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Double Top or Bottom

The double top is one of the most popular patterns in trading. It's a reliable reversal pattern that can be used to enter a bearish position after a bullish trend. It consists of 2 tops at nearly the same level with a valley in between, which creates the neckline. The second top does not break the level of the first top, so the price retested this level and tried to make a higher high, but failed. Price breaking the neckline and closing below it would complete the pattern.

Conservative traders look for additional confirmation and aggressive traders may enter a bearish position from the second top. The target can be estimated by measuring the height of the pattern and projecting this downwards from the neckline. Common stop levels are just above the neckline, halfway between the neckline and the tops or above the tops. The double bottom is the bullish version of this pattern that can form after a downtrend. A popular variation of this setup is the 2618 trade (as taught by Jason Stapleton) with specific rules for the pattern configuration including where to enter and to exit the trade.
MarcPMarkets MarcPMarkets PRO BTCUSD, 720,
BTCUSD: BTCUSD: Bullish Momentum Returns. Eyeing 15K Target.
16242 35 190
BTCUSD, 720
BTCUSD: Bullish Momentum Returns. Eyeing 15K Target.

BTCUSD update: Price is making its way higher as anticipated now that it has penetrated the 11600 resistance area. The bigger picture presents a bullish pennant formation which continues to point to an eventual retest of 20K or higher. You can interpret this environment in many similar ways depending on how you draw the parallel trend lines. Bullish flag, ...

MarcPMarkets MarcPMarkets PRO ETHUSD, 720,
ETHUSD: ETHUSD: Lower High Can Lead Back To 872 Area?
2850 12 64
ETHUSD, 720
ETHUSD: Lower High Can Lead Back To 872 Area?

ETHUSD update: Lower high established at the 1160 level which is not far from the 1216 to 1304 resistance zone. This formation is appearing across the main coins and signals further short term weakness. This is the trading environment as I described weeks earlier. Vertical markets breed bad habits and now is when the bad habits become expensive. As I wrote in my ...

TerryHarmonicTrading TerryHarmonicTrading PRO USDCAD, D, Short ,
USDCAD: USDCAD - Wait for good levels to continue shorting
133 1 5
USDCAD, D Short
USDCAD - Wait for good levels to continue shorting

USDCAD has completed a double bottom reversal on the H1 timeframe. This suggests that there could be deeper correction upwards next week. I will be patiently waiting at 1.2670 for potential short setups. I will be monitoring the vol indicator for extreme high vol at resistance. This could be an easy trade back to 1.2370. Do not use pending orders, always wait ...

eazywayout eazywayout NZDCHF, 240, Long ,
NZDCHF: NZDCHF 4H
36 0 4
NZDCHF, 240 Long
NZDCHF 4H

Simple trend analysis, making higher highs & lows. Double bottom to daily resistance, now watching for a break of the counter trend line & retest for buy opportunities. Lets see how it plays out this week!

eazywayout eazywayout CADJPY, W,
CADJPY: CADJPY Weekly
28 0 1
CADJPY, W
CADJPY Weekly

Price formed a double top to strong resistance at the 91 area, now sitting on its weekly uptrend line. Will be watching for a break or bounce on the smaller time frames

chongyinliang chongyinliang AUDJPY, 240, Short ,
AUDJPY: AUDJPY - Potential 100+ pips
30 0 3
AUDJPY, 240 Short
AUDJPY - Potential 100+ pips

Price seem to have formed a double top with rejections at a key area. Hence, I'm looking at shorting this pair in the coming week. As ECB conference nears, I'm predicting a strong bounce back from USD, a fall on Euro and weaker commodity currencies (AUD, NZD and CAD). Target for this pair is at 87.40

mikel1997 mikel1997 AUDJPY, 240, Short ,
AUDJPY: DOUBLR TOP
48 0 6
AUDJPY, 240 Short
DOUBLR TOP

..........

eazywayout eazywayout AUDJPY, 240, Short ,
AUDJPY: AUDJPY 4H
81 0 5
AUDJPY, 240 Short
AUDJPY 4H

Price now back at strong resistance, forming a bearish flag pattern & a potential double top here at weekly resistance. Will be looking for a break of daily support / channel & retest for a potential shorts this upcoming week

MarcPMarkets MarcPMarkets PRO BTCUSD, 720,
BTCUSD: BTCUSD: Outside Bar Offers Hint Of Bullish Reversal To 15K?
14893 56 178
BTCUSD, 720
BTCUSD: Outside Bar Offers Hint Of Bullish Reversal To 15K?

BTCUSD update: Outside bar like candle forms within the 10988 to 8656 support zone, and more specifically bounces off the 9683 lower boundary of the reversal zone. Just like in the other markets, this is a place to be looking for longs for swing and position trades. Funny how people criticize and ridicule TA, meanwhile levels that I have projected weeks ago are ...

MarcPMarkets MarcPMarkets PRO ETHUSD, 720,
ETHUSD: ETHUSD: New Lows Into Support Zone. Attractive Investment.
8338 22 106
ETHUSD, 720
ETHUSD: New Lows Into Support Zone. Attractive Investment.

ETHUSD update: Dramatic retrace takes this market back to the 872 upper boundary of a larger magnitude support zone much faster than expected. Price is now in an area that offers better opportunity on the long side, but price stability needs to present itself. My long at 1311 got stopped out at 1243 which protected me from 400 more points of pain. What you are ...

MarcPMarkets MarcPMarkets PRO BTCUSD, 720,
BTCUSD: BTCUSD: Minor Support Test Can Lead To Much Higer Prices?
11426 38 175
BTCUSD, 720
BTCUSD: Minor Support Test Can Lead To Much Higer Prices?

BTCUSD update: 11600 resistance taken out indicates bullish momentum returning while this market can be setting up for a broader move back to the 14211 to 15525 resistance area. If you are not long yet, the retrace to watch for is the 10242 to 9822 minor support zone. In my previous report, I wrote about the outside bar like formation (it wasn't an outside bar ...

Akil_Stokes Akil_Stokes PRO EURUSD, 60, Short ,
EURUSD: EURUSD 4/1HR (VIDEO)  - Don't Bail Just Yet + An Intraday Setup
08:09
1429 20 42
EURUSD, 60 Short
EURUSD 4/1HR (VIDEO) - Don't Bail Just Yet + An Intraday Setup

Hey traders in this video I want to revisit the EURUSD idea that I shot to you the the other day, this time with the focus being on trade management and trading psychology. Towards the end I also talk about a potential intaday trading opportunity that is setting up for anybody that missed the initial move. Akil

NathanAB NathanAB PRO GLDBTC, D, Long ,
GLDBTC: [GLD/BTC] - Bullish Breakout
164 0 4
GLDBTC, D Long
[GLD/BTC] - Bullish Breakout

GLD is looking good for a bull run. It formed a kinda pennant/ascending triangle pattern and is breaking out into the 1D cloud. Our target can be determined using the top of the cloud and the retracement from the previous ATH for around 4k. A closer look on the ascending triangle also reveals a nice double bottom / W pattern which supports this breakout even further.

MarcPMarkets MarcPMarkets PRO BTCUSD, 720,
BTCUSD: BTCUSD: Weak Hands Being Shaken Out. Consider Longs.
17306 68 159
BTCUSD, 720
BTCUSD: Weak Hands Being Shaken Out. Consider Longs.

BTCUSD update: Price retests 11600 range low area in a dramatic bearish move, which in my opinion is an attractive area to look for position trade longs because this is where the weak hands are shaken out. The 11600 area is a key level because it has been bought up from that point since mid December which makes it a significant range low. It is also just above ...

surache surache PIVXBTC, D, Long ,
PIVXBTC: PIVX Putting Up A Fight
149 0 3
PIVXBTC, D Long
PIVX Putting Up A Fight

PIVX is forming a classic pattern. We have 2 scenarios. A preferred scenario which is current, or alternative scenario which is possible. First we notice a short term double top. Market did correct in past few days but this is normal with every market. Don't call the sky is falling. It's not, well at least not yet. Scenario 1: Light Blue: Nice noticeable flag ...

Manifested Manifested PRO XBTUSD, 60,
XBTUSD: BTCUSD on path to new local high then low
201 0 3
XBTUSD, 60
BTCUSD on path to new local high then low

BTCUSD is coming off of a quick dive to $9000. I touched on this potentially forming an Adam and Eve double bottom. I think it could bounce off this 0.618 fib, make a new local high around $13k, then down to $8500-$7k. Long at $10500, short at $13k, long at $8k. Watch for break above 50 SMA on 1 hour. If we go above dashed line then the Elliot Wave count shown ...

MarcPMarkets MarcPMarkets PRO ETHUSD, 360,
ETHUSD: ETHUSD: Bearish Momentum Retesting Minor Supports. Buy Signal?
7188 24 88
ETHUSD, 360
ETHUSD: Bearish Momentum Retesting Minor Supports. Buy Signal?

ETHUSD update: Minor support area near 1291 being tested while there is no significant reversal structure in sight. Based on the current price action, this retrace can be labeled as a sub wave 4 which implies one more attempt at the highs before a broader correction is reasonable to expect. For those who are newer to utilizing TA, it is important to understand ...

MarcPMarkets MarcPMarkets PRO BTCUSD, 360,
BTCUSD: BTCUSD: Consolidation Is Broad Higher Low. Sign Of Strength.
9854 31 170
BTCUSD, 360
BTCUSD: Consolidation Is Broad Higher Low. Sign Of Strength.

BTCUSD update: Price action fluctuating within 12879 to 13786 support zone while presenting another double bottom reversal formation. Even though the momentum is still bearish. this area and the range lows (11600) offer a more attractive buying opportunity for longer time horizon strategies. The first observation to consider is that this market is in a broad ...

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