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Thread: Two Potential Double Tops

  1. #1
    Junior Member
    Join Date
    Sep 2009
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    7

    Default Two Potential Double Tops

    EURGBP

    EURGBP is showing signs of reversal as it forms a Double Top at 0.8800 Resistance level. Pattern is not compleat, so no trades will be taken. Wait for pullback to break and enter short trade. Target is the size of the pattern.

    AUDUSD

    AUDUSD has already formed a complete Double Top at 1-hour chart. Size of 100 pips and should provide a profitable trade upon breakout or pullback of the neckline.

    Analysis and Support and Resistance trading:
    Double Tops and Resistance Trades | Support and Resistance Trading

  2. #2

    Default

    EUR/GBP
    We can notice mixed direction signals on indicators and ADX shows that the trend is very week if we only take them into consideration. On the other hand, according classic analysis we can see a descending channel alongside the pair's steady trading below 61.8% extension makes us expect the pair to continue the bearish move towards 0.8820 at least and then 0.8790.
    The trading range is among the key support at 0.8790 and key resistance now at 0.8975.
    The general trend is to the upside as far as 0.8020 area remains intact with targets at 1.0000 followed by 1.0400 levels.
    Support: 0.8820, 0.8800, 0.8790, 0.8720, 0.8675
    Resistance: 0.8880, 0.8905, 0.8930, 0.8975, 0.9000
    Recommendation: Based on the charts and explanations above our opinion is selling the pair from 0.8865 targeting 0.8790 and stop loss above 0.8905 might be appropriate[actionforex]


    "P&F EURGBP30 Box Size 20X3 or(0.66%) HI/LO
    Data 0.9411 - 0.8833 ~ 2 Month ~ 58.04 Day
    Database 2001 records 0.88716 (Last Close)
    2009-09-21 08~30
    2009-11-18 09~30 (GMT+01:00) Paris
    BJF Trading Group chart"

    0.9400|~2O|||______________x______________________ _|0.12%|6.42%
    0.9380|~4O|||______________x_o____________________ _|0.33%|6.19%
    0.9360|~6O|||______________x_o____________________ _|0.54%|5.97%
    0.9340|~8O|||______________x_o____________________ _|0.75%|5.74%
    0.9320|~1OO||______________x_o____________________ _|0.97%|5.51%
    0.9300|~12O||______________x_o____________________ _|1.18%|5.29%
    0.9280|~14O||__x___________x_o____________________ _|1.39%|5.06%
    0.9260|~16O||__x_o_____x___x_o____________________ _|1.6%|4.83%
    0.9240|~18O||__x_o_____x_o_x_o____________________ _|1.82%|4.61%
    0.9220|~2OO||__x_o_____x_o_x_o_____x______________ _|2.03%|4.38%
    0.9200|~22O||__x_o_____x_o_x_o_____x_o____________ _|2.24%|4.15%
    0.9180|~24O||__x_o_____x_o_x_o_x___x_o____________ _|2.45%|3.93%
    0.9160|~26O||__x_o_x___x_o___o_x_o_x_o____________ _|2.67%|3.7%
    0.9140|~28O||__x_o_x_o_x_____o_x_o_x_o____________ _|2.88%|3.48%
    0.9120|~3OO||__x_o_x_o_x_____o_x_o_x_o____________ _|3.09%|3.25%
    0.9100|~32O||__x_o_x_o_______o___o_x_o____________ _|3.3%|3.02%
    0.9080|~34O||__x_o_______________o_x_o____________ _|3.52%|2.8%
    0.9060|~36O||o_x_________________o_x_o_x_______x__ _|3.73%|2.57%
    0.9040|~38O||o_x_________________o_x_o_x_o_____x_o _|3.94%|2.34%
    0.9020|~4OO||o_x_________________o_x_o_x_o_____x_o _|4.15%|2.12%
    0.9000|~42O||o___________________o___o_x_o_____x_o _|4.37%|1.89%
    0.8980|~44O||________________________o_x_o_x___x_o _|4.58%|1.66%
    0.8960|~46O||________________________o_x_o_x_o_x_o _|4.79%|1.44%
    0.8940|~48O||________________________o_x_o_x_o_x_o _|5%|1.21%
    0.8920|~5OO||========================o===o===o=x=o =|5.22%|0.98%
    0.8900|~52O||________________________________o___o _|5.43%|0.76%
    0.8880|~54O||____________________________________o _|5.64%|0.53%
    0.8860|~56O||____________________________________o _|5.85%|0.31%
    0.8840|~58O||____________________________________o _|6.07%|0.08%
    0.8820|~6OO||_____________________________________ _|6.28%|-0.15%
    Column|~62O||4_14104_3_8_5_12154_9_11157_7_3_4_8_1 1|
    Count




    BJF-Trading-Group-091118eurgbp4h.xls
    BJF Trading Group|FOREX MetaTrader Expert Advisors

  3. #3

    Default

    EURGBP: Corrective Strength Continues To Be Seen

    EURGBP: Price extension following its corrective recovery triggered off the 0.8850 level continues to target further upside breaking above the 0.8970/89 levels today. This leaves further upside risk towards its Dec 1409 high at 0.9047 with a break aiming at the 0.9150 level, its Dec 0109 high where a hold must be established to resume its recovery initiated at the 0.8832 level, its Nov 1709 high towards the 0.9239 level, its Oct 2609 high. Beyond there will turn attention to the 0.9410 level, its Oct 1309 high. This view is supported by its daily studies which are bullish and pointing to the upside. On the downside, immediate support lies at the 0.8989/70 levels with a turn below there bringing further downside towards the 0.8832 level where a loss will set the stage for the resumption of its declines started at the 0.9410 level and allowing more downside force towards the 0.8698 level.[Written by actionforex]

    "P&F EURGBP1440 Box Size 121X3 or(4.57%) CLOSE
    Data 0.977 - 0.6129 ~ 92 Month ~ 2806 Day
    Database 2000 records 0.89992 (Last Close)
    2002-04-19 00~00
    2009-12-24 00~00
    (GMT+01:00) Paris
    BJF Trading Group chart"

    0.9801|~121||_____________________________________ ___|-0.32%|59.91%
    0.9680|~242||________________________x____________ ___|0.92%|57.94%
    0.9559|~363||________________________x_o__________ ___|2.16%|55.96%
    0.9438|~484||________________________x_o_____x____ ___|3.4%|53.99%
    0.9317|~6O5||________________________x_o_x___x_o_x ___|4.64%|52.02%
    0.9196|~726||========================x=o=x=o=x=o=x =o=|5.88%|50.04%
    0.9075|~847||________________________x_o_x_o_x_o_x _o_|7.11%|48.07%
    0.8954|~968||________________________x_o_x_o_x_o_x _o_|8.35%|46.09%
    0.8833|~1O89|========================x=o===o=x=o=x =o=|9.59%|44.12%
    0.8712|~121O|________________________x_____o___o_x ___|10.83%|42.14%
    0.8591|~1331|____________________x___x_________o_x ___|12.07%|40.17%
    0.8470|~1452|____________________x_o_x_________o_x ___|13.31%|38.2%
    0.8349|~1573|____________________x_o_x_________o__ ___|14.54%|36.22%
    0.8228|~1694|____________________x_o______________ ___|15.78%|34.25%
    0.8107|~1815|________________x___x________________ ___|17.02%|32.27%
    0.7986|~1936|________________x_o_x________________ ___|18.26%|30.3%
    0.7865|~2O57|________________x_o_x________________ ___|19.5%|28.32%
    0.7744|~2178|________________x_o_x________________ ___|20.74%|26.35%
    0.7623|~2299|________________x_o__________________ ___|21.98%|24.38%
    0.7502|~242O|________________x____________________ ___|23.21%|22.4%
    0.7381|~2541|________________x____________________ ___|24.45%|20.43%
    0.7260|~2662|________________x____________________ ___|25.69%|18.45%
    0.7139|~2783|x___x___________x____________________ ___|26.93%|16.48%
    0.7018|~29O4|x_o_x_o_x_______x____________________ ___|28.17%|14.5%
    0.6897|~3O25|x_o_x_o_x_o_x___x____________________ ___|29.41%|12.53%
    0.6776|~3146|x_o___o_x_o_x_o_x____________________ ___|30.64%|10.56%
    0.6655|~3267|x_____o_x_o_x_o_x____________________ ___|31.88%|8.58%
    0.6534|~3388|x_____o___o___o______________________ ___|33.12%|6.61%
    0.6413|~35O9|x____________________________________ ___|34.36%|4.63%
    0.6292|~363O|x____________________________________ ___|35.6%|2.66%
    0.6171|~3751|x____________________________________ ___|36.84%|0.69%
    0.6050|~3872|_____________________________________ ___|38.08%|-1.29%
    Column|~3993|9_3_3_5_4_4_3_3_134_8_3_127_4_5_6_9_8 _4_|
    Count




    BJF-Trading-Group-EURGBP_4h30min_091227.xls
    BJF Trading Group|FOREX MetaTrader Expert Advisors

  4. #4

    Default

    Current level-0,9070

    Longer term bias remains neutral to bullish for the pair, closing above both bearish trendlines confirms some upside for the week ahead.

    Intraday: the pair keeps pushing up supported by the 1 hour 50 moving average. Lower highs on shorter time frames suggest a dip before challenging 0,9150.

    "P&F EURGBP1440 Box Size 120X3 or(4.49%) CLOSE
    Data 0.977 - 0.6251 ~ 93 Month ~ 2808 Day
    Database 2000 records 0.90707 (Last Close)
    2002-06-26 00~00
    2010-03-04 00~00 (GMT+01:00) Paris
    BJF Trading Group chart"

    0.9840|~12O||_____________________________________ _____________|-0.72%|57.41%
    0.9720|~24O||____________________________x________ _____________|0.51%|55.5%
    0.9600|~36O||____________________________x_o______ _____________|1.74%|53.58%
    0.9480|~48O||____________________________x_o______ _____________|2.97%|51.66%
    0.9360|~6OO||____________________________x_o_x___x _____________|4.2%|49.74%
    0.9240|~72O||____________________________x_o_x_o_x _o_x_________|5.42%|47.82%
    0.9120|~84O||____________________________x_o_x_o_x _o_x_o_x_____|6.65%|45.9%
    0.9000|~96O||____________________________x_o_x_o_x _o_x_o_x_o_x_|7.88%|43.98%
    0.8880|~1O8O|____________________________x_o_x_o_x _o_x_o_x_o_x_|9.11%|42.06%
    0.8760|~12OO|____________________________x_o___o_x _o_x_o___o_x_|10.34%|40.14%
    0.8640|~132O|____________________________x_____o__ _o_x_____o___|11.57%|38.22%
    0.8520|~144O|________________________x___x________ _o_x_________|12.79%|36.3%
    0.8400|~156O|________________________x_o_x________ _o___________|14.02%|34.38%
    0.8280|~168O|________________________x_o_x________ _____________|15.25%|32.46%
    0.8160|~18OO|____________________x___x_o__________ _____________|16.48%|30.54%
    0.8040|~192O|________________x___x_o_x____________ _____________|17.71%|28.62%
    0.7920|~2O4O|________________x_o_x_o_x____________ _____________|18.94%|26.7%
    0.7800|~216O|________________x_o_x_o_x____________ _____________|20.16%|24.78%
    0.7680|~228O|________________x_o___o______________ _____________|21.39%|22.86%
    0.7560|~24OO|________________x____________________ _____________|22.62%|20.94%
    0.7440|~252O|________________x____________________ _____________|23.85%|19.02%
    0.7320|~264O|________________x____________________ _____________|25.08%|17.1%
    0.7200|~276O|x_______________x____________________ _____________|26.31%|15.18%
    0.7080|~288O|x_o_x___________x____________________ _____________|27.53%|13.26%
    0.6960|~3OOO|x_o_x_o_x___x___x____________________ _____________|28.76%|11.34%
    0.6840|~312O|x_o_x_o_x_o_x_o_x____________________ _____________|29.99%|9.42%
    0.6720|~324O|x_o_x_o_x_o_x_o_x____________________ _____________|31.22%|7.5%
    0.6600|~336O|x_o_x_o___o___o_x____________________ _____________|32.45%|5.58%
    0.6480|~348O|x_o___________o______________________ _____________|33.67%|3.66%
    0.6360|~36OO|x____________________________________ _____________|34.9%|1.74%
    0.6240|~372O|_____________________________________ _____________|36.13%|-0.18%
    Column|||||||8_6_5_4_3_3_3_4_133_4_4_7_3_138_5_6_6 _8_7_4_3_4_3_|
    Count




    BJF-Trading-Group_Excel_Chart
    BJF Trading Group|FOREX MetaTrader Expert Advisors

  5. #5

    Default

    Trade Idea:EUR/GBP - Sell Limit at 85.30 Target: 84.00 ; Stop:86.10
    ==========================================
    The royal pair closed negatively yesterday below the initial support levels-turned into resistance at 0.8605-. Consequently, it might retest the broken downtrend line of the descending channel before resuming the bullishness, which is based on the suggested double bottom formation. We are not sure that the above mentioned trend line could assist the pair to consolidate once more as the indicators shows consecutive negative signs. Thus, we need more confirmation and therefore our outlook will be neutral until we see a stable move above 0.8605 zones.
    The trading range for today is among the key support at 0.8420 and key resistance now at 0.8720

    "P&F EURGBP1440 Box Size 120X3 or(4.49%) HI/LO
    Data 0.9799 - 0.6244 ~ 92 Month ~ 2808 Day
    Database 2000 records 0.85229 (Last Close)
    2002-09-16 00~00
    2010-05-25 00~00 (GMT+01:00) Paris
    BJF Trading Group MDunleavy chart"



    BJF-Trading-Group_Excel_Chart
    BJF Trading Group|FOREX MetaTrader Expert Advisors

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