No ,I am not talking about any of these pivots....for the pivots which I have in mind, read " Teach a Man To Fish".......a classic write up on Technical Analysis by Saint.
You will have a few pdf versions of this write up in our forum.....read them...
Smart_trade
Smart,
I am reproducing a clip from the the thread 'Intraday profit system" post 39.
Quote:
DeMark is most known by his TL's. His TL's are drawn from the 2 recent swing lows in an uptrend (Highs in a DOWN.). The idea is that once the TL is broken the length from the point is broken will be equal to the recent swing high to the TL. This is the rule, so it happens for the most part. We still need to look at it in lieu of being traders, and not just to make something look good on a graph. The moment price is crossing the TL the trader would not know if it is the real deal or a wick spike. So, even though the move is crystallizing right before your eyes, you still have not been able to transform it into its monetary equivalent.
I plotted my TL on the chart to show why I like my method of TL usage more. (BTW, both methods can be taught just as easily, so it's up to the trader to choose. I did a thread on my TL's.). Mine is drawn from the dip to the 1st swing low (Peak to 1st swing high in a downtrend.)Look at what happened when the TL was broken. Usually it will be a long candle that will break the TL. Once it is broken, there will be a pull back to it, as it will act as R. That is the point to expedite the trade.
This is the difference. You get the cue for the trade when the TL is broken. You calmly wait for the correction back to it, and then enter your trade. With DeMark's way, the line is broken, and you know where the price is headed, and then you scramble for an entry, and hope it is not a wick spike.
I plotted his pivots on the chart. Price reaction looks good on the charts. I've also did a lot of studying of his pivots in the past. This is JMO, but I had trouble ascertaining its tradable equivalent.
Unquote :As u rightly said in the beginning of this thread,it is difficult to decipher what Demark has meant.
As u have read his articles extensively,can u pl explain in simple language.