News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Break of range support at 0.768 - 0.7640 has propelled $AUDUSD to its lowest levels since late 2020, with the RSI registering its first intraday oversold readings since October. Symmetrical Triangle measured move suggests price could be poised to challenge the 0.7500 mark
  • The London trading session accounts for around 35% of total average forex turnover*, the largest amount relative to its peers. The London forex session overlaps with the New York session. Learn about trading the London forex session here:
  • 🇮🇹 Business Confidence (JAN) Actual: 95.1 Expected: 95.6 Previous: 96.0
  • 🇮🇹 Consumer Confidence (JAN) Actual: 100.7 Expected: 100.5 Previous: 101.1
  • 🇮🇹 Business Confidence (JAN) Actual: 95.1 Expected: 95.6 Previous: 95.9
  • 🇮🇹 Consumer Confidence (JAN) Actual: 100.7 Expected: 100.5 Previous: 102.4
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in GBP/JPY are at opposite extremes with 70.28%. See the summary chart below and full details and charts on DailyFX:
  • Heads Up:🇮🇹 Business Confidence (JAN) due at 09:00 GMT (15min) Expected: 95.6 Previous: 95.9
  • Heads Up:🇮🇹 Consumer Confidence (JAN) due at 09:00 GMT (15min) Expected: 100.5 Previous: 102.4
  • 🇸🇪 Unemployment Rate (DEC) Actual: 8.2% Previous: 7.7%
Identifying Double Tops and Bottoms

Identifying Double Tops and Bottoms

Richard Krivo, Trading Instructor

Instructor's Response:

First of all, keep in mind that the interpretation of candlestick charts has often been referred to as being more of an art than a science and I would agree.
As such, there is not a hard and fast number of candlesticks that need to occur between the two tops or bottoms. The greater the number of candles between the two the bettter.  The more valid and reliable the pattern will be.  
The process or pattern that needs to occur for a valid trading signal is price action should touch support for a bottom or resistance for a top and then trade away from that level for a period of time and then come back and test that same level again and respect it. The precise length of time or number of candles is debatable.  
In the example Daily chart below there are roughly 40 daily candles between the first and the second top.
A good rule of thumb regarding how to identify the two tops or bottoms is that price action when building the double top pattern forms a capital letter "M" as can be seen on the example chart below denoted by the black arrows. In a double bottom pattern we would be able to see the reverse or the capital letter "W". 
Lastly, a textbook double top pattern will take place at a new high on the chart while a textbook double bottom pattern will take place a new low.
chart 6 8 10

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.