EUR/AUD is not the only pair forming a double top recently. If you look at the daily chart of the Pound vs. Dollar pair, it is easy to notice that the price has hit a significant resistance near the prominent twin tops (October 1 and October 23). The resulting double top pattern is an opportunity to cash out on the trend retracement of the bullish wave that lasted since July 9 this year (there was a nice ascending channel trade on GBP/USD D1 during that trend).
The chart below depicts a trade setup generated by my ChannelPattern script with pattern’s height channel taken as a guide. The double top is delimited with yellow lines. The entry level is shown with a cyan line. The
Update 2013-11-12 9:57 GMT: Sell order triggered at 1.58558 at 09:31 GMT today.
Update 2013-11-13 19:18 GMT: Looks like the unemployment report from the United Kingdom has killed my position. The trade failed as the currency pair retraced back to
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