Using Zigzag to find patterns
Zigzag is my favourite technical indicator. Usage of zigzag is often misunderstood. People try to find tops and bottoms and complain that it repaints. Well, zigzag is supposed to repaint its last pivot and it should not be used finding tops and bottoms to enter and exit at the right time. Then, how do we use zigzags?
Main application of zigzag for me is pattern recognition. Just put zigzag on your chart and observe how easy it will become to identify patterns.
The chart below shows double bottom - confirmed by divergence on lower pivots and continuation on higher pivots (price, strength and volume are all making higher high). Having said that, we need to keep in mind the expectations of double bottom pattern and settle for appropriate risk reward.
Main application of zigzag for me is pattern recognition. Just put zigzag on your chart and observe how easy it will become to identify patterns.
The chart below shows double bottom - confirmed by divergence on lower pivots and continuation on higher pivots (price, strength and volume are all making higher high). Having said that, we need to keep in mind the expectations of double bottom pattern and settle for appropriate risk reward.
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