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Raystonn (OP)
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May 24, 2014, 04:30:09 PM
Last edit: May 24, 2014, 05:29:38 PM by Raystonn |
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Double top on the daily chart. The order book on Bitstamp still looks bullish. But that double top may be problematic for bulls.
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dreamspark
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May 24, 2014, 04:53:35 PM |
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Double top on the daily chart. The order book on Bitstamp still looks bullish. But that double top may be problematic for bulls.
"The pattern is completed when the security falls below (or breaks down) the support level that had backstopped each move the security made, thus marking the beginnings of a downward trend. " source- http://www.investopedia.com/university/charts/charts4.aspA double top is an M not a U it has to break back down past the point of support to be a double top. If it fell to around $420 you could call it a double top... |
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segeln
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May 24, 2014, 04:59:39 PM |
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A double top is an M not a U it has to break back down past the point of support to be a double top. If it fell to around $420 you could call it a double top...
+1 |
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Raystonn (OP)
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May 24, 2014, 05:03:09 PM |
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Right, but to wait for that point is to miss the downward move between the top and the point of support. Retail investors wait for confirmation on all signals. To be most profitable, you must look for the early signs and find more supporting evidence. I'm looking for the latter now.
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segeln
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May 24, 2014, 05:06:00 PM |
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Right, but to wait for that point is to miss the downward move between the top and the point of support. Retail investors wait for confirmation on all signals. To be most profitable, you must look for the early signs and find more supporting evidence. I'm looking for the latter now.
to short now is IMHO very risky since it would be countertrendtrading.The trend is your friend And to trade only TA signals or Patterns is also risky. Put fundamentals together is safer. Since the fundamentals ( Press-News) are bullish I don`risk selling |
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dreamspark
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May 24, 2014, 05:07:39 PM |
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Right, but to wait for that point is to miss the downward move between the top and the point of support. Retail investors wait for confirmation on all signals. To be most profitable, you must look for the early signs and find more supporting evidence. I'm looking for the latter now.
Thats fine, obviously you want to sell before the downward movement as once it happens it can be too late. No ones disagreeing with that, its just not a double top! |
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Benjig
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May 24, 2014, 06:22:48 PM |
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Double top on the daily chart. The order book on Bitstamp still looks bullish. But that double top may be problematic for bulls.
Its only a point of resistance, and it can be important to day traders but for a little more long traders we dont care, that point will be destroyed next week and this bull run will take us to 600 or 700 very soon |
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rudius
Member
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Activity: 84
Merit: 10
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May 24, 2014, 06:25:59 PM |
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Double top on the daily chart. The order book on Bitstamp still looks bullish. But that double top may be problematic for bulls.
That s a good one. A little pullback after a bull run because of a major resistance, and people call for a double top! Keep yourself together. |
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Torque
Legendary
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Activity: 3598
Merit: 5079
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May 24, 2014, 07:00:10 PM |
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Right, but to wait for that point is to miss the downward move between the top and the point of support. Retail investors wait for confirmation on all signals. To be most profitable, you must look for the early signs and find more supporting evidence. I'm looking for the latter now.
Troll shorter is too obvious. |
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Essex343
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May 24, 2014, 07:53:51 PM |
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Double top on the daily chart. The order book on Bitstamp still looks bullish. But that double top may be problematic for bulls.
"The pattern is completed when the security falls below (or breaks down) the support level that had backstopped each move the security made, thus marking the beginnings of a downward trend. " source- http://www.investopedia.com/university/charts/charts4.aspA double top is an M not a U it has to break back down past the point of support to be a double top. If it fell to around $420 you could call it a double top... well, it wouldn't really make much sense to wait for the formation to be confirmed in that case, if you were trying to profit on the move from the top to the neckline... fwiw, i kind of think it will play out like a double top. |
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dreamspark
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May 24, 2014, 07:57:23 PM |
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Double top on the daily chart. The order book on Bitstamp still looks bullish. But that double top may be problematic for bulls.
"The pattern is completed when the security falls below (or breaks down) the support level that had backstopped each move the security made, thus marking the beginnings of a downward trend. " source- http://www.investopedia.com/university/charts/charts4.aspA double top is an M not a U it has to break back down past the point of support to be a double top. If it fell to around $420 you could call it a double top... well, it wouldn't really make much sense to wait for the formation to be confirmed in that case, if you were trying to profit on the move from the top to the neckline... fwiw, i kind of think it will play out like a double top. Not disagreeing with that, I said I agreed if you think its going to form up thread. However OP said there was a double top on the daily which there isn't. I think were more likely to see a pull back to $505 ish by tuesday, form a nice cup and handle and move up from there. I don't see this crashing down past $470 certainly in the time frame to cause the double top. We will see. |
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wasserman99
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May 24, 2014, 08:03:43 PM |
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Double top on the daily chart. The order book on Bitstamp still looks bullish. But that double top may be problematic for bulls.
"The pattern is completed when the security falls below (or breaks down) the support level that had backstopped each move the security made, thus marking the beginnings of a downward trend. " source- http://www.investopedia.com/university/charts/charts4.aspA double top is an M not a U it has to break back down past the point of support to be a double top. If it fell to around $420 you could call it a double top... well, it wouldn't really make much sense to wait for the formation to be confirmed in that case, if you were trying to profit on the move from the top to the neckline... fwiw, i kind of think it will play out like a double top. Not disagreeing with that, I said I agreed if you think its going to form up thread. However OP said there was a double top on the daily which there isn't. I think were more likely to see a pull back to $505 ish by tuesday, form a nice cup and handle and move up from there. I don't see this crashing down past $470 certainly in the time frame to cause the double top. We will see. I think we will definitely at least pull back to 500ish, but I also think that may be an important level to watch and if it breaks, we could be looking at a larger correction that could pass 470 imo. |
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dreamspark
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May 24, 2014, 08:29:17 PM |
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I think we will definitely at least pull back to 500ish, but I also think that may be an important level to watch and if it breaks, we could be looking at a larger correction that could pass 470 imo.
Its certainly possible the only thing that makes me doubt it is the support has really been building around $500 |
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