Mastering the Currency Market in .NET framework

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Mastering the Currency Market
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a trading career The only thing we need to change as traders is our perceptions of our signi cance in the face of the market
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Reversal Patterns
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Double Top and Double Bottom Double tops and double bottoms are reversal patterns that occur when and where a price meets support or resistance once and then backs off and attempts a second breach before failing and retreating A double bottom is a reversal formation marked by two legs at roughly the same price level with a small up move in between on low volume This bottoming pattern generally occurs at the end of a sustained down move A double bottom is not con rmed until price closes above the highest price between the two legs (or lows), which is called the breakout point Volume generally should increase once price closes above the breakout point for the price to move higher and achieve its objective The price objective for the formation is an up move equal to the height from the lowest leg to the highest point between the legs A double bottom creates a strong support level Figure 6-11 shows the symmetry created by a double bottom in USDCAD in 2001 as price reached its objective and conformed around that level A double top is a powerful reversal pattern that can occur at the end of a sustained up move and signal an intermediate-term or even long-term change in the previous trend The formation is identi ed by twin peaks with a price dip between them
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Figure 6-11
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Double Bottom
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The double top is con rmed when price closes below the lowest point between the peaks, which is called the breakout point The downside price objective of this formation is the same as the distance between the highest high and the low between the peaks when extrapolated down from that breakout point As with all reversal patterns, we need to see volume increasing from the point of the breakout to gauge the legitimacy of the coming move The higher the volume is, the more likely it is that the breakout will continue Figure 6-12 shows a classic double top in the US stock market in May 2008
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Mastering the Currency Market
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Double Top
Triple Top and Triple Bottom Triple tops and triple bottoms are longer-term reversal patterns that often play out on charts with higher time frames and can mark major trend changes They can resemble other patterns such as double bottoms or tops or descending or ascending triangles, but as with all formations, a trader should consider them neutral until a breakout comes Triple bottoms are created after an extended down move when there are three roughly equal low legs in a market before a rally is mounted from the third leg that shows enough strength to break above the tops of the previous up moves and
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reverse the course of the market from down to up The price objective for this reversal pattern is the same as the height from the lowest low to the highest point between the lows before the breakout; it is identical to the measured price objective of a double bottom Similarly, the breakout has to occur on higher than usual volume for a trader to expect follow-through As in most technical formations, there is always the likelihood that after the breakout price will pull back one more time to retest the area and resistance will turn into support Figure 6-13 shows a triple bottom in EURUSD in 2002 in which after the breakout the market came back to retest the last high between
Figure 6-13
Triple Bottom
Mastering the Currency Market
the second and third lows a month later before turning higher for good to kick off a major rally Triple tops are created after an extended up move when there are three roughly equal high points or peaks in a market before a major sell-off is mounted from the third peak that shows enough strength to break below the lows of the down moves between the peaks and reverses the course of the market from up to down, or from bull to bear The price objective for this reversal pattern is the same as the height from the highest high to the lowest point between the peaks before the breakout; this is identical to the measured price objective of a double top Similarly,
Figure 6-14
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