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3 and 4 bar play OS needed
Last Activity 10/3/2019 2:18 PM
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ap·pren·ticeGuru

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Subject : 3 and 4 bar play OS needed
Posted : 6/24/2019 7:14 PM
Post #30464

Hello fellow friends:

Can anyone please help to post omniscript(s) for the following attached pic that has 3 and 4 bar pattern play. Thanks.



[Edited by ap·pren·ticeGuru on 6/24/2019 7:18 PM]

Attached file : 3-4BarPatternPlayb.png (20KB - 194 downloads)

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Jim Dean

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Subject : RE: 3 and 4 bar play OS needed
Posted : 6/24/2019 7:31 PM
Post #30465 - In reply to #30464

Need some words to define what matters. For example, is it important that none of the four bars have any wicks or shadows? Do the cases where the open and close appear equal need to be *precisely* equal? If not, how close is close enough? (%C or ATRfrac). Do the “bigger” bars need to be at least X% bigger? Do these patterns need to occur in an uptrend or downtrend? If so, how do you want the trend to be identified? (MAslope, etc)

Pics alone rarely define anything - people notice different things. Words are required - pictures are optional.

[Edited by Jim Dean on 6/24/2019 7:33 PM]

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ap·pren·ticeGuru

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Subject : RE: 3 and 4 bar play OS needed
Posted : 6/24/2019 8:40 PM
Post #30466 - In reply to #30464

Nothing fancy needed, as just looking for a cookie-cutter script to test if there are enough of these like 3 & 4 bar patterns shown in pic as it stands on a chart before pursue further.

The first two patterns are based from uptrend as the 1st bar exhibits, while the last two patterns are based of downtrend.

I presume the middle 1 & 2 bars (base) should not exceed the 1st bar (preferable 50%-75% or less of body), and Open & Close weigh more than shadows. Otherwise, the base would cancel out the pattern.

I'd think the trend would be identified as (regression) or impulsive, imho, just guessing :-).

Thanks.

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Jim Dean

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Subject : RE: 3 and 4 bar play OS needed
Posted : 6/24/2019 8:57 PM
Post #30467 - In reply to #30464

Okay. Based on a loose reading of rough description, yet this for the first pattern. You should be able to modify it yourself for the others, or for a different trend rule.

LnReg_Slope(Ema(5),3) > 0
And
C > math.max(O, O[1])
And
Abs(O-C[1]) < ATR(14)/10
And
Abs(O[1]-C[2]) < ATR(14)/10
And
C[1] < O[1]
And
C[2] > O[2]
And
O[2] < math.min(O, C[1]

Note - in my experience, it’s unwise to rely on multiparty patterns to mean much. Single-bar (such as doji’s) and maybe dual bar (such as inside) sometimes are useful. Even the best of the Jap Candle patterns have only a 40% hit rate (per appendices in Morris’ book).

As you can see from the script above, which is the simplest description of what your pic shows, and which ignores a lot of the other possible specs, the definition has a lot of moving parts. Good luck!

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ap·pren·ticeGuru

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Subject : RE: 3 and 4 bar play OS needed
Posted : 6/25/2019 3:41 AM
Post #30468 - In reply to #30464

Thanks Jim, I'll give it a spin and observe where it toward leads.

Cheers.
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John J

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Subject : RE: 3 and 4 bar play OS needed
Posted : 7/2/2019 9:44 PM
Post #30472 - In reply to #30468

Hi Jim,

Just wanted to chime in here to let you know that the first bar isn't just some random bar. It's importance is described in these two videos...(I believe the guy is the originator of this strat?)...

https://www.youtube.com/watch?v=eXO1EXDnCpE
https://www.youtube.com/watch?v=zMrJvcrMrxU


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Jim Dean

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Subject : RE: 3 and 4 bar play OS needed
Posted : 7/3/2019 5:35 AM
Post #30473 - In reply to #30472

I did the best I could to create a script that conformed to the description provided. I’ll leave it up to y’all to watch the 87 minutes (!) of video to decide if some additional tweaks are needed. I am not personally a strong “believer” in mechanically trading “simplistic” patterns - stats (from Greg Morris) show that even the best of the Jap Candlesticks have hit rates of less than 50%.
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ap·pren·ticeGuru

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Subject : RE: 3 and 4 bar play OS needed
Posted : 7/3/2019 8:29 AM
Post #30474 - In reply to #30464

Fwiw, I did not find enough patterns from initial test to pursue any further. My thoughts differed than this dudes "entry" suggestions on the patterns shown.

My idea was also to enable to find price footprints left after these pattern were found whereupon, price would return too at future date, without the help of "volatility, ATRs, etc" - simply based on price action OHLC... as this guy on video is suggesting in the simplest form (it does not work in real trading world :-), imho, unless luck plays out in favor each time).

Nirvana's iZones plugin, imho, would do a better job in finding these rally-base-rally, rally-base-drop, etc. patterns by fiddling with the parameters, :-).

Thanks for bringing to attention. Cheers.
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