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Evening Star Pattern

Printed From: BullCharts Forum
Category: BullCharts
Forum Name: BullScan
Forum Discription: For discusssions on BullScan
URL: http://www.bullcharts.com.au/forum/forum_posts.asp?TID=152
Printed Date: 20 May 2024 at 7:58am
Software Version: Web Wiz Forums 9.69 - http://www.webwizforums.com


Topic: Evening Star Pattern
Posted By: etrader
Subject: Evening Star Pattern
Date Posted: 26 Feb 2005 at 8:35pm

Is there an equivalent to the Evening Star Pattern [Japanese term]that I am missing in the CandleStick Patterns within Bullcharts.

This is a reversal pattern at the top of a range or trend. I do see a Morning Star Pattern within Bullcharts which calculates thie opposite pattern at the bottom end.

cheers




Replies:
Posted By: Peter
Date Posted: 28 Feb 2005 at 9:49am
BullCharts doesn't have an evening star at the moment, but one could be made using BullScript. I'll look into adding it into a future version.


Posted By: Cobra
Date Posted: 01 Mar 2005 at 12:22pm
I was wondering what are the criteria for your candle patterns, as I  tried the Shooting Star scan and it seems to be different to what I have read in text books eg -

My code is -
<?xml version="1.0" encoding="utf-8"?>
<Scan schemaVersion="1.0" appName="BullScan" appVersion="2.4.0">
<Information>
<Name>Shooting Star</Name>
<Category>My Scans</Category>
</Information>
<Criteria match="all">
<Criterion importance="1">
<Condition type="LessThan" />
<Operands>
<Price field="Close" />
<Price field="Open" />
</Operands>
</Criterion>
<Criterion importance="1">
<Condition type="GreaterThan" />
<Operands>
<Price field="High" />
<Price field="Open" />
</Operands>
</Criterion>
<Criterion importance="1">
<Condition type="Equal" />
<Operands>
<Price field="Close" />
<Price field="Low" />
</Operands>
</Criterion>
<Criterion importance="1">
<Condition type="GreaterThan" />
<Operands>
<Price field="Low" />
<Price field="Close">
<Modifier barsAgo="1" />
</Price>
</Operands>
</Criterion>
<Criterion importance="1">
<Condition type="LessThan" />
<Operands>
<Price field="Open">
<Modifier barsAgo="1" />
</Price>
<Price field="Close">
<Modifier barsAgo="1" />
</Price>
</Operands>
</Criterion>
</Criteria>
<Data bars="auto" period="Daily">
<SymbolGroups>
<WatchList path="C:\Program Files\BullSystems\BullCharts\WatchLists\CFD.wl" />
</SymbolGroups>
</Data>
<Results rows="all" />
</Scan>



-------------
BullCharts version:3.4.1.28129
Windows XP SP2


Posted By: Peter
Date Posted: 02 Mar 2005 at 9:41am
You can see the BullScript for the built-in candle patterns by opening windows explorer and going to:
C:\Program Files\BullSystems\BullCharts\Functions
The .bss files can be opened in notepad.

We plan to review the candle pattern forumulas.


Posted By: Cobra
Date Posted: 02 Mar 2005 at 11:21pm
So we should not use any/all candle pattern scans in the mean time??

-------------
BullCharts version:3.4.1.28129
Windows XP SP2


Posted By: Peter
Date Posted: 03 Mar 2005 at 10:33am
There doesn't seem to be any firm rules about what makes a candle. Therefore candles patterns in BullCharts, and any charting program, should only be used as a guide to bring things to your attention for closer manual inspection.

The main thing we plan to review is trend detection. At the moment the candle patterns look for shapes between the candles, but they do not look at overall trends. Some patterns are normally only applied in certain types of trends.

Many tools have a degree of subjectivity, or variants. This is one of the reasons we make formulas visible. That way you're free to examine, modify, or ignore the tools as you choose.



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