EUR/AUD (DOUBLE TOP M PATTERN ON DAILY TF) FOREX!!
A double top is a bearish reversal pattern in technical analysis, indicating a potential trend change from bullish to bearish. Here’s a breakdown of the pattern:
Formation: It forms after an uptrend when the price reaches a high point (the first peak), then declines to a support level (the trough), and rises again to a similar high point (the second peak) before falling again.
Confirmation: The pattern is confirmed when the price falls below the support level (the neckline) formed by the trough between the two peaks.
Appearance: It resembles the letter “M” on a chart, with two peaks of similar height separated by a trough.
Key Characteristics:
Bearish Signal: Indicates a potential reversal from an uptrend to a downtrend.
Volume: Often, the volume is higher on the first peak and lower on the second peak, signaling weakening momentum.
Neckline: The support level between the two peaks, which, when broken, confirms the pattern.
Formation: It forms after an uptrend when the price reaches a high point (the first peak), then declines to a support level (the trough), and rises again to a similar high point (the second peak) before falling again.
Confirmation: The pattern is confirmed when the price falls below the support level (the neckline) formed by the trough between the two peaks.
Appearance: It resembles the letter “M” on a chart, with two peaks of similar height separated by a trough.
Key Characteristics:
Bearish Signal: Indicates a potential reversal from an uptrend to a downtrend.
Volume: Often, the volume is higher on the first peak and lower on the second peak, signaling weakening momentum.
Neckline: The support level between the two peaks, which, when broken, confirms the pattern.
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