StockFetcher Forums · Filter Exchange · Double Failure Swing High / Low<< 1 2 >>Post Follow-up
imanga
13 posts
msg #160291
Ignore imanga
4/19/2023 9:04:27 AM

Hi,

I have been trying to create a filter which scans for the following condition but for some reason am not able to get it to generate results.

Buy Signal
--------------
A trend is consistently down for x number of days and then we have a close which is above the previous 2 closes, preferably the last bar low will be lower than the previous 2 days low.

close has been decreasing for 5 days
and close 1 day ago is below close 2 day ago
and close is above close 2 day ago

Sell Signal
--------------

A trend is consistently up for x number of days and then we have a close which is below the previous 2 closes, preferably the last bar high will be higher than the previous 2 days high.

close has been increasing for 5 days
and close 1 day ago is above close 2 day ago
and close is below close 2 day ago

Thanks
IM

nibor100
1,008 posts
msg #160292
Ignore nibor100
4/19/2023 10:38:37 AM

post your draft filter so we can fix it!
Thanks,
Ed S.

wantonellis
154 posts
msg #160294
Ignore wantonellis
4/19/2023 1:35:26 PM

The 3rd line in your filter negates the 1st line resulting in zero hits.

842 close has been decreasing for 5 days
486 and close 1 day ago is below close 2 day ago
0 and close is above close 2 day ago

nibor100
1,008 posts
msg #160295
Ignore nibor100
4/19/2023 7:13:26 PM

@imanga,

Sorry, I didn't realize you had included filter snipets in your questions.

Below is my attempt at solving your Buy condition:
Ed S.

Fetcher[
close 1 day ago has been decreasing for 5 days
and close 1 day ago is below close 2 day ago
and close is above close 2 day ago
chart-time is 2 weeks
]





imanga
13 posts
msg #160296
Ignore imanga
4/20/2023 3:02:08 AM

Thank you for your replies.

I mistakenly put the title as Double Swing Failure, dunno if I can edit it to reflect the correct strategy.. its actually Double Close Key reversal High /Low.

You can view the setup here
https://twitter.com/elliottwavtl/status/1187418503239876609?t=JB6NR_o82LKx_SdkeIQmVw&s=19


imanga
13 posts
msg #160297
Ignore imanga
modified
4/20/2023 9:14:10 AM

Thank You @nibor100, I changed 3rd line from close to high and this gives the deserved results for the Buy side trade.



Fetcher[ close 1 day ago has been decreasing for 5 days
and close 1 day ago is below close 2 day ago
and close is above high 2 day ago
chart-time is 2 weeks
and Stochastic %K(5,2,3) is between 15 and 20
]





nibor100
1,008 posts
msg #160299
Ignore nibor100
4/20/2023 9:59:13 AM

Your original post only mentioned the High for the Sell condition so that's why I didn't include it for the Buy condition. I can't add stuff I don't know about....

Thanks,
Ed S.

imanga
13 posts
msg #160301
Ignore imanga
4/22/2023 3:37:47 AM

Sorry if it wasn't clear @nibor100

I suggest you all have this strategy in your toolkit you will be surprised on how consistently it provides profitable trades. I have added a so called cycle indicator [Barry Burns] in the scan I.e the Stochastics with this particular settings.

xarlor
548 posts
msg #160302
Ignore xarlor
4/22/2023 12:44:56 PM

I suggest you limit this pattern to tickers who are already in an established trend.

Also, a trailing stop is advised as the subsequent move is fickle - sometimes it runs long, other times it runs up and quickly reverses again. Of course, there are those that fail and keep going in the failed direction. A trailing stop helps in all three scenarios - long run, short run, failed reversal.

My go-to established trend filter included below.

Fetcher[
/* Bullish Double Close Key Reversal */
/* https://www.stockfetcher.com/forums/Filter-Exchange/Double-Failure-Swing-High-Low/160291 */

/* Define today's bar */
close > close 1 day ago
close > close 2 days ago
high > high 1 day ago
low < low 1 day ago

/* Define yesterday's bar */
close 1 day ago < close 2 days ago
high 1 day ago < high 2 days ago
low 1 day ago < low 2 days ago

close > wma(150) for last 50 days
]




Fetcher[
/* Bearish Double Close Key Reversal */
/* https://www.stockfetcher.com/forums/Filter-Exchange/Double-Failure-Swing-High-Low/160291 */

/* Define today's bar */
close < close 1 day ago
close < close 2 days ago
high > high 1 day ago
low < low 1 day ago

/* Define yesterday's bar */
close 1 day ago > close 2 days ago
high 1 day ago > high 2 days ago
low 1 day ago > low 2 days ago

close < wma(150) for last 50 days
]



imanga
13 posts
msg #160303
Ignore imanga
modified
4/23/2023 5:40:42 AM

Thanks, Xarlor, appreciate your comments on risk management which truly is the Holy Grail of trading.

The subject of this post is misleading as the strategy is actually called a Double Key Close Reveral and is a purely reversal indicator, the stop loss is the high or low.

What you suggest looks more like the Double Failure Swing High / Low which is another powerful technique where the trend has changed, and we get a couple of moves in the opposite direction which fail making lower high/low each time. The resulting move which breaks the last low/high will be in the direction of the main trend.

Here's a small illustration of what I mean by a Double Failure Swing Low...




StockFetcher Forums · Filter Exchange · Double Failure Swing High / Low<< 1 2 >>Post Follow-up

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