FX:AUDCAD   Australian Dollar/Canadian Dollar
421 6 15
After Eyeballing a retest of the 9975 previous structure level, market has pushed up to test this level putting in a valid Double Top. RSI went over bought on the initial test with divergence on the retest. We have structure and an advanced pattern (Bat) on the lower time frame.

For more conservative traders, we are also setting up for this 2618 trade, waiting for market to pull back into the 618 retracement before entering short.

1:1 RR which is typical for 2618 trades.
Omnishambles
a year ago
How do you define a valid double top?
Reply
journeyofarookie2.0 Omnishambles
a year ago
PRice action of the second has to meet the highest close of the first leg (0.9965 in this case) but can't close higher than the high of the first leg (0.9981). If closes above than it's a new high and not double top anymore
+1 Reply
Omnishambles journeyofarookie2.0
a year ago
Thanks for the reply. I see it now; the two consecutive candles. Eye was drawn to the green arrow :)
Reply
Omnishambles journeyofarookie2.0
a year ago
Thanks for the reply. I see it now; the two consecutive candles. Eye was drawn to the green arrow :)
Reply
journeyofarookie2.0 Omnishambles
a year ago
I think Jason pointed the specific "pin-bar" candle that topped the first leg of that double top, typically showing strong bearish pressure at that level
Reply
J_Graystone PRO Omnishambles
10 months ago
The second test of structure must test the initial tests high, but must not close above the initial test high.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out