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Triple bottom

Triple bottom Most of the rules that are applied in the formation of the triple top can be reversed in the formation of triple bottom. A pattern used in technical analysis to predict the reversal of a prolonged downtrend. The pattern is identified when the price of an asset creates three troughs at nearly the same price level. The third bounce off the support is an indication that buying interest (demand) is outweighing selling interest (supply) and that the trend is in the process of reversing. As far as volume is concerned, the third low bottom should be on low volume and the rally up from that bottom should show a marked increase in activity. The formation of Triple bottom occurs during the period of accumulation.

Once the first bottom is created, the price reaches a peak and retraces back toward the prior support. This is when buyers enter again and push the price of the asset higher, creating bottom No.2. The price of the asset then creates another peak and heads lower for its final test of the support. The final bounce off the support level creates bottom No.3 and traders will get ready to enter a long position once the price breaks above the previous resistance (illustrated by the black line on the chart). This pattern is considered to be a very reliable indication that the downtrend has reversed and that the new trend is in the upward direction.




Triple bottom approach

Existing trend

There should be an established existing DOWNWARD trend prior to the pattern.

Shape of triple bottom pattern

  1. The Three Bottoms

    : The bottoms should be sharp and distinct / well separated. The price bottoms do not have to be exactly the same, but it should appear reasonably equivalent to each other.

    If the last bottom (3rd bottom) is higher than the middle bottom (2nd bottom), there is a relatively higher chance of stronger price increase. A higher bottom in the last bottom might indicate weaker selling pressures, as the sellers attempt to push the price down to the previous low or make a new low but fail, suggesting that the selling pressures might have started to subside.

  2. The Two Peaks

    : The highs of the peaks can appear more rounded.
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Duration

Triple bottom pattern can be considered a long term pattern. The duration of the formation of the pattern can take several months, normally range from 3 to 6 months, with an average of about 4 months. Normally, the formation of Triple bottoms should take longer time and less volatile in price swing than Triple Tops. Hence, bottoms tend to be wider (due to longer duration to develop) and flatter (as a result of less volatile price swing) than tops.

Basically in triple bottom approach, the longer the time duration the pattern takes to develop, the more likely the pattern could work out as a reversal pattern or the stronger the price might move once the breakout occurs.

Breakout

Even when the price has risen from the 3rd bottom, the pattern is not completed yet. The chances that the existing downtrend will continue are still higher than the chances of reversal to take place, as it is normal during a downtrend for the price to test a support level a few times, and then bounce up, and then resume the downtrend again.

Triple Bottom pattern is only completed and confirmed when the price increases and closes above the highest highs of the peaks in between the 3 bottoms, which serves as the key resistance level in this pattern. This highest high is called the "Confirmation Point". Remember that we should always assume the existing trend (i.e. in this case is downtrend) is in force unless proven otherwise.

Therefore, it is important to wait for the price to make a decisive breakout by breaking through and closing above the Confirmation Point, accompanied with an increase in volume, in order to avoid jumping the gun and/or prevent deceptive Triple Bottoms pattern.

In addition, as Triple bottoms is forming, the formation may also resemble few other patterns. Before the 3rd bottom is formed, the pattern may look like Double Bottoms (reversal pattern). The three equal lows may also be seen in Rectangle pattern (neutral pattern) or Descending Triangle pattern (bearish continuation pattern). Nevertheless, all these patterns have similar principle to follow, which could help differentiate between the above patterns or avoid jumping the gun: Always wait for the decisive breakout to occur before entering into any trade.

Potential price target

  1. Compute the height of the pattern

    : The distance between the lowest low of bottoms (which serves as the support) and the highest high of the peaks (i.e. the Confirmation Point, which serves as the key resistance).
  2. To compute the potential price target

    : Add the result to the Confirmation Point (i.e. the highest high of the peaks). In general, any price target should only be used as a rough guide. To determine the price target, other factors, such as previous support / resistance levels, Fibonacci retracements, or long-term moving averages, should be considered as well.

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Pinterest is a social photo sharing website that has also been described as an online pin board. In my case, Pinterest ranks 3rd as a source of traffic referral for my website. 1st, is Twitter, followed by Facebook. While I still love to pin images of cutesy Lab puppies, for the most part, I use Pinterest to refer traffic to my website where authors can read my blog, buy my books, or hire me.

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    Every image pinned to a Board has a link back to its original published source. These are valuable backlinks and can provide referral traffic as well. Capitalize on this. Posting your product and service images and videos is a great place to start. However, keep in mind that it's important to avoid being blatantly self-promotional - remember to provide value to your audience by sharing quality content that is relevant to their interests and worth liking, commenting on, and re-pinning.

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    In December 2011, the site became one of the top 10 largest social networking sites, according to Hitwise data, with 11 million total visits per week - this number increased to 21.5 million visits for the week ending January 28, 2012. According to Experian's 2012 Digital Marketer: Benchmark and Trend Report, Pinterest is now the third most popular social network in the U.S. behind Facebook and Twitter, having surpassed LinkedIn.

Pinterest and High Commercial Intent

I refer to use Pinterest as the "Bridge to Amazon" and here is some data to back that up:
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