Gold: My "Double-Top" Setup Again Makes Over +300 Pips

A couple of weeks back, I posted a quick lesson on my "double top" trade setup and how POWERFUL it is when used CORRECTLY! Yes, I know that double tops is not new and many of you use it already BUT I add some POWERFUL confirmations to it that lead to truly POWERFUL profits! Here's the link to that post:

Here's another example.

So far, we are in profit by +300 pips in Gold and looking for more because my "double top" trade setup allowed us to get into this trade with confidence! You can on my chart that there was a double top that formed. AFTER that double top formed, I checked to be sure that there was a VALID corrective wave count that could be applied there. In most cases, double tops are part of a corrective wave pattern. And what we are targeting in such a trade is that final IMPULSIVE wave C or Y of that corrective wave pattern. Those final waves are usually quite powerful! That is why you see strong moves following this pattern.

Then finally, what I look for is a .618 retrace towards that second peak of the double top in order to CONFIRM that it is really a double top! That is when you have the best chance to get into this trade with less risk as you would then use the peak of that top as your stops.

So you can see here that I used this strategy on Gold when I saw this setup, issued a SELL trade call on 4/16 and we sat back and watched as prices dropped.

Here's what you could be earning in profits on this trade:

310.9 pips x $0.10 = $31.09
1 Standard Lot (100 oz) = $3,109 profit

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Comment:

Closed the trade today for +483 pips profit. If you had this trade with me, here's what you would've made:

483 pips x $0.10 = $48.30
1 Standard Lot (100 oz) = $4,830 profit

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