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Monk

Double Bottom info

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Has Brian P opined on the Double Bottom strategy in the forum or a video. I've seen his recaps and I get the visual on the Double Bottom. I'm just wondering if he has elaborated on any other setup traits of Double Bottoms. Thank you.

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Monk, check out this YouTube video Brian uploaded for a Double Bottom trade on MU.

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Another Brian´s YouTube video for a Double Bottom trade on SQ today...

 

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Throwing a quick example of today's double 1 minute bottom that Brian pointed out to us in chat.  The 5-minute doesn't show much sign of a reversal at all, however looking into the 1 minute candles tells us the a clearer story....another lesson to use multiple time-frames when trading reversals.

Once upon a time there was STX....the first time I went long I got stopped out, but my stop was at .46 area...so not sure why I had a bad fill in the .20s area...could be really fast price action slippage...I don't remember. It was a 1:1 risk, 2nd time was about a 1:5 R/R and nailed it.

The lesson I want to point out is you can't take a reversal based on the 5 minute alone, sometimes you need to get an entry on the 1-minute that doesn't stop you out...just look at that huge 5 min candle at 9:55...you can't see the double bottom on the 5-min chart but you can on the 1-minute. 

Once you see the 2nd bottom form and bounce you can go long, I love those booster candles @ 10:01, they show a lot of conviction. 

One trade that worked out, one that didn't (50%) but bc of R/R, I was able to make a decent profit.

 

2018-07-30_20-38-15 STX review.jpg

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