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Registered User
Joined: 11/15/2006
Posts: 7
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Hi,
I'm trying to write a PCF for a candle pattern called a "springboard".
what I am looking for is a consolidation pattern for a min. of 5 days (usually small candles) and then a jump in todays price that closed above the highs of the consolidation period with a tall candle.
I've looked through a lot of info in your forums, but I can't come up with a PCF for this.
Please Help,
kconnect
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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How do you want to define a 5-day pattern as being a consolidation (vs. not being one)?
How do you want to define the candles as being "small" or "tall"?
- Craig
Here to Help!
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Registered User
Joined: 11/15/2006
Posts: 7
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That is my problem. I want to find stocks that are trading in a narrow range (price range), for a few days to a few weeks, and then lets say double that price range with increased volume. right now I look at the lower priced stocks, so the narrow price range could be 2 cents up and down, or 10 cents up and down. I don't know how to set up the PCF to do this.
Tahnks,
kconnect
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Registered User
Joined: 11/15/2006
Posts: 7
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could what I am looking for be a "breakout" pattern? I want sideways movement then a sudden break up.
thanks,
kconnect
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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kconnect,
If you are looking for a breakout, you may wish to review the following:
EasyScan Design for Breakouts and Bouncers
Spotting trend changes using linear regression channel sorts
Sort using envelopes, regression channels and Bollinger bands
Scan for stocks bouncing in a lateral channel
How to create a Personal Criteria Forumula (PCF)
Handy PCF example formulas to help you learn the syntax of PCFs!
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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Registered User
Joined: 11/15/2006
Posts: 7
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Hi Bruce,
Thanks for the help. After a couple friends and I put our heads together we came up with this formula:
MAXH21.1 <= (AVGC21.1 * 1.02) AND MAXL21.1 >= (AVGC21.1 * .98) AND C > ((MAXH21.1 - MAXL21.1) * 2) + MAXH21.1
the stocks that it came up with were bouncing more than I want them to. A sideways movement like LJPC is what I am looking for. Then I want to find these patterns the day of the first tall white candle.
Would it be better to use the PCF's in "stocks bouncing in lateral channel" and then add a formula to them to find that breakout candle on "today's" scan.
Thanks again for your help,
kconnect
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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kconnect,
My Friday, May 13, 2005 10:01:58 PM ET post in Scan for stocks bouncing in a lateral channel discusses how this might be done to some extent. It is probably worth a try as it seems fairly targeted toward the pattern you seem to be trying to find. If it doesn't find what you want, we can take a look and see if there are any adjustments that could be made to more closely match your pattern.
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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