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According to Mr. Bulkowski these are pipes. That is why I started this thread with the hope of making some sense of it all. The one on the S&P500 I came up with. I did not try to go back--just called it from the time I saw it.
Can you help answer these questions from other members on NexusFi?
i know weve talked about this before, but why not enter at the close of the day where you know the days bar is going to close correctly for an entry? i feel like you would be giving up any type of gap or whatever when you enter on the open of the bar after the confirming bar..
dont believe anything you hear and only half of what you see
I agree with you madLyfe that this would be a better way to trade the pattern. The problem is that I am not in a position to do so. My job keeps me away from being able to monitor the market.
I am working on a way to identify the pipe pattern over the weekend (from the past two weeks) and if I have the weekly set up then using the daily timeframe to trigger the trade.
When I have the ability to monitor the market like I want to then I will be able to monitor/trade the shorter timeframes.
I'm glad your making out overall... some of those that are backing up on you looked kind of like weak setups to me.
Mainly the size of the formations (pipes) would tend to scare me away.
Well I guess if the pipes were at least the same size or larger than the previous candles it would be stronger in my view....the ones you have selected seem a bit on the small size to me.
In addition to that is location, though I suppose it's not that critical here but as you are aware no doubt the ones that occur at the very bottom of the larger swings are probably the best. I only mention it just for the record.
Like I said in the beginning of your thread I am not an expert on pipe bottoms, I'm just basing this on my general experience.