Practical Exercise #7
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Hi, I have a eur/usd daily chart on 23/11.
Daily resistance/supports are in red, some of the 15min levels show on the last 2 bars making it look cluttered.The last bar has bounced off 1.0584 support, so I am expecting the trendline down to be be a target for the next day. Drawn a horizontal level (gold) off line to take as a target on 15min chart.
Down targets may be 1.0508 support and possible cluster with Fibonacci extension 161.8/138.2.
Retracements would have to break the trendline first, so not expected yet.Next day, eur/usd 15min on 24/11 showns Gann levels in blue and 15min support/res level prior to open.
Horizontal trendline level(gold) target was hit, but did not reach +50 Gann, only +25 Gann.
Fibonacci extension shows confluence with trendline target too. I find Fibonacci lines clutter the screen too much so I have not extended them across the screen.I have also drawn them from the 15min chart not the 1 hr as the all highs and lows are apparent from the 15 min chart.Hi James, good stuff. Nice to see that 15m target (gold line) you had getting pinged and respected:)
Yes, I know what you mean about the charts soon getting cluttered. I’ll sometimes just thicken-out a line if there’s a confluence of stuff there, just as a reminder there are multiple reasons to watch that area, but without sending myself cross-eyed from all the different lines!
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