Jesse Livermore came out with a set of rules in his book "How To Trade In Stocks" in 1940.
One of the rules is that price of particular asset should deviate by 6 points from the last pivotal point in order to safely call it change in trend's direction.
"You will notice that from then on I never deviate from these points. I make no exceptions" says Jesse on page 86.
"Point", in my understanding, is the smallest price change to the left of decimal comma.
How do I count 6 points (and how Jesse did that with Wheat and Rye) if price of underlying asset is smaller than $1?