TC2000 Gap Up Weak Close

Description

The TC2000 bear trend gap up weak close is a great way to take advantage of a near-term pop in a stock that has been trading in a longer-term downtrend.

How does it work

This scan looks for stocks that have been trending lower in a long-term downtrend but then saw a sudden gap up above the previous day’s highs followed by an intraday reversal lower and weak finish on the day.

The scan will return small gap-ups starting at just 1% above the previous day’s highs as well as large gap-ups that could be caused by earnings or some other market catalyst.

What’s important however is that the stock’s intraday strength reversed, signaling the move to the upside may have been initially overstated. This setup lends itself well to a gap-fill target (if it did not fill on day 1) and well-defined placement for stop losses (the bar highs).

This scan is designed for daily time-frames.

Features

• Purchase includes exact PCF code and setup instructions
• Purchase includes additional recommended scan criteria:
  • Minimum daily volume
  • Modifications to the trend filter
• Can be used on all versions of TC2000
• Can be combined with other criteria to improve accuracy

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Any questions? Contact us.

Bundle offer

Get a discount when you purchase this Gap Up Weak Close Scan and its bull version equivalent in the Bull Bear Gap Bundle package.