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Double Top

I might buy this minor uptrend but GOLD IS BEARISHGold is coming off of lower low after lower low on all major timeframes so its not surprise that my first bias is bearish. However, when it comes to intraday trading, momentum is important for swings in the market and the difference between volatility or consolidation while profits float. I'm going to take this opportunity to buy gold if a structural higher high is formed since my immediate correction trendline has already been broken. Any buys are short term countertrend moves as the winning team is currently the bears. The neckline of the daily double top and retest of weekly resistance will not go unnoticed.
OANDA:XAUUSDShort
by DesharedPierreJr.
1
AUDCHF - NEW BEARISH MOVE📉Hello Traders👋🏻 The AUDCHF Price Reached a Resistance Level and Resistance Line (Resistance Cluster) ✔ The Price Failed To Create New Higher High📈 Currently, AUDCHF Formed a Head and Shoulders Pattern ✔ The Neckline is Broken 🔥 If Price Stays Under The Key Zone, AUDCHF Can Continue The Bearish Move 📉 ----- TARGET 1: 0.59582🎯 TARGET 2: 0.59020🎯 ___________ if you agreed with this IDEA, please leave a LIKE, SUBSCRIBE or COMMENT!
Short
by Hsan_BenAhmed
6
Double top formed near the ATH is breaking downBy March '23 gold did a strong breakout near the 2000 quote. After that, the prices did not continue to flow and stucked inside a congestion at that level. At 04 May '23 the prices tried to overpass the previous top but failed. This failure gave us a doji candle, at the previous top, a very bearish signal, and besides that, it also gave us a double top formation. The congestion kept going for some more days until a sequence of bearish candles appeared (16 to 18 May '23) breaking down the support of the previous bottom and confirming the double top formation. As I have posted before here , I have started a long term position in gold, and I remain bullish in it. But the chart gave us these bearish signals that are too strong to be ignored, so I decided to hedge via futures contracts and started a short trade at the 1981.60. As the GC is a heavy contract for margin purposes, I'm actually trading the micro gold contract (MGC). This price level is basically the same I did my entry at the spot through GLD, so my resulting position is currently neutral. That is, if prices fall, I profit in MGC and loss in GLD, on the same proportion; if prices go up, I profit in GLD and loss in MGC. And giving up this profit if it goes up, is my cost for this hedge. If I stop the GLD I get short directional, otherwise, if I stop the MCG I get long.
COMEX:GC1!Short
by thessia_
NVDA: Inside a Dangerous Trap Zone.• NVDA is trading inside a Trap Zone, between the $289 resistance and the ascending 21 ema, which is squeezing the price as time passes; • Only a breakout of one of its key points would bring something new to NVDA. Usually, Trap Zone breakouts are quite powerful; • By breaking the resistance at $289, NVDA would just resume the bullish sentiment, and the next resistance is only at $313; • The bias is already bullish, and NVDA is in a bull trend, because it is doing higher highs/lows and it is above an ascending 21 ema. Therefore, an upwards breakout is more likely; • However, what if it loses the 21 ema? In this case, the next technical target is the $272, which is the trigger point of a possible Double Top chart pattern. • There’s a Descending Channel on the 1h chart, and if NVDA breaks it upwards, it’ll just reinforce the bullish sentiment; • By losing it downwards, NVDA would probably lose the 21 ema on the daily chart as well, and the next technical target is the $272 (black line); • As mentioned above, the $272 is a trigger point of a Double Top pattern, on the daily chart, and the technical target for this pattern is the $262 area (blue line); • Therefore, it all depends on how NVDA will react from here, and to which direction the breakout of the Trap Zone will occur. I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
NASDAQ:NVDA
by Nathan_The_Finance_Hydra
1
Did you missed this trade? Last Week, I mentioned my plan to await a suitable shorting opportunity on the EURUSD, owing to the retest of resistance with RSI divergence. As anticipated, this move resulted in a total profit of 205 pips (equivalent to 2,050 USD/lot) based on the difference between the opening and closing prices. My strategy for this week remains unchanged, and I am still on the lookout for a new shorting opportunity. At present, I am waiting to initiate a short position at 1.0901 on the 1-hourly chart (left), which represents a key resistance level. Join me as I continue to monitor the market and strive for profitable trades.
Short
by RaynLim
4 hour Bitcoin Double Top within a potential Head and ShouldersThe top down analysis begins with last month forming an indecision month while approaching a neckline. The weekly is at a high which is a great time time to short especially since price formed a Weekly bearish engulfing followed but a doji for the re-test. Price has ceased forming Daily higher highs and instead my 8 exponential moving average has crossed to the downside of the 21 simple moving average. On 5/7/23 a new 4 hour lower low was confirmed. On 5.8.23 @ 16:14 pricer was creating an even lower low declining to $27,453.32. TDI isnt trending yet however the signals are bearish. Price needs to re-trace in order for me to take a short intraday position.
COINBASE:BTCUSDShort
by DesharedPierreJr.
EURCAD I It will retest near neckline of double topWelcome back! Let me know your thoughts in the comments! ** EURCAD Analysis - Listen to video! We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support!
Long
by BKTradingAcademy
38