Best Pattern Trading software ?

[speculator]

Morning all.

Would be grateful for more advice from the T2W community.

I am this time thinking about software ideally suited to filtering patterns (Pennants,Flags, H&S, Wedge, Sym Triangle, Dbl Top/Bottm etc)

Which is the best software for highlighting these patterns [please don't say Tradestation...;-) ]

Must admit i have used Patternsmasher but it is somewhat unreliable, backtesting of the patterns does not inspire confidence.

Thanks for any input.

 

[Digs]

Goto http://www.elitetrader.com/

and ask there....also

 

[TBS]

If you want something that is reasonably reliable:

 

[Skimbleshanks]

As TBS shows, sniffing them out for yourself if the only way. It takes practice, but you start with just one pattern, and get to know what it looks like on all the instruments you trade.

The reason is that if YOU can see it clearly, then so can thousands of other traders and they too will be trading it.

Yes it's hard work, but then there's no easy money in trading when you start out.

 

[speculator]

Errrrr...thanks for replies....

To use one's time and, moreover, money , in an efficient manner surely it is best to be able to have a package highlight worthwile positions.

Don't know about you guys but the thought of manually trawling through over 3500 UK stocks MANUALLY looking for patterns each night is neither practical nor efficient use of time.

On a one /two stock basis, it becomes logical and i assume that this is what both Skimbleshanks and TBS suggest.

For the record, have been trading for a long time, I am still here (which should go someway to proving that i am far from beginning the journey).

Good luck to all and thanks for all the help.

 

[Skimbleshanks]

I would have thought that you would pre-sort those 3500 UK stocks first. So you may choose not to trade any stock below 100p, etc.

IMO patterns are more reliable with high volume. So if I was trading that strategy (which I'm not) then I would stick to FTSE100 and, say, the top 50 of the FTSE250, so a universe of just 150 stocks.

On ShareScope I can flip through those on the slide show feature at about one every 2 seconds, so five minutes work each evening. But when you're not used to spotting patterns then it will of course take longer.

When I was trading UK stocks I would regularly flip through 200 stocks a night on that basis, and it wasn't too bad actually. It sounds worse than it is!

 

[speculator]

Thanks for your time Skimbleshanks.

I will attempt to improve my 'eye' for patterns.

 

[turtle trader]

Have a look in the T2W store - there's a plugin for Metastock (John Murphy's Chart Pattern Recognition) that sounds like it's what you're after. I've not tried it but would be interested to hear what people think of it if they have

Turtle

 

[ccdltd]

Software

Check out the site below. Had it in my bookmarks. I haven't used the software but it looks like what you are looking for

http://www.cpfinder.com.au/index.html

Regards,
Naj

 

[speculator]

Hi Turtle and ccdltd.

Already have Murphy chart pattern recognition for Metastock 8.0, it is somewhat limited. It looks for Triangles, double tops/bottoms etc.
Doesn't find the Bear/Bull flags and rising/falling wedges.

I particularly like to trade the bull/bear flag formations.

I will have a look at the site you suggest ccdltd, many thanks for your help.

 

[Newtron Bomb]

There was a piece of software that you could highlight a particular patten and it would search for this patten again so you could build up your own profile of what pattens you like etc

It is on the boards somewhere, i'll have a tootle around and see if i can find it....
...and a big thank you to skim who will probably find it in a few minutes lol

NB

 

[The General]

Speculator,

For what it's worth, I believe an automatd system (such as you are seeking) is best.

I say this not through laziness but from a practical standpoint - a piece of software will always look for the same things, and as such, all such occurances of the same phenomenon have something in common. In that case, at least you can backtest to see if there is any validity.

Doing it by eye, the approach will never be the same and therefore, how can you even approach estimating risk/reward ?

Skimbleshanks may be a moderator, but is wrong on this one...

Cheers,

The General.

 

[Skimbleshanks]

You may think I'm wrong, as is your right. My bank managers however know I'm right.

But what works for me will not necessarily work for anyone else. That applies to any and every strategy in trading, of course.

 

[speculator]

Don't think there is any need to be defensive old chap, by bringing your bank manager into it....;-)

Trading all boils down to 2 things, discipline and timing, if you don't have them you are never going to make it with any "system".

Good luck everyoine.

 

[neil]

Automated System

Here's an automated system for the research minded among us.

I've not tried it therefore I cannot comment on it.

http://www.fabrefactum.com/emacross.htm

Several forum threads with techy stuff on them are devoted to the system/robot.

The forums are on the same site.

If you are techy I think the developer is looking for beta testers for system varients.

 

[ccdltd]

wave59

I think the software that Newtron Bomb was writing about is wave59 which has this ability.

http://www.wave59.com/tppatterns.asp

Regards

 

[Newtron Bomb]

ccdltd

This is the one i was thinking of...

I was just about to post that i couldnt find it and it was right under my nose all the time