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I am trying to locate a pipe bottom as discussed in Bulkowski's Chart Patterns. The best way I know to do this is to search for 2 Long Lower Shadows, however I'm not sure how to get the code to do this. I would really like to get this setup in the explorer. Thanks for any help.
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Rank: Advanced Member
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Joined: 4/18/2007(UTC)
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Location: sydney australia
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I have tried several explorations for off-the-bottom, mostly involving RSI oversold etc, but this is a new one so I'll give it a try. using good old-fashioned columns & filter, column a:- c {for closing price} column b:- LongLowerShadow()
then column c:= Ref(LongLowerShadow(),-1) {for on the day before}
then simply filter: colb=1 and colc=1
but there was one snag to this: most of what came up in the exploration wasn't down the bottom at all! so I added the following line for column d:- C<(Mov(C,25,S))*.9
leaving only the ones which are down real low. you would have to add
"and cold=1" to the filter. probably not much good but it's a start.
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Rank: Newbie
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Joined: 8/9/2007(UTC)
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Thanks for the reply amory. That does help. I got to thinking after I put that formula in. This will only find a small subset of all the different pipes out there. In this case only those that are two Long Lower Shadow Candles. Have you tried putting together a variety of combinations, such as two hammers, 1 hammer and 1 Long Lower Shadow, etc. I'm not sure if this is the best route to go but seems logical to me.
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Rank: Advanced Member
Groups: Registered, Registered Users
Joined: 4/18/2007(UTC)
Posts: 99
Location: sydney australia
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hi JR. I have never taken candles very seriously, but if you look at them often enough you do develop a feel for what they are trying to tell you. not to the point however, where I would want to develop formulae based on them.
I've got one exploration which I hardly ever use, the filter is: colB=1 AND MACD()>(Ref(MACD(),-1)) AND V*WC()>=40000
you will ask me what's column B. it is simply a list of all the candles you want to include in your forecast bullish or otherwise, in this case
3WhiteSoldiers() OR EngulfingBull() OR Bull3Formation() OR MorningStar()OR MorningDojiStar()
out of curiosity, I have just done the explo & came up with 4 stocks. all of them 'engulfing bulls' (a major bottom reversal signal). maybe one should follow up on this some more. thanks for raising the topic.
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Rank: Advanced Member
Groups: Registered, Registered Users
Joined: 4/18/2007(UTC)
Posts: 99
Location: sydney australia
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taking it one step further:
in the filter: (colC=1 OR colB=1) etc
where column C reads as follows:
CLOSE>Ref(CLOSE,-1) AND Alert((Hammer() OR InvHammer() OR InvBlackHammer()),2)
the idea being that the 'hammers' happened yesterday & today was confirmation thereof. notice that the filter has 'or' in it: it's got to be either the bull or the hammer formations. otherwise all will be rejected.
altogether only about half a dozen came up. perhaps if one left out the "Macd>etc" in the filter, there could be more. anyway, I'll leave it as is for now.
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