Fib retraces on the daily
BIDU
Started by
CHAx
, Apr 01 2008 09:10 PM
2 replies to this topic
#1
CHAx
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Posted 01 April 2008 - 09:10 PM
Possible pipe bottom with fib retrace at the breakout point offers a low risk entry/high reward entry. Initial price target with no throwback 330. breakout point at 280.
Fib retraces on the daily
Fib retraces on the daily
#2
raleigh
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Posted 01 April 2008 - 09:54 PM
What's a pipe bottom? tia
#3
CHAx
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Posted 01 April 2008 - 10:32 PM
What's a pipe bottom? tia
Pipe Bottom:
Two things to look for. A price bottom action where we have a price floor. Then we are looking for a break below the price floor which immediately reverses and extends beyond all previous upthrusts. They are more reliable on a weekly than the daily. This daily will help demonstrate the floor. The circled area is NOT a pipe bottom; however if that formation appeared after a price floor, that is what you are looking for.
Pipe bottoms are based on PRICE alone and no other indicator. They are easiest to see on barcharts. unfourtunately my first post is a candle chart so it isnt as obvious. Do a weekly BIDU with barchart and you should see a possible pipe bottom.
