TC2000 Bearish Pin Bar Reversal Scan
The TC2000 bearish pin bar reversal scan identifies stocks that are forming perfect pin bar candlesticks at declining 50 and 200 day simple moving averages.
The TC2000 bearish pin bar reversal scan combines the power of the pin bar candlestick with the importance and weight of the most highly watched major moving averages.
How Does It Work
This scan looks for a couple of things. First and most important are perfectly formed pin bars. Pin bars are a long term favorite of traders looking for early signs of price reversals in previously trending stocks or ETFs.
The problem with most pin bar trades is that they occur at random meaningless locations. So instead of looking at any old pin bar, we only want to see pin bars that pierce above key declining moving averages like the 50-day moving average and 200-day moving average and then go on to finish the day back below them.
Lastly, we require that those moving averages be declining and in alignment (50SMA < 200SMA) indicating an overall downtrend in the underlying stock or ETF.
Putting it all together, the scan will return to you stocks printing pin bars piercing above a declining 50SMA or 200SMA.
- Purchase includes exact PCF code and setup instructions.
- Purchase includes additional recommended scan criteria:
- Minimum average daily volume.
- Can be used on all versions of TC2000.
- Can be combined with other criteria to improve accuracy.
For just $10 more you can get 2 scans, this Bearish Pin Bar Reversal Scan and its bull version equivalent when you purchase the Pin Bar Scan Bundle package.
Any questions? Contact us.