Comments
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KLI might have missed it after watching the video twice, but did Bob mention where the entry should be? I believe he said "the double bottom" is confirmed only when price moves above the top of the inverted "V", but he also said at the beginning how he got into the WYNN trade near the bottom of the double bottom pattern.
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SOIt's interesting but he seems to be adding his own rules to double bottom pattern. It would be very useful to see how the risk/reward or probability of success would improve with his rules. I second Thomas Bulkowski on technical patterns. He is probably the only that provides comprehensive data on how patterns perform in real stock trading.
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AVit would have been good if he covered the differences between bottom types - Adam and Eve bottoms - as they have different outcomes. About 70% of expected move is what I target on setups like the $WYNN example. If you want to learn more, Thomas Bulkowski has some of the best research on patterns.
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JP25% is not 25 basis points, it is 2500 basis points. I have no idea what technical methodology it is, but I think he meant „if the double bottom falls within 1250 basis points of either side, not 2500” so within 2500 b.points area, looking at what his mouse pointer idicated.
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CMcan you consider a wider double bottom with the first one on nov 17 ? maybe 1 year out with a target of 31 ?
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CTthe platform is called thinkorswim
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CTthe platform is called thinkorswim
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FBExcellent,understanding the true definition of technical terms AND their proper use is whats valuable. It would be helpful for those using and discussing technical s in their illustrations to identify what charting tool/vendor they are using.
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LTI have found that the two levels that you say are your stop loss levels tend to provide a counter trend bounce...that bounce depending on how much momentum there was in the original move away from the second bottom.
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GGWhat software is this?
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JGThat was very helpful in my process to become a better trader.
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V!Love this series. Thanks Bob
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MMvery worth while....thank you.
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KTvery succinct and useful lesson on how to look at/trade double bottoms - great series RV should do more of these!