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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Bullish
Low
High
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
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.90% FTSE 100: 0.80% France 40: 0.76% Wall Street: 0.67% US 500: 0.61% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/GbHvaz35ZV
  • ECB's Weidmann says the ECB can flexibly adjust PEPP purchase pace $EUR
  • The bull flag pattern is a great pattern to add to a forex trader's technical arsenal. Explosive moves are often associated with the bull flag. Learn more about the bull flag pattern here: https://t.co/yOEvLjKnct https://t.co/o8wSmAUaQM
  • Bundesbank says German HICP will exceed 3% by year-end but only temporarily
  • Briefly lifting Euro above 1.21 https://t.co/oROMtbKqjT
  • ECB see no need for drastic action to curb bond yields $EUR
  • 🇬🇧 Markit/CIPS Composite PMI Final (FEB) Actual: 49.6 Expected: 49.8 Previous: 41.2 https://www.dailyfx.com/economic-calendar#2021-03-03
  • 🇬🇧 Markit/CIPS UK Services PMI Final (FEB) Actual: 49.5 Expected: 49.7 Previous: 39.5 https://www.dailyfx.com/economic-calendar#2021-03-03
  • OPEC+ has oil production rollover among options for the OPEC meeting with several OPEC+ members supporting the idea of unchanged output in April - according the sources #OOTT
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/ZSURdwblqy
Identifying a Double Top

Identifying a Double Top

Richard Krivo, Trading Instructor

Student’s Question:

I read your prev. comments on Double Bottom/Top formation. I would like to know how many candlesticks should be between both legs to qualify them…thanks.

Instructor’s Response:

The interpretation of candlestick charts has often been referred to as being more of an art than a science. As such, there is not a hard and fast number of candlesticks that need to occur between the two legs. More is better than less, and two candles right next to each other would not qualify.The process/pattern that needs to occur for a valid pattern is price action needs to touch support for a bottom or resistance for a top, trade away from that level for a time and then come back and test that level again and respect it. Ideally, a longer period of time between the two levels would lend more validity than a shorter period of time. Thepreciselength of time or number of candles is definitely debatable.Take a look at the example Daily chart below...

Identifying_a_Double_Top_body_32893d1246488173-post-day-double-top-chart.png, Identifying a Double Top

Note how the double top pattern forms a capital letter "M". In a double bottom pattern we would be able to see a capital letter "W".Also, a textbook double top pattern will take place at a new high on the chart while a textbook double bottom will take place a new low.

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

DISCLOSURES