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.

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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amory

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. 

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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amory

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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amory