Can we take this as Double Bottom?

Beginner Questions Candlesticks, Chart Patterns, and Price Action
1

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

Screenshot_364

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2

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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3

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

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4

@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?
    db
    db759×740 42.7 KB
5

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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6

Yes, I do wait for a second candle too.