DislikedDouble top, huh? Hmmm......let me look at the lomger term charts....not off the boil yet.Ignored
Boss shows PA caught in the Big Boss 20/50 Trap..hmmm
Could be a classic top setting up. We had a strong TL break after a 20ema Big Boss kiss, which then bounced and gave us a higher-high test of the TL break and a period of consolidation.
Worker shows an IB at Point A. Aggressive traders could get a tight entry based on this IB with good RR, stop at top, short entry at bottom - TP the SR level at Point B. Less aggressive traders would do better waiting for a LH with PA to get back into any trend assuming PA falls away.
This would be considered Counter Immediate Trend tho as the boss and worker MAs are all below the current price. Dr Joe would more than likely place a long order a few pips above the IB (20 or so) with a stop below for a fakey double top? If you long the top break of the IB combined with the minor Resistance level created by the last high (red line) it could be a good earner.
But, we are not trading IBs here or patterns, per se, but PASR to the next level of SR, so....
This double top combined with the 50% retrace from the monthly high to low, and the major down trends on Boss and Big Boss would side me with a pending short order with TP at 75.80ish for a 2:1 RR Ratio short.
Trade less and become more profitable!