ilmscore | How to TRADE Double Bottoms like a PRO (LIVE trade!)

How to TRADE Double Bottoms like a PRO (LIVE trade!)

Published: 2017-09-09
Status: Available | Analyzed

Predictions from this Video

Total: 12
Correct: 0
Incorrect: 0
Pending: 12
Unrated: 0
Prediction
Topic
Status
For a double bottom to be considered valid, the wick of the second bottom must at least touch the body of the first bottom.
"the wick of the second bottom must at least touch the body of the first bottom"
Double Bottom Strategy
Pending
A double bottom is invalidated if the wick of the second bottom does not touch the body of the first bottom.
"if the wig did not touch the body let's say we had a candle like that with no wig the wig was on top then that would not be a valid double bottom we need the wick to at least touch the top of that body to be a valid double bottom"
Double Bottom Strategy
Pending
A double bottom is invalidated if the body of the second bottom closes below the wick of the first bottom.
"if the body of the second bottom closes below the wick of the first bottom then that invalidates the double bottom as well"
Double Bottom Strategy
Pending
A double bottom remains valid as long as the body of the second bottom is above the wick of the first bottom and the wick of the second bottom touches the body of the first bottom.
"everything in between counts as a double bottom as long as the body of the second bottom stays above the wick of the first bottom and as long as the wick of the second bottom touches the body of the first bottom then it's a valid double bottom"
Double Bottom Strategy
Pending
For a double top, the wick of the second top must at least touch the body of the first top.
"we'd be looking for the wick of the second top to at least touch the body the bottom of the body of the first top"
Double Top Strategy
Pending
A double top is invalidated if the price closes above the wick of the second top, indicating trend continuation.
"the same thing we can't close above the wick of this second top otherwise we're looking at trend continuation"
Double Top Strategy
Pending
A long candle wick on a higher timeframe can be a condition to look for double bottom opportunities, indicating buying pressure.
"you can wait until you get a long candle wick on a higher time frame before you start looking for your double bottom opportunities that's showing me that there's buying pressure in this area"
Trading Strategy Improvement
Pending
The RSI indicator can be used with double bottom strategies, specifically looking for divergence.
"incorporating an RSI indicator and on this RSI indicator we're actually looking for something divergents"
RSI Indicator
Pending
RSI divergence occurs when price makes a lower low, but the RSI makes a higher low.
"divergence is when after a low and then a lower low is created on price action there is a low and then a higher low on our indicator"
RSI Divergence
Pending
For trading targets, a 1:1 risk reward is a minimum, with the possibility of much higher targets.
"the first targets we'll be looking for a one to one risk reward and possibly a much higher target to"
Trading Strategy
Pending
A second target for trades can be set at previous highs.
"for second targets we'll be managing our position up to our previous highs in through here"
Trading Strategy
Pending
A double bottom entry resulted in hitting first targets, followed by a move down that stopped out the remaining position at break-even.
"we did get a move up from the double bottom entry we had this move up was enough to hit our first targets right in through here before the market did pushed down and stopped us out for a break even on the second part of that position"
Trading Strategy
Pending