Timing is key
Short

Double top trade with a nice "W" formation

FX:AUDUSD   Australian Dollar / U.S. Dollar
1231 13 23
Hello all,

Today I have an almost complete W formation double top trade that has the potential to go 6:1 or greater reward to risk. There would be some juicy stops sitting over 0.82144 ( previous top ) before heading back down to 0.81038 which fits in nicely to the Fibonacci 61.8% and median line targets. Lets see if I find my fill on blueberry hill:)
around 4 hours early on this one, thus target will be around the same, on to the next.
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Timing is key Timing is key
Target reached pity about the stop loss, if you move the right handle of the fork to the top ( I urge everyone to do this on your own charts ) you will notice that it also hit the median line. I expect this to be a cycle bottom see attached chart. you will also notice a line originating from the 1st bottom of the W formation through 2 green nodes of both forks. You then run a line down after it hits the upper parallel which nailed the secondary trade in the below chart.

snapshot
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This pattern is yet to complete so it is in anticipation of price reaching the top at the left of the W formation......Hence the Double Top. I appreciate that another way to put it is that it will complete the existing double bottom formation. Tks
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Project_Pat Timing is key
Love the chart, with all due respect I think that is going to bust, and rage higher. #Macro
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Timing is key Project_Pat
You were 50% right:)
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Project_Pat Timing is key
Dollar / Euro heading to parity
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Sayed Timing is key
Dear, as technical analyst 1st thing we should remember is never assume, but still best of luck
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As I was late for a cycle top, a better strategy would have been to move my entry stop up beneath each successive candle no more than 2-3 candles. Thankyou for your comments
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you mean double bottom?
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Ice_ LEONES
Double bottom followed by a double top.
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