Continuation of Gann Fan Propulsion Strategy Steps 3-4-5
Step #3: Apply again the Gann Fan Indicator on the Swing low Prior to the Breakout above 2/1Gann Fan Angle
How to use the Gann fan indicator? Simply follow the instruction presented in the above sections.
At this point, you can also get rid of the previous Gann fan angles drawn from the swing high. This will make sure your chart will not get cluttered and the price is still visible.
One of the reasons why this is the best Gann fan strategy is because we use the Gann fan indicator to track every swing in the market.
At this point, your trade is opened, but we still need to determine where to place our protective stop loss and take profit orders, which brings us to the next step of best Gann fan trading strategy
Step #4: Place Your Protective Stop Loss below the Most Recent Swing Low Which should align with the point from where you draw the second set of Gann Fan Angles.
The best Gann fan strategy has a very clear level where we should place our protective stop loss order which is right below the swing low located prior to the 2/1 Gann angle breakout.
Step #5: Take Profit once we Break and Close Below the 2/1 line.
We want to ride the new trend for as long as possible and with the help of the Gann fan indicator, we can pinpoint the ideal time to take profits. We take profit at the earliest symptom of market weakness which is a break below the 2/1 line that signals a possible start of a bearish move.
How to use the Gann fan indicator? Simply follow the instruction presented in the above sections.
At this point, you can also get rid of the previous Gann fan angles drawn from the swing high. This will make sure your chart will not get cluttered and the price is still visible.
One of the reasons why this is the best Gann fan strategy is because we use the Gann fan indicator to track every swing in the market.
At this point, your trade is opened, but we still need to determine where to place our protective stop loss and take profit orders, which brings us to the next step of best Gann fan trading strategy
Step #4: Place Your Protective Stop Loss below the Most Recent Swing Low Which should align with the point from where you draw the second set of Gann Fan Angles.
The best Gann fan strategy has a very clear level where we should place our protective stop loss order which is right below the swing low located prior to the 2/1 Gann angle breakout.
Step #5: Take Profit once we Break and Close Below the 2/1 line.
We want to ride the new trend for as long as possible and with the help of the Gann fan indicator, we can pinpoint the ideal time to take profits. We take profit at the earliest symptom of market weakness which is a break below the 2/1 line that signals a possible start of a bearish move.
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When using a single chart layout the Gann Fan layout changes
Price has broken above the 2/1 angle line
You could have entered with a market order or a estimated buy stop