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What is so significant about double top and double bottom patterns is that while other price charts just show the forex traders’ sentiment, these patterns are re- tests of the temporary peaks. The answer to the question why double tops and double bottoms are so trustworthy is that many forex traders stay at these clearly indicated levels at the same time. They may serve as solid indicators of the price action alone, without even relying on the other patterns.

However, these patterns work well if they are read and interpreted correctly. Spotting double bottoms and double tops can sometimes be quite a difficult task. One critical remark in relation to the double bottom and double top pattern is that it is always obvious as far as the past performance is concerned, but quite hard to determine in real-time conditions. Despite the fact that it appears on a daily basis, it may be a real challenge to identify and to trade it successfully.

There are two main forex trading strategies as far as trading double top and double bottom is concerned. The first is to anticipate this pattern and the second one is to wait until it is confirmed and then respond. Which strategy to choose is rather the matter of personal preferences then of some objective benefits. Those forex traders who prefer to sell the currencies when they are strong and to buy them when they are weak usually prefer to anticipate double tops and double bottoms and to take over the price movement. While forex traders who like to make sure that the pattern is confirmed before entering the trading process enjoy the plus of knowledge that the pattern really exists, but at the same time they bear greater losses in case the pattern fails. By the way, the popular EA Shark forex trading system – use the similar strategy in its logic.

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