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ACExplained β
The βWβ pattern, or double bottom, is a bullish reversal indicator signaling a potential upward shift.
Recognize this setup by identifying two distinct lows at approximately the same level, separated by a minor peak.
Confirm the pattern when the price breaks above this intervening peak, indicating momentum change. To trade the βWβ pattern, enter a long position after the breakout, ensuring the move is supported by increased volume for additional confirmation.
Set a stop loss just below the lowest of the two lows. Target profits by measuring the height of the pattern and extending that distance upward from the breakout point, capturing the potential upside.
Always validate using different indicators and have stop losses in place. This is not financial advice.
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