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Registered User
Joined: 1/3/2005
Posts: 10
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this scan will be required for a period of 3 - 8 months
market makes a recent high (pt 1), then makes a low (pt2) - a range
Now market starts to rise from the low (pt 2) and forms a new high then turns down ( pivot 3)
this pivot is lower than pivot (1) which was the high
Now market makes a lower low then turns up (pivot 4) but
this pivot(4) is higher that pivot (2) and is lower than pivot (3)
Now market makes a new high (pt 5) which is lower than pt 1 & 3 and higher than pt 2 &4...
it would look like this pt 1
pppppppppppppppppppppppppppppppppppppppppPT3
pppppppppppppppppppppppppppppppppppppppppppppppppppppppPT5
pppppppppppppppppppppppppppppppppppppppppppppPT4
ppppppppppppppppppppppppppppppppppppppPT2
then i buy breakout of point 5 ----the ole ascending triangle
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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Let me play around with this. Check back and I should have something for you in the next 24 hours.
- Craig
Here to Help!
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Registered User
Joined: 10/7/2004
Posts: 799
Location: Duluth, GA
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Hi, PPodlas:
Unless I have been sadly mistaken about this for several years, or unless Craig can pull a rabbit out of the hat, I'm afraid that the best you will be able to to to solve this problem will either require:
1) a lot of manual steps to visually verify+flag each of the pivot-pivot moves along the way
&/or
2) some gross simplifications of your pattern-logic, with locked-in presumptions of the time windows in which the various pivot-pivot moves occur.
If you *really* want to know the #1 solution, let me know ... but I doubt that you will want to follow the dozen or two steps required. If you want the #2 solution, we would all be shooting in the dark unless you yourself simplified the logic for us. Sorry!
I am a huge fan of TC ... I love to figure out ways to use its toolkit to solve seemingly impossible problems ... but this kind of thing is just beyond any reasonable scope for its current capabilities.
To do this kind of thing (wave and pattern analysis) properly, you need three functional capabilities that are not currently practical to implement (as a group) in TC:
1) a means to define and identify the price of the N-th occuring min or max pivot during some specified time window ... this would be a function sort of like MinPvt(bgnbarago,endbarago,pvtnum) and a comparable "MaxPvt".
2) Of course this requires that you get a satisfactory general definition agreed to for what a "pivot" is - and what point on the pricebar to report as the effective pivot value. There are MANY "legit and useful" alternatives to defining what a pivot is ... they involve things like number of lower lows or higher highs before and after the pivot bar, and can also include rules like how many bars must be between two pivots in order for both to be legit, or how much of a price change has to occur between the two (often related to Fibonacci ratios). So, you would need ANOTHER function called PivotDef(), or possibly a menu item that allows the pivot spec to be tuned. This, btw, is the "hidden catch" that most people overlook when they talk about pivots and waves.
and (for other app's but not required for yours) ...
3) a means to report the number of bars in-between two pivots (either two highs or two lows or high and low or low and high), and the number of days since the last pivot of a given type.
I regret to opine that this is all way beyond the present or likely future conceptual scope of TC ... it's more along the lines of MetaStock, which has a more robust formula language, but is much more awkward to learn and use, and which doesn't hold a candle to TC when it comes to Watchlist analysis. However, you might consider using it as a companion to TC for really tough stuff like this.
Probably, however, this whole response has just caused your eyes to glaze over ... ah, well ... sometimes "no" is a useful piece of information, I guess. Maybe some other folks are interested in the topic. I hope it helps!
Jim Dean
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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The challenge of your request is the time factor. If I limit the formation to a specific time frame then this is easy. The results would be limited an miss many stocks that fall just outside the specified time frames that the eye identifies as a triangle formation.
For example; a PCF for pt1 happening 63 days ago, pt2 happening 55 days ago, pt3 happening 48 days ago, pt4 happeining 40 days ago and pt5 happening 30 days ago would be easy (but limited).
I tried the below scan/sort and found several formed (or potentially forming) triangles within the last 63 trading days. Many of the stocks were not in the formation, but I just hit the spacebar on them. The scan found only 59 stocks which I scanned through with my spacebar in minutes.
The idea is not to find the stocks with the scan/sort but to reduce the number of stocks I need to look at to find the formation. The last condition of this procedure is me - my eyes and my formation-hunting brain.
1. Create the following PCF:
Lower highs and higher lows (3-month)
MAXH31 < MAXH31.21 AND MINL31 > MINL31.31
It will return a TRUE if the highest highest high in the first part of the 3-month period is higher than the recent highest high and the lowest low of the first part of the period is lower than the recent lowest low.
2. Save and calculate the PCF.
3. Create an EasyScan
4. Add the PCF above to the scan.
5. Add Price Percent Change 5-day
6. Limit Price Percent Change 5-day to values above 0 (you want the stock to be up for at least the last 5 days).
7. Add Volume 90-days to the scan
8. Limit Volume 90-days based on your own volume requirements. This will ditch stocks that are not liquid enough for you.
9. Add Price Per Share to the scan
10. Limit Price Per Share to values that match your trading price range. Get rid of stocks that are priced too high or low for your trading.
11. Save and name the scan
12. Add a 63-bar Linear Regression line to price (hit L on your keyboard and choose PRICES as the parent).
13. Right-click on the new LR and choose SORT BY. Sort by the visual slope of the LR.
14. Once the sort finishes, press the HOME key on the keyboard to go to the top of the list and start pressing the spacebar. You should find a few stocks that are interesting to you and you should not have many stocks in the EasyScan WatchList to wade through.
This only covers the last three months. You can change the numbers in the PCF and the period of the LR to increase or decrease the time covered.
Try this out for me and let me know what you think.
- Craig
Here to Help!
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Registered User
Joined: 10/7/2004
Posts: 799
Location: Duluth, GA
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Craig's done a great job of providing you with a combo of my two alternatives:
1) a lot of manual steps to visually verify+flag each of the pivot-pivot moves along the way
&/or
2) some gross simplifications of your pattern-logic, with locked-in presumptions of the time windows in which the various pivot-pivot moves occur.
Of course there are a plethora of other alternative methods of getting sorta there, sorta efficiently. I hope his solution does the trick for you!
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Registered User
Joined: 1/3/2005
Posts: 10
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well i tried your scan and it gave me something to look at...as you said it wasn't perfect....so
here is a picture perfect example of what i wanted
stock symbol DBD
1/19 pivot #1
1/26 pivot #2
2/7 pivot #3
2/24 pivot #4
3/7 pivot #5
breakout 3/7
any other insight would help and thankyou very much
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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"Perfection" with this will result in a very limited scan that will miss more than it finds. I think you will find my solution to be one of the better balances.
Never forget the best scanning tool will always be your brain and your eyes. Try to think of TeleChart's scanning/sorting as tools that reduce the number of stocks you need to look through with your superior pattern-recognizing brain.
Your brain found DBD and it will find others as well. Hopefully my idea aboev will reduce the number of times you need to hit the spacebar.
I could have made a scan that found pivots on 1/19, 1/26, 2/7, 2/24 and 3/7. It would have found one stock (DBD) and would never find another stock again. In the meantime dozens, maybe hundereds of stocks that meet your concept would slip by unnoticed over the next few months/years.
Make sense?
- Craig
Here to Help!
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