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I've been working with something, what I going to call the "Gann
Range". Reason, its in Chapter 9 of the Gann Masters course. This is
taking the high and low and dividing them by odd or even numbers.
NETA came up on my screen as a possible day trade, because the price was
near its 200ma simple (22.5). This is always good for $300-$500 trade,
with a stock like NETA.
When I plotted the support and resistance levels using the range, I
found that 22.5625 was resistance. So, I waited and when the price
traded above 22.5, the stock acted strange, it didn't go straight up
like in the past. There wasn't hugh amounts of buying going on. So, I
didn't do the trade. Since then the stock has pulled back some. I do
plot Gann Angles also, but didn't put them on this chart, but were
used. Resistance also at ~22.5 area.
I did the same for a penny stock, SBAS. Results were also interesting.
If anyone would like to see the chart email me direct. I've been tring
to send this post along with chart since Saturday. Maybe its the size
of the file, its only 30k. I hope this post makes it to the forum.
Also, tell me which stock chart you want to see NETA , SBAS or both.
TradeWell,
Joe Frabosilio
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