Product Review: Pfscan by Dennis D. Peterson
Pfscan Version 2.0 is software you can use to screen stocks using a combination of point & figure patterns and price bar indicators. It was developed by Scotland-based Dave Baker, who originally wrote it to help his own trading. The software has long since grown past that point. It used to sell for $50 and was an absolute steal, and it’s still just an outlandish bargain at $100. Dave wonders if he was to raise the price to $300 if he wouldn’t get more sales. Perhaps $299 would be even better.
SCREEN FOR TRADES: PATTERN DETECTION
What’s significant about this product? Let me start by saying that you need to incorporate some sort of screening technique as part of your overall trading process. Some daytraders, for example, start each day by looking only at the top 10 price movers after the first 10 minutes of trading, and then apply additional criteria. Whatever your technique, screening to find the “right charts” is a must. I have found that pattern detection software is rare; however, I very much look for patterns when I trade. Point & figure charting is a way to see important patterns, and is more amenable to software algorithms. But point & figure charting has other virtues.