Registered User
Joined: 3/24/2005
Posts: 40
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Hello, is there any way to setup a scan for patterns (e.g. cup with handle, triangles, etc)
I tried searching the forum but couldn't come up with anything.
Also, is there a database somewhere where I can find other people's PCF's?
Thanks
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Worden Trainer
Joined: 10/1/2004
Posts: 4,308
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Specific patterns are often difficult to scan for, since there is a time element involved in watching the pattern develop. It is also true that some of these patterns don't exhibit themselves very often in the market. One of the best ways I've found to look for these patterns is to use EasyScan first to create a smaller universe of stocks that meet other conditions important to you (ie. if you found a beautiful cup and handle pattern on a stock that just closed at 50 cents a share, would you be interested? Not if you never trade stocks priced under $5!) Once those conditions are in place, think of two or three more conditions to add that would eliminate stocks that couldn't possibly be exhibiting your pattern. This will take some thought, but it will eventually lead you to a fairly small list of stocks...maybe a hundred or so. The final "scan" is done by your eyes, as you space bar quickly through the list of charts. Your eyes can do an immensely better job than a scan can of identifying a particular pattern.
- Doug
Teaching Online!
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