Wednesday, January 28, 2009
EUR/GBP, 1H, 9 Jan - 16 Jan 2009
This is a beautiful double bottom reversal that took more than a week to form fully. Double bottoms are a type of reversal pattern that may occur after a big downtrend. Upon forming two troughs, a subsequent breach of the peak (ie the resistance level) between both troughs gives enough upwards momentum for tables to be turned and fortunes to be made.