Forex Double Top. The double top pattern is one of the most common technical patterns used by Forex traders. The first top forms immediately after a strong bullish trend, price then retraces to the neckline.
The Double Top pattern requires a complete understanding of the trading patterns. A double top is a type of Forex trading reversal patterns. The double top and double top formations are the most popular trend reversal technical patterns in financial markets.
Following an uptrend, a reversal would be to the downside.
These patterns characterize themselves by developing an internal "M" and "W" structures on double tops and double bottoms respectively.
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Following a downtrend, a reversal would be to the upside. As the chart example shows above; price makes a move higher and then rejects the first swing high. There is also an inverted version of the double top that appears at the end of a downtrend which is called the double bottom pattern.