EURUSD 6E Euro | Currency Futures


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EURUSD 6E Euro

  #1862 (permalink)

Bala, PA, USA
 
Trading Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Mirus, IB
Favorite Futures: SPY, Oil, Euro
 
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Double tops by themselves are tough to me because in this case you could end up shorting in an uptrend several times. (done that...) Even watching the local DT then selling the retrace after it - failed a few times...

On longer time frames like 1 hr I might use a DT to exit but with multi-day trends I tend to think I am crappy at calling reversals and should just go with obvious trend until stopped out.

Something that might have been a clue here to me might have been just the fact that these last two tops were right after US open 2 days in a row we could not push higher. The other "tops" I showed were @ odd hours.

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Depends on how you qualify a double top. For me they have to be preceded by a large move, and must have well defined peaks. In your chart, here are the double tops I see. When I see huge move followed by 'Muck' as identified in my chart, I consider that a breathing period before another breakout leg in the same direction. The muckier the action after the large move the more potential for a breakout. The more well defined the divergence peaks after the large move the better the potential for a reversal. The 2nd double top on my chart is a muckish divergence, so I would not have expected that to reverse very far.

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Last edited by monpere; September 20th, 2012 at 10:56 AM.
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