FREE Double Top/Bottom Indicator - Very Good Edge

Nice double top on USDJPY on H1:



Alerted in real-time via email with the alerter-tool:



And into the Telegram group:

A nice double top was also indicated by the FREE Indicator yesterday also on the Dow on H1:



You had to be quick to take your profits off the table.

The last 3 signals on USDCHF on H1. The FREE Double Top/Bottom Indicator doesn't repaint, promised!



You can get alerts in real-time with the alerter-tool. Then you can trade those setups even with a normal day job.

Hi Mike,
Will the indicator print past signals, in order to do visual backtest?
If so I assume it will print all signals, ie, both good and bad.
Dave

Hi Dave,

yes it prints signals in the past, good and bad. It doesn't repaint. You can do visual backtests.

You can even do visual forward tests in the strategy tester of MT4, as I described here:
https://www.forexfactory.com/showthr...7#post10483487

Then you will see that signals come in real-time and that they stay on the chart.

Cheers
Mike

On Friday we had a double top on USDCAD M5 which produced a 7R winner and this morning we had a double bottom which produced a 2R winner which were detected by the FREE Double Top/Bottom Indicator:


In the following screenshot which shows the USDCAD on timeframe M30 you can see why the double top had this extreme profit potential. The upward trend lines were broken. Because of the previous upward trend there is a lot of space to the downside to the next support zone. Within the support zone the double bottom signal occurred this morning:



The following video shows a forward test in the strategy tester of Metatrader 4 on the timeframe M5. As you will see in the video, the signals are coming in real-time as soon as the neckline is broken. Because these trades have often a strong momentum an alerter-tool is the best possibility to detect these signals in real-time:



Until now 400 traders have downloaded the FREE Indicator. Everyone who has downloaded it can do the same forward test in the strategy tester.

BTW: Do you see the 2 great signals on the M30. Make a forward test for them too. The indi simply works

Question.
Does the alert comes after the formation of a double top or after price has reverse and does a breakout to the opposite direction?

Does the alert be use as vps?

OK. Got my answered. So it doesn't give you wholesale pricing level. It only gives alert after the break of support in a double top or the resistance after a double bottom.

Exactly. You were faster with reading and writing than me

Hello and thank you to all who are flooding my inbox here on forexfactory

Before I started here on forexfactory I officially requested the ff-team to mark me as a commercial member.

With this status I'm allowed to answer only 1 private message per day.

Therefore, please contact me via email: [email protected]

FX-Mike

Thoughts on CHF/JPY Daily?

Hi,

the smart money accumulated it's long position with multiple stop hunts during several days which could be a good sign that a bigger upward move may occur. Also the descending trendline maybe will be broken (or is it already?).

There are 2 resistance areas which I see as a good place to take profits.



A big winner could get a double bottom on lower timeframes (H4, H1, M30, M15, M5) above the broken trendline and then hold the trade until the resistance zones.

4R double top winner today on EURNZD M5:



The preceding double bottom wasn't bad too

This morning we had double bottom monster winner on NZDJPY on M5. It nearly reached 5R:



On the M15 you can see the bigger picture and why this signal had a good profit potential. With the preceding downward move (on M5 before the double bottom signal) the smart money re-accumulated its long position:



FREE Double Top/Bottom Indicator here

Multiply your edges with NESTED SETUPS!

Or with other words: How much 12R or even 16R winner do you need per month/year to get green?

With nested setups i mean setups of lower timeframes within setups of higher timeframes. This concept works with every system that is based on catching trends, not only with double tops/bottoms! The edge of the higher timeframe can extremely boost the edge of the signal on the lower timeframe.

In the context of the Double Tops/Bottoms this concept looks like this:

- A double top on a higher timeframe + a double top on a lower timeframe near the entry price level of the signal of the higher timeframe
- A double bottom on a higher timeframe + a double bottom on a lower timeframe near the entry price level of the signal of the higher timeframe

Here is are real-chart example on EURNZD. The EURNZD produced a double bottom on the weekly timeframe. Near the entry price level of the weekly signal within the green rectangle a double bottom occured on the timeframe H4 and on H1:



The H4 signal gave a 12R winner:



The H1 signal had an earlier entry signal:



Because of the smaller stop distance the H1 signal even gave a 16R winner:



Search for such setups! Your brain is better than any completely mechanical rule set!

With the double top/bottom alerter-tool you could have spotted both setups (H4 and H1) with zero effort. You would have configured the alerter so that it only alerts long signals on EURNZD. That's all. The alerter would have send MT4-Alerts, E-Mails or even Push-Notifications to your mobile phone!

The following combinations also work good:

Bigger Timeframe D1 + Smaller Timeframe H1/M30
Bigger Timeframe H4 + Smaller Timeframe M30/M15

4+R monster double bottom today on USDCAD on M5:



Indicated with the FREE Double Top/Bottom Indicator in real-time.

Interesting Double Bottom on GBPCAD on M15 which gave a 3R winner (maybe it will get even bigger):



It's so interesting because the same instrument gave also a double bottom signal on H1 some minutes later:



Can anyone see the next big evolution for alerting highest quality setups? Hint: confluence setups

As I wrote two posts ago a H1 and H4 setup occurred at the exact same area (the small green rectangle within the big red rectangle):



Such constellations will occur again and again. Spotting them automatically is the key.

And the same confluence on EURCAD.

M15:


H1:


So what do I mean with evolution?

-> There will be a new alerter-tool which will detect double tops/bottoms of the lower timeframe and alert them if two-thirds of the condition of a double top/bottom of a higher timeframe are fulfilled at the exact same time!

-> with other words: we will be able to trade the setup of the higher timeframe with an earlier entry and a much tighter stop

-> or from another point of view: such double tops/bottoms on the lower timeframe have a very high probability and a huge profit potential!

In the meantime you can get the Free Double Top/Bottom Indicator

USDCAD explodes

The M1 timeframe can produce nice signals too. That beautiful spike at the right leg (2) and then the fast reversal forms an inverted V.

Vs and inverted Vs at the right leg -> that is the best price action you can have during double bottom/tops