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Pipe Bottoms
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Pipe Bottoms

  #11 (permalink)
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Kbit : You are not off topic at all. Thanks for joining in. See the day chart I posted in #1 above.

Yes, this looks like a beautiful pipebottom.

According to Bulkowski, he conducted an in-depth study of pipe bottoms on daily price charts and came up disappointed. His statistics indicated that daily pipes have a failure rate of 18% with an average gain of 33%. Almost half the formations (45%) had gains less than 20%. However, there were a number of large gains; almost a quarter of the formations (23%) had gains over 50%.

But you have a nice formation with a great gain.

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  #12 (permalink)
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Friday, January 13th Update

Here is an update on GILD. Recall this is the only one of five possible pipe bottom formations that confirmed last week. I have been meaning to post updates on the four that did not confirm their patterns but have been short on time this week. Depending on how many potential formations we look at this weekend and the kind of time I have, I might be able to update tem also.

So, I bought GILD on the open on Tuesday, 3 January after the stock confirmed its pipe bottom formation on Friday, December 30th. Keep in mind these are weekly charts and Bulkowski recommends trading pipe bottoms only on weekly charts.

Since the open at 41.46 we have gone straight up and closed today at 44.89.

I am still working on decent exit strategies. For now I will place a stop just below this bar’s low at 42.30.

More later…

Attached Thumbnails
Pipe Bottoms-20120113-gild.png  
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  #13 (permalink)
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Hi Donstar, Since you brought these pipe bottoms to my attention I have been noticing more and more of them.

I generally look at tick charts mainly on ES and TF and it seems like a good signal even though it's a much smaller time frame. I had a loosely defined one on TF today.
Just wanted to say thanks for bringing them to my attention....I had noticed them previously but didn't think to much about them.

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  #14 (permalink)
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Friday, 20 January 2012

GILD continues to move up nicely, closing the week at 47.44. I bought 10 May 19 Calls on Tuesday, 3 Jan after the pipebottom formation confirmed by closing above the 23 Dec weekly high of 39.29. The cost of the May 19 call was 2.89. It closed today at 7.85. This represents a gain (for today) of 171.63%.

4 new pipebottom patterns this week:
CCRN
LTD
OXM
VLO

CCRN needed to close above 5.76, the highest high of the two pipes in the formation--which it did by closing at 6.00. That means this formation is confirmed and I will place a market order to buy at the open on Monday.

LTD needed to close above 41.41, the highest high of the two pipes in the formation--which it did not. It closed at 41.22. Close, but no cigar. I will pass on LTD.

OXM needed to close above 47.74, the highest high of the two pipes in the formation--which it did. It closed at 49.00. The formation confirmed and I will place a market order to buy at the open on Monday.

VLO needed to close above 21.39, the highest high of the two pipes in the formation--which it did. It closed at 23.51. The formation confirmed and I will place a market order to buy at the open on Monday.

3 of the 4 formations confirmed. I will place these orders and we will see how do.

Attached Thumbnails
Pipe Bottoms-20120120_gild.png   Pipe Bottoms-20120120_ccrn.png   Pipe Bottoms-20120120_ltd.png   Pipe Bottoms-20120120_oxm.png   Pipe Bottoms-20120120_vlo.png  
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  #15 (permalink)
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Here is a snapshot of GILD's gains and the orders ready for Monday's open.

Attached Thumbnails
Pipe Bottoms-20120120_option.png   Pipe Bottoms-20120120_portfolio.png  
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  #16 (permalink)
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Monday, 23 January 2012 Update

Still in GILD. Bought on Jan 2nd at 2.89, closed today at 7.80. So far this represents a 169.90% Gain.

Bought VLO today at 23.46. Closed at 23.52. Up 0.26%

Bought OXM today at 48.61. Closed at 48.70. Up 0.19%

Bought CCRN today at 6.01. Closed at 6.05. Up 0.67%.

The pipe bottom formation is traded on the weekly chart, so we will see how they do this week.

I am still looking for an exit strategy and would like to hear if anybody has any ideas...

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  #17 (permalink)
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Here is an idea for an exit strategy:

On the weekly chart, place the Stop at the low of the last completed weekly bar. In the case of GILD, this would be the low of the week ending Friday, January 20th (44.87). See chart # 1 below.

Then on the daily chart (Chart # 2 below) any close below the weekly close = exit at the market on the next days open.

Attached Thumbnails
Pipe Bottoms-20120123_gild_weekly.png   Pipe Bottoms-20120123_gild_daily.png  
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  #18 (permalink)
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DonStar View Post
Here is an idea for an exit strategy:

On the weekly chart, place the Stop at the low of the last completed weekly bar. In the case of GILD, this would be the low of the week ending Friday, January 20th (44.87). See chart # 1 below.

Then on the daily chart (Chart # 2 below) any close below the weekly close = exit at the market on the next days open.

you can place the entry and exit trades at the end of the day where know its going to close above or below the lines(last 5mins of session).. this would reduce your risk of perhaps a large gap the next day where you would give up profit on a bad exit or late entry..

dont believe anything you hear and only half of what you see

¯\_(ツ)_/¯

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  #19 (permalink)
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Saturday, 28 January 2012 Update

I had oral surgery yesterday so I wasn't feeling up to posting an update.

Stock Bought Price Current Gain/ (Loss)
GILD 1/2/2012 2.8 8.90 6,010.00 207.96%
VLO 1/23/2012 23.46 24.12 66.00 2.81%
OXM 1/23/2012 48.61 49.24 63.00 1.30%
CCRN 1/23/2012 6.01 6.35 34.00 5.66%

So far (knock on wood) all trades are winning.

This week Mr. Bulkowski gave is two potential pipe formations (PSSI & SKS). One of them confirmed and one of them did not.

Remember to wait for confirmation: The twin bottom pattern confirms as a pipe bottom only when price closes above the highest high in the pattern. Do not invest in a pipe without confirmation. Because PSSI confirmed, I will place a market order to buy on the Monday open.

The pipe bottom formation is traded on the weekly chart, so we will see how they do this week.

I am still looking for an exit strategy and would like to hear if anybody has any ideas...

GILD continues to make outstanding Gains. This week's low was 47.02. I will move the stoploss up to 47.00.

Any feedback you all have would be greatly sppreciated...

Attached Thumbnails
Pipe Bottoms-20120128_sks.png   Pipe Bottoms-20120128_pssi.png   Pipe Bottoms-20120128_gild.png  
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  #20 (permalink)
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DonStar View Post
I had oral surgery yesterday so I wasn't feeling up to posting an update.

Stock Bought Price Current Gain/ (Loss)
GILD 1/2/2012 2.8 8.90 6,010.00 207.96%
VLO 1/23/2012 23.46 24.12 66.00 2.81%
OXM 1/23/2012 48.61 49.24 63.00 1.30%
CCRN 1/23/2012 6.01 6.35 34.00 5.66%

So far (knock on wood) all trades are winning.

This week Mr. Bulkowski gave is two potential pipe formations (PSSI & SKS). One of them confirmed and one of them did not.

Remember to wait for confirmation: The twin bottom pattern confirms as a pipe bottom only when price closes above the highest high in the pattern. Do not invest in a pipe without confirmation. Because PSSI confirmed, I will place a market order to buy on the Monday open.

The pipe bottom formation is traded on the weekly chart, so we will see how they do this week.

I am still looking for an exit strategy and would like to hear if anybody has any ideas...

GILD continues to make outstanding Gains. This week's low was 47.02. I will move the stoploss up to 47.00.

Any feedback you all have would be greatly sppreciated...

are you buying options on these?

dont believe anything you hear and only half of what you see

¯\_(ツ)_/¯

(╯°□°)╯︵ ┻━┻
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