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Forex Double Bottom Chart Pattern

The double bottom is the opposite of the double top and is considered to be a major reversal chart pattern after a strong down trending market. The trading pattern is formed by two bottoms that are almost similar in height with a neckline (temporary high) in between. The pattern is confirmed on a sustained break of the neckline.

forex-double-bottom-reversal-pattern

Forex Double Bottom Chart Pattern Example (NZD/USD 1 Hour Chart)

nzd-double-bottom-forex--pattern

Forex Double Bottom Trading Ideas

Conservative forex traders: wait for a sustained break of the neckline (breaking temporary resistance).

Aggressive forex traders: buy in the vicinity of the second bottom. Look for bullish reversal candlestick patterns to enter a low risk – high reward trade.

Tip: In case you have missed the double bottom price breakout – After the sustained break, a small retracement back to the neckline is very common.

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