I begin by looking at the Daily Gann chart to see if we are trading at or near any key levels. My main use of the different Gann Levels is to simply see what the overall trend is, and then look to take trades near the key areas. In this example we can see that the Euro has returned to our level of 1.2075 which has been key for the last month. Since we are testing this level after coming off of higher prices I am going to assume we are at a key support level and look for a buying opportunity on the 15 minute chart. (Just to remind the readers, I look at the Daily for the levels and actually place the trades on the 15.) So on our first chart we have met support at 1.2075 and we have an Ellipse telling us that this may be a potential turning point to go higher. Time to switch to the 15 and look for an Advanced GET Trade.
On the 15 minute chart I see an Oscillator Divergence pattern indicating a potential Elliott Type II Trade at the Wave 5. While I do not have the Elliott on the chart, by reading the Oscillator I can tell the wave counts, if you want the additional confirmation you can apply the Elliott to the chart. In addition to the Osc Divergence we are also at a MOB Target from the previous low as well as our Gann Level of 1.2075. This is an excellent opportunity to buy at the cross of the channels. The target for this trade is 1.2140 which is rapidly approaching.
For future trades on the 15 we can stay in the buying mode until we reach our next Gann Level of 1.2178 from our Daily Chart. In addition I would like the market to stay above the 1X1 (Dark Red Line) for additional confirmation
Ron Wheeler
hello, if i want please a charts for currency where i have to enter in esignal, and i'm looking for the fast one
Posted by: Jad Akoury | July 20, 2006 at 07:43 AM