Since I last posted we've had two tests of the 2X1 Gann Level that would act as initial profit targets for the aggressive trader. On 7/2 we had a break of the trend line (175.00) which would trigger the trade and a hit of our first Gann target of 177.40 for initial profits. At this point if you are a very aggressive trader you would move your stop to your initial entry and be stopped out with profits on 7/3.
Our second entry occurred today at the cross of our trend line at 172.00, our Gann Level was hit at 176.75 and would be our first profit target where you can take up to 1/3 of your position out. The stop would be moved to the entry and a sell limit order placed at our next Gann Level at 184.70.
Keep in mind, this is a very aggressive profit strategy.
Ron Wheeler
l want too get this programm..
Posted by: Hayri Özdemir | July 10, 2008 at 02:16 AM
Hi
how do you find the pivot from which to draw mob? That is, I have seen that in other articles draws them from pivot that are not maximum or minimum wave 3.
Posted by: max | July 10, 2008 at 09:24 AM
As a general rule use the highest pivot (price wise) in the Wave 3. We do occasionally use pivot levels that occur during the Wave 4 retracement as they can provide an early warning level where Wave 5 could fail.
Posted by: Ron Wheeler | July 10, 2008 at 01:54 PM
Then done complete the wave 5, the mob traced by the wave 4 it gives me the support for the new movement?thanks
Posted by: lara | July 10, 2008 at 04:46 PM
Hi I have 2 problems with the ellipse. 1) I have seen that is sometimes drawn from wave 2, other times from the beginning of the wave 1. Why? 2) How do I confirm that I have a wave 3? Some also use the oscillator. So if that is > streght band I have a wave 3. But how many bar must stay on? Please help me thank you
Posted by: sharon | July 11, 2008 at 06:08 AM