GridKing: Thanks for the input and the links. I read the Bulkowski article today. I have also been using Bulkowski's free software program "Patternz" I'm just trying to figure out a way to build it into my system. I am also using Amibroker and toying around with the idea of writing a scan for pipe bottoms.
madLyfe: I'm sorry! I take it all back! Please don't change the picture back!
Placebo: Do I know you from another forum? And yes, I think Bulkowski was experimenting with reversals when he hit upon the idea of Pipe Bottoms. They are basically reversals with nothing between them. Thanks for your comments.
Instead of trying to catch up with individual charts, I put together a trade log that I will update. I will post charts of interest when possible.
The following 3 users say Thank You to DonStar for this post:
Here is an interesting look at the S&P 500 from a pipe bottoms perespective.
On a weekly chart, the S&P shows a nice pipe bottom set up on Nov 25, 2011 and Dec 2, 2011. The high of Dec 2 is the buy trigger. On Dec 23, the market closed above the trigger line. The buy at market order would have placed for Tuesday, Dec 27, 2011 (Monday was a holiday).
Assuming a fill on the open at 1265.02, this trade would still be active with Friday's close at 1361.23 representing a 96.21 point Gain.
The following 2 users say Thank You to DonStar for this post:
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
If you want to support our community, become an Elite Member.