Technical Market Research and Investor Coaching
Delivering technical research of the financial markets and offering professional guidance for those who wish to improve their trading performance.
The double top is a major reversal pattern that forms after an extended uptrend. The pattern is made up of two consecutive peaks that are roughly equal, with a moderate trough in-between. As illustrated below, a double top consists of two well-defined, sharp peaks at approximately the same price level. A double top occurs when prices are in an uptrend. Prices rise to a resistance level, retreat, return to the resistance level again before declining. The two peaks should be distinct and sharp. The pattern is complete when prices decline below the lowest low in the formation. The lowest low is called the confirmation point.
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The Pin Bar Candlestick Pattern
by Tim Straiton
Pin bars belong to the most high probability reversal candlestick patterns which exist. Both bullish and bearish pin bars have a long wick and a very short body.
A bullish pin bar should have opening and closing levels as close to the wick high as possible. Whether a close higher than the opening is ideal but of secondary importance. Look for the appearance of a bullish pin bar after a prolonged market decline. A pattern confirmation requires the following close to be higher than...
Euro / USD - Will 1.0546 hold?
2023-09-27 by TimStraiton
The current level at the time of writing is 1.0566 and trading below the falling 40 week moving average of 1.0823. The overall technical picture is bearish due in part to the interest differential in favour of the US$.
A US government shutdown could however reverse the current negative trend. A weekly close below 1.0546 would open up further downside potential toward the Fibonacci 61.8% retracement from the top marked at 1.0277 based on the last 12 month trading range of .9690 to 1.1227.
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The Egytian Society of Technical Analysis