I dont use software to do the scanning. However, I have seen some interesting things with Neoticker's pattern scan. Also, if you can code, wealthlab has the ability. Funny thing is, I am using wealthlab for charts, and I can code pretty good, but I havent tried to automate the pattern recogonition. In my experience pattern recognition is much easier if you are analayzing a set of like 3-4 bars. It becomes increasingly difficult when it involves more bars. I'll give it a shot tho, and let u know if I get anywhere.
here is something that I am in right now, hoping to see some potential upside. ndaq daily chart the green line is 68% something that I pay alot of attention to. If after the last circle, it closes above the 68% line, I think that gives it more credibility. also, one big difference about my pattern and wolfewaves is that wolfe would have you enter trying to catch a falling knife. To me the reason I chose this pattern is that I usually enter above the 68% as I see this as a sign of confirmation.
I took the Wolfe wave chart posted on this topic and did put on my stuff : http://www.aksjeinfo.com/ubb/Forum1/HTML/000156.html I studied Wolfe wave som years ago, but did find it hard to use. It might have a positive edge.
========== BTU; Oil gas sector is nice persistant uptrend, most are NOT; recommend you specialize in a few derivatives or stocks/sectors, rather than just one pattern. Also learn to short if you dont know???; DIA,SPY have spent most of time since mid May below 50 day moving averge, bear market or weak bull at best. Dont really care whether it a bull or bear; much rather figure if its short,med,long term uptrend or downtrend, much more precise/helpful . Hope this helps
i dont know much about ewave but my problem with comparing waves in 2 seperate stages of a stock, ie trend and chop, are that the size of the waves are relative. Like if you look at that chop, its possible that the abc already ended and headed for more down, or if you zoom out a little bit, its only done a and b so far.
I think one of the good ones is the W. Sometimes when patterns are developing midway, it's hard to tell whether they will become a certain pattern or fail and not materialize like the pattern you imagine. For W, once the W has shown, then it's W already, wait for the pullback for the W handle then go long for the runup. I think it's one of those patterns which give you more 'confidence' because the pattern recognition can be done after the full W letter is shown, and then the trade can be done on the aftermath pullback and runup. At least this is less dificult than trading on developing patterns.
Check out this website. Thomas Bulkowski's book are great with a lot of research behind every chart pattern. I have traded the High Tight Flag several times as well as regular flags they do work well in Bull and Bear markets if you will wait for a definite breakout of the flag. http://mysite.verizon.net/resppzq7/index.html Hope this helps, 4re
I think this is a great opportunity to buy this stock. I had bought the sep 32.5 calls for .20 and sold half of them at .65-.75 Now that they are back down, I think the same thing will happen where they triple. I also got into LSI, which is the same pattern, I posted a pic of that on my journal. However, I will be much more comfortable holding LSI for a while if it pokes above 8.22 again.