This double top formation is a quite big one considering that the preceding uptrend did not last too long and did not gain many pips for the Aussie. Nevertheless, it satisfies the main requirements of a valid double top pattern and can be used for a bearish breakout setup.
The pattern tops are marked with the upper horizontal yellow line. The lower horizontal yellow line marks the neckline of the double top. The cyan line is the entry level positioned at 10% of the pattern’s height below the neckline. The green line is the target level positioned at 100% of the same distance. I will set my
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