A short update on the long term Candlestick Scanner.
The Candlestick Scanner scans the Nasdaq 100 stocks for long term bullish or bearish reversal patterns.
The basic idea is to search for hammer and hanging man candlestick patterns. Usually these patterns work nicely on daily charts. My Candlestick Scanner searches for these two patterns on every time frame, from a 1 day per bar compression up to a 250 days per bar compression. This enables me to use a simple, well defined and documented pattern as a description of short to long term reversal setups.
But see for yourself which Nasdaq stocks seem to change the direction according to the long term Candlestick Scan. The list gives you the duration of the reversal formation (expect about the same time to either reach the target or get stopped out) The detected pattern becomes a valid entry signal if a new high (hammer) or low (hanging man) is established.
Bullish reversals on the left side, bearish reversals on the right side.
read more about how to detect your own chart pattern in this article