The Gann Fan is a technical analysis tool created by W.D. Gann. The tool is comprised of 9 diagonal lines (extending indefinitely) designed to show different support and resistance levels on a chart. These angles -drawn from main tops and bottoms- divide time and price into proportionate parts and are often used to predict areas of support and resistance, key tops and bottoms and future price moves. Please note that the chart needs to be scaled properly to ensure the market has a square relationship.
The method is based on the notion that markets rotate from angle to angle and when an angle is broken, price moves towards the next one. The most noteworthy angle is the 1x1 or the 45° angle, which represents one unit of price for one unit of time. A change in the direction of price is expected when the market reaches an equal unit of time and price, up or down. During an uptrend, if price remains above an ascending angle, the market is considered bullish and vice versa. TradingView has a smart tool that allows users to draw up to 9 customizable angles on a chart.
Nasdaq has gone so much up lately and I think it will turn downwards next three years.
Target 1: 3500 (52%)
Target 2: 1760 (76%)
When: April 2021 and May 2022 / January 2024
Stop loss: Above the resistance arcs.
Arguments:
- 2 different Gann Squares says it made All time high last week.
- Gann line from the Gann Square is saying the same.
- Gann Fan line also ...
Where is Nifty Header for 2019? According to Elliot wave theory, Nifty has almost completed its wave and it is already feeling the heat. Fibonacci and Gann are showing respective resistance and support levels. We will be starting a wave cycle soon. Time to buckle up?
Please trade at your own risk. This is not a trading advice.
Seemingly there is another fading short setup coming up. The chart is self-explanatory, the levels are given and for now the only thing left to do is wait until the major bear angle is reached and look for an entry with a price action confirmation.
The angles coming down from the top can serve as potential short entry triggers. Upon price meeting the angle, bearish price action will serve as a confirmation. For now, wait and see mode.
This chart illustrates how angles can help in finding market tops and bottoms. This is not a Gann Fan per se, but a work around by using the trend angle tool.
USOIL working the 1/3-1/2 square both price and time wise from the recent high. You can see the dashed horizontal support and resistance lines based on the aforementioned square range of 1/3 to 1/2. If bulls manage to turn this around, the first thing they will have to do is break beyond the descending 45 degree line of that highlighted 1/3-1/2 square.
its a trade for scalping, so enter with 2% or your capital when it reaches a target and buy when it retest the one below it.
be careful with this trade if you are going to play it, and use sl right below the previous support.
happy trading.
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