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Stock Bounces off its Previous Resistance or Support Line
Here is an interesting screen that scans your stocks universe looking for the ones that are bouncing off their previous resistance line (Breakout followed by a bounce). The resistance line is calculated based on the "AutoSR" function and it uses 150 bars as period and 10 bars as lag value. This means that the resistance line is created based on bars that are located between 160 (150+10) bars ago and 10 bars ago. A stock is reported by this screen if it crosses above this resistance line, then bounces off this line in the next 10 trading bars.
Many times, when a stock breaks its resistance level, it continues its rise for several bars, particularly when it is accompanied with an increase in volume. However, sometimes, just after few bars, the stock will test the resistance line again (which becomes at that moment a support line). It is bounces off this line then there is a great change that the stock will keep rising. This screen automatically detects this particular pattern or configuration.
With few minor modifications, you can create a screen that scans stocks or any other securities that are bouncing off their previous support line. This can be done by changing the first parameter of the "AutoSR" function to "0" then setting "close >= a" in "barssince" function.
Trading financial instruments, including foreign exchange on margin, carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in financial instruments or foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.
