We have some new ones for Wednesday. And $SNFCA has created a new flag pole, pulled back, and is now again a viable HTF.
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Woodshedder,
What do you use to screen for these patterns? Also, have you backtested a trading strategy? If so, have you shared the results? Is there a software package that can backtest this?
Thanks,
Alex
Hi Alex,
I use Amibroker with data from Premium Data.
I have attempted to backtest the strategy, but have found the coding to be too complicated for me. There are others out there that would probably have no problem coding it.
The difficulty is that once the stock fits the criteria for being a valid HTF, it must be added to a watchlist. Then, the next evening, the system scans for new stocks fitting the criteria AND checks the watchlist of stocks already meeting the criteria to see if any of them have broken out and have been bought.
It is this dilemma of having stocks added by the system automatically to a watchlist that I haven’t mastered yet.
I am not aware of a software package that is setup to test this without you having to code it first.
Bulkowski, the person who quantified the HTF, has a website with stats on this pattern. I’d start there. Just google bulkowski high tight flag.
Thanks for stopping by!