looking at a long setup in usoil. the green lines are a gan swing overlay. Gan has a trading method of using a 50% counter swing equals a 100% trend swing. So from the low at 37.7 to the impulsive move up to 49.3 we then get a pull back of 50% to current price level.
This is now were a counter trend signal long could be taken. Gan rules on counter trends is 1 to 4 bars. So the current long signal would be a break of the previous counter trend weekly bar high at 46.35. If we don't see a weekly high in the next 3 weeks then probability of reaching the 100% level is lower.
I think this is a practical set up with price in a pendant on a 4hr chart ill post below and would still leave oil in a down ward basing channel after hitting the 100% level.
This is now were a counter trend signal long could be taken. Gan rules on counter trends is 1 to 4 bars. So the current long signal would be a break of the previous counter trend weekly bar high at 46.35. If we don't see a weekly high in the next 3 weeks then probability of reaching the 100% level is lower.
I think this is a practical set up with price in a pendant on a 4hr chart ill post below and would still leave oil in a down ward basing channel after hitting the 100% level.