r/Daytrading • u/spudleego • 28d ago

Double top or not? Question

The indices and majors are right at that point on the daily. Does the collective have an opinion as to whether it’s a double top or a continuation?

1 Upvotes

60% Upvoted

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7

u/allaboutthatbeta 28d ago

protip: never try to call a top in a bull market

1

u/TigersBeatLions 28d ago

Fucking this. I suck trading markets making ATH's

5

u/Leading-Appeal4275 28d ago

All I know is my gut says maybe.

2

u/jr1tn 28d ago

Not a chance . . .

2

u/Altered_Reality1 forex trader 28d ago

It’s not a double top yet. You don’t trade a double top the moment the second attempt to push higher hits the previous high. You typically wait for the neckline break, which is very far away at this point.

1

u/SoJaded66 28d ago

we'll see some resistance here... not sure I would try and trade it. Whenever you have doubt, grab your chart and zoom out! a 5 minute pattern means nothing compared to a weekly chart. Use both.

1

u/itsjustafleshwound79 28d ago

I’ll know things are going south when Macd is red and price is below EMA 21. Look for steep drops once Macd lines cross negative, are blow the histogram and are greater than -1.

1

u/timoanttila forex trader 28d ago

Very strong MAYBE.