Hey gang! Found quite a high probability Double Top right here on the Daily Chart!
1.46664 Major Resistance level has held and a bearish bar has come!
What influenced my decision:
1) Weekly chart shows a downtrend
I will only take trades that follow the general trend.
2) Price retracement has reached the previous low of the impulse wave on the Weekly Chart (1.46664)
This represents a strong resistance level
3) Major Resistance level held at the same level, creating a double top formation.
NOTE:
Guys, please, wait for the price to break through the neckline first. Many traders always seem to trade before it breaks due to greed and end up losing.
A Double Top formation only has about a 35% chance to break through the neckline. When a Double Top breaks through, it results in a 73% success rate.
Which is better? I think its pretty obvious.
Good luck guys! May the pips be with you!
1.46664 Major Resistance level has held and a bearish bar has come!
What influenced my decision:
1) Weekly chart shows a downtrend
I will only take trades that follow the general trend.
2) Price retracement has reached the previous low of the impulse wave on the Weekly Chart (1.46664)
This represents a strong resistance level
3) Major Resistance level held at the same level, creating a double top formation.
NOTE:
Guys, please, wait for the price to break through the neckline first. Many traders always seem to trade before it breaks due to greed and end up losing.
A Double Top formation only has about a 35% chance to break through the neckline. When a Double Top breaks through, it results in a 73% success rate.
Which is better? I think its pretty obvious.
Good luck guys! May the pips be with you!