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.
On the chart of SILVER M30 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 33.74; the lower boundary 33.52; the width of the pattern 230 points
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The Double Bottom pattern has been formed on EURUSD M30. This formation signals a reversal of the trend from downwards to upwards. The signal is that a buy trade should
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On the chart of SILVER M30 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 33.76; the lower boundary 33.59; the width of the pattern 165 points
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