ilmscore | Prediction Details
"we have price pushing higher what we're waiting on is to see price push higher create a p pullback and then that pullback begin to fail in an uptrend that would look like this as soon as that pullback begins to fail and sellers are no longer in control that's when we want to start looking for a possible double top at the point that the pullback begins to fail as in we start to get a little bit of a push higher I'm going to create that same termination Zone except this time it's going to be between the bodies and the highest point of that initial swing high that we started with before the pullback and failure to continue pushing lower at this point what do you think we're looking for well the opposite is true as to what we had with the double bottom we want to see price at least touch our termination Zone we can see price come up here and close inside of our termination Zone we can even see a wick go past the termination Zone what we do not want to see is price come up here and close all the way above that termination Zone that would be an invalid double top because if we had a close above o this High then chances are we're looking at Trend continuation not a double top and possible reversal so in that case and with that let's go ahead and push the market forward as you can see we're inside of our zone now and after we touch the Zone what's the next step well same criteria for entry right here we're going to be looking at the neckline of this double top we had price push higher we have that push down the failure to continue pushing down that is going to be our neckline the lowest point of that for this double top scenario and this for me at least is where I would be putting a sell stop order"
By The Trading Channel (The Trading Channel) | November 17, 2023 | Pending
From video
This 1HR Chart Pattern Trading Strategy Would Have Made You Profitable In The Last 30 Days... 00:09:53 - 00:11:33
Interpreted Prediction
A valid double top is confirmed if price touches, closes within, or wicks past a defined 'termination zone' (between the bodies and highest point of the initial swing high), but does not close above it. Entry for the trade occurs on a sell stop order below the neckline.

Prediction Details

Topic
Double Top Trading Strategy

Comments

0 comments

Be the first to share your thoughts.

Like this prediction?

Join to make your opinion count.