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Strategies & Market Trends : Technical Analysis- Indicators & Systems
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To: Richard Estes who wrote (2177)7/25/1997 12:40:00 PM
From: TechTrader42   of 3325
 
I did miss the low -- you're right. But I deliberately chose to plot the Gann angles from the area of congestion, which is slightly higher. I did this after reading somewhere (I can't remember where) that it's sometimes better to plot from areas of congestion, to get a more realistic picture. Do you disagree with this approach? It might have been Elder who steered me toward the congested areas (Edgartown, Martha's Vineyard,, in July, for example?).

The approach using congested areas seems to work in some cases. Look how the price hits the resistance line in March and April, and then again in June (http://members.aol.com/taornotta/charts.htm). If you pick the lowest point last year to plot the Gann angles, the price keeps breaking that resistance line in March and April -- giving a little bit of a different picture. But who knows? Maybe that's the point. Any ideas? I feel like a durn fool appearing to debate this with you -- cuz I know nothing about it. I'm just trying to find out how to do it properly, so I appreciate it when you point out the error of my ways.

Thanks for posting your chart. I'll take a look now.

Brooke

Addendum: I just looked at your chart at:

oscar.teclink.net

Everyone interested in learning about Gann angles should look at it. I have a much clearer picture. You still get the price breaking against the resistance lines in March and April. Thanks so much for posting the chart. It's a study in itself.
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