Registered User Joined: 6/30/2017 Posts: 1,227
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Good morning Bruce,
Got a couple easy peasy PCFs for you. Actually, now that I think about it, it may be just one PCF used on two different timeframes in two different condition columns.
Anyways, Kerry Lovvorn partners with Alex Elder to run their SpikeTrade group. I'm not a member, but I like Lovvorn's entry-trigger. It's not a stand-alone indicator to trade (I already have the setup conditions I'm looking for) it's just an entry technique. But I'll let Kerry explain ...
I call my favorite entry technique a V-1 Buy Trigger. It occurs when price moves below the prior bar’s low, reverses, and moves back up, above the prior bar’s close. It leaves behind a false break of the prior low.
Please remember that I don’t buy simply because of the V-1 trigger - it is the final step in taking a trade. For example, if I find a stock in a squeeze, I only buy after I get my entry trigger - either V-1 or V-2 combo trigger, shown below.
A V-2 combo trigger creates a similar pattern, but it takes three bars rather than two. The second bar breaks the low of the first bar, and the third bar closes above the close of the first bar.
These aren’t theoretical charts. The V-1 example above is a weekly V-1 buy trigger for AAPL. The V-2 buy combo trigger shows a signal for BIDU on a weekly chart. Of course, these triggers can be found in all timeframes - from weekly to daily or even intraday.
These V-1 and V-2 triggers save me from jumping into a trade too early. They show when sellers have become exhausted and buyers attempt to push prices back up. I used to have a bad habit of buying too early and found V-1 and V-2 by searching for patterns that tell me when it may be the time to buy.
Of course, these triggers don’t guarantee a winning trade; they also can fail, but I found that they keep me out of a lot of losing trades and help guard against overtrading.
In addition, these triggers help identify sensible risk levels for placing stops. If a trade is going to work, it isn’t likely to drop below the low of the second bar, suggesting a logical spot for placing a stop.
Source: The Trading Puzzle Book One
What do you think Bruce? I'd try this one myself but I'm in that weird place where I'm too tired to think but too wired to sleep. Maybe I should download that Army caffeine dosing app after all.
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Worden Trainer
Joined: 10/7/2004 Posts: 65,138
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V1:
L < L1 AND C1 < C
V2:
L1 < L2 AND C1 <= C2 AND C2 < C
V1 or V2:
(L < L1 AND C1 < C) OR (L1 < L2 AND C1 <= C2 AND C2 < C)
-Bruce Personal Criteria Formulas TC2000 Support Articles
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Registered User Joined: 3/10/2012 Posts: 465
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Al-gorith looking at the image above
V1 is a piericing Candle and
V2 is a Morning star pattern ...
just incase if u follow candlesticks
Cheers
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Registered User Joined: 6/30/2017 Posts: 1,227
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Thanks, Bruce!
Just got back. First, some ice cream, then I'll give these PCFs a shot. They're for my new "Bungee Jumping" setup. Patent Pending, LOL.
Thanks, Dhiren!
I use Candlestick charts, generally speaking, but I wouldn't know a pierced candle from a pierced earlobe. :) ... I'm more about numbers than candle nicknames. But I know a lot of chartists that are into that.
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Registered User Joined: 6/30/2017 Posts: 1,227
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Wow, cool. Put my ice cream down long enough to actually look at the code. I keep forgetting you can OR stuff in a PCF. That V1-or-V2 PCF is exactly what I looking for.
... reminds me of an old consultant cliche, probably not exclusive to computer folks, but that's where I heard it first ...
"Don't give the client what they asked for, give them what they want".
Thanks, Bruce! You did it again.
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Worden Trainer
Joined: 10/7/2004 Posts: 65,138
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You're welcome.
-Bruce Personal Criteria Formulas TC2000 Support Articles
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