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Investment Packages. I will always trade with you guys Robert Micheal. Am really grateful to you guys. Here, the trader is simply looking for a break of the lower support line, suggesting increasing momentum for a probable shortfall. The theory is quite simple.
Both upper resistance and lower support levels established by the right shoulder will contain the price action as each subsequent session's range diminishes, suggestive of a near-term breakout. Once a session closes below the support level, this indicates that selling momentum will continue because sellers have finally pushed the close below this significant mark. The trader will then want to place their entry shortly below this level to capture the subsequent decline in the price. This approach works especially well in the currency markets, where price action tends to be more fluid and trends are established more quickly once certain significant support or resistance levels are broken.
Money management would be applied to this position through a stop-loss placed slightly above the previously broken support level to minimize any losses that might occur if the break is false and a temporary retracement takes place.
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Figure 2 below shows a zoomed-in view of Figure 1. It can be seen that a session candle closed below or "broke" the support trendline line D. The diamond top trader would profit from this by placing an entry order below the close of the support line at 0.
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The standard stop will be placed 50 pips higher at 0. In this example, the stop order would not have been executed because the price failed to bounce back; falling instead pips lower in one session before falling even further later on. Notice how the position of the entry is just below the support line D. Finally, profit targets are calculated by taking the width of the formation from the head of the formation the highest price to the bottom of the tail the lowest price. The bottom of the diamond top is exactly 0. This leaves pips between the two prices that were used to form the maximum price where profits can be taken.
To be safe, the trader will set two targets in which to take profits. The first target will require taking the full amount, pips, and taking half that amount and subtracting it from the entry price.
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Then, the first target will be 0. The price target that will maximize profits will be 0. One of the cardinal rules of successful trading is to always receive confirmation, and the diamond top pattern is no different. Adding a price oscillator such as a moving average convergence divergence and the relative strength index can increase the accuracy of your trade since tools like these can gauge price action momentum and be used to confirm the break of support or resistance.
Applying the stochastic oscillator to this example Figure 4 below , the investor confirms the break below support through the downward cross that occurs in the price oscillator point X. Figure 4 - The cross of the stochastic momentum indicator point X is used to confirm the downward move. Although the formation occurs less in these cross-currency pairs, the swings tend to last longer, creating more profits.
If the first target is achieved, the trader will move their stop up to the first target, then place a trailing stop to protect any further profits. This chart shows all the trendlines, the highest and the lowest price, and the price target. Although the bearish diamond top has been overlooked due to its infrequency, it remains very effective in displaying potential opportunities in the forex market. Smoother price action due to the enormous liquidity of the market offers traders a better context in which to apply this method and isolate better opportunities.
When this formation is combined with a price oscillator, the trade becomes an even better catch. Technical Analysis Basic Education.