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Double Top or Bottom

8/5: Watch for Short Opportunities Near 3400Good morning, everyone! On Wednesday, gold held above the key support area at 3343–3337, and subsequently broke through the 3372–3378 resistance zone, leading to a strong bullish move and solid long-side gains. Today, attention should shift to the major resistance around 3400. If bullish momentum continues, price may approach the secondary resistance near 3420. However, from a technical perspective, signs of bearish divergence have begun to emerge. Should price continue rising while momentum weakens, the risk of a short-term correction increases accordingly. Key levels to monitor: Primary resistance zone: 3404–3416 Intermediate supply area: around 3398 Crucial support zone: 3372–3363 (a hold here could support further upside) ⚠️ Cautionary Note: The US PMI data release during the New York session could introduce volatility. Be sure to maintain strict risk management and stop-loss discipline during periods of increased uncertainty. 🔁 Trading Bias for Today: Prefer selling into strength near resistance, while cautiously considering buying on dips near support. The 3343–3337 area continues to serve as the primary support zone, and price action around this level will be critical in determining the next directional move
FOREXCOM:XAUUSDShort
by China_MsWang
Crypto consolidating ahead of rally towards All Time HighsWith US equity markets closed for Juneteenth, I'm checking in on an equal weight basket of cryptos. Recently I said crypto looked to be heating up for a run at new highs. As I look today, prices appear range bound on the daily chart. There's a bearish double-top formation, beside declining momentum. The bottom of the range resting at the 200 Day Moving Average, and a test of it seems likely. Should there be a bounce off the 200 Day SMA, and a break through the top end of the range we might get a shot at those new All Time Highs.
BITSTAMP:BTCUSDLong
by quickshiftinn
GBPJPY - Catching The Falling Knife... ConservativelyDon't catch the falling knife! This is a common warning in the trading industry. Although i do agree with it (in some circumstances), I think what's more important is for us to perform analysis and be confident on where that knife may find a floor at. In the case of the OANDA:GBPJPY I think we've seen that floor which may present us with the opportunity to but IF... I say if because simply making that prediction isn't enough. As a trade, what I want to see if some sort of signal from the market (while at that level) that price is more likely to do what I predict, than not. If you have any questions, comments or want to share your views, please do so below. Also be sure to hit that like button & give me a follow, that way you don't miss my future trading ideas. Akil
Long
by Akil_Stokes
3
Higher Timeframe Ice Zone - Lower Timeframe Double TopAfter a pretty rough end to the week the FX:EURUSD has rallied up into an Ice Zone - Which is a previous price level that has acted as both support and resistance in the recent past. As we venture down to the lower timeframe we'll see that price action has also formed a double top level at that pattern which is a classic price pattern for a bearish reversal. If you're looking for a more conservative entry then waiting for a 2618 opportunity could be something you do as well. Please leave any questions or comments below & be sure to give me a follow if you want to be notified of my trading ideas. Akil
Short
by Akil_Stokes
13
Natural Gas – Bullish Rebound Expected Towards 285–288Natural Gas is currently showing signs of a short-term bounce after testing key support around the 267–258 zone. My view remains bullish in the short term with potential upside toward 285–288, which aligns with the downward purple trendline and both the 50 EMA (around 292.3) and 200 EMA (around 288.9). This confluence zone is expected to act as strong resistance. Once the price reaches that level, I’ll look for bearish confirmation to re-enter short positions, in line with the broader downtrend marked by the falling black trendline. 📌 Levels to watch: Support: 267 / 258 Resistance: 285–288 (EMA + trendline)
MCX:NATURALGAS1!Long
by raulgunjal28
1
ETH/USD Double Bottom with Bullish RSI Divergence 1HETH/USD has formed a double bottom pattern on the 1 -hour timeframe , signaling a potential bullish reversal after recent downside pressure. The pattern is supported by a bullish RSI divergence, where price made lower lows but RSI printed higher lows — indicating a momentum shift. A buy stop entry is placed just above the neckline, targeting a continuation toward key resistance zones. Trade Setup Buy Stop Entry: 3539.52 (on confirmed neckline breakout) Stop Loss: 3424.13 (below second bottom – invalidation level) Take Profit 1: 3658.19 Take Profit 2: 3774.71
BINANCE:ETHUSDLong
by fahadfarooq54
AUDJPY: goodbye uptrend?On the 4H chart, AUDJPY has printed a textbook double top pattern, breaking the rising trendline and diving below the 95.6–95.78 support zone - now acting as resistance. The pair is currently retesting this zone from below, which often provides a clean re-entry point for bears. This area also aligns with the 0.705–0.79 Fibonacci retracement, reinforcing it as a key resistance. If the price rejects this zone, the next target is 93.85 (1.618 Fibo projection), followed by 93.25 and potentially 91.71 if momentum strengthens. Fundamentally, the yen gains strength on risk-off flows and diverging rate expectations, while the Australian dollar is pressured by falling commodity prices and a likely pause from the RBA. This widens the rate differential and weakens AUD. As long as price remains below 95.78, sellers are in control. Watch for a rejection from this retest zone.
Short
by TotoshkaTrades
Dieteren Group Quote | Chart & Forecast SummaryKey Indicators On Trade Set Up In General 1. Push Set Up 2. Range Set Up 3. Break & Retest Set Up Notes On Session # Dieteren Group Quote - Double Formation * (Reversal Argument)) + (Diagonal Shift)) | Completed Survey * (Downtrend Argument)) - *Double Top Structure | Subdivision 1 - 49 bars, 67d | Date Range Method - Triple Formation * (P1)) / (P2)) & (P3)) | Subdivision 2 * Daily Time Frame | Trend Settings Condition | Subdivision 3 - (Hypothesis On Entry Bias)) | Indexed To 100 - Position On A 1.5RR * Stop Loss At 118.00 EUR * Entry At 107.00 EUR * Take Profit At 91.00 EUR * (Downtrend Argument)) & Pattern Confirmation - Continuation Pattern | Not Valid - Reversal Pattern | Valid * Double Top | Short Set Up * Ongoing Entry & (Neutral Area)) Active Sessions On Relevant Range & Elemented Probabilities; European-Session(Upwards) - East Coast-Session(Downwards) - Asian-Session(Ranging) Conclusion | Trade Plan Execution & Risk Management On Demand; Overall Consensus | Sell
PEPPERSTONE:DIE.BEShort
by TradePolitics