| Welcome Guest, please sign in to participate in a discussion. | Search | Active Topics | |
Registered User
Joined: 5/12/2005
Posts: 19
|
I need some guidance on creating a scan that would capture stocks that have printed a double bottom. Please see SYMC (Aprin/May)for an example of what I'm looking to capture in a scan. I'm not sure how to go about this, the time dimension is something that of course will vary between bottoms so I'm curious if you know of a way to accomplish this.
Thanks In Advance!
JRFitz
|
|
Worden Trainer
Joined: 10/1/2004
Posts: 18,819
|
Check out this video. A double top/bottom is price, at the end of a trend, bouncing in a sideways channel. I find Doubles with this procedure...
Scan for stocks bouncing in a lateral channel
- Craig
Here to Help!
|
|
Registered User
Joined: 1/28/2005
Posts: 125
|
jrfitz;
> … create a scan that would capture stocks that have
> a double bottom. Please see SYMC (April/May) for an
> example of what I'm looking to capture in a scan.
What is a Double Bottom?
Investopedia’s definition:
The double bottom looks like the letter "W". The twice
touched low is considered a support level… Most technical
analysts believe that the advance off of the first bottom
should be 10-20%. The second bottom should form within 3-
4% of the previous low, and volume on the ensuing advance
should increase.
One (1) solution:
. IF the double bottom looks like the letter "W"
. AND assuming a 30-trading day timeframe
Divide the timeframe by 3 i.e.
. the first bottom occurs between 20 and 30 trading days ago
. the advance off the first bottom occurs between 10 and 20 days ago
. the second bottom occurs between today and 10 days ago.
= = = = =
30-trading day Double Bottom PCFs
. the first bottom (support) occurs between 20 and 30 trading days ago: MINL10.20
. the advance off the first bottom (Support) should be 10-20%
PCF1: (MAXC10>(MINL10.20+((MAXH10.20-MINL10.20)*.1))AND
MINC10<(MINL10.20+((MAXH10.20-MINL10.20)*.2)))
. the second bottom should form within 3-4% of the previous low
PCF2: ((MINL10>MINL10.20*.96) AND (MINL10<MINL10.20*1.04))
3. ALERT: today’s close is within 5% of the midpoint high of the “W” pattern
PCF3: (C<MAXC10.10 AND C>MAX10.10*.95)
EasyScan
WatchList to Scan: All Stocks
[Add Condition]s
. Price Per Share
_ _ adjust Range Selector VALUE 10 to 30
. Volume 90-Day
_ _ adjust Range Selector VALUE 1000 to Max
. PCF1
. PCF2
. PCF3
Save. Name IF new EasyScan. Scan Charts
Chart Template #n setup
On a DAILY Chart,
Zoom = 5
Top Window
. Prices – bar or open bar chart
. . Linear Regression – 10 bar period
. . Linear Regression – 20 bar period
. . Linear Regression – 30 bar period
Note: Linear Regression Lines are a visual estimate of the timeframe lengths.
Middle or Bottom window
. Custom Indicator Settings (Volume as Percent)
_ _ _ Draw Color: Off White
_ _ _ Draw Style: Normal
_ _ _ UNCheck: Visible
_ _ _ UNCheck: Center Zero Line
_ _ _ UNCheck: Plot using price scale
_ _ _ Smoothing Average: 1 Simple
Indicator Formula
((V-MIN(V,5))/(.0001+(MAX(V,5)-MIN(V,5)))*100)
From the EOD updated EasyScan WatchList,
_ _ flag Double Bottom candidates
_ _ move Double Bottom candidates to a manually created WatchList
Name WatchList: ALERT Double Bottom
Every trading day, from the ALERT Double Bottom WatchList
_ _ flag and remove any items that YOU wouldn’t trade
_ _ flag and remove any items that collapse
Notes:
. Be prepared to enter the trade only IF the Price breaks above
the midpoint high of the “W” pattern on increased volume.
Entry Example: midpoint high of the “W” pattern + $0.125
** Always know YOUR exits before entering any trade **
Exits:
. IPS (Initial Protective Stop)
. Target
. Trailing Stops
* Do NOT chase a breakout gap *
_ _ _ _ _
Stalking the SYMC trade
Using Market Close data of 05/17/2005
(i.e. move the 05/17/05 date to the chart's hard right edge)
(J)ump to symbol: SYMC
The lowest low (support) between 20 and 30 days ago was
$18.01 on 04/27/05
Draw a horizontal trendline at the 04/27/05 low.
W Pattern: From 04/01/05 to 04/27/05, the price dropped to a low.
From 04/27/05 to 05/04/05 the price went up, then reversed.
From 05/04/05 to 05/19/05 the price dropped back to support or
the horizontal trendline.
From support or the Horizontal trendline the price moved up and
broke above the 05/04/05 midpoint high of the “W” pattern.
Is there a 5-day Volume increase to confirm the breakout above the
midpoint high of the “W” pattern?
From EasyScan - 05/19/2005 EOD
Double Bottoms:
. VTRS
. HPQ
. CKR
. GYMB (Breakout Gap)
. PSS (Breakout Gap)
Tradeable rolling stocks using an RSI Channel strategy:
. TSA (between $26.32 - $28.00)
. RDK (between $22.30 – $23.70)
. GPI (between $25.42 - $27.15)
. MDRX (between $12.90 - $14.80)
. LGF (between $9.30 - $10.35)
** Important **
Refine the PCFs to fit your perceptions, style, and timeframe.
Suggestion:
. Write a personal note as a reminder to erase the trendlines.
. Every couple of weeks, erase the old trendlines and remove the reminder notes.
ejr
|
|
Registered User
Joined: 10/7/2004
Posts: 1,006
|
ejr,
I appreciate the in depth analysis, most helpful to many users. Can you look at your #3 PCF logic where you want the C to be 95-100% of MAXC10.10, there is a "Error in Formula Syntax"
3. ALERT: today’s close is within 5% of the midpoint high of the “W” pattern
PCF3: (C<MAXC10.10 AND C>MAX10.10*.95)
Thanks
Winnie
|
|
Registered User
Joined: 10/7/2004
Posts: 1,006
|
ejr,
Sorry no Syntax error
Thanks
Winnie
|
|
Registered User
Joined: 10/7/2004
Posts: 1,006
|
Hi ejr,
Maybe I'm missing your PCF formulas, I created a new EasyScan and put each PCF in the new EasyScan.
PCF1: (MAXC10>(MINL10.20+((MAXH10.20-MINL10.20)*.1))AND
MINC10<(MINL10.20+((MAXH10.20-MINL10.20)*.2)))
PCF2: ((MINL10>MINL10.20*.96) AND (MINL10<MINL10.20*1.04))
PCF3: (C<MAXC10.10 AND C>MAX10.10*.95)
I'm getting a boolean true for each of the formulas with 0 count for stocks meeting this criteria.
Maybe there is an explanation.
Thanks
Winnie
|
|
Registered User
Joined: 10/7/2004
Posts: 1,006
|
Hi ejr,
Sorry my error, everything works great.
Thanks
Winnie
|
|
Registered User
Joined: 1/28/2005
Posts: 125
|
Winnie;
Opps! Correction
3. ALERT: today’s close is within 5% of the midpoint high of the “W” pattern
PCF3: (C<MAXC10.10 AND C>MAXH10.10*.95)
Sorry about the typo.
ejr
|
|
Registered User
Joined: 1/28/2005
Posts: 125
|
Winnie;
Ughhhh! Another, correction
3. ALERT: today’s close is within 5% of the midpoint high of the “W” pattern
PCF3: (C<MAXH10.10 AND C>MAXH10.10*.95)
Sorry about the typos.
ejr
|
|
Registered User
Joined: 10/7/2004
Posts: 1,006
|
ejr,
Yes, thanks for your very great help. It's wonderful to have such detailed users like yourself willing to share their knowledge. Very much appreciated.
Thanks
Winnie
|
|
Registered User
Joined: 10/27/2005
Posts: 71
|
so what does the entire corrected pcf look like ?? Can you paste it here ? Thanks
|
|
Registered User
Joined: 5/20/2005
Posts: 178
|
is it possible to make the three pcfs to weekly scan instead of daily?
PCF1: (MAXC10>(MINL10.20+((MAXH10.20-MINL10.20)*.1))AND
MINC10<(MINL10.20+((MAXH10.20-MINL10.20)*.2)))
PCF2: ((MINL10>MINL10.20*.96) AND (MINL10<MINL10.20*1.04))
PCF3: (C<MAXC10.10 AND C>MAX10.10*.95)
|
|
 Gold Customer
Joined: 3/13/2005
Posts: 2
|
QUOTE (jlin827) is it possible to make the three pcfs to weekly scan instead of daily?
PCF1: (MAXC10>(MINL10.20+((MAXH10.20-MINL10.20)*.1))AND
MINC10<(MINL10.20+((MAXH10.20-MINL10.20)*.2)))
PCF2: ((MINL10>MINL10.20*.96) AND (MINL10<MINL10.20*1.04))
PCF3: (C<MAXC10.10 AND C>MAX10.10*.95)
|
|
Registered User
Joined: 2/28/2005
Posts: 825
|
QUOTE (Winnie) ejr,
Yes, thanks for your very great help. It's wonderful to have such detailed users like yourself willing to share their knowledge. Very much appreciated.
Thanks
Winnie
Amen Winnie!! Miss the old auxiliarytc2000usergroup where ejr once provided help on hundreds of great pcf/easyscans (all still cataloged for our use) to users probably across the world. Hard to find one more capable in setting up a good system.
ejr is one for whom newbies & skilled users can watch posts for and learn from.
Good to see you again
art
|
|
Registered User
Joined: 2/28/2005
Posts: 825
|
Meant to post CTL resulting from your scan
|
|
Registered User
Joined: 2/27/2006
Posts: 4
|
I need help in creating PCFs to scan for Triple and Double Bottoms. I am a layman at this in the TC2000 or PCF language.What I have seen may be what I need but I need some direction as how to get it into my software on my desk top.Your help will be greatly appreciated ASAP.Et
|
|
Worden Trainer
Joined: 10/7/2004
Posts: 65,138
|
Copying and pasting the formulas given in this topic into TC2000 and using the as Sorts or Scan/EasyScan Conditions should give you an idea if that will identify the types of patterns you want.
You should be able to copy from the forums by highlighting the formula and either right-clicking and selecting Copy or using ctrl-c. You should be able to paste into TC2000 version 12 using ctrl-v. The Indicators, Sorting & Scanning video explores how you might utilize a Condition Formula once it is created in TC2000 version 12.
In TC2000 version 7, you should not need to use ctrl-v to paste as right-clicking and selecting Paste should work. The How to create a Personal Criteria Forumula (PCF) topic covers the creation of Personal Criteria Formulas in TC2000 version 7.
PCF Formula Descriptions
Handy PCF example formulas to help you learn the syntax of PCFs!
You may wish to review the following for information on pattern recognition in TC2000 (concentrating on topics mentioning double tops and bottoms - this list includes this very topic):
Falling wedge
Cup with a handle formation
PCF for cup with a handle
Scanning for Chart Patterns
Scanning for Stocks Printing a Double or Triple Bottom
PCFs for pennants and flags
PCF's for Triangles
Does TeleChart support Elliott Wave indicators?
Double top/bottom trend
Finding Double Tops and Double Bottoms
CUP AND HANDLE AGAIN
Finding Continuation Triangles And Wedges With Telechart
Cup & Handle PCF
Double tops and bottoms
Flag wedge and pennant pcf
That said, I personally do not think complex pattern recognition is practical in TC2000 using formulas and Scans. This is true of pattern recognition in general with the exception of fixed size candlestick patterns (which are fairly straightforward as long as the pattern is well defined):
Boolean PCFs for Candlestick Patterns
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
|
|
|
Guest-1 |