swings and to trade the swings like a pro – that is, to buy the bottoms and sell the tops. After all, the points at which the trend changes direction represent the opportunities with the lowest risk of loss and the highest potential for profit.

The termination points of upswings and downswings will be referred to interchangeably in this course as “Pivot” points, “Swing” points or “Turning” points. All mean the same thing - that is, they represent significant points in the progression of prices where the direction of the price movement changes from up to down or from down to up. The price interval between a low Pivot and the next high Pivot, or from a high Pivot to the next low Pivot will be referred to interchangeably in this course as a “Wave” or as a “Swing”.

A Swing trader tries to exploit the swings of the market with as little exposure to risk as possible. Swing trading consists of looking for optimum times to jump in at the beginning of a new swing and exiting at or near the end of that swing to await the development of a new swing trading opportunity.