Can we take this as Double Bottom?

I have started practicing the chart patterns. Is this a double bottom or any other criteria should I follow?


Its a nice double-bottom pattern. If this was intra-day I would give it less reliance.

A good pattern gives you -
probable direction
probable entry timing
opportunity to see confirmation in the chart
entry price
opportunity to see where entry should be cancelled as too late
stop-loss price
target price

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Thank you @tommor. You’re always helping the community. :slightly_smiling_face:

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@tommor, I have drawn another one but I’m confused about which point need to take.

  1. Middle of the bottoms high?
  2. The highest point?

The key point to take is the highest point reached between the two bottoms. Once this is breached, price has confirmed the double bottom pattern: many people wait for a candlestick to close above the high point before treating this as confirmation.

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Yes, I do wait for a second candle too.