The successful trading of Swing highs and lows Forex, futures and stocks is one of the foundational principles of becoming a profitable trader. But the DETAILS of how to identify swing highs and lows is rarely taught.
Some traders use swing high and swing low in Fibonacci and that can be helpful, but the most accurate and precise method is to learn how to identify the swing high and swing low using candlesticks.
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SWING HIGHS AND LOWS FOREX
Today we’re going to talk about how to determine sweet highs and lows for Forex Trend Trading but actually this applies to stocks, commodities, E-minis and futures. But here’s the question that comes in and an answer to that question. The question that comes in is Barry how do you determine how your highs and lows.
Let’s learn a way to make this objective instead of a subjective. Here’s one way of doing that. First of all we’re going to bring up the indicator and this is an indicator that I think of them pretty much all trading platforms over Racine. It’s called the zigzag indicator. I mean with this over here you can see it clearly the zigzag. All right now there’s going to be different parameters you can set. It varies from platform to platform I’m sure. But usually they do allow you to do it by points or percent or they might have some other options as well. This is ninja trader 7. I like to use percent because a few points.
HOW TO IDENTIFY SWING HIGH AND SWING LOW
What’s the practical use of this. How I use it is more for support resistance support resistance levels. I would say some of the most important support resistance levels are major highs and major lows that stand out to pretty much everybody in the market who’s looking. For example you know these little ones. These are not going to provide measures for resistance. But these big ones are.
Everybody see this is a Euro US dollar daily chart. So a lot of people are looking at this time frame and a lot of people are going to see that low end of that high and then that becomes a self-fulfilling prophecy and that causes people to behave in certain ways when the market approaches those levels the way they behave as they buy off those levels they sell off at those levels they take profit into those levels so much as show when example here with just take this first one and put a horizontal line on it OK.
SWING HIGH SWING LOW INDICATOR MT4
I’m going have to change the scaling here just a little bit. So as you can see I actually have to change it quite a bit. The market came down to it here OK. Close enough. I mean. Yeah. Didn’t quite touch it but remember this poor resistance levels are Zoom’s so don’t get carried away with the line don’t analyze every pixel over the line and undercharged first report resistance. They are zones. And so that’s close enough for government work and close enough for the realistic trading around the globe.
But notice what it did. It went down. It provided support came back up and you can see the line there breaks through it. This time comes back. Now this is of course the technique known as Rio or support here becomes resistance and goes back down. So that is primarily how I like to use it so we can even look over here and you know this is within the zone of that high. They’re marked that high and it came right up to it there so it provided. So this high provided resistance for this move up. So this is one way to do it where you don’t have to be sitting there and guessing you can put it on your charts and have a something to it for you.
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BTW, if you’re interested in the indicator that I use personally for very precise entries and exits. I’m happy to share that with you. Just send me an email at support@topdogtrading.com, and I’ll show you how to get access to that indicator.
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