| 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 1,099 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 164 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 1,099 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. |
| 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. |
| nibor100 1,099 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 619 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. |
| 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 |