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.
How do you define a valid double top?
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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
Thanks for the reply. I see it now; the two consecutive candles. Eye was drawn to the green arrow :)
Reply
Omnishambles journeyofarookie2.0
Thanks for the reply. I see it now; the two consecutive candles. Eye was drawn to the green arrow :)
Reply
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
The second test of structure must test the initial tests high, but must not close above the initial test high.
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