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Pull Back indicator
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Created: by The Gurok Attachments:5

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Pull Back indicator

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Trading Apprentice
Poplar Bluff
 
Futures Experience: Beginner
Platform: Thinkorswim
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Pull Back indicator

Are there any indicators in thinkorswim where I can get in on pull backs in a up trend?

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  #2 (permalink)
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Calgary Alberta/Canada
 
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The Gurok View Post
Are there any indicators in thinkorswim where I can get in on pull backs in a up trend?

I am sure Thinkorswin has Bollinger bands...you won't find this in books but through experience I have found that pullbacks usually occur when a stock price is far above the upper Bollinger Band (BB)or far below the lower Bollinger band. A standard BB setup is with a 20 day lookback and 2 standard deviation units...in a normal distribution this means that 95% of all the values used in the calculation of the lie between the upper and lower BB. It is not 100% statistical as the distribution is generally always skewed but most ignore this . So when a closing price is above or below the BBs then it won't be there long and will pull back to be inside the BB envelope within 2-5 days...

The timeframe is directly proportional to how far the closing price is above or below the bbs.


Here are some examples of what I mean I have circled the instances:

this chart shows 3 small pullbacks from a declining price and one where the stock is advancing


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This is an example of a pumped stock...I can just hear the pumpers calling for the price to hit the moon


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this is a stock that gets pumped regularly....Prediction: this stock will pull back tomorrow


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This is another stock that probably will pullback tomorrow. Note on the right there are several days when the price just peeks over the upper BB...ignore those until it jumps above

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Here is a stock that took a huge hit today....it is ripe for a pullback tomorrow...see how below the lower BB it has fallen?


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I talk a lot about Bollinger bands in my journal starting at Post#247 if you are interested in more of what I have to say on Bollinger Bands

https://futures.io/trading-journals/30636-underexposed-canadian-stock-journal-25.html

Hope this helps

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