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Double Tops and Bottoms

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Jule Bee

Double Tops and Bottoms

I have been having some success (finally) with trading double tops and double bottoms. I realize I like the set and forget approach, because if I can ruin a perfectly good trade. Although I would love to be a scalper on the M1, I find myself trading based off the H1 and D1. I find that those two patterns seem to be very well respected.

Steve Perry had a class on chart patterns, and the one I see the best is the Double Tops/Bottoms. I figure I'll work my way to the other patterns.

So my trading strategy is when I see the DT/DB form and I find a strong candlestick reversal setup, I enter.
T1 is the neckline.
T2 is any consolidation point midway through the pattern, if there is one. (Sometimes there are only two targets.)
T3 is the completion of W (DBs look like Ws) or M (DTs look like Ms) pattern. (I show these patterns to my two boys, and I call them Ws and Ms. lol)

Wed, 10/24/2018 - 11:20am

I like the Double top and bottom as well. I use to enter in too early and it would creat a tripple top or bottom on me. So, now I wait until the candle closes beyond the neckline and wait for the 3-bar reversal to close beyond the apex candle.