It's a good program but it'll take lots of work on your part. It is mainly a research tool, don't expect to pull it out of the box and have instant success. It's not hard to use but there is a learning curve. It's fairly well designed and allows you much freedom to try almost any chart pattern- time based, fibonacci, triangles, breakouts, resistance/support, trendlines, candlesticks etc., and even combine any or all with a little imagination. The draw back is there is no back testing feature perse. You can take your newly built pattern and run it on your database of stocks for whatever period back, on and from whatever date you choose. However, there is no feature that will compile the data, i.e., you'll have to look at each pattern that it found and compile your own stats, good vs. bad. It's tedious, though by forcing you to look at each pattern it found it does have a positive effect in that you may find some characteristic or common denominator that underlies all the successful patterns, or come to realize why certain patterns continually fail- then you may want to trade the consistent failures- like breakouts that contunually fail and come back to the range. Some people swear at it (literally- posts on Kasanjian Research's private board)and some people have nothing but praise. I think it's a great program in that it adds another unique dimension and insight to trading. However, unless you are a tinkerer and like to always ask the question, "what if..." or try out the various patterns you read about somewhere, you maybe one of those that hate it. I think what overwhelms people is not the program but the infinite possibilities the program opens up. For example, what if you had a fibonacci retracement or extension in the right shoulder of a head and shoulder pattern? Or, what if you had a ascending triangle breakout where the number of days coming into the triangle was in a specific ratio with the number of bars in the triangle, will that enhance the break out? What about ratios of volume within the pattern? The possibilities are endless and it could drive you nuts, unless you like to explore such things and are willing to smash into many deadends. Finally, the all important question of whether one can successfully trade with it. That is an unequivocal- maybe. I'm not trying to be funny, it's just that after putting in so much work, I know I'm a much better trader, I have made substantial returns from the insights gained and with the aid of well researched patterns. However, I don't use Pattern Smasher exclusively. I use the signals Pattern Smasher gives in the various stocks then analyze it with Metastock and it's indicators. I find that PS finds great setups but I still need my indicators to feel comfortable (PS has no such indicators though you can incorporate moving averages as part of a pattern). As far as tech-support, I've never phoned them directly, but all of my emails have been answered, though I think they are short staffed of late and the responses have been sporadic. Perhaps, they are better over the phone. Hope that helps.
In the pattern smasher program, how does one specify the pattern let us say I want to say search for ascending triangles , do I need to give the dimensions of the triangle. Thanks
my main concern is that they don't have chart in candlestick format. My technical question went unanswer and I had to ask them twice for the refund, that was 2 years ago. Their main selling point is scan for pattern and I get the same thing for $7/m from tradetrek.com, here is list of live scan as of now Bullish Patterns Triple Top/Bottom: SO GTW LXK STJ KMP PCL UHS ABI GIVN THER Triangle Breakout: HYSL FHRX ABTL GBM Range Breakout: SO STJ XXIA Trend Reversal: IC JFI HSR CBR Bearish Patterns Triple Top/Bottom: AMD BOL EOP ABFS SPCT Triangle Breakout: ADVS SBGI CTC Range Breakout: LTXX ELY SPCT INSUA Trend Reversal: HGR FEV Stochastic Combo: INTC SGI DSPG CRY AXTI AMT Watch Triple Top/Bottom: NCC UTSI AEG BJS LAMR Triangle Breakout: PKX Range Breakout: CUM Trend Reversal: AGN BCGI PANL FBR FA IRS KTO TNT SHD WSB Moving Average Crosses: BAX BC NSC ROK ANDW NOVL PAYX SANM SIAL STEI SUNW ALD ABT CNH FRE IPG KSU Stochastic Combo: BCC SANM GLW PH PHM SFA NWK OH RBOW OSTE ALDN CSON CDD GSOF
nkhoi, Have any of these setups been tested to determine their probability? Do they allow you do your own scan formulas? Thanks, Mike
for the pattern probly consult Encyclopedia of Chart Patterns (Wiley Trading Advantage) by Thomas N. Bulkowski no customize scan, just bring up the chart one by one and take your pick.