Rank: Newbie
Groups: Registered, Registered Users Joined: 6/22/2005(UTC) Posts: 9
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hello all,
i was just wondering if there was a formula for the pattern trading system 1 expert/explorer to show short entries/exits. Thank you all for the help in advance. It seems like my eyes have been glued onto my computer screen since i got metastock months back :shock: Im in need of a nap!
Thanks
noon
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Rank: Advanced Member
Groups: Registered, Registered Users Joined: 7/21/2005(UTC) Posts: 74 Location: Oklahoma USA
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Hi 12Noon, I will try my hand at answering your post. The pattern in the PS Pattern1 is just that - a BUY pattern - there is no coresponding sell as it relates to this pattern. There is a ton of "pattern" information from various sources and are rather easy to enter into the Explorer. I have a number of patterns set up in my Explorer and run them against the securities I monitor. Here is an example of a "SELL" pattern: If(C<Ref(L,-1) AND H>Ref(H,-1) AND L<Ref(L,-1),1,0). The source of this pattern is from information published by Larry Williams. You mighy also check out a recent post to the Traders Tips from TASC in Metastock's Trading Resources on "Targeting Your Pattern." Charley
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Rank: Newbie
Groups: Registered, Registered Users Joined: 6/22/2005(UTC) Posts: 9
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thanks a lot charlie
I will look into it
thanks
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Rank: Advanced Member
Groups: Registered, Registered Users Joined: 1/19/2005(UTC) Posts: 1,065 Location: Koh Pha-Ngan, Earth
Was thanked: 2 time(s) in 2 post(s)
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crwinnr5 wrote:If(C<Ref(L,-1) AND H>Ref(H,-1) AND L<Ref(L,-1),1,0)
Since the Low of any bar is always lower than the Close, the above exit long condition can be simplified this way:
[code:1:48d9321e38]H>Ref(H,-1) AND L<Ref(L,-1)[/code:1:48d9321e38]... which is another way of saying, "exit on outside days".
In any case, note that it is only possible to trade an inside/outside day on the next trading day (or next trading bar if trading intraday), since the High & Low of the day can only be known after the market closes.
jose '-)
http://metastocktools.com
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Rank: Advanced Member
Groups: Registered, Registered Users Joined: 7/21/2005(UTC) Posts: 74 Location: Oklahoma USA
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Yes Jose, this is Larry Williams exit techinique or sell on an Outside day with a down close. I think it was developed before MS implemented the Outside reference. The key to this one is a down close and not just an outside day.
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Rank: Advanced Member
Groups: Registered, Registered Users Joined: 1/19/2005(UTC) Posts: 1,065 Location: Koh Pha-Ngan, Earth
Was thanked: 2 time(s) in 2 post(s)
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crwinnr5 wrote:The key to this one is a down close and not just an outside day.
In that case, you would need to add C<Ref(C,-1):
C<Ref( C,-1) AND H>Ref(H,-1) AND L<Ref(L,-1)
jose '-)
http://metastocktools.com
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