Text-book visualization of the break and retest strategy for a double top. Preceding uptrend, forms a double top and market breaks to the downside. Two candles open and close outside of the break and Fibonacci tool is used to find entry. Entry was at the 618 for minimum drawdown for a gain of 134 pips during the sell.
Double bottom formed at bottom of trend on the 1H timeframe. Break out candle on April 7, 2020. Two Candles opened and closed above the apex of the double bottom (apex is at support level). Using the Fibonacci tool from the low of the right leg to the high of the pull back after breakout, the 618 level closely lines up with the level of previous support at the...
