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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
    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.
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