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Chris,
Don't take tip from anyone that is what the
"realtraders" would tell you. Not everyone who read a couple of books about Gann
become a successful one as you know. You have asked me direct question and I
will answer you directly without referring you to do this and that.
Gann angle are important, as you know, they
represent:
1. angles are sort of moving averages
2. They are much more accurate in telling about
sentiment and true market power.
3. When you break an angle you will always drop to
the next angle down or go sideways
4.Angles an be used for support/stop loss points( Lenny has point out this
important point)
There is no arbitrary nature of Gann angles, this can be determined in two
ways:
1. Live 1x1 angle : which represent the actual angle drawn major high or
low to another major high or low, this is calculated electronically and this
what I use in my computation for simplification.
2. There is other way to calculate which I use in my old days:
UPTRENDING =
MAIN BOTTOM2-MAIN BOTTOM1/DIFFERENCE IN TIME BETWEEN BOTTOMS
DOWNTRENDING = MAIN
TOP1- MAIN TOP 2/ DIFFERENCE IN TIME BETWEEN TOPS
Regarding the squaring, let us talk about at later time, I do not want to
confuse you with squaring, let us set angles issue in stone in your mind before
we move ahead because many people think they crack the code, they crack nothing
:-), they don't even know how to use it in trading.
Let me go back to the angles, what I have said is only scratching the
surface on angles, but let us concur this obstacle to move to the next.
Regards,
Haytham
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