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Identifying a Double Top

Identifying a Double Top

2010-10-26 19:22:00
Richard Krivo, Trading Instructor
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Student’s Question:Double Top…Yes?Instructor’s Response:I can see how you came to your conclusion on the historical chart of the AUDUSD you posted below...However, while we do have two candles testing the same price level on the chart, the two candles are right next to each other so that would not constitute a double top.For a true double top/bottom, we would want to see price action top/bottom out, pullback for a period of time (several to many candles between the two tops/bottoms…the more candles in between the more valid the pattern) and then test the former level again.See the example below...Also, on the chart below, note how the price action when forming the Double Top forms the capital letter “M”. If it were forming a Double Bottom, it would be in the shape of a capital “W”.

Identifying_a_Double_Top_body_26895d1237852975-post-day-chart-3-23-09-.png, Identifying a Double TopIdentifying_a_Double_Top_body_26896d1237852988-post-day-chart-3-23-09-b.png, Identifying a Double Top

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