BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Double Top :
The flag stock chart pattern forms through a rectangle . The rectangle develops from two trendlines which form the support and resistance until the price breaks out. The flag will have sloping trendlines , and the slope should move in the opposite direction to the original price movement. Once the price breaks through either the support or resistance lines, this creates the buy or sell signal.
Sound, simple basics usually work. What a pity I did not obey my own rising wedge signal at the second top. Very strong.
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Thanks for this update friend, these are simple and important technical price action formations that any trader should be aware of. This is very good info explained in a simple fashion for the newer traders out there. Thank you!
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SRNOSTRADAMUS ivanag006
@ivanag006, thank you my good friend
I hope I can train my friends, though small
+1 Reply
You are totally right! Thanks for the update ;)
+1 Reply
@BlasTx, thank you my good friend
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