There are mixed indicators, I could chart this another way and it looks like its coming down - However....on the lower 240 chart the candles should hit the arc on the blue band and climb up it - Resistance on the yellow bands - The market sentiment is currently weak and untrusting, definitely a time to have stop losses set
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Climbed as predicted - Hitting first layer of resistance here
Very interesting thanks for posting. You put a lot of work into your charts. I'm not very familiar with Gann charting so it is cool to see how it works.
Nom_de_Guerre
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@graham.edwards84, Thanks for that *) - Gann charts just require scaling the candles correctly and then locking the scale, the Gann maths dont work out otherwise, i see a lot of Gann charts on TV that are warped, they wont play thru right - the arcs, the fib rays, the square tops, bottoms and sides are just support and resistance - you pin the corner of the square to the bottom wick and the first arc at the top of the first impulse - it gives you the potential size of the movements to come depending on the strength of that first impulse, the 5th arc normally signifies the end of a rally. There is more stuff to it obviously but thats it in a nutshell
graham.edwards84
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@Nom_de_Guerre, okay that's great info from a pro who has figured it out. I will play around with it and once I'm comfortable with my success rate I may start posting using it also. I try to keep my charts fairly simple so that others can easily see what i'm trying to show them. Honestly, some posted charts on TView are so complicated I just skip over them.
Nom_de_Guerre
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@graham.edwards84, Agreed some charts are too complex and say nothing lol - For Gann you need to put a 45 degree trend angle over the tops of the wicks on one side and the bottom of the wicks on the other side, you get the important ones to hit along the line then lock the scale, The Gann scale will fit then, i will message you a link so you can see