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I am trying to identify peaks/troughs according to 2 criteria.
1. Take a fixed bar lookback period (e.g. 21 bars). What should be
the lookforward period?
2. Take a fixed %age change in close price value
With both methods, I am finding it difficult to see what is
happening 'at the right edge' of the price plot as either the
lookback period has not been completed or the fixed %age change in
closing prices has not been reached.
Although I can visually see that the prices have reversed the
previous trend just 5 bars ago with the price change being 5% from
the last visible peak/trough, yet I am not able to program it for
want of proper logic.
with the first option, I would also need a look forward period to
confirm the reversal because in some situations prices may be
continuing their strong trends throughout the lookback period.
What could be the way out? I use excel to plot the data.
Is it better to use 'pivots' as identified by formations like
* *
* * or * *
* * * *
* *
7-bars 5-bars
Is a 7-bar pivot like
*
* * * acceptable compared to what is shown above?
* *
*
Your valuable suggestions are most welcome.
Thanks
vin
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