January 30, 2015
Do you enjoy candlestick patterns? Many traders use these patterns exclusively to time entry and exit while trading stocks. The majority of traders agree that candlestick patterns alone may not be enough but there is a resource I’ve come to trust with a ranking system and historical tracking to aid in this niche pattern usage: American Bulls.
The service was in beta and free from January 2013 to December 2014 but now carries a $50/month membership requirement. I apologize for the lack of images as I don’t have access now, but wanted to share the thoughts I had for the two years of free access that I would pay $50/month for now.
Here are a few candlestick pattern resources before I discuss American Bulls.
Stock Charts Chart School: Candlesticks
Hotcandlestick.com
Candlecharts.com
Incrediblecharts.com
Candlestickforum.com
With the candlestick pattern basics known you can better understand the patterns identified at American Bulls for a prospective stock target. Many traders have favorite candlestick patterns remembered to identify patterns themselves while performing technical analysis, also called chart reading.
American Bulls home page starts with a list of tickers with candlestick patterns signaling buy since the last pattern was recognized within the system’s database. There are links to specific exchange ticker types towards the top of the page and other links more hidden at the bottom. American Bulls offers members, which is a free membership currently, their own watch list capabilities so you can save tickers you’ve found that interest you while having your own personal list.
Since my topic is equities and stock options, I like to peruse the NYSE, NASDAQ, and AMEX lists to screen for possible trading targets at American Bulls.
American Bulls offers sorting capabilities that may not be apparent at first glance. I’ve sorted lists by the 6 month period performance column so I can see the tickers with candlestick patterns that have proven the best pps movement.
The star ranking system of 1-5 shows how well a particular ticker’s pps has performed with 5 being the best. Not many tickers have 5 stars in the 6, 12, and 24 month performance periods. Most stocks make pps spikes with a 6 month period and can’t sustain swing trades that last longer.
American Bull displays a quick worded signal of Buy, Stay in Cash, or Sell along with the candlestick pattern picture of the last signal, buy level, suggested stop loss, sell level, and pps historical info.
The lists have 3 views that can be toggled: confirmation status, signal list, and performance status. Confirmation status shows the pattern that appeared, when the pattern appeared, and other relevant data. The signal list view shows American Bulls signal and a little more ticker info than the confirmation status. The last view shows pattern performance statistics by column, and columns can be sorted.
I use American Bulls as a stock screener to find possible targets to trade. It’s not my sole confirmation to trade but it does get me started. I use many stock screeners as well as have joined a few trader groups to save time researching and finding targets on my own.
toohightoolo 