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Registered User
Joined: 7/17/2005
Posts: 11
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I would love to get some feedback on the correct way to create a pullback backscan. What I want is a backscan that finds stocks that have been in an uptrend and have pulled back over the last 3 - 5 days with consecutively lower highs on decreasing volume. I think that I have some of that part figued out.
Price Percent Change 126,>,13.75,Bars=1Day
and
Price Percent Change 30,>,5.35, Bars=1Day
and
Price Percnet Change 5, <,1.75, Bars=1Day
What I'm having questions about is how to add the decreasing volume characteristic and a couple of other wish list items;
Price always above the 50MA, with best case being 13EMA >20MA >50MA >200MA
Average daily volume > 500K
Worden Stochastic giving a buy signal as it moves up from below 20
ADX(14)rising and above 30
And Lastly, those stocks that are strongly performing within top performing industries.
Any suggestions would be very helpful.
Clarence
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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Here is a version to play with. It triggers a buy if:
Price hits a 125-bar high
AND THEN (within 5 bars)
Price high is lower than the previous high 3 out of 5 bars
AND
Volume is lower than the previous day 3 out of 5 bars
Let me know if this helps. You can edit the bar span on a sequence by right-clicking the sequence and going to properties.
Save it in the following folder:
\My Documents\My SnapSheets\Tool Parts\BackScan Conditions
Once there, you can add it in your BackScan via the ADD CONDITION button and choosing MY COMPUTER.
Attachments:
Pullback with lighter volume.scond - 11 KB, downloaded 565 time(s).
- Craig
Here to Help!
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Registered User
Joined: 7/17/2005
Posts: 11
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Looks a little different than what I had, but it's what I was looking for. Thank you.
Now, in order to add the other items are they all AND conditions that get attached in the same manner as the volume change?
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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Correct. Anything you AND after the sequence must be TRUE once the sequence triggers.
- Craig
Here to Help!
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Registered User
Joined: 7/17/2005
Posts: 11
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Looking Good, I now have a question about the exit. Is there an easy way to create an exit that is based on a 2:1 risk/reward ratio. I have something that is working, but I'm afraid to tell you how I'm getting there.
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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Can you elaborate on what must happen to trigger the exit?
- Craig
Here to Help!
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Registered User
Joined: 7/17/2005
Posts: 11
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I want to sell if price close 10% below the entry or 20% above the entry. I now have two sperate conditions Trade % gain/loss >=,20 OR Trade % gain/loss<=,10. I'm wondering if that is the correct way to do it?
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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If you set as follows:
Trade Gain Loss >=20
OR
Trade Gain Loss <= -10
You should be set.
- Craig
Here to Help!
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Registered User
Joined: 7/17/2005
Posts: 11
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So, it was the value I was putting in and not my conditions. Thanks for your help.
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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My pleasure.
- Craig
Here to Help!
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