JoeyVinyl
125 posts
msg #150117
- Ignore JoeyVinyl |
1/5/2020 2:23:34 PM
Let me start by saying that I love these forums. I've learned a lot just by searching them. I've learned there's a lot I don't know too, but I enjoy working out some of the more complex filters (TRO's for example) to see if I can understand how they're thinking. I've been trying to learn as much about trading as I can so I've been reading a lot of web sites and watching a lot of videos. I know there's no "magic formula" out there that will work for everyone, mainly because we all have different trading styles though we all have the same goal - to make money by trading.
One of the people I like on YouTube is Jared Wesley from Live Traders. In this video (https://www.youtube.com/watch?v=xEjUd82NVVg) he talks about what he calls the 3 Bar Play. It's a long video but the explanation starts about 10 minutes in.
I don't know if it's something that would work for me but I'd like to at least paper trade it for a while. He says it can be used in any time frame (I'm looking to use it on a daily time frame) but I have no idea how to write an SF filter for it. I've got the following for the first part about a close above resistance, but can't figure out how to code for an open being the same as a previous days close. I've searched the forums, I've searched the Guide, and there's nothing I can find about any kind of "equal" situation. Anyway, here's what I've got so far and any help will be greatly appreciated.
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JoeyVinyl
125 posts
msg #150118
- Ignore JoeyVinyl |
1/5/2020 2:33:17 PM
I just wanted to add that what I like about Jared is that he doesn't say "do this and you'll get rich quick." He talks about how trading can be simple but that doesn't make it easy. He also stresses the importance of money management through things like limiting your position size and using stops. Is his trading advice any good? I don't know. But I agree with that part of what he says so I'm willing to see if it works for me.
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JoeyVinyl
125 posts
msg #150120
- Ignore JoeyVinyl |
1/5/2020 4:12:36 PM
I don't believe this. I was just reading this post (https://stockfetcher.com/forums/General-Discussion/Open-Price-equal-the-low-price-for-the-day/150058) and I think xarlor answered the question. Obviously I missed any mention of "equals" in the forums and Guide, but I'm going to play with this and see if it works.
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xarlor
585 posts
msg #150126
- Ignore xarlor
modified |
1/5/2020 7:01:20 PM
3-bar play
4-bar play
First hit as of this post is BTI on 11/25/19
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JoeyVinyl
125 posts
msg #150133
- Ignore JoeyVinyl |
1/5/2020 9:57:06 PM
Awesome, xarlor! Thank you! I'll let you know how it works out.
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cvernooy23
1 posts
msg #152710
- Ignore cvernooy23
modified |
6/22/2020 7:20:21 PM
as there hasn't been any follow up from the OP, I have some questions about this filter. I watched the same presentation from Jared @LiveTraders and I don't think this filter follows the logic of what Jared was presenting, maybe I'm wrong, let me explain.
bar 1:
the strict determination that bar1 is greater than the 3 month high seems very arbitrary and restrictive, I would think you would want to do days, not months. better than that, I would think just detecting a stock that has had a fairly high (8-10%) change, where open > close (bullish) or open < close (bearish) X days ago (3 or 4 based on the 3 or 4 bar play)
bar2:
next day should have a "baby bar" where open and close are fairly close without high/low being X percent (say 4%?) greater/less than the high/low respectively. this bar can be in any direction (up/down), as explained by Jared.
bar 3:
Low >= close of bar2 and a similar percent change compared to day 1 of the pattern
would this not be a better way to detect this on the daily timeframe? I'm really struggling with the stockfetcher filtering language, and I write automation as one of my primary functions (IT engineer).
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