Is A Double Major In Finance And Economics Worth It Forex Killer – Making Profits With the "Double Top" Reversal Pattern and the Forex Killer Software

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Forex Killer – Making Profits With the "Double Top" Reversal Pattern and the Forex Killer Software

Reversal patterns are very efficient technical tools. One of the most common and reliable bearish reversal patterns is the “Double Top”. The classic Double Top pattern is formed when a currency pair reaches a certain high, retraces, and then reaches the previous high again. If the pair does not break the previous high (and thus the second top is formed), the probability of a bearish reversal is high. As with most technical analysis tools, the larger the time frame, the more accurate the trading signals the pattern generates.

For forex swing trading, it is recommended to scan the daily and 4-hour charts of several currency pairs on a regular basis. Scans only take a few minutes per week and the potential is enormous. For example, between April 2008 and August 2008, the classic Double Top pattern has formed on the EUR/USD daily chart, signaling a strong bearish reversal.

The opportunity to go short under this Double Top pattern occurred near the second top of the pattern starting in mid-July 2008. Once the second top has formed it is a good time to consider placing a “sell” order.

However, most novice traders may place sell orders in this situation based on the Double Top pattern only. This is a common mistake that reflects the wrong trading approach. Technical patterns just SAVE that trading opportunity may exist. You have to remember that trading is all about managing risk vs. reward. Therefore, a pattern is a good start but you should check if you can validate the direction the pattern implies with other factors. In the EUR/USD example above, it is very important to look for additional factors that can validate a possible short position:

1. A very important factor in this case was the fact that EUR/USD hit an “all-time high” (around 1,600) at both tops of the EUR/USD daily Double Top pattern. The “all-time high” level is considered an area of ​​very significant resistance which reinforces the Bearish Double Top pattern.

2. Relevant economic data as well as the behavior of other major USD pairs such as GBP/USD and AUD/USD also support a bearish reversal in EUR/USD.

3. Finally, you can use some common technical indicators such as moving averages and parabolic SAR. If you are a swing trader, you should ignore short-term signals and keep positions open for at least a few days.

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