Triple Top Pattern and Triple Bottom Bottom for Stocks, Forex and Crypto. Get my Free Rubber Band Trade at: https://go.topdogtrading.com/free-trading-strategy
Watch my previous video, Best Candlestick Pattern here: https://youtu.be/luwp2G58JR0
Make sure not to miss a single video from Barry! Click here to Subscribe:
https://www.youtube.com/user/TopDogTrading?sub_confirmation=1
The triple top reversal is more often observed during intraday hours, which is why traders prefer day trading using the triple top pattern strategy. When the pattern is fully formed, it means that the previous uptrend is ending and the downtrend is likely continuing. The longer the model develops, the larger the final gap is generally believed that the longer it takes to fully develop a particular trend the larger the significant change in price after a failure.
When price rallies above the retracement high (double low) or rises above the retracement low (double high) or head and shoulders, you can draw a trend line along the two highs and lows of the retracement of the triple low or high.
If you are trading a pattern, you can place your stop loss above the resistance level. Take the peak of the pattern (high peak minus low retracement) and subtract that height from the pattern\\\’s breakout (end point).
If, for example, the double top peaks at $ 50 and returns to $ 48, the pattern has a maximum of $ 2 because double and triple highs are traded differently using different entry points (which could lead to changes in expected target) and stop, traders must evaluate which patterns are worth trading and which are not. Repetition of highs and lows is often used to detect trend reversals but traders will want to use additional tools to ensure that the pattern they observe is giving them a signal they can trade.
In technical analysis, a triple top pattern can be a possible signal for a downward price reversal to use to confirm the likelihood of a price breakout.
Since the triple top is a bearish reversal pattern on the chart, bearish traders can use this pattern as a signal to enter the cryptocurrency market as short sellers. Most traders enter a position at the time price breaks the lower trendline of the high volume triangle, that is, when the price is expected to fall by an amount equivalent to the largest portion of the triangle, since the chart pattern must be in a clear uptrend to take place in the first place.
Note that a triple top breakout on a histogram or a line chart is rarely found, which have a strong influence on trend direction. These patterns can be used with custom candlestick patterns and the R strategy (the R strategy will be explained in session 67 ).
This powerful chart pattern occurs after an extended bearish trend and is often a reversal pattern that indicates a small, if not long-term, change from a bearish trend to an uptrend (i.e. this pattern is completed when prices return to the neckline after the formation of three peaks : when a triple bottom is formed, the price falls to the support level to the first low of the pattern on the chart.
—
This video is provided for informational and educational purposes only and should not be construed as investment advice. HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
#tripletopandtriplebottom #tripletopforex #tripletopbreakout #tripletopstrategy #tripletoppatterncrypto #tripletoppatternbullish #tripletoppatternmeaning #tripletoppatternforex #tripletoppatternstock #tripletoppattern #tripletoptradingpattern #tripletopchartpattern #tripletoppatterntechnicalanalysis #tripletopbreakoutpattern
go.topdogtrading.com/free-trading-strategy
https://topdogtrading.com/videos/videos/blog/triple-top-pattern-and-triple-bottom-bottom-for-stocks-forex-and-crypto
This video was created on https://www.vudini.ai