P& F Scan

JJJJ

I am trying to learn more about P & F scans. Is there a scan to identify when a row of X's moves up one X above the last row of X's ?

markd

Here's the link to the P&F documentation:

https://stockcharts.com/docs/doku.php?id=scans:advanced_scan_syntax:pf_scans

and here, toward the bottom of the page:

https://stockcharts.com/docs/doku.php?id=scans:reference:predefined_patterns#p_f_patterns

I'm guessing you want a P&F Double Top Breakout.

@lmkwin could probably tell you more.

JJJJ

Mark: I think I have it at least partially. The P & F Double top scan usually has more than one X 's above prior X rows and doesn't appear to be the solution. Your link to the more detailed scanning got it somewhat. I needed to change the box count to 4. This will always give me the 1 X higher if preceded by a column of 3 O's. I will still play around to see how to handle prior columns of O's greater than three. Thanks for the help.

markd

Well, keep in mind that a symbol can add more than one X (or O) in a single session, depending on the range of prices traded during that session. So, the scan hit may be the first instance of a cross above the previous column of Xs, if that is what you are looking for (i.e., a breakout).

But, I don't know how the scan engine handles an instance where it did cross by one X, then subsequently by another X, or Xs, in another session. Is that still a Double Top Breakout even though its not the first instance of at least one X above the prior column? I don't know.

lmkwin

JJJJ, to reply to your original question, ANY of the predefined bullish P&F patterns, except Bear Trap and Low Pole, are based on when a column of X's exceeds the prior column of X's by a box. A pattern is valid until another pattern comes about. So a "Double Top" is triggered when the column of X's 1st exceeds the prior column of X's by a box, and remains a double top buy signal no matter how many more X's it adds.

Something to remember about 3 box reversal charts is that they basically outline a range of prices. If there is a column of X's 3 high from 25-27 that means that the price is currently between 24.01 and 27.99. 24.01 is below the lowest X in the column. 26 is the middle X in the column and 27.99 is in the top X of the column.

As to your 2nd question/remark, a 3 box reversal pattern doesn't mean that there are only 3 boxes per column. That is the minimum requirement for a reversal. And remember that a 3 box reversal requires a 4 box move compared to the prior column. Most chart columns have more than 3 boxes filled. Now, when you get into READING the charts, the column lengths will have more meaning but, if you try to limit yourself to looking only at stocks that have 3 high columns, you may be unnecessarily limiting your review and passing up some of the best performing charts.

lmkwin

To get to a listing of the "bullish" patterns, go to the Predefined Scans on StockCharts and scroll down to the P&F Patterns section

https://stockcharts.com/def/servlet/SC.scan