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#Educational_Post

Double Top

🔅A double top is a bearish technical reversal pattern.

🔅It is not as easy to spot as one would think because there needs to be a confirmation with a break below support.

🔅In the chart above you can see that two tops were formed after a strong move up.

🔅Notice how the second top was not able to break the high of the first top.

🔅This is a strong sign that a reversal will occur because it's telling us that the buying pressure is just about to finish.

🔅With the double top, we would place our entry order below the neckline because we are expecting a reversal of the uptrend.

🔅In the case of a Double Top chart pattern, the stop loss should be placed at the previous high of the pattern.

🔅The limitation for the target will be the previous Support level which was formed before by the price action.

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@GabrielAubri

Mapping and Direction XauUsd 8 September 2023 📚

Today XauUsd at drop base drop area and didn’t able to breakout the base level. This situation usually price will reverse at least to pullback area or fresh base 1919-1917 to collect buy order there. Price make a confirmation uptrend with trendline breakout buy.

Now we just need to wait for the price to drop on predicted zone. Incase if price breakout current base, it’s a sign that price will look higher base or resistance. I predict price will reach 1932 first because this area we got hidden SnD level. This point, we can scalping sell. Anyway still need to monitor for the price action and current market price.