7pasos

Chance for a double top increases

FX:EURAUD   Euro Fx/Australian Dollar
505 2 0
Even if todays close do not get as low as todays lows, meaning not be a nice decisive down candle and therefore a evening star, the reversal was in place since yesterday with the formation of the shooting star.

With this reversal and the lost of momentum expresed by the AO, the chances for the price to form a nice double top increases

Trade it will deppend up on how the price gets to break it, in this kind of formations the most cautious look is to wait to see if forms a pullback that improves the risk reward ratio, but when the formation is clear and it's proyection makes a cluster with other levesl, vg here the 1.3892 support, the traders thends to be more aggresive and set a sell on the break of the neck of the double top 1.4442 with the stop loss in some refference near to their entry that could be in the less clear case the high of the previos session before the breakout.

As far as now an interesting scenario.
Thank you for a good chart, truly appreciate it!
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7pasos PRO ebayaccount.nguyen
3 years ago
thanks!
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