The turning point back in the direction of the trend, typically a high bar taken out to the downside in the entry zone for a short and vice versa. Yes as to patience waiting for setup and I trade manually. The grey line on my chart is the 90 wma so yes multiple. Understand that in any manual system there is an element of discretion. I know other way to develop this than experience and observance.
Thank you. But how do you define this pivot point low? like the following? EntryPivot point: set Bar0 = entrybar in the below. suppose use numNeighbors = 5 find the pivot point of bar0; let Bar1_ denote the Bar right before the Bar0, Bar2_ = the bar 2_ bars before the Bar0. Bar1 denote the bar right after the Bar0, find H5: high of 11 bars ( Bar5_, ...., Bar1_, Bar0, Bar1, ....., Bar 5) ; find L5 similarly. Bar0 Pivot Point (PP) = (H5 + L5 + Bar0's Close)/3
Great opportunity from both sides of the plate ... like playing an accordion .. 4 short - 3 long... Just like the good old days! Seize Vol while we have it... summer doldrums will be here soon enough!
I think the bottom is in for the time being. I doubt we'll go back up to ATH, but likely will whipsaw back and forth between 2800-3100 from here until the next earnings season.
I think we see two or three days of of range, perhaps with a slight upward bias, and then a third break to new lows. But regardless, very grateful for the opportunity to trade this market.