Looking for Secondary pivots for Gann type lines:

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
148 2
The book I'm reading says, 'the market will teach you if you let it'.
So I am experimenting with finding secondary pivots for angular analysis and seeing where it takes me and what I can learn.
The chart shows my observations and ideas thus far.
As I write Bitstamp is 630.9 and Finex 628.8 so I'm confident of a breakout to the upside of this pennant ...and the MFi breaking through the resistance I've indicated...I wait to see what Monday brings.
Still long from 565
Happy Saturday :-)
Since those are trendlines rather than the gann fan tool, do they still conform to the gann ratios? And also, for that gann fan anchored at $806 level, what is the reason for that placement not on the price itself?
Hi Kakola, thanks a lot for your question.
Since I first started looking at the Gann fan and found many more trend lines converging at a point but not fitting the ratios, I have carried on just looking for converging lines, rather than looking for ratios.
I was introduced to the general Gann concept in a book by Constance Brown...she demonstrates how fans from 'secondary' points (non price based points) could form a more accurate picture than those anchored on price pivots (I gather she uses the zero line instead though).
For this reason (and with a very open agenda 'to see what I find') I've loosely taken the concept and am just following pivots that appear to align with numerous trend see if it uncovers some hidden geometry.
I'm certain that with enough study, this could become a useful predictive tool.
I'm looking in detail at the MFI indicator now, and finding many pivots that appear to have influence, and may even interact with one per my post earlier today in fact, there appeared to be an MFi rejection at an intersection of 3 such appears to gravitate to these lines and either conform to them or bounce off of them...depending on the angle of incidence when it meets them.
Really interesting.
What do you think?
Thanks again for your interest.
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