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Double Bottom Pattern on H4 Chart of Palladium

July 1, 2018 at 21:58 by Vladimir Vyun

A double bottom pattern has formed on the H4 chart of palladium. Such pattern forms when prices bounce off of a support level, fall back, and bounce again from about the same support level. It is a reversal pattern, meaning that prices found a bottom after a decline and are now ready to move up. Traders should be cautious in setting up positions this week as the holiday in the United States will result in smaller volumes and choppy trading.

On the present chart, the bottom yellow line shows the support level. The top yellow line shows the upper border of the pattern. The cyan line is situated 10% of the pattern’s width above the upper border and suggests an entry point for long positions in case of an upward breakout. The green line is situated by the pattern’s width above the upper border and offers a profit-taking objective.

You can click on the image to see a full-size version:

The chart was built using the ChannelPattern script. You can download a MetaTrader 4 chart template for this palladium pattern. You can also trade it using the free Chart Pattern Helper EA.

If you have any questions or comments regarding this double bottom pattern on the chart of palladium, please feel free to submit them via the form below.

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