Swing highs/lows and pivot points.

[megamuel]

Are swing highs and lows the same as pivot points? If not please could someone explain the difference, maybe with a diagram. Also does anyone know a way of easily identifying pivot points in sharescope. I think in the more expensive versions of sharescope it will automatically plot pivot points for you, but I only have Sharescope Gold. Is there any way I can adapt the zig zag chart feature to align with pivot points? Thanks,

Sam.

 

[rathcoole_exile]

Sam, my own personal understanding/explanation of this that the swing low is the actual price point at which price reversed, but the pivot point is where the volume concentrated.
In many cases the two can be identical, but as an example:
if price had been trading at 760-790 then dropped to a single print at say 720 (swing lo) I'd be more interested in where the volume "changed hands", say 730 (pp)
Others may have completely different interpretations and may shoot me down, but this is how I work it.

 

[megamuel]

Sam, my own personal understanding/explanation of this that the swing low is the actual price point at which price reversed, but the pivot point is where the volume concentrated.
In many cases the two can be identical, but as an example:
if price had been trading at 760-790 then dropped to a single print at say 720 (swing lo) I'd be more interested in where the volume "changed hands", say 730 (pp)
Others may have completely different interpretations and may shoot me down, but this is how I work it.

Cheers for that Rathcoole! Basically, I am trying to define suitable points to use when drawing an Andrews Pitchfork. In my version of Sharescope I can't automatically display pivot points. So I'm trying to find another way of finding suitable points. I have a feature called 'ZigZag Chart' which is supposed to filter out noise and show general direction. Its looks a little something like this (See image 1). Any ideas on how I can adapt this to show suitable swings for use with an Andrews Pitchfork? Here are the settings for it (See image 2!). Any suggestions are much appreciated. Thanks,

Sam.

 

[rathcoole_exile]

beware of zigzag, i believe it repaints ?

and it looks to me like it only turns at the extremes (trader_dante's pin-bars). i'd be more inclined to convert the zig into a candlestick on a higher TF and then use the body of that candle as the data point for the Andrew's PF back down on your normal TF

 

[megamuel]

Now thats a good idea! Yes the last (provisional) zigzag repaints which throws a spanner in the works. I'll have a play around! Thanks for the suggestion.

Sam.

P.S. My girlfriend is from Thailand, really hope to visit there one day. She's from Saraburi - do you know it? I'm not very good travelling though, the thought of being stuck on a plane for over 10 hours makes me feel sick! Anyway, I'll have to actually make some money trading first before I can afford to go there!

 

[rathcoole_exile]

fly Qatar - great prices, great service, great planes. Take a stopover in Doha so you have 2 legs of 6 hours each - easily manageable.

Saraburi is not far. you want me and pedro001 to pop up there and make sure she's ok ? :whistling

how did you meet her btw if you haven't been to Thailand ? she was studying in UK ?

 

[megamuel]

Nah she was married before and came over here with him, they are divorced now though. She lives here now so you won't find her in Saraburi but thanks anyway (I think ! ). I asked her where Krung Thep Mahanakhon is and she said it was Bangkok? Hmm 2 x 6 hr flights sounds much better! I'll look into that! What markets do you trade? Surely you don't need to make many £/$ to have a good lifestyle there is Thailand?

Sam.