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Double top pattern

Double top pattern

The Double Top pattern is an easily recognizable reversal pattern. This pattern is usually formed near the resistance level and signals a situation on the market when the price fails to break the resistance line two times in a row.

The Double Top pattern is an easily recognizable reversal pattern. This pattern is usually formed near the resistance level and signals a situation on the market when the price fails to break the resistance line two times in a row. Below you can see a picture of the Double Top pattern.

Double top pattern

Importantly, the second top on the picture is slightly lower than the first one which is an obvious signal that the resistance level will not be broken and the price will surely reverse. Traders are better to enter the market when the price is located at the second top or at the level of the neck line.

Let’s see what further developments we may see:

Double top pattern

The amplitude of a decline usually equals the height of the Double Top pattern. Experienced traders say that these patterns are better to be found only after really strong trends. For example, in the sluggish sideways market such figures are of no importance. Moreover, such patterns are usually found on bigger time frames starting from 1 hour.

Actual patterns

Double Bottom
was formed on 20.01 at 00:30:27 (UTC+0)
signal strength 3 of 5
Double Bottom EURUSD M30

The Double Bottom pattern has been formed on EURUSD M30; the upper boundary is 1.0330; the lower boundary is 1.0267. The width of the pattern is 65 points. In case

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Double Bottom
was formed on 20.01 at 00:00:55 (UTC+0)
signal strength 3 of 5
Double Bottom GBPUSD M30

The Double Bottom pattern has been formed on GBPUSD M30; the upper boundary is 1.2226; the lower boundary is 1.2163. The width of the pattern is 66 points. In case

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Double Top
was formed on 17.01 at 21:00:18 (UTC+0)
signal strength 3 of 5
Double Top #KO M30

On the chart of #KO M30 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 62.69; the lower boundary 61.32; the width of the pattern 137 points

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