Cmasterza

Double top play at resistance

FX:AUDUSD   Australian Dollar / U.S. Dollar
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7
After a great bull-run the major level is holding well and a double top (m-formation) is emerging.

I enjoy trading double tops and bottoms as weekly reversals around major levels so this one is no exception. The double top has a bearish pin bar on what looks to be the second shoulder of the m-formation.

The stop loss on this setup will be a mere 20 pips so I am happy to risk the 20 and get in to target a 100 pip reward.


Don't invest what you can't afford to lose. This is not investment advice. Subjective view/report of a financial product only.

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