1.46664 Major has held and a 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
3) Major held at the same level, creating a formation.
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 formation only has about a 35% chance to break through the neckline. When a 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!
I observed the double top, the range from the neckline to the top of the double top is about 350 - 380+ pips est. (different brokers, prices will differ a little bit) , which is about the same length from the neckline to the 1.39000 - 1.40000.
The double top could still be viable (assuming it breaks through neckline), and it will probably end around 1.39000-1.40000, just as you said! :)