StockFetcher Forums · Filter Exchange · Wild card with "Pattern is Bullish"?<< >>Post Follow-up
265 posts
msg #76565
Ignore trendscanner
7/16/2009 8:55:47 PM

I'm writing a scan and at the end want to add a screen that checks whether the last day or several days candlestick patterns are bullish. Is there a wild card that can be inserted into a single line that says "and pattern is bullish *"? Or would I have to write separate scans, each with a different last line, e.g. "and pattern is bullish harami", "and pattern is bullish engulfing", etc.

Any help is appreciated.


319 posts
msg #76575
Ignore mktmole
7/17/2009 9:24:11 AM

Hi TS,

i use the count feature as below.
Hope this helps

Fetcher[/* 5 Positive Candlestick Patterns */
set{CP1,count(pattern is Bearish Three Line Strike,1)}
set{CP2,count(pattern is Bullish Upside Tasuki Gap,1)}
set{CP3,count(pattern is Bullish Abandoned Baby,1)}

set{KICKNG,count(pattern is bullish kicking,1)}
/* Kicker: A gap occurs. a Black Marubozu followed by a White Marubozu
Trend does not matter. Movement will be in the direction of the longer of the two candles */

set{ENGULF, count(pattern is Bullish Engulfing,1)}
set{CP6,count(pattern is Bullish Harami,1)}
set{CP7,count(pattern is Bullish Three White Soldiers,1)}
set{CP8,count(pattern is Bullish Harami Cross,1)}
set{CP9,count(pattern is Bullish Morning Doji Star,1)}
set{CP10,count(pattern is Bullish Three Inside Up,1)}
set{CP11,count(pattern is Bullish Upside Gap Three Methods,1)}

and add column CP1 {Bearish 3line84%}
and add column CP3 {AbandonedBaby70%}
and add column kickng
and add column engulf
and add column CP2 {Upside TasukiGap57%}
and add column CP6 {Harami}
and add column CP7 {3white}
and add column CP8 {Harami_X}
and add column CP9 {Doji}
and add column CP10 {3Insideup}
and add column CP11 {GapUp3}

and price above .49

265 posts
msg #76635
Ignore trendscanner
7/17/2009 8:21:03 PM

mktmole, what you've provided looks like a brilliant approach, I don't think I would have ever thought of that approach, so thanks for sharing it with me.

When I click on the scan to run it today, it retrieves almost 8200 hits, which is an overwhelming amount of info to digest. It appears that some of the counts are zero for all CP* values, so I'm wondering whether this needs an extra line of code that would request just stocks with values that passed the bullish test. Otherwise, I'm not quite sure how to integrate it into the scan that I want to merge it with.

thanks for any additional suggestions.

109 posts
msg #76636
Ignore TrendSurfer
7/17/2009 9:22:23 PM

Try dropping the following into your scans, as a "kicker" to find bullish reversal and continuation candle patterns. Will get you into the ballpark with a manageable number of stocks to find possible winners on "trigger day." Pay special attention to any move off support and ma's and look to the left on the chart and make sure stock has room to move up before resistance. Candle patterns are a very visual and effective way to trade traditional chart patterns. Make sure to manage your entries and exits. You can change this around to fit whatever you are doing in your scans. Change it to find bearish possibilities, convert it to weekly, etc... Maybe this will give you an idea or two. Sometimes simple can be the most effective. Cheers...

and low 1 day ago below low 4 days ago
and close above open today
and close above close 1 day ago
and volume above volume 1 day ago
and volume gained less than 500 percent over the last 1 day

Of course use additional criteria for a complete scan...

265 posts
msg #76643
Ignore trendscanner
7/18/2009 7:35:18 AM

Thanks for the great suggestion. I like to buy the dips of small caps that have CANSLIM type characteristics. One of the scans I run to look for them, to which I want to apply the bullish reversal pattern, is:

close reached a new 1 year high within the last 4 weeks
and close is above 1
and average volume(30) is between 30000 and 1000000
and close is more than 5% below the 1 year high
and ADX(14) is less than 40
and weekly ADX(14) is less than 40
and MACD fast line (12,26) has reached a 6 week low

Another variation uses a low stochastic value rather than MACD. It's a swing/position trade, long-only strategy. Having a bullish reversal day at the end of the pullback helps with the decision to pull the trigger.

Have to apply discretionary judgement about the individual stock and the overall market behavior before taking a position. So far I've had more winners than losers, hopefully that will continue. Lots of stocks looking overbought these days on weekly charts though. Not sure how much longer this market can rally given the state of the economy.

thanks again

109 posts
msg #76647
Ignore TrendSurfer
7/18/2009 11:17:07 AM

This may find some of what you are looking for. For setups - catch a tailwind with the broad markets moving
in the same direction and you're off for a 2-4+ multi-day trade (this is where I am most comfortable). Set buy-stop entry above previous days high and sell-stop just under current candle. If stock/ETF runs up big on entry day, take profits same day. Use a one or two day low countback for your sell-stop and manage for your exit daily. Move sell-stops to breakeven ASAP after entry and let your winners run until stopped out. Careful on days where there is news involved with the move.

The best way to test the effectiveness of scan is NOT to use the backtesting features here at SF, but to use the date
offset window on the lower left of the filter window. Just keep clicking back one day at a time and take
note of how things react to the scan results in the past. Price should move your way immediately, if not bye-bye,
but you must be in a trade to take profits. Opt-out if entry stagnates for more than 2 or 3 days.

Very effective for inverse ETFs as well on the down side of things. Or if you want to position trade just covert to a weekly chart to find possible entries on the daily chart pull-backs. Keep scans clean and tight, sharpen your eye. This should be a good start for farther research...

Ok, back to the Tour de France. Go Lance! Cheers...

/*Catch A Bullish Momentum Swing TRIGGER DAY*/

Show stocks where close is less than 40% below the close of new 6 month high

and close above 10
and average volume(60) above 300000

and close above MA(200)

and RSI(4) below 50
and RSI(4) increasing

/*BULLISH KICKER - to reveal bullish candle reversal patterns*/
and low 1 day ago below low 4 days ago
and close above open today
and close above close 1 day ago
and volume above volume 1 day ago
and volume gained less than 500 percent over the last 1 day

and Comparative Relative Strength(^DJI,30) is above 1.15

319 posts
msg #76650
Ignore mktmole
7/18/2009 2:23:57 PM

Just add your scan to mine.
Also set whatever are your price and volume requirements.
Run the scan.
Sort on any Candlestick pattern column.
If there is a 1 in the column then that is a "yes" for that candle pattern with that particular stock.
A "'0" = no hit.


88 posts
msg #76665
Ignore cabogordon
7/19/2009 11:44:19 PM


nice filter. have been useing this for awhile ? r u a full time trader. any feedback welcomed. thanks.

109 posts
msg #76679
Ignore TrendSurfer
7/20/2009 11:45:23 AM

Hi cabogorden, the above filter was just to give various ideas to the original poster. Just a few lines taken from my many
more complete/polished scans to suit my needs. It's good you see possibilities.

To answer your questions, been using SF for years and I watch the markets most everday the first and last hour of each
trading day, been analizing, investing and trading for 25+ years. I trade stocks and ETFs with a 100%
technical point of view. Zero fundyLIEmentals, yes I trust nothing from the mainstdream media including the president of a
company being interviewed by a talking head. If you are missing the market moves, then turn off the news and
listen to the price charts as revealed by quality scans.

I've found you must be a specialist in the time period and the method you trade. For income I live in the
2 to 4+ multi-day trades as noted above. For longer term accounts (core) positions, 2 to 4+ multi-week trades.
You can do this method 'End Of Day' very effectively if you can't access computers during the day.

A couple of additional ideas with the candles. I prefer not to use the defined candle search here
at SF, as you will eliminate many a great opportunities from showing up in the scans. A candle hit on a scan is not enough information for a trigger day. A great trade possibility is an event of certain things coming about at the same time increasing your probability of a move in the direction you are anticipating (or not). Candles tell a story of fear and greed, so read them one day upon the next and react.

With the right attitude and a powerful method much can be accomplished. As TheRumpledOne has said a
thousand times here at SF, "it's how you trade it." That is true of any method you choose to master. To profit from moves, you
must be in the move. So getting stopped out routinely is an art-form along the way to profits like a good salesman must with hearing no a lot.

Great scans will get you into a manageable ballpark of stocks, a trained specialist eye will find the best entries. Cheers...

265 posts
msg #76682
Ignore trendscanner
7/20/2009 7:10:53 PM

I agree it's a great scan (as is the one from mkt mole on flagging bullish candlesticks) and excellent advice how to play it, . Many thanks to those on this site who know WTF they're talking about for helping out those of us trying to figure it out.

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