Hi DRC,
The below MS scan will get you a lot of upside triangles. They don't always pan out but that's where trendlines and S&R enter the mix.
The flat top is more important than the exact pattern, you want a breakout over this resistance.
When you get the list, weed out any stock that may have gotten through that isn't at 5 or above and/or hasn't had a value of 8 in the recent past.
For example 8,8,8,8,7,7,6,6,6,6,5 is ok
This is not ok 8,8,8,7,7,6,5,5,4,3,5
COL.A................LLV(Fml("dns"),10)>=5
COL.B................Fml( "srsi14" ) < 33
Some people don't like patterns, you and I do and thats ok. Not all patterns work out but what exactly does??? Some people can not see divergences, others can not see where to draw a trendline. What is so great about TA is that excelling at what you like can be successful, you don't have to do any one thing.
I do admit though that the only pattern I look for and use are triangles and the handle.
Look at the naz on my home page for a great down side triangle. It broke down, retested and failed it's prior support and had quite a tumble. This pattern repeats itself more than a sausuge,onion and pepper hoagie.
Anything that I post is purely my opinion and should be regarded as such. Hopefully they will stimulate some good conversation and thinking so all can benefit.
Anything that ANYBODY posts is their opinion and meant for conversation, due diligence is required by the reader always!!!
By the way, the 4th stock was HWP.
Regards,
Jerry |
