Nifty50 Analysis Gann Box Tool in Trading View for 23/01/2024
Squaring the range from ATH to recent swing low. We have the Gann 50% rule work here again with resistance taken there. Spport at cluster levels on chart. trend is positive above the 50% level...
One of the Gann books qotes below :
THE AVERAGE OR HALF-WAY POINT
Always remember that the 50% reaction or the half-way point of the range of fluctuation of the extreme high point of an option of any particular move is the most important point for support on the downside or for meeting selling and the resistance on the way up. This si the balancing point because it divides the range of fluctuation into two equal parts or divides the highest selling point into two equal parts.
Apply this rule with the correct interpretation of what he is saying here to make sureshot profits in your trading journey.
Recent swing has retraced 50% of the fluctuation and we got a reaction to the cluster levels on chart.
Greatest example in recent history was Bank Nifty Top 32613 in Dec 2019 and 50% of that is 16306.5 March 2020 low was 16116. ( Top and bottom figures rounded off for better understanding.)
Those who bought as per this rule are rewarded 2 times as we tripled the low of 16116.
Happy Trading !!!
One of the Gann books qotes below :
THE AVERAGE OR HALF-WAY POINT
Always remember that the 50% reaction or the half-way point of the range of fluctuation of the extreme high point of an option of any particular move is the most important point for support on the downside or for meeting selling and the resistance on the way up. This si the balancing point because it divides the range of fluctuation into two equal parts or divides the highest selling point into two equal parts.
Apply this rule with the correct interpretation of what he is saying here to make sureshot profits in your trading journey.
Recent swing has retraced 50% of the fluctuation and we got a reaction to the cluster levels on chart.
Greatest example in recent history was Bank Nifty Top 32613 in Dec 2019 and 50% of that is 16306.5 March 2020 low was 16116. ( Top and bottom figures rounded off for better understanding.)
Those who bought as per this rule are rewarded 2 times as we tripled the low of 16116.
Happy Trading !!!
Comment:
Just experimenting the Gann Box Tool available. It is not the Holy Grail. Gann never used any software. All his charts were hand drawn and followed a definite set of rules for maintaing the records on Daily, Weekly and Monthly Timeframes. I use the charting paper available in US authentic Gann source. But you can only use it if you know how to calculate the exact vibration of the scrip and then plot it as per the vibration scale to catch swing tops and bottoms.