Bull Elephant

daniel_fromcebu

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.

markd

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!

daniel_fromcebu

Enclose is the chart

https://us.v-cdn.net/5022108/uploads/FileUpload/08/6e197b82dea331a4d4907b658f5af5.jpg

daniel_fromcebu

#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]

markd

Hi Daniel, can you re-post your scan with comments describing what each line is intended to do?

daniel_fromcebu

# 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]

daniel_fromcebu

Thanks a lot Markd. It works

Kevo

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.

daniel_fromcebu

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.