Disclaimers *Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services. Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
COMEX:GC1!
by Phil_Blue_Line
GBPUSD - 90% BEARISH Prior to my last GBPUSD analysis on Sept 8 2023 Where I proclaimed the crash of London's papers, lol! Which was to happen if GBPUSD keeps printing bearish momentum despite and after hitting a Major Descending Trendline for the THIRD TIME and also when all technical tools i.e. key levels (S&R), Fibonacci & order blocks are supporting (or in confluence with) the overall flow of the river (trend), And currently? everything has been flowing south!!!! As predicted by the Cruisers! London's Papers A.K.A GBPUSD has gone forth to break its ascending trendline as well, after performing a manipulation of Q1 before initiating a crash, and from the looks of current price action, a well known reversal pattern is taking shape i.e. a Double Top . we're still chilling in its early stage though. But the next anticipated drop from GBPUSD down to level 1.21512 (blue bar region) would instantly give this pattern recognition & attention. (Observe the image above whilst reading through each paragraph) Now, after that move would be a 50-50 scenario. If GBPUSD fails to sustain the bearish momentum, which I wouldn't be surprised because that region is close to a blue bar (Major Zone) and arguably the most reversible and indecisive place of the market! Zones are turning points of the market, where price tends to reverse repeatedly! If GBPUSD fails? simple, we ascend once more or worst case scenarios we initiate ranging market conditions!! This anticipated Double Top would be violated and invalid if price then decides to print more bullish candlesticks and aim at breaking the last high of the immediate trend. But, If Cable (GBPUSD) then decides to continue the bearish momentum? well not that simple but we'll need a REAL and serious confirmation from all technical tools out there including price itself! A break of the blue bar, finesse the green line (that's a demand) then act on whatever formation then but all should be done whilst still respecting the bearish pressure of OLD (Mon 05 Nov '07) . The OVR take profit for this Double Top is 1.13318 i.e. a 700 pip drop, whilst from current price region is roughly 1.1k plus pip drop! If GBPUSD keeps breathing bearish? I expect a break of the zone (1.05000 region) then we hit parity level i.e. 1.00000. Parity is the quality or state of being equal or equivalent. In this case? I'm predicting the value of Great British Pound to be equivalent to the United States Dollar before any major shift in trend! @alexraphael00 Founder - 𝗫𝗘𝗟𝗔 𝗨𝗡𝗜𝗩𝗘𝗥𝗦𝗜𝗧𝗬 ○ 𝗙𝗢𝗥𝗘𝗫 𝗖𝗥𝗨𝗜𝗦𝗘𝗥𝗦
Short
by alexraphael
ETH/USDT BULLISH PATTERN! READY TO GO UPSIDE!!Hello everyone, if you like the idea, do not forget to support it with a like and follow. Welcome to this ETH/USDT Update. ETH/USDT is forming a bullish Adam & Eve double bottom pattern, suggesting a potential trend reversal towards higher prices. Analysis: Adam's Cup: We see a clear downward movement followed by a rounded bottom reversal, forming the left cup of the Adam & Eve pattern. Eve's Cup: The price is completed with a similar rounded bottom, potentially forming the right cup (Eve's cup) of the pattern. Neckline: A trendline can be drawn connecting the lows of both cups, forming the neckline. A breakout above this neckline is already done and it is a bullish signal. Indicators: Moving Average: The price is also breaking above the 100D moving average. Target: The measured move target for the Adam & Eve pattern would be the height of the first cup (Adam's cup) added to the breakout point above the neckline. Stop Loss: A stop loss can be placed below the neckline for risk management. If you like this idea then do support it with like and follow. Also, share your views in the comment section. Thank You!
Long
by CoreCrypto1
CKB Weekly AnalysisNervos Network (CKB) experienced a significant downturn of 15.45% this week following a surge to its all-time high of $0.038239. This decline coincided with the formation of a double bottom pattern, culminating in the breakout to this new ATH. In the preceding week, CKB encountered substantial price rejection, leading to a corrective phase. There's a growing likelihood that CKB will gravitate towards the support zone ranging from $0.014235 to $0.016276. A potential rebound is anticipated upon encountering resistance within this demand zone. On the daily timeframe, oscillators exhibit neutrality towards CKB, while Moving Averages signal a sell. Conversely, on the weekly timeframe, oscillators remain neutral, with Moving Averages indicating a bullish trajectory.
Short
by Mudrex
NEOUSD: Breaking Above the 0.886 within a Massive Double BottomNEO has formed a massive Double Bottom structure that has been in development since late 2018 and now nearly 6 years later is attempting to NEO has once again claimed the 21-Month SMA as support and aims to break back above the 0.886 Fibonacci Retrace. If it is successful in this we could see this be the start of a massive move to the upside, capable of taking it all the way up to as high as $140 a maybe even higher after that, though there may be a bit of resistance up at $56 level first as that aligns with the 0.618 and historical horizontal resistance.
Long
by RizeSenpai
SOL - Adam & Eve Double Bottom Confirming Overall performance rank (1 is best): 17 out of 39 Break even failure rate: 12% Average rise: 43% Throwback rate: 67% Percentage meeting price target: 69% The Adam & Eve double bottom pattern is a bullish reversal pattern that has been identified on the SOL Intraday price charts. Initially, SOL experienced a sharp decline from $180 to $155, forming the 'Adam' part of the pattern. This was followed by a more gradual, rounded decline over the next 10 days, forming the 'Eve' part of the pattern. This pattern suggests a potential reversal from the previous downtrend. Potential Market Implications The resistance level at $155 is pivotal for SOL's short-term price movement. A breakout above this level could confirm the bullish reversal indicated by the Adam & Eve pattern, potentially leading to a price target of $186. Statistical analysis suggests a 69% probability of reaching this target upon successful breakout. Strategic Considerations Investors and traders should consider the breakout above the $155 resistance level as a key signal for potential entry. It is advisable to wait for confirmation of the breakout before making any trading decisions. As always, it is important to consider other market factors and conduct a comprehensive analysis before entering any positions. Adam & Eve Trading Tips 1. Measure Rule Calculation: - Identify the highest peak (A) and the lowest valley (B) within the Adam & Eve double bottom pattern. - Calculate the height difference between point A and B. - Multiply this height by the 'percentage meeting price target.' - Add the result to the breakout price at point A to determine the price target (C). 2. Price Reversal Requirement: - Ensure there's a significant decline leading to the double bottom; minor declines typically result in minor rises. 3. Big W Pattern: - Favor double bottom patterns with a steep, tall left side (Adam) and minimal price consolidations during the decline. - Anticipate the price to rebound close to the level where the downtrend initiated. 4. Confirmation Necessity: - Wait for the price to close above the peak between the two bottoms for confirmation. - Without confirmation, there's a 48% chance the price will continue to decline. 5. Handle Formation: - After confirmation, watch for price fluctuations forming a 'handle.' - A breakout from this handle typically signals a strong upward trend. 6. Flat Base Indicator: - A significant rise is likely if the double bottom follows a long, flat base. - Use weekly charts to identify the flat base, resembling a pothole on a road. 7. Trend Impact: - Double bottoms following a short-term decline tend to perform best post-breakout. 8. Proximity to Yearly High: - Patterns showing breakouts within a third of the yearly high exhibit the best performance. 9. Volume Trend: - A declining volume trend leading up to the breakout suggests favorable post-breakout performance. 10. Throwbacks Warning: - Be cautious of throwbacks after the breakout, as they can negatively impact post-breakout performance. Conclusion The Adam & Eve double bottom pattern observed on the SOL chart indicates a potential bullish reversal. The upcoming resistance level at $155 is critical, and a breakout above this level could signal a significant upward movement for SOL. Investors and traders should monitor these developments closely and plan their strategies accordingly. ---------------------------------------------------------
Long
by TraderE9
GOLDMAN SACHS - Pullback and looking to new highs?NYSE:GS price recently broke out from a pennant, and the price seems to be bouncing from previous high. If we properly get a pullback from here to around 322-330 usd, it would be a great oportunity to buy and hold until 470-500 usd. The price has yet to test the top of the pennant and the trending line aswell. Breaking the trendline could make the current rejection at 420 usd mark play out as a double top, and posibly make the price revisit 200-250 usd.
NYSE:GSLong
by fortune_00
1
BTCUSDT LONG. Halving is done. How long will we grow?Greeting ladies and gentlemen. Let me share with you my humble opinion about the bitcoin market. I've suddenly bought 52 BTC with average price of $63666 on futures (check my bio for youtube video) and here are my reasons for it. I've checked such BTC charts as 1 day, 1 week and 1 month. So I've found a nice Bullish pin-bar with volume on 1D. There is also a nice bullish declining bullish channel with a bottom at 60k which looks like as a nice support. And I can't miss to mention triple bottom as triple bullish sign. My target for this long trade is $66900 per 1 BTC. I want to leave this train there because I have some doubts about further movements. My concerns are also connected with very bad looking montly bars for altcoins. I've shared with you 4 scenarios of next BTC movements. Don't take me too serious. I might be wrong. Don't forget that May month is coming and that well-known saying "Sell in May and go away" can take it's time. With S&P500 decreasing with Iranian news can accelerate the events.
Long
by ROEMANIA
MY ANALYSIS ON AUDUSD.On the weekly timeframe AUDUSD has been bearish for some time now, on trade ideas I've got my weekly trendline(black) zones and my S/R zones. Remember the only reason I'm drawing support zones is for it to act as resistance which is break and restest only selling opportunities that's what we're looking for. On the daily timeframe I've got my trendline(red). And some major zones. 4hr timeframe I've got another trendline(blue) and double top pattern there. Either price complete the double top pattern and continue downward or price break through the trendline restest the resistance zone above the head back down. So for next next we're only selling AUDUSD. FX:AUDUSD
Short
by NOrelent6
My Analysis on AUDUSD.My Analysis on AUDUSD AND ALSO TRADE IDEA'S FOR NEXT WEEK. On the weekly timeframe AUDUSD has been bearish for some time now, on trade ideas I've got my weekly trendline(black) zones and my S/R zones. Remember the only reason I'm drawing support zones is for it to act as resistance which is break and restest only selling opportunities that's what we're looking for. On the daily timeframe I've got my trendline(red). And some major zones. 4hr timeframe I've got another trendline(blue) and double top pattern there. Either price complete the double top pattern and continue downward or price break through the trendline restest the resistance zone above the head back down. So for next next we're only selling AUDUSD.
Short
by NOrelent6
My Analysis on AUDUSD.My Analysis on AUDUSD AND ALSO TRADE IDEA'S FOR NEXT WEEK. On the weekly timeframe AUDUSD has been bearish for some time now, on trade ideas I've got my weekly trendline(black) zones and my S/R zones. Remember the only reason I'm drawing support zones is for it to act as resistance which is break and restest only selling opportunities that's what we're looking for. On the daily timeframe I've got my trendline(red). And some major zones. 4hr timeframe I've got another trendline(blue) and double top pattern there. Either price complete the double top pattern and continue downward or price break through the trendline restest the resistance zone above the head back down. So for next week we're only selling AUDUSD.
Short
by NOrelent6