Bear only potentially over; we could see 1050 in june, most likely july; then we could still dive to 566, we will see. Like you said, the direction is important, and depending on the inflection. ,29th 911 R1, 918 R2, s1 900, s2 896, s3 888, s4 873. Potential june 2th: R906, june 3: s868
Yes it's important to know the primary trend, but it is more important to look at toady :-) and a few days out.
I believe you can do fine Bear or Bull. Systems are traps.
I see a possible change of trend on June 8th at the 898 @12.30
We will see as the price/time changes. Keep nimble.
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Wow thats kind of complex too my friend. Do you have a method you are using to work out time? I do not mean to ask a question that leads to more complexity. I mean to ask, is your study on time, a simple thing or is it comprised of many complex units?
Anyone, feel free to reply on study of time, as part of a "time and price" study, "calling change of trend," etc.
Thank you Scott for staring this blog. I was thinking a forum might work better, but I am amicable to both.
Simple, but gets complex,Time frames, starting with weekly just connecting top, connecting bottoms, connecting reversals, connecting gaps, working down the time frames to the 15min, wedge completions, using forks channels, previous support lines, previous Resistance lines. color code, Plotting and Watching Volume momentum.
Living and learning in the moment and trying not to forecast to far in the future.
Change of trend works from the macro wedge to the micro wedge, Knowing the directing is knowing what time frame wedge and channel you are in. The sentiment and news at the time of wedge completion give stimulus and momentum reaction. Market Leaders and sectors. Price time leaders and sectors.
You're welcome Brewer, when Gannfann closed his post I knew I better learn to swim fast. Nothing like learning to swim than swimming.
Hey look here, close to your R2 for the day. How about that? Nice going Scott.
Are there simple Gann analysis techniques that you are following on time and price? Or do you attribute the macro-wedge to the micro-wedge study to a different technician?
Wish we could do a "reply to" kind of thing. Scott have you done any research into open source forum specific software? On Sourceforge.net?
http://sourceforge.net/search/?words=forum&sort=group_ranking&sortdir=asc&offset=0&type_of_search=soft&pmode=0&form_cat=18
The wedging I actually saw worked buy doing it. It's quite easy (as long as you get the time trend direction correct) (Sentiment, Rumors, News) and more than not it is close to the action. Especially when more than one wedge intersects. Just draw as many lines as you can, color code them red for major support bottom lines and green for major Resistance top line. Keep your lines advancing. Then see where they intersect and try to make sense in conjunction with drawing horizontal major support and resistance lines.
The chart gets to complicated and then i start in a new view and refer to the old if needed. I use http://www.freestockcharts.com/ , excellent piece of free kit.
I don't have much time these days. I'm surprised I took the time to set this up.
I will take a look at sourceforge when I can.
You've been on the side lines looking at the high wire act. http://www.investopedia.com/terms/b/blowofftop.asp
May 29th I said "Fas 9.70 to 10.75 still has potential and pullback to the 8.90 level okay" June 1st High was 10.87
May 28th "I think june 1-2cd will be the more of a promethium change (exaggerated most likely: my statement or the market)"
Let's see if my May 29th 906 S&P plot Potential june 2th: R906, june 3: s868 takes shape.
Looks like it is going the other way. This is why I have been in cash. Reversals are tricky and best to stay on the sidelines if you have any question about the direction. Fakes are how the big money makes money.
S&P 500 currently testing Jan 6 2009; let's see if we can break above, if not this reflection can test the 200dma 905 support area.
"The wedging I actually saw worked buy doing it."
The trick is to keep up on the moving action.
I do not trade sometimes due to other obligations or a vagueness in the charts. As an ongoing student certain patterns elude me, thus I must demo or play by small percentages.
Protection is paramount. If you don't have a plan, don't know the direction or don't know the time frame that's being reflected then stay out.
I have been in cash for days now waiting for a direction; this way I do not loose my gains.
Here's the rub during these times of sideways high volatility, more risk means greater gains. It can also mean greater loses.
Due to reversals, breaks of diagonal resistance and support, a lower wedge or higher wedge can represent a mirror. The percentage of the mirror can be a percentage of the increase or decrease. This is when horizontal R & S and a longer time frames can be benefited from.
Wedge accuracy is paramount, point placement must be exact. Wedge meetings even though as exact as possible may be out by a few or more points.
Thanks Brewer: Gannfann
Well at least I got the direction correct.
Direction correct again!
You can get lost in trend lines and wedges, so Moving averages can be most important.
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