StockFetcher Forums · Announcements · New Pattern: Double Bottom<< 1 2 >>Post Follow-up
963 posts
msg #243
12/11/2002 9:36:16 AM

We have just introduced a new double-bottom pattern detector. Another result of great user ideas and feedback! This new pattern detector attempts to discover stocks that are nearing or have recently completed a double-bottom. Below is an example screen using this new pattern:

Fetcher[show stocks where pattern is double-bottom and price is above 3]

Please note the - (hyphen) in double-bottom, that is required to produce the correct results.

As background, to meet the requirements of this pattern, the following conditions must be met:

  • Stock is in a recent downtrend
  • Retracement of more than 10% of the low after the downtrend.
  • Return to within 3% of the lower resistance
  • Retest of the upper resistance
  • Increase of volume on the retest of upper resistance.

    Below is a chart demonstrating these qualifications:

    Please keep in mind this is a fairly specific implementation of the double-bottom and may yield very few results each day. Additionally, we will continue to analyze the results, so if you have any ideas or suggestions for this pattern, please don't hesitate to drop us a line!

  • gchen
    11 posts
    msg #245
    Ignore gchen
    12/12/2002 11:27:45 PM

    The new Double Bottom is a very valuable pattern, but how about a "Potential
    Double Bottom" pattern, which show stocks that have dropped to their previous
    low level with a potential to bounce. Thank you very much.

    267 posts
    msg #270
    Ignore tomb
    12/18/2002 11:14:31 AM


    Great idea about the potential or incomplete double bottom. We have added a new phrase for the double bottom so you can do just that.

    Fetcher[show stocks where pattern is incomplete double-bottom(2)]

    Thanks again for the feedback and please let us know what you think!

    Tom Support

    1 posts
    msg #293
    Ignore avikroy
    1/4/2003 3:35:01 PM

    Very, very useful. How about a similar "double-top" filter. Both complete and incomplete, just like the "double-bottom".

    1 posts
    msg #26741
    Ignore ljt9696
    6/5/2003 12:09:18 AM

    Yes, particularly like the incomplete double-bottom. As last poster inquired, is there a similar scan for an incomplete double top? Thanks.

    29 posts
    msg #28436
    Ignore makeroftrades
    9/9/2003 6:10:27 PM


    1,373 posts
    msg #28460
    Ignore EWZuber
    9/10/2003 5:08:22 PM

    People want an unconfirmed double bottom, giving them the opportunity to get in at support ( the arrow pointing to, 'retrace to previous low' ). Getting in at resistance can be dangerous, particularly if the market turns red on you like it did today. If one buys near support then the exit signal can be just 1 ~ 2% below support and capitol can be conserved for another day. It also allows for gains up until resistance is tested. If the double bottom pattern never breaks resistance then you have a good cushon below you and can close the position in the money. If it does move higher then you're ahead of the game. JMHO

    319 posts
    msg #29555
    Ignore mktmole
    10/29/2003 3:51:07 PM

    Can the Double Bottom Scan be further enhanced to a separate Triple Bottom Scan? Thank You.

    51 posts
    msg #31525
    Ignore rsingh
    3/27/2004 12:33:25 PM

    Can this work with weekly charts or I meant to say can we see this pattern on
    a weekly chart

    1 posts
    msg #32533
    Ignore newforzero
    7/9/2004 7:17:11 AM

    The incomplete double bottom is extremely valuable. A natural for RSI and MACD divergence studies and a great opportunity to get the risk/reward equation right for trade entry. Moderator: I'm just as interested in an incomplete double top filter for exactly the same reason--is it in the works? TIA

    StockFetcher Forums · Announcements · New Pattern: Double Bottom<< 1 2 >>Post Follow-up

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