scanning for breakouts

cmlee · #1 5th March 2005, 09:53 PM

Hi,
what indicators do you use to scan for a potential breakout?
thanks

cmlee · #2 13th March 2005, 08:40 PM

any ideas?

pkr_tri · #3 19th March 2005, 04:15 PM

you must study the pattern first .also you have got to have ideas about elliot wave principles. and of course you must follow the ""chaikin oscillator" carefully.
pkr_tri@*****.com

jaideep · #4 19th March 2005, 09:06 PM

Quote:

Originally Posted by cmlee

Hi,
what indicators do you use to scan for a potential breakout?
thanks

If you're a hardcore T/A, ignore what I'm saying here. If not, just follow what I say because I'm doing this quite successfully for the past 4 years. Look for a break-out by tracking your favourite scrip on a weekly basis & if you find it has broken the 1st resistance & moving up, that's it. If you are ready to get into the market, go for it. Be sure to have a clear exit level before you enter. Base your exit point very rationally & one that suits your pocket. That's the key. Never mind what the Indicators say. That's for the experts (!) etc.. Catch 50-60% of the trend if you can & I can say you'll be up there with them, the self-professed successful trading wizards.

Everything above are my very own, highly personal & possibly questionable (maybe controversial) opinions. Take them or lump them, it's your choice. Best of luck with your trading cmlee & let us know how you're faring in the markets.

Mohan · #5 20th March 2005, 10:01 AM

Quote:

Originally Posted by cmlee

any ideas?

Have you read about the Turtle Trading Breakout System?

Check it out at http://www.originalturtles.org/system.htm it is an interesting read.

cmlee · #6 25th March 2005, 12:40 PM

are you using turtle trading with metastock?

sachin divase · #7 25th March 2005, 10:01 PM

Here is code to find out breakout for long.
Just copy it and paste in metastock--explorer--new--filter

--------------------------------------------------------------

pds1:=21; {HHV (long) breakout periods}
pds2:=10; {LLV (short) breakout periods}
x:=4; {use Open=1 High=2 Low=3 Close=4 Vol=5}

x:=If(x=1,O,If(x=2,H,If(x=3,L,If(x=5,V,C))));
In:=x>Ref(HHV(x,pds1),-1);
Out:=x<Ref(LLV(x,pds2),-1);

Init:=Cum(In+Out>-1)=1;
InInit:=Cum(In)=1;
Flag:=BarsSince(Init OR In)
< BarsSince(Init OR Out)+InInit;
BuyLong:=InInit AND Alert(InInit=0,2)
OR Flag AND Alert(Flag=0,2);

BuyLong
AND Year()=2005

subhash bhandari · #8 23rd August 2007, 07:17 PM

Dear friends,
One can look at falling and rising triangles , and keep close watch on the breakout out of triangle with high volumes . If breakout is confirmed with increasing volume , one should also check the overbought / oversold position in rsi , macd. This is for all traders and investors , depends on daily or weekly charts ( Candlestick charts ). Views and suggestions are most welcomed.
Subhash Bhandari

pratus · #9 23rd August 2007, 07:38 PM

hi suresh,

i m using amibroker !!!
can u suggest the same breakout code for amibroker too!

regards
pratus

subhash bhandari · #10 23rd August 2007, 07:58 PM

Quote:

Originally Posted by pratus

hi suresh,

i m using amibroker !!!
can u suggest the same breakout code for amibroker too!

regards
pratus

Dear pratus , I am talking of drawing trendlines connecting tops and other trendline which connects bottoms. when falling trendline ( connecting higher tops to lower tops and other one connecting lower bottoms to higher bottoms is formed it is sign of accumulation ( when white candles out numbers the black candles by 1 is to 2 ratio in the tringle )and when this tringle is broken upward with higher volumes its a bullish sign ( one should confirm it with RSI and MACD position too ). and vice versa of this formations is bearish tringle.
Any suggestions and most welcomed
Subhash Bhandari