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UnknownUnicorn13690023
Mar 29, 2023 2:09 AM

Double Bottom Reversal Pattern: Ready to Ascend Long

TORONTO-DOMINION BANKTSX

Description

Value-Finder
This chart pattern shows a double bottom formation, where the current price has hit a low point twice before rebounding. The pattern is currently at the low point of the second bottom and is indicating a potential trend reversal. This chart pattern suggests that the asset is now preparing to ascend to a target price, making it a good idea to consider a long position. This double bottom reversal pattern can be a bullish signal and may provide an opportunity for traders and investors to enter a position with a favorable risk-reward ratio.

Possible Downside
Our trade idea is based on a double bottom formation that is currently positioned for a bullish trend reversal. Since March 2020, the price has been following an upward trend line and has bounced off this line multiple times as it continued to serve as support. However, during March 2023, the price broke below the trend line, forming the second bottom. While we anticipate a rally, we must be prepared to face headwinds as we approach previous support that has now become resistance. As such, we recommend monitoring the price closely as it approaches the $85.44 - $87.43 area and considering exiting the trade or taking early profits. This trade idea offers a favorable risk-reward ratio and the potential for significant gains.


Trade Predication
TSX:TD


Time frame: 17/March/23 - 17/May/23 (61 days)

Trade entry: $78.62
Price Target: $85.44 - 94.15%
Potential Return: 8.62% - 19.75%

Expected Target: $86.27
Expected Return: 9.73%
Expected Date: 19/April/23 (33 days)
Comments
zAngus
Hello, well done on sharing your first post with the community. Hope you liked the process. Happy trading :)

From mod @zAngus
UnknownUnicorn13690023
@zAngus, Thank you. I think I got the hang of it now.
zAngus
Don't forget, as a PREMIUM MEMBER you CAN advertise your website, youtube, twitter, discords, signal services etc etc but ONLY in your user PROFILE SIGNATURE which has the advantage of appearing on all of your posts. You can update this as often as you like and all past posts will have it added and updated as well.

Just go to your USER PROFILE -> PROFILE SETTINGS and update everything you can under your public info, and also your user status. This will give you the best exposure site wide, and help you attract new followers if that is your goal.

LINK HERE: tradingview.com/u/
UnknownUnicorn13690023
@zAngus thanks, I appreciate the tip. I'll be sure to check out some of your calls
UnknownUnicorn13690023
One trade at a time
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