There is a double top formation with a high probability of a downside move. We can also add that there exists a bearish divergence on the RSI and if we see closer, there is a well established resistance on the left side of the double top. For me it is great chance to short. I put the stops 10pips above the wick of the candlestick and my target is just on the...
Hi all, Here is a Plan which is about Trading a Double Top Pullback. In trend reversal chart patterns, after the initial breakout move, there is a tendency for price to retrace towards the breakout line, before continuing the trend reversal move. This setup provides a good entry as the Stop loss level is clear and tend to have a low probability of losing, if the...
basic textbook setup. price has retraced into a key resistance level which also has 2 fibs lined up with it aswell (38.2% and 61.8%). double top has now formed and price has bounce off the Resistance forming a pin bar/inverted hammer. Target at the neckline of double top.
PRICE IS STRUGGLING AT AN IMPORTANT STRUCTURE WHICH HAS ALSO FORMED A SMALL DOUBLE TOP. PRICE ACTION IS SHOWING THAT SELLERS ARE PROTECTING THIS LEVEL. THIS IS LOOKING LIKE A GOOD OPPORTUNITY TO GO SHORT IN LINE WITH THE DOWNTREND. IF PRICE MANAGES TO BREAK THE STRUCTURE LEVEL THEN THE NEXT LEVEL TO LOOK TO SELL IS AT THE 200 SMA WHICH HAS BEEN ACTING AS A DYNAMIC...
Doubletop , Sinewave not complete , brakeout
The Euro obviously is a weak currency though it rallied a couple of times the last month for no real fundamental reason . It seems it seized the opportunity to capitalise on the recent uncertainty surrounding the USD after the last FOMC statement left the market confused on its direction and after the poor NFP numbers that came out last week. Traders have been...
As you can see there is a double top. Price should fall because it has broken an up trend line and its just at the support of the double top. So, if price break the support go short to the next support watching if theres a bounce before it gets to the target. Big gain 1.7%
Hello traders, I'm presenting you with a trading idea today by using the rules of engagement (IF - THEN) syntax. We have a double top on the 1 hour chart with bearish divergence, now we're waiting for the following conditions to be met. 1) IF close below neckline 2) THEN wait for a 618% Retracement 3) IF Market hits 618% 4) THEN sell to 127% confluence with...
Something to watch for: #USDJPY doubletop,bearish diverge - W,Cyphers for long/short - D @TradeYodha (TradeYodha.com) 1. USDJPY is showing a double top bearish divergence on weekly 2. Daily showing signs of head and shoulders 3. There can be a bullish cypher too on daily 4. there is a bearish cypher on H4/Daily right there in the zone at the top where we...
Current Sentiment: Bearish Price is currently still in the consolidation zone and it has put a nice rejection off the resistance structure once again last week, forming a double top setup. There is currently a potential to trade the price back down to the previous lower trend line. I would love to hear your opinion, feel free to comment, agree or disagree....
Confluence Factors: 1. Double Top on Daily 2. Close below 50/60 EMA on Daily following a long-legged doji on 3/24/2015 via Daily Chart 3. Rejection of Key Weekly/Daily Resistance at .79000 4. Head & Shoulders Pattern on Hourly Chart 5. Trade is in agreement with overall Monthly/Weekly Bearish Trend
2618 trade setup formed on the AUD/CAD at the 1 hour time frame. We have a bearish divergence with a close below the neckline. Retrace to the 618% and bounced down. Looking forward to hitting TP1 and TP2 Star Prosper Philip Stewart
I noticed the gartley pattern first. As you can see the deep AB leg caused a big reversal zone. I would wait for a better entry reason, but it all depends on your risk/ratio-liking. I also noticed the double top w/RSI divergence at the C leg that's setting up a possible 2618 trade. You could ride the train down to the D completion point, but I would atleast take...
Looking at the EUR/GBP chart on the 4hr here. Waiting for the break below neckline and a retrace back to the 618% to confirm out sell zone. I haven't put in the sell zone yet, because we are waiting for the market to complete all the rules of engagement. Looking good for now though, let's keep an eye on this one, as it has the potential to be a really solid...
This is the third attempt to break through $34 price, this time in conjunction with an increased volume. The technical indicators point towards oversold however so I am a little bit neutral. I will be bullish once there is a clear break of the $34 resistance line.
Price has been consolidating and we have a few potential signals indicating that price might continue its downward direction. We have a valid double top divergence setup at the moment, in confluence with the upper end of the triangle. There is also a minor resistant structure just above at 1.0635. A break below the triangle pattern might be the confirmation that...
This chart show us a possible double top scenario. There actually two of them pink rectangles. A confirmation of it could be the break of support at 120.5 -120.1 area. You can also see how the double bottom scenario worked out (blue rectangles).
CRL is a stock which has recently appeared on my watchlist after comfortably clearing the double top formation from 2008. It had begun to trend well prior to this (since the golden cross in September 2014 - although price did retrace to retest the 200ma a few weeks later). The gap up on 11th February saw price convincingly clear the $70 round number and recent...