[isatrader]

This stockcharts scan is an attempt to look for stocks making the Jesse Livermore early entry point known as the Shakeout +3.

To do this I'm taking advantage of stockcharts ability to use P&F charts in the scans, as the Shakeout + 3 pattern can be most easily spotted by finding the P&F Bear Trap signal. This code in the scan can be tweaked to suit different preferences. But the additional parameters make sure that it only targets stocks that are already in an uptrend and are pulling back.

Code:

[country is US]
and [exchange != PINK]
and [type is stock]
and [Daily SMA(200,Daily Volume) > 400000]
and [SMA(150) > yesterdays SMA(150)]
and [SMA(200) > yesterdays SMA(200)]
and [SMA(150) > SMA(200)]
and [group is not ETF]
and [Close > 5]
and [Daily PnF Bear Trap is true]
and [Yesterdays PnF Bear Trap is FALSE]