New Members: Be sure to confirm your email address by clicking on the link that was sent to your email inbox. You will not be able to post messages until you click that link.

Bull Elephant

How can I scan for a yesterday long range Bear Bar that is 30 % lower than previous 10 periods ago and then followed by a Bull Bar equal or higher than the open of yesterday's bar and vice versa.
Your help is really appreciated.

Best Answer

  • markdmarkd mod
    Accepted Answer
    I think I understand about the two bars - you want a long red bar, followed by a long white bar that closes above the open of the long red bar.

    This code does that:

    [type = stock]
    and [close >10]

    // yesterday is a long bar

    and [1 day ago range > 1 day ago ATR(14)*1.5]

    // today is a longer bar

    and [range > 1 day ago range]

    // yesterday was a long down bar
    // yesterday's open is near the high

    and [1 day ago open > 1 day ago low + [range *.8]]

    // yesterday's close near the low

    and [1 day ago close < 1 day ago low + [range *.1]]

    // today is a long up bar
    // close near high
    and [ close > low + [range *.8]]

    // open near low
    and [ open < low + [range *.1]]

    // today's close is above yesterday's open

    and [close > 1 day ago open]

    If you run this for Nov 24, it get PRI for a hit. I think this is a fairly rare combination, so you probably won't get many hits.

    This scan does not have your "30% down condition". I think you have to clarify that. Most stocks take weeks or months to move 30%. Do you mean 30% of the prior leg up?

    I'm thinking you might want to use an indicator like Slow Stochastic %K and test for whether it is below, say, 50, after having been above 80,

    so:

    and [Slow Stoch %K(15,3) < 50]
    and [max(15, Slow Stoch %K(15,3)) > 80]

    Hope it helps!

Answers

  • #I tried this equation, but nothing comes up
    [type = stock]
    and [ close-low/ high-low*100 >= 80]
    and [ 1 day ago high-1 day ago close/ 1 day ago high-1 day ago low*100 >= 80]
    and [ close >= min (10, high) ]
    and [ATR(14) > 1.5]
  • Hi Daniel, can you re-post your scan with comments describing what each line is intended to do?
  • # Looking for a twin tower condition, big range Bear followed by big range Bull
    [type = stock]
    # looking for close % range that is way on top
    and [ close-low/ high-low*100 >= 80]
    # next close 1 day ago below the range
    and [ 1 day ago high-1 day ago close/ 1 day ago high-1 day ago low*100 >= 80]
    # maybe this one should be close <= min(10, high) not sure.
    and [ close >= min (10, high) ]
    and [ATR(14) > 1.5]
  • edited November 2014
    Thanks a lot Markd. It works
  • I would like to point something out. The pattern circled in the image is a two-period Bullish Engulfing candlestick pattern. It is is not a Bull Elephant. I cannot find a candlestick pattern called a bull elephant.

    Regarding the two-period candlestick pattern that markd's scan returns, I cannot find a name for it. The 3 and 2 period ago pattern appears to be a Dark Cloud Cover. The Dark Cloud Cover needs a confirmation, which has not appeared.
  • Kevo, I should have called it a Twin Tower. A big range Bear Candle followed by a big range Bull Candle. This is a Bullish entry if
    happens just below the Sma (20) moving average or during a Bear climactic condition.
Sign In or Register to comment.