Evening Star Pattern |
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etrader
Regular Joined: 18 Dec 2004 Posts: 63 |
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Topic: Evening Star Pattern 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 |
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Peter
BullCharts Staff Joined: 09 Sep 2004 Location: Australia Posts: 241 |
Post Options Quote Reply 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.
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Cobra
Regular Joined: 08 Nov 2004 Location: Australia Posts: 76 |
Post Options Quote Reply 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"?> |
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BullCharts version:3.4.1.28129
Windows XP SP2 |
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Peter
BullCharts Staff Joined: 09 Sep 2004 Location: Australia Posts: 241 |
Post Options Quote Reply 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. |
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Cobra
Regular Joined: 08 Nov 2004 Location: Australia Posts: 76 |
Post Options Quote Reply Posted: 02 Mar 2005 at 11:21pm |
So we should not use any/all candle pattern scans in the mean time??
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BullCharts version:3.4.1.28129
Windows XP SP2 |
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Peter
BullCharts Staff Joined: 09 Sep 2004 Location: Australia Posts: 241 |
Post Options Quote Reply 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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