The double bottom reversal pattern is similar to the double top reversal pattern, but it goes in the opposite direction.
What Is the Double Bottom Reversal Pattern?
-It's a reversal pattern or bullish pattern
-Begins with a downward pattern and typically ends with an upward pattern
-There can be double tops or triple tops between the double bottom
-Double bottoms take longer to develop than double tops
-Even if there is a double top between the double bottom, it is more important that there is a double bottom because it spans a longer period of time than the double top
How to Trade a Double Bottom Reversal Pattern
-Enter the stock somewhere off the second bottom
-Ideally, you should enter it after it crosses the resistance line (from the two tops that occurred earlier)
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Wow it's really unbelievable how accurate this is. I just did my very first two trades with Yamana gold (AUY), purchasing some shares and then some options contracts. Right at this moment im watching your video, and looking at the stock chart on finviz. The chart is covering the last 9 months to a year roughly. You are so right! It hit the first bottom in mid September at 1.50, and just hit the second one in mid January at 1.50 again. Two tops formed during a much shorter time period one in late August and the second in mid to late october. The stock just broke through resistance at 2.50, and has been moving upwards since. If what you are saying holds through, I might have gotten in at just the right time. very informative videos on your channel, will be subscribing.
+Sasha Evdakov (TradersFly) will deff be tuning into your videos as much as I can. The stock gapped open upward this morning, then took off along the upper bollinger band. Daily, weekly, and monthly are all in line, I'm in this one until it starts to go south.
How about if it hits more than two tops before the last bottom? Or what if after the first top it hits the bottom then hit the second top, followed by another bottom? Or it didn't hit the bottom after that. Does it still apply? Thanks!
Okay, after re-watching the video and reading your answer, i think i got it! I guess its all about a confirmation. A double bottom will just 'alert' me to pay attention to the stock to enter a position.
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