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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: Patrick Slevin who wrote (28255)	7/21/1999 12:11:00 PM
From: Chip McVickar	Read Replies (1) \| Respond to of 44573

Well...these patterns are already well established and watched by any chartist and therefore maybe well anointed. There is some talk that these patterns are no longer as potent and don't push the market as far as they once did, because pro's use them to take out the small buyers. You're scan would provide hard data on probabilities for both the number of and the move extensions....As well as weither the moves are shrinking....This might be valuable in judging the extent and potential of an Outside Reversal Day/Week/Month. I don't know what it takes to scan 10 years of data...it would take days by hand. I understand that Outside Reversals are more powerful then Inside. You could narrow it down to the strict definition and reduce the number....either up or down for pure reversal weeks. . As I understand....a day/week/month to be Outside must print higher and lower then the previous week. To be considered as an Outside Reversal the market must change an established trend by actually closing lower then the previous weeks lows for a Topping reversal and higher for a bottom. If you are still considering a scan this would narrow the effort to the most powerful. Chip