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Pipe Bottoms
Updated: Views / Replies:6,890 / 75
Created: by DonStar Attachments:53

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Pipe Bottoms

  #51 (permalink)
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DonStar View Post
Thanks Kbit. It's good to be back.

Yes, that is a very nice one!

I am noticing that it looks like when the 2nd pipe is in the direction you want to go (like you have a red candle on a pipe top) the results seem to be better.

Did you trade it?

Yes I traded it ....I have some other stuff that gave me a entry at about the half way back area of the pipe.

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  #52 (permalink)
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FYI.

I wanted to put on all four pipetop trades today but had techinical difficulties.

I hope to put them on at tomorrow's open.

They will be late by a day, but since I am using weekly signals it shouldn't make or brake the system's results.

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  #53 (permalink)
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Here is the same pipebottom trade on the S&P 500 I posted on Feb 19th (only updated to today).

Still a winning trade, but wavering.

Don

Attached Thumbnails
Pipe Bottoms-20120416_spx.png  
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  #54 (permalink)
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just saw some pipe tops maybe on the ES 5min.. well see how they turn out if they close below the pipe.. (just noticed, yay 900 posts! )

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Last edited by madLyfe; April 18th, 2012 at 04:19 PM.
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  #55 (permalink)
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madLyfe View Post
just saw some pipe tops maybe on the ES 5min.. well see how they turn out if they close below the pipe.. (just noticed, yay 900 posts! )

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feels odd to quote oneself.. anyways, here is the close below the pipe.. lets see how she turns out:

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

¯\_(ツ)_/¯

(╯°□°)╯︵ ┻━┻
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  #56 (permalink)
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madLyfe View Post
feels odd to quote oneself.. anyways, here is the close below the pipe.. lets see how she turns out:

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and here is the final product of the pipe top:

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

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  #57 (permalink)
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Pipe Bottoms and Reversal Bars

Just a few words on pipe bottoms, pipe tops and reversal bars.

The pipe top or bottom, also called railway, is basically a reversal bar that extends over 2 bars. A railway on 5 minute chart is a reversal on 10 minute chart. For that reason I try to identify both

-> the smaller timeframe reversal bars
-> the larger timeframe railways

Further I think that reversal bars should be filtered. I use two indicators for filtering, a range indicator and the VWAP with standard deviation bands. The filtering by the range indicator is automated, the VWAP filter is currently added manually, will probably change that.

Just commenting the 11 candles, which I have marked on the chart:

1) weak reversal and part of a descending triangle failure

2) failed reversal wihtin a strong downtrend

Both reversals can be discussed, maybe they are not valid as the 10 minute close is below the open.

3) reversal bar detected on both timeframes (5 min and 10 min), validated by support and the VWAP 2SD band.

4) reversal bar detected on the higher timeframe, validated by both indicators.

5) far away from 2SD band - ignore.

6) far away from 2SD band - ignore

7) close enough to 2SD band, completes a 3-push-pattern.

8) valid pattern

9) too far away from 2SD band - ignore

10) valid pattern

11) valid pattern

Still working to improve the concept. I look at a volume indicator and an oscillator as well. For a reversal there should be a divergence somewhere on the chart.

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Last edited by Fat Tails; April 18th, 2012 at 06:45 PM.
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  #58 (permalink)
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Good job on the trade MadLyfe and thanks for your comments FatTails.

Here is a chart of OXM which also qualified as a pipetop this week and confirmed by closing below the trigger line.

Short on this trade at the Tuesday market open.

Don

Attached Thumbnails
Pipe Bottoms-20120418_oxm.png  

Last edited by DonStar; April 18th, 2012 at 11:04 PM. Reason: Updated a mistake on the chart
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  #59 (permalink)
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DonStar View Post
Good job on the trade MadLyfe and thanks for your comments FatTails.

Here is a chart of OXM which also qualified as a pipetop this week and confirmed by closing below the trigger line.

Short on this trade at the Tuesday market open.

Don

thats a pipe? i thought they had to have almost the same highs or lows? cuz if you look across charts you can see where there are many that would be huge failures.. ill post in reply with one on a previous chart that always bugged me..

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

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  #60 (permalink)
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madLyfe View Post
thats a pipe? i thought they had to have almost the same highs or lows? cuz if you look across charts you can see where there are many that would be huge failures.. ill post in reply with one on a previous chart that always bugged me..

here are some examples of what i was talking about:

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