PateSkpate
Long

GBPUSD 1hr Double Bottom

FX:GBPUSD   Pound Sterling/U.S. Dollar
GBPUSD             has put in a Double Bottom at Daily Support. RSI went Oversold on the 1st Test. On the 2nd Test the RSI was showing Bullish Divergence . Zoom in on a Lower Time Frame once Price reaches the Entry Zone and look for some sort of Reversal Pattern Such as a Hammer Candlestick , Doji , 3 Bar Reversal, etc... Stops go either 1 ATR or 10 Pips below the Double Bottom . Target #1 is a retest of the last High and Target #2 is another Important Level on this Pair. This trade hits about 55%-60% so plan accordingly.. Not the highest probability trade so make sure you get good Risk to Reward (Better than 1 to 1).
Comment: Guys.. Side Note as Alexander has pointed out.. My double bottoms/tops rule are: The 2nd Test (wick or candle) needs to reach the close of the 1st test BUT NOT close below the 1st test. My personal data feed and TradingView Data differ and on my personal Data the Double Bottom is Valid (Not valid on TradingView data). So trade what you see on your own personal chart and data feed. Best of Luck guys.
Comment: Target #1 Hit. Stops are at Breakeven and holding for Target #2's
Trade closed: target reached: Target #1 was hit and Stops for the 2nd half went to Breakeven. The 2nd half of the position was stopped at Breakeven.
great
Reply
what are your rules for double bottoms, mate?
Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out