Double top formed on gold

Trading Discussion
1

Double top formed on gold on 15 min chart - this could be it :boom:

2

Where will it be exploding to 
 up or down ? :sweat_smile:

2 Likes
3

Down to oblivion

4

Double tops are a sell pattern yeah :+1:

5

we should wait for Friday end day

3 Likes
6

It was a worth while trade with 32 pip sl , only a fool would be buying gold now I’ll just wait till Election Day and sell it if trump wins or if I see a morning setup would be good . Could still go red tonight we’ll see

7

buy or sell depends on many factors, be careful using “fool” word in trading.

3 Likes
8

^^ This fool bought Gold yesterday around noon (NY time) on that pullback and is up 1800 pips. Shame.

5 Likes
9

This fool did the same thing. Bought it
sold at a nice profit! :crazy_face:
Perhaps it is all us “fools” who actually make up that 5% of traders
 :rofl:

3 Likes
10

It was more in context of buying fools gold I call it atm anyone buying gold atm , not actually a fool per say , but yeah it’ll crash soon enough

11

Well done. I should have closed mine after price surged earlier today, but instead I manually trailed my SL. Still bought my dinner though.

1 Like
12

Yep, eventually. Then you can say ‘told ya so’.

2 Likes
13

Sure, a double top in principle often suggests a downturn, simply because it shows that there was not the buying interest to push even higher (i.e.the move is exhausted) at that time.

But I doubt that a double top on a 15 minute timeframe portends a doom and gloom crash in the entire market. In all likelihood such a double top on a 15min TF wouldn’t even appear on the daily chart, nor even on a 4H or 1H chart come to that.

Just my thoughts, anyway


1 Like
14

I was in profit , it was falling - only a matter of time

15

Looking at the 4hr chart and the 1hr chart, there is no green support line on today’s 1hr bar, the uptrend could be coming to an end, but I won’t jump in until it breaks my fib levels and I see a red resistance line in the 1hr chart.

Screenshot (40)
Screenshot (40)1600×900 36.4 KB

Screenshot (39)
Screenshot (39)1600×900 40.8 KB

1 Like
16

Resistance formed on 30 mins too , let’s see

1 Like
17

Not having a green support line on today’s 1hr can mean two things, we are in an extreme uptrend or the uptrend is slowly coming to an end, it’s best to wait until confirmation is on the 4hr chart and with a red resistance line on 1hr bar.

I prefer for the downtrend to start before I make my entry :+1:

1 Like
18

Anyway you look at it we a gonna make money when this thing falls :muscle::moneybag:

1 Like
19

As you can see here there is no red box on 4hr chart only on 1hr chart.

Once that happens it’s all good :point_down: we go

20

Stuff it . Just sold it
Entry 2691

1 Like