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Before drawing trend line must we need to know how to identify swing high and swing low point.
Swing high is basically an N-shaped formation with several candles on the left and right side of a single high candle.
Swing low is basically a V-shaped formation with several candles on the left and right side of a single low candle.
However we are not interested in all swing highs and lows when drawing a trend line, we are only looking out for those that have more weightage as this will produce trend line that is more significant. Below is the level of weightage for each formation.
Once you have identified all the medium to big swing highs or lows, we can start to plot your trend line.
Swing high is basically an N-shaped formation with several candles on the left and right side of a single high candle.
Swing low is basically a V-shaped formation with several candles on the left and right side of a single low candle.
However we are not interested in all swing highs and lows when drawing a trend line, we are only looking out for those that have more weightage as this will produce trend line that is more significant. Below is the level of weightage for each formation.
Once you have identified all the medium to big swing highs or lows, we can start to plot your trend line.
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[…] Swing High and Swing low point Identification […]
[…] 1.Point extreme swing highs and swing lows […]