Is this a double top?

Discussion in 'Technical Analysis' started by Kastro_316, Jan 28, 2006.

  1. Hey guys!

    Can anyone tell me if this is a double top please? Or is it just a new channel?
    Its a 1 hour chat (candle)

    Have a good weekend everyone,
    • ta.jpg
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  2. A double top is a double top, only if it completes the formation.

    Up to that point, it's all speculation.
  3. Thats a tilted Head & Shoulders pattern. Tilt you head 36% to your left and look at it again:

  4. If it looks like a Duck, quacks like a Duck and walks like a Duck.

    It's a Duck.
  5. serg007


    If this pattern is accompanied by the negative divergence with MACD, I would bet for reversal and sell short at 141,50 with stop at 142,50
  6. If you think Governor Fukui will declare an official end to quantitative easing, bet on the double top holding. If say the Chinese real estate market suddenly collapses, bet on a channel continuation. An immediate yuan float would probably produce a whipsaw breakdown-breakout.
  7. fireflyx


    Whether any technical pattern results in a channel or a trend reversal depends on the count. All technical patterns are simply geometric manifestations of an internal count.

    Since I can't see the beginning of the movement in your graphic, I can't say whether it's a top or not...

    Good luck!

  8. This appears to be a perfect example of the classic 'bouncing double top' formation

    Bouncing double top pattern
  9. hmmm....
    they look fake to me
  10. Best double bottom/top formation I have seen in this forum ! Congratulations..

    #10     Jan 28, 2006