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Dimitris,
Thanks for chasing this down. Leave it up to you to find a way to code everything : )
Thanks to you and Yuki for collaborating, and look forward to your final product.
Kind Regards,
GaryDIMITRIS TSOKAKIS <TSOKAKIS@xxxxxxxxx> wrote:
Yuki,could you please take a look athttp://www.chartpatterns.com/headandshoulderscharts_.htmand tell me which example matches better to your H&S point of view?We could add some additional Volume conditions to the existing H&S code.1. Do you want the Volume to form a H&S too [like JYC example], diminishing [like the BPC example] or something else ?2. Does your picture agree with the volume expansion at the breakout [although it is too late for any action...]3. Should we ask the 3 peaks to be a% higher than the recent [last 3-6 months] lows4. Any MAs condition as long as the H&S is createdTIADimitris Tsokakis--- In amibroker@xxxxxxxxxxxxxxx, Yuki Taga <yukitaga@xxxx> wrote:> Hi Dimitris,> > Tuesday, November 18,
2003, 9:32:14 PM, you wrote:> > DT> Let us see the recent ^NDX behavior.> > DT> After a long period we have had [Nov9 to Nov10] the first > DT> important bearish signals, a simultaneous> > DT> ~MeanStochD and ~MeanRelSlope divergence. The whole market > DT> looks a bit tired and the bears have > > DT> a lot of reasons to wake up> > DT> P2 [Nov7] is the second peak of a probable H S > DT> formation.[sensitivity perc=3%]> > DT> The trendlines are no longer parallel, a slight converging > DT> wedge is apparent day by day.> > DT> If the next days will keep on creating the H S, let us see > DT> the proper action moment.> > DT> It is easy [and confusing] to speak after the > DT> facts .> > DT> We have more than 5 bars to see any complete form, let us > DT>
concentrate in the details [other leading/lagging] indicators]> > DT> and add contributions to this thread, but, please, before the > DT> facts.> > DT> 15 bars later we may see what was written and make > DT> our comments [or laugh with our great texts !!]> > DT> I hope it is interesting.> > There is NO question that this market looks very tired. MRSI and RSI> divergences since September are telling. These divergences persist.> > However, classic H&S is not indicated at all, to me. The volume> signals necessary to validate or suggest such a position just are not> there . . . unless we use our imagination and get very creative,> which is a violation of TA formation-spotting in my book. But> really, they are just not there, and I don't see it.> > The plain fact of the matter, though, is that
markets do NOT hold> continuously at ~20 percent above their 200 day SMAs. And that is> roughly where this market has been churning higher for several months> now. In a strong trend of course, that CAN persist for a while. But> it is bound to come undone, and the downside risks here are not> insubstantial -- the longer this unsustainable posture persists, the> sooner it has to come undone. This is an index where even the rather> responsive 18 day SMA has NOT ONCE even dipped below the 50 day SMA> since they last crossed in March. It's an index that is up a> startling 40 percent since March. The only reason in my opinion it> has been able to come this far, is that such a percentage is still> within some acceptable (and even normal) oscillation coming off the> absurd bubble created in the late 90s. But we are somewhat due for a> pullback
of some magnitude I think.> > But I see nothing right now to indicate a major trend change, and> certainly no H&S as I need to see them. But I see plenty to suggest> that the risks of a major (and I think much-needed) correction are> increasing. That correction could easily take the ^NDX as low as> 1200. But that is only about a 16 percent pullback from the recent> highs, and would still NOT indicate a reversal to a bear market.> > However, it could indicate the beginning of a broad sideways> oscillation that swing and intermediate term traders might love,> where the ^NDX roams up and down, covering 200 plus points at a time.> > All that said, once again I see no signs of any complete trend> reversal at all. But I see a one-way market for 7 months in what is> more often a two-way world. This happens. It happens over and over> again.
But IT DOES NOT PERSIST over long time periods, and this one> is getting long in the tooth, IMO. The low-hanging fruit is likely> to have been plucked, and the road ahead may be more "interesting"> that the road just traveled. I think many of these stocks will be> available for decent long opportunities at better prices than we are> now seeing.> > YukiSend BUG REPORTS to bugs@xxxxxxxxxxxxxSend SUGGESTIONS to suggest@xxxxxxxxxxxxx-----------------------------------------Post AmiQuote-related messages ONLY to: amiquote@xxxxxxxxxxxxxxx (Web page: http://groups.yahoo.com/group/amiquote/messages/)--------------------------------------------Check group FAQ at: http://groups.yahoo.com/group/amibroker/files/groupfaq.html Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
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