Rakesh,
First of all let me thank you for your patience in teaching us reg pivots. You are only next to Saint with this patience. You are still willing to clarify any confusion. Man! Some one did say patience is a great virtue. If Saint is called 'Guru' you deseve to be "Mr. Patience'.
A price bar surrounded by bars having lower highs than it..has its high termed as a pivot high...A price bar surrounded by bars having higher lows than it..has its low termed as a pivot low...(you know it..dont know why I am repeating it.)....and in an uptrend...we concentrate only on higher pivot lows and in a downtrend...we concentrate only on lower pivot highs.....
The bar under question is surrounded by bars having lower highs than it. But we are in a down trend. So we should concentrate only on lower pivot highs.....
Here we are in downtrend. This bar in question has a higher high. So it is not a Pivot. On the same token the earlier bar too fails to be considered a Pivot.
So, what should we see first? Do you mean the rule is
1 See the trend first
2 Then look at the highs/lows and satisfy the condition.
Only then you can call it a pivot. Is it the right way? Under these circumstances you cannot have a PH in downtrend.
I am getting more and more convinced that 3pm bar is a pivot by any standards.
......."I also realise that 'essence' thing is only relevant in my scheme of things...guess I am still living in my own 'fools paradise'....not having any specific answers to pointed questions. Promise..I will henceforth refrain from posting such stuff on this thread."........
Please continue posting. Donot take a defeatist attitude just because you couldnot find proper expressions to convince us. Our doubts are genuine and you have the knowledge to clear them. Take your time. I am willing to wait since I am only paper trading these days. May be I wil pick up the right solution as the days pass.
vps
First of all let me thank you for your patience in teaching us reg pivots. You are only next to Saint with this patience. You are still willing to clarify any confusion. Man! Some one did say patience is a great virtue. If Saint is called 'Guru' you deseve to be "Mr. Patience'.
A price bar surrounded by bars having lower highs than it..has its high termed as a pivot high...A price bar surrounded by bars having higher lows than it..has its low termed as a pivot low...(you know it..dont know why I am repeating it.)....and in an uptrend...we concentrate only on higher pivot lows and in a downtrend...we concentrate only on lower pivot highs.....
The bar under question is surrounded by bars having lower highs than it. But we are in a down trend. So we should concentrate only on lower pivot highs.....
Here we are in downtrend. This bar in question has a higher high. So it is not a Pivot. On the same token the earlier bar too fails to be considered a Pivot.
So, what should we see first? Do you mean the rule is
1 See the trend first
2 Then look at the highs/lows and satisfy the condition.
Only then you can call it a pivot. Is it the right way? Under these circumstances you cannot have a PH in downtrend.
I am getting more and more convinced that 3pm bar is a pivot by any standards.
......."I also realise that 'essence' thing is only relevant in my scheme of things...guess I am still living in my own 'fools paradise'....not having any specific answers to pointed questions. Promise..I will henceforth refrain from posting such stuff on this thread."........
Please continue posting. Donot take a defeatist attitude just because you couldnot find proper expressions to convince us. Our doubts are genuine and you have the knowledge to clear them. Take your time. I am willing to wait since I am only paper trading these days. May be I wil pick up the right solution as the days pass.
vps
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