Double Top, Dbl Bottom. Show your Opinion, Use Charts - Especially Non-Workings! Text is cheap, lol.
- Thread starter easymon1
- Start date
Support area consolidation,
this zone seems double bottom reached, probably bounce
What is your chart telling us?
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Seems interesting.
Double tops/bottoms are by far the best (r/r) and simplest, not necessarily easiest, entry signals. When you backtest these signals you will be able to workout an average % stop required, which in many cases is a much smaller risk considering the potential reward (next obvious level of support/resistance). If price shoots beyond your stop, you pull the plug on that trade. If price bounces back in the anticipated direction, I personally leave it. I am only interested in 'clean' signals, basically my stop determines validity of signal to me. Traders that say 'it's easy to annotate historical charts, it's a different matter doing this real-time with actual capital' need to gain more experience and knowledge about key price levels (RTH/ATH/WEEKLY/HOURLY/RANGES/HI/LO/50% RANGE/ETC), be ready to lose multiple times and have sufficient capital to not be emotionally stirred by losses and obviously not to abuse leverage and not risk stupid amounts of capital per trade.
Could you post an image of a chart to show an example of "If price bounces back in the anticipated direction, I personally leave it."
or How would your "if / then" play out on the chart above?