Mastering the Currency Market – Forex Strategies for High and Low Volatility Markets : [PDF Download]

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“Double tops and double bottoms are reversal patterns that occur when and where a price meets support or resistance once and then backs off and attempts a second breach before failing and retreating.

A double bottom is a reversal formation marked by two legs at roughly the same price level with a small up move in between on low volume. This bottoming pattern generally occurs at the end of a sustained down move.

A double bottom is not confirmed until price closes above the highest price between the two legs (or lows), which is called the breakout point. Volume generally should increase once price closes above the breakout point for the price to move higher and achieve its objective.

The price objective for the formation is an up move equal to the height from the lowest leg to the highest point between the legs. Adouble bottom creates a strong support level.”

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