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How To Do Stock Market Trading: Triple Bottom Chart Pattern - YouTube
Channel: TopDogTrading
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thank you for joining me for this video
today we're going to look at stock
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market trading a triple bottom chart
pattern
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this can be used to either exit a trade
if you're already in a trend trade to
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the downside
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or you can also be used as an signal to go
along
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so i'll show you both ways that this
works and the four steps to trade this
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with fantastic accuracy
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alright so by the way this is a follow
up video to the double top trade
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strategy that i use for stock market
trading and you might want to check that
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one out of my video tube form and
YouTube as well so let's talk about this
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though and there's four steps we're
going to expand a little bit on the
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double top strategy and add a few things
and answer a few questions they came
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from that video
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so before you can get any type of
bottoming pattern in this case a triple
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bottom need to have a trend so that's
step one is you don't have a bottoming
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pattern in this case a triple bottom and
kill you've had a trend you might have
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equal lows but you do not have a triple
bottom
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that's step one step two is the cycle
low so the first thing is we've got an
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extended trend here in five and seven
that's what we're looking for
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especially if you're going to go along
as you know the trend is your friend
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until the end
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I'm sure you've heard that so therefore
when the trend is extended it's no
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longer your friend and that's the timing
when we are looking to then take a trend
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reversal trade
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so the timing of it has to do with two
things number one how long that trans
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been going five average sevens extended
so now the odds are no longer in the
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favor of those who are going short and
then we look at our timing indicator
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down here as well this little pattern on
the indicators key and by the way if
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you're interested my cycle indicator I
happy to share that with you absolutely
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free i do free webinars once in a while
where I give that indicator away and
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give you a tutorial on how to use it and
teach you that pattern and some other so
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feel free to send me an email at Barry
at top dog training calm and request
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that indicator and i'll let you know
when
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next webinar is coming up where I give
it all away for free I normally sell
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this but from a youtube friends i do
operate for free to subscribe to youtube
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and then now it's really for my
subscribers so subscribe and your end
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that's pretty easy click the little red
button down there ok let's talk about
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step number three
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so step three is a momentum shift now
what do we mean by that
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well first of all let me i'm drawn here
the triple bottom so that it's real
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clear so make sure everybody can see
this
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so there it is and what we're looking at
is
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that's one that's too and that's three
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alright so that's the triple bottom just
to make sure i always see these things
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and i got to make sure other people have
boarded they see it as well
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ok so then we look at the momentum shift
now the momentum indicators down at the
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bottom and that is just a regular
momentum indicator that CM think we're
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gonna be able to do that yeah i'm going
to take those arrows off okay so let's
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bring up our horizontal line again
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so as we're looking at these three loes
here's a momentum indicator is just the
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indicator called momentum and 214 . by
the way if you're interested
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so at this point you see momentum still
about the same
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and then here it still makes a lower low
and we'll lower high and lower low and
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then here's our momentum shift
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boom it comes cranking up above here and
so that's why when we get to this spot
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here we get the third low
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remember that's 12 and then here's
number three
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look we're momentum is now
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its way up there that your momentum
shift so way different than it was here
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or here so i want to wait for that
momentum by the way will often lead
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price it is a potential leading
indicator and what's happening down here
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often with the triple O's as
accumulation is happening you'll notice
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the market doesn't really go up too much
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so what's happening is often
accumulation and they try to keep price
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low cuz they want to keep buying at a
lower price and I have to pay a higher
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price but the momentum shift is revealed
even though you can't necessarily see it
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too easily in the price pattern and
that's why the indicator just makes it
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super clear and so that's step 3 now
step four is support we want to have
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some sort of support coming into that
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so when you're treating a trend and
you're looking for future support to the
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night retreat or extensions are real
good and we just go from a major swing
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hi to swing low to swing high and yep
just happens to come in there and 13.2
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so from this height of this low is a
measured move on a percent of measured
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mode and then from there to there its
138 . yes we do have a support level
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Fibonacci extension right now let's talk
about where to actually get in to this
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thing
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so the traditional approach is to wait
for the market to break above the the
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high that is between these three loes so
that would be up here and they would get
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in over here for me that's late
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so that mean you would get in here and
that's conservative
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it's not a bad injury but to me it's
just too late one of the hallmarks of a
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professional traders is that we like to
get in early and before the retailers
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and so that's what i like to do is I
would it just get in the cycle low with
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momentum cranking up and i would get in
one penny above the high of that bar
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go ahead and draw it in for you really
this is the main bar right there when
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penny above the high that bar put my
step
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when penny below the low that bar and
that's it and then I min so very very
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little risk one bar risk and then my
goal is to catch a train going in the
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opposite direction and that doesn't
always happen by the way
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let's just be clear on that doesn't
always happen but in this case it does
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and that is the purpose of a trend
reversal trade is to catch a new trend
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in the opposite direction before it is
confirmed once it's confirmed everybody
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sees it that you're too late to the
party again five waves is the average so
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I'd be getting out and wave five come
out of that cycle hi again
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momentum coming down great exit and so
look at this that's what's so great
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about trend reversal trades they are the
single best risk to reward ratio trade
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there is some risk is that bar my reward
is you know something like that
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so huge reward the tiny risk and of
course that's what we're always looking
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for
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so that is it that's the stock market
trading triple bottom chart pattern
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test it out in your realm look for it
and look for these various factors and
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by the way
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hey if you liked this video and you're
watching it on YouTube please click the
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thumbs up icon below and also leave a
comment like to hear what you have to
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say any questions and comments because
that encourages me to keep creating free
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tutorials for you i like this to be kind
of a little community and also giving
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away one of my favorite trade strategies
with all the rules and it's called the
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rubber band trade it has a very very
high win loss ratio
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- simple strategy can learn about 26
short minutes
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so you can get that video explaining
that trade strategy absolutely free by
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clicking on the image in the top left
corner or if you're on a mobile device
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just click the little I with a circle
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yeah
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yeah
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thank you for joining me for this video
today we're going to look at stock
[499]
market trading a triple bottom charge
patterns
[503]
this can be used to either exit a trade
if you're already in a trend trade to
[508]
the downside or can also be used as an
m3 to go along
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so i'll show you both ways that this
works and
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