FX.co ★ Actual patterns. Technical analysis and trading recommendations

On the chart of the #GOOG M5 trading instrument, the Triple Top pattern that signals a trend change has formed. It is possible that after formation of the third peak, the price will try to break through the resistance level 314.73, where we advise to open a trading position for sale. Take profit is the projection of the pattern’s width, which is 138 points.

The Double Top reversal pattern has been formed on #GOOG M5. Characteristics: the upper boundary 316.18; the lower boundary 315.32; the width of the pattern is 82 points. Sell trades are better to be opened below the lower boundary 315.32 with a possible movements towards the 315.17 level.

On the chart of #GOOG M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 316.11; the lower boundary 312.73; the width of the pattern 338 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 312.58 level.

The Double Bottom pattern has been formed on #GOOG M5; the upper boundary is 305.95; the lower boundary is 305.04. The width of the pattern is 84 points. In case of a break of the upper boundary 305.95, a change in the trend can be predicted where the width of the pattern will coincide with the distance to a possible take profit level.

According to the chart of M15, #GOOG formed the Head and Shoulders pattern. The Head’s top is set at 175.90 while the median line of the Neck is found at 173.53/173.62. The formation of the Head and Shoulders pattern evidently signals a reversal of the upward trend. In other words, in case the scenario comes true, the price of #GOOG will go towards 173.40.