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Double Top or Bottom

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
XAU-USD The chart for Silver/US Dollar (XAG/USD) on a daily timeframe shows a bullish "Double Bottom" pattern around the 28.60 USD level, indicating potential reversal of the recent downtrend. This pattern suggests strong support, as the price has bounced off this level twice. The current price is approximately 29.038 USD. A significant resistance level is identified around 32.00 USD, where the price has previously faced selling pressure. If the price breaks above this resistance, it could signal further upward momentum. The chart projects an upward movement towards this resistance, represented by a yellow arrow, suggesting that the price might initially face resistance but is expected to rise. Historical support around 26.00 USD is also highlighted, providing context for potential price movements. The yellow and red highlighted areas mark these critical support and resistance zones. In summary, the chart indicates a bullish outlook for XAG/USD, supported by the double bottom pattern and strong support at 28.60 USD. The key resistance level to watch is 32.00 USD. Traders should monitor the support at 28.60 USD to confirm the double bottom pattern and potential upward trajectory.
ICMARKETS:XAGUSDLong
by Dhareja
M Double tops is on the map This is what I'm looking at for BTC at the moment. Double Tops are in the back of my mind, keeping an eye on that neckline. It could be a Higher Low, but there could be a Liquidity grab in the scope, printing a Lower Low. in overall This is a healthy correction in my opinion. Check the grey % measured from the top to the EMA 50. Somehow, the good corrections always come with a dose of FUD. What if... we lose the EMA 50 on the week ? Well then my next stop could be $43568.85 as in a bullish breaker block on a higher time frame.
by Tims.Technische.Analyse.
EURUSD potential double bottom patternOn the 4-hour chart, EURUSD has formed a potential double bottom pattern, and the upside risk in the future market is relatively high. The current support below is around 1.0720. If it falls back and stabilizes, you can consider going long. If the price breaks through the resistance near 1.0761, it will continue to rise, and the upward target will be around 1.0831. If the market reaches around 1.0831, you can pay attention to the potential bearish bat pattern.
Long
by XTrendSpeed