Elliott Wave
06-01-2008, 12:15 PM
The CandleStickPattern indicator is really great and I was hoping it could be expanded to include more patterns, specifically 'top performing' ones.
According to Bulkowski's book Encyclopedia of Candlestick Charts (http://thepatternsite.com/mybooks.html#BookEOCC)
of the top 10 performing candlestick patterns, these ones are currently absent from the indicator:
http://thepatternsite.com/images/ThreeLineStrikeBear.JPG
1. (best) Three line strike, bearish
Theory: Bearish continuation
Actual: Bullish reversal 84% of the time
Frequency rank: 94
Overall performance rank: 1 (best)
http://thepatternsite.com/images/ThreeLineStrikeBull.JPG
2. Three line strike, bullish
Theory: Bullish continuation
Actual: Bearish reversal 65% of the time
Frequency rank: 95
Overall performance rank: 2
http://thepatternsite.com/images/MatchLow.JPG
7. Matching low
Theory: Bullish reversal
Actual: Bearish continuation 61% of the time
Frequency rank: 58
Overall performance rank: 8
http://thepatternsite.com/images/AbandonBabyBull.JPG
8. Abandoned baby, bullish
Theory: Bullish reversal
Actual: Bullish reversal 70% of the time
Frequency rank: 92
Overall performance rank: 9
According to Bulkowski's book Encyclopedia of Candlestick Charts (http://thepatternsite.com/mybooks.html#BookEOCC)
of the top 10 performing candlestick patterns, these ones are currently absent from the indicator:
http://thepatternsite.com/images/ThreeLineStrikeBear.JPG
1. (best) Three line strike, bearish
Theory: Bearish continuation
Actual: Bullish reversal 84% of the time
Frequency rank: 94
Overall performance rank: 1 (best)
http://thepatternsite.com/images/ThreeLineStrikeBull.JPG
2. Three line strike, bullish
Theory: Bullish continuation
Actual: Bearish reversal 65% of the time
Frequency rank: 95
Overall performance rank: 2
http://thepatternsite.com/images/MatchLow.JPG
7. Matching low
Theory: Bullish reversal
Actual: Bearish continuation 61% of the time
Frequency rank: 58
Overall performance rank: 8
http://thepatternsite.com/images/AbandonBabyBull.JPG
8. Abandoned baby, bullish
Theory: Bullish reversal
Actual: Bullish reversal 70% of the time
Frequency rank: 92
Overall performance rank: 9