I like to do a post on the BOB about once a quarter so that new readers won't have to search through the posts (I'm bad at organization) looking for the details.
I'd like to say that I "invented" the blow-off bottom (BOB) but that would be totally inaccurate - BOB was always there - all I did was find a particular formation and then describe some rules that could be coded into filtering software and then gave it a name. BOB, therefore, is not so much an invention as it is an observation and since I'm the first (that I know of) to chronicle it - I guess I'll take credit for it.
The rules are simple and the only rules that you can't change are the fact that the second bar's low is lower than the first bar's low and the third bar's low is higher than the second bar's low and the second bar's volume is greater than the first bar's volume. Other than that everything is optional.
I use the first two bars of the BOB to set-up potential day trades (trying to catch the third bar) and that is frequently profitable.