GBP/USD Intraday Double Top
The 60 minute chart of the GBP/USD (aka the "cable") is squeezing into a triangle chart pattern as prices are congesting within the uptrend support line (B) and a double top (A). The horizontal resistance of the double top makes this an asymmetrical triangle with the two highs at 1.6021 and 1.6022. The uptrend support line (B) is currently at 1.5915.
The set ups for this chart pattern can be one of two scenarios. First is the "AIM" or Autochartist Initial Movement trigger which would be a break up through the resistance of the ceiling or a short down through the uptrend support line. The second scenario would be more ideal to a distribution market cycle. It would be a short trigger at the ceiling with a tight 10-12 pip stop loss. This second trigger is known as "AIR" or Autochartist Inside Range.
Since the Initial Trend (C) is very low it is more likely that the lack of a trend is an accumulation cycle that the AIM is better suited for.
For further information on this and other chart patterns visit www.autochartist.com
The set ups for this chart pattern can be one of two scenarios. First is the "AIM" or Autochartist Initial Movement trigger which would be a break up through the resistance of the ceiling or a short down through the uptrend support line. The second scenario would be more ideal to a distribution market cycle. It would be a short trigger at the ceiling with a tight 10-12 pip stop loss. This second trigger is known as "AIR" or Autochartist Inside Range.
Since the Initial Trend (C) is very low it is more likely that the lack of a trend is an accumulation cycle that the AIM is better suited for.
For further information on this and other chart patterns visit www.autochartist.com
- 6 October |
- 0 comments
Post new comment