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Double Top or Bottom

GBP/CAD D1: Potential Breakout from Rising Wedge with Double TopOn the daily chart of GBP/CAD, I’ve identified a Rising Wedge pattern with a Double Top formation within it, signaling a strong potential for a significant bearish movement. A similar pattern previously occurred on September 9, 2023, when a bearish breakout from the Rising Wedge was confirmed by a double top, followed by a sharp downtrend. Currently, the same pattern has reappeared, with the price forming the second peak of the double top, but a breakout confirmation is still pending. The next price movement is illustrated by blue arrows, indicating the expected downward direction if a breakout occurs. Additionally, the breakout area is marked with a red rectangle to clarify the critical support level that needs to be breached, while the double top’s peak is highlighted with an orange circle to emphasize this key pattern level. The strategy plan here is to wait for a breakout below the Rising Wedge support line to open a sell position. The profit target is set at the 1.7310 level, with a stop loss placed above the double top level, around 1.8200. If a breakout confirmation occurs, the bearish movement is expected to drive the price closer to the set profit target.
Short
by DNP-FX
Alibaba seems to be mimicking itself in the runup to Trump 2016This is just something I noticed the other day when NYSE:BABA took off ... how crisply its price action has lined up with the last election, and how the uptrend seemed to start just a tad early, almost like the market knew in advance Trump would win that election. This time, we've similarly put in a longer base, with a higher low, and also broken above 2 visible pivot highs once again. Why would this be a thing? IDK. And maybe it's not. It could lead to a head fake or something. I don't have a position on it yet, but I will be watching this retrace and looking for an entry I recognize, and meanwhile I thought it was interesting enough to share. -Josiah Easycators.com/RelVol X thread on NYSE:BABA analog: x.com
NYSE:BABALong
by easycators
1
EUR/GBP: PAT + VPA 11/2/2024Good morning, I will be closely observing the EUR/GBP currency pair on a daily basis, as I expect a bullish pullback or reversal to materialize in the forthcoming weeks. - 1W / Weekly Analysis: The market has recently dipped to a low of 0.839, with current support established at 0.832. The price has tested the 0.832 level multiple times without breaching it, suggesting a diminished appetite for selling at this juncture. Additionally, the presence of significant wicks accompanied by relatively smaller bodies may indicate a potential selling climax. - 1D / Daily Analysis: The daily time frame reveals the formation of a double bottom pattern at the weekly support level of 0.0832. Presently, the price is retesting the recent swing high of 0.84, which represents the latest peak. The price has demonstrated its capacity to remain above the 0.84 threshold, and I anticipate a continued upward movement towards 0.846 in the upcoming weeks. OANDA:EURGBP XETR:DAX TVC:BXY ThePipAssassin
Long
by ThePipAssassin
1
EUR/USD: PAT + VPA 9/24/2024Good evening, Today served as a solid confirmation that we might be experiencing a buying climax. Several indicators have pointed to this: 1. We are observing a bearish pin-bar that is accompanied by significant trading volume. 2. Additionally, there is an evening star pattern present, featuring a prominent long-legged doji at its center. 3. Two weeks ago, we broke through a low, and now retail sentiment is beginning to shift towards long positions. It's common for retail traders, myself included in the past, to chase the highs and make purchases at elevated levels. I believe the first key level market makers are going to push for is 1.088. Best, The Pip Assassin! TVC:DXY XETR:DAX
Short
by ThePipAssassin
3
XRP finally ready to take off ?xrp is finally getting bullish based on date range i would not take long for it to take of.looking like a big double choppy bottom. if we see the fixed range volume profile of the session traded from may 2021 to april 2022 we see the VAH at around $1.05. also this is in confluence with the trend based fib extension 1. so $1.05 would be my first target for xrp. offcourse it could go higher. around $1.48 is also a realistic target based on the 1.618. also on the monthly candle we see a bullish engulfing candle. overall XRP is looking good and ready to take off. but dont overleverage because the chart is super choppy. cheers!
Long
by Professor_TradeStein
6
Double Bottom with Billions of Metric Tons of Lithium - SLIHere I have AMEX:SLI on the Daily Chart! Technical - A Double Bottom Reversal Pattern has formed and with the Bullish Rally started from the ~1,800% increase in the Estimate to Reported Results for Earnings and Revenue on Sept. 24th, we see Price Breaking our Confirmation of Pattern @ 1.98! This weeks Price Action has created a Volume Imbalance between ( 1.91 - 2.03 ) that Price may choose to Fill before it pushes Higher! Now Price is struggling with the Resistance of Previous High @ ( 2.28 - 2.38 ) -If this rise can be sustained in becoming a New Higher High than our Confirmation of Pattern, we can expect Price to Retest this Break of Confirmation to find Support! *If the Retest of the Break is successful, we can then suspect Price to find Resistance again at Previous Highs @ ( 3.59 - 3.89 ) Indicators: - Golden Cross with 200 EMA and Dynamic S&R - RSI is Above 50 - Strong Bullish presence in Volume leading to Confirmation of Pattern Fundamental - Under all this utter devastation that Hurricane Helene and Milton have done to North Carolina and Florida and now with the wildfires ravaging Wyoming, these disasters have uncovered massive Rare Earth Elements and Metal Deposits containing around Billions of Metric Tons of essential components needed to power our shift forward from the Industrial Age to what feels like the Digital Age. -Adding potential future mining sites to the already known deposits in Nevada, Pennsylvania and California. EV and other technology advancements will come soon now with these essential minerals and metals possibly on the Brink of Extraction!
AMEX:SLILong
by Novi_Fibonacci