Bullish Patterns

1) Up close, 2) open is in the bottom 20% of the daily range, 3) close in the top 20% and 4) the daily range is greater than the 14 day average true range.

S&P500 & NASDAQ100 for 21 Sep 2023

FOX Chart by TradingView

Other NYSE & NASDAQ Stocks for 21 Sep 2023

NTCO Chart by TradingView

Scan criteria for both scans above:

  • close in top 20% of daily range
  • open in bottom 20% of daily range
  • daily range > 14 day average true range
  • volume greater than 20 day average volume

Bearish Patterns

1) Down close, 2) open is in the top 20% of the daily range, 3) close in the bottom 20% and 4) the daily range is greater than the 14 day average true range.

S&P500 & NASDAQ100 for 21 Sep 2023

KMI Chart by TradingView

Other NYSE & NASDAQ Stocks for 21 Sep 2023

BTE Chart by TradingView

Scan criteria for both scans above:

  • open in top 20% of daily range
  • close in bottom 20% of daily range
  • daily range > 14 day average true range
  • volume greater than 20 day average volume

Notes

1) 80-20 candles;-

  • popular day trading strategy for continuation at the open next session and a possible reversal!
  • It is deemed to have a high probability of a follow through in the same direction at the open.
  • however, it was said to have a better than average probability of a midday reversal.

2) Common criteria for all scans above:-

  • 20 day average volume or last session volume over 500,000
  • last closing price > 4 USD