Advanced Technical Analysis For Forex by Wayne Walker

Author:Wayne Walker
Language: eng
Format: epub
Tags: technical analysis Forex Beginners, technical analysis trading, technical analysis of the financial markets, technical analysis explained How to Trade Forex, Forex Trading Forex Strategies, technical analysis for beginners, technical analysis using multiple timeframes
Publisher: PublishDrive
Published: 2017-12-29T16:00:00+00:00

TRIPLE TOPS AND BOTTOMS

Triple tops and bottoms are reversal patterns that form as the price of a currency pair hits a support or resistance level three times before the currency pair turns around and moves in the opposite direction. Triple tops are bearish reversal patterns and triple bottoms are bullish reversal patterns. If a currency pair is in an uptrend, it will form a triple top. If a currency pair is in a downtrend, it will form a triple bottom. Triple tops and bottoms typically form over longer periods of time.

Triple tops and bottoms all have the following characteristics:

Resistance level (A) - horizontal, or slightly angled, level of resistance.

Support level (B) - horizontal, or slightly angled, level of support.

Breakout point (C) - the point at which the currency pair breaks up above the horizontal level of resistance (triple bottom), or the point at which the currency pair breaks down below the horizontal level of support (triple top).

Price projection (D) - the price to which the currency pair will most likely fall after it has broken out of the triple-top formation, or the price to which the currency pair will most likely rise after it has broken out of the triple-bottom formation.

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