See also
The Double Top pattern is an easily recognizable reversal pattern. This pattern is usually formed near the resistance level and signals a situation on the market when the price fails to break the resistance line two times in a row.
The Double Top pattern is an easily recognizable reversal pattern. This pattern is usually formed near the resistance level and signals a situation on the market when the price fails to break the resistance line two times in a row. Below you can see a picture of the Double Top pattern.
Importantly, the second top on the picture is slightly lower than the first one which is an obvious signal that the resistance level will not be broken and the price will surely reverse. Traders are better to enter the market when the price is located at the second top or at the level of the neck line.
Let’s see what further developments we may see:
The amplitude of a decline usually equals the height of the Double Top pattern. Experienced traders say that these patterns are better to be found only after really strong trends. For example, in the sluggish sideways market such figures are of no importance. Moreover, such patterns are usually found on bigger time frames starting from 1 hour.
The Double Top reversal pattern has been formed on GBPJPY M15. Characteristics: the upper boundary 190.48; the lower boundary 190.25; the width of the pattern is 23 points. Sell trades
The M5 and M15 time frames may have more false entry points.
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According to the chart of M15, EURJPY formed the Head and Shoulders pattern. The Head’s top is set at 162.59 while the median line of the Neck is found
The M5 and M15 time frames may have more false entry points.
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According to the chart of M15, GBPAUD formed the Bearish Symmetrical Triangle pattern. Description: The lower border is 2.0784/2.0802 and upper border is 2.0822/2.0802. The pattern width is measured
The M5 and M15 time frames may have more false entry points.
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