tmaugham
115 posts
msg #88851
- Ignore tmaugham |
2/28/2010 10:28:40 AM
i'm looking for a scan similar to RFR but counting the number to times a symbol has done a pullback and a recovery. Can anyone please help?
Thanks,
Tom
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Eman93
4,750 posts
msg #88856
- Ignore Eman93 |
2/28/2010 2:01:38 PM
The more times it has bounced in the past, reduces the likley hood of it continuing... the first or second pull back are the best... just look at the spy chart.....
so what we want to find is a stock moving out of a long flatish base, has made a nice upward move and has made its first pull back... also called an ABC contiuation pattern.... I tried to build a screen for this but with limited sucess... a pull back to the 20ma is also a good point to watch for a bounce.
The ABC you want a fib retracement of 63% to 50% from the last major swing high.
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Eman93
4,750 posts
msg #88857
- Ignore Eman93 |
2/28/2010 2:04:33 PM
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Eman93
4,750 posts
msg #88859
- Ignore Eman93 |
2/28/2010 2:10:46 PM
NTRI is right at the 200ma and has a pretty consistant pull back... should be a watch.
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moby
314 posts
msg #88864
- Ignore moby |
2/28/2010 5:37:41 PM
Eman: wow, that is a sweet fibo scan, props to you dude :)
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Eman93
4,750 posts
msg #88875
- Ignore Eman93 |
2/28/2010 7:48:56 PM
Thanks Moby... you gotta pick and chose... I cant figure out a way to get rid of the down trenders, from the ones that are just pulling back.
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athenasolutionz
1 posts
msg #88914
- Ignore athenasolutionz |
3/1/2010 11:12:34 AM
Another approach for finding pullbacks is to check with Dr. Elder's ForceIndex.
When 21MA of ForceIndex >0 and 13MA of ForceIndex is <0, then there are chances of pullback.
Thanks,
Amit
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chetron
2,817 posts
msg #88916
- Ignore chetron |
3/1/2010 11:27:30 AM
maybe...
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Eman93
4,750 posts
msg #90046
- Ignore Eman93
modified |
3/21/2010 10:34:04 AM
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starbreaker
4 posts
msg #91847
- Ignore starbreaker |
4/30/2010 4:18:55 PM
I think what your talking about are the first pullback after a breakout. These are scan-able using point and figure charting specifically Triple Top Breakout, Spread Triple Top Breakout, and Bullish Catapult Alerts. See:
http://stockcharts.com/def/servlet/SC.scan
I already posted an SF enhancement post regarding this. No need to duplicate the point and figure charting here, but these scans have to be coded at a low level and used as an indicator. Also a break out from triangle and wedge formations indicator would be profitable also since they usually have a good first pullback if the formation is not a fake.
In Wyckoff theory this combination of moves is called "jump across the stream" and a "pullback to the stream". These are the most profitable trading/investing points in a charts longer term price patterns. Then, like you said, the pullbacks after that become gifts of decreasing value until a trend change of some sort.
Some people counter this by finding stocks that "run forever". There you can have 4 - 5 or more pullback entry points, but the party always has to end sometime.
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