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A Double bottom pattern was witnessed in Asian paints on 2014 between sep 25 to oct 16. A long position can be called for as the volume was relatively high on point C. The entry point was taken a bit after crossing point C and a target of 200 min calculated . After this double bottom witnessed the price went very high with good profits enabling for the traders if a long position called for
Entry price 662.8 ; Stop loss 624.3; Target 850
| M | T | W | T | F | S | S |
|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| 8 | 9 | 10 | 11 | 12 | 13 | 14 |
| 15 | 16 | 17 | 18 | 19 | 20 | 21 |
| 22 | 23 | 24 | 25 | 26 | 27 | 28 |
| 29 | 30 | |||||
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Hi,
The double bottom is a bullish reversal trading pattern that emerges at the end of a bearish trend but here the bottom A has appeared after a sideways movement so it doesn’t qualify for the double bottom pattern. And the duration between the two bottoms should be at least twenty plus candles. It may vary from a few weeks to many months but generally, it takes 1-3 months.
Thank you for the Response. I will check my mistake and submit another analysis on double bottom