GBP/USD Gann/Andrews Hybrid TP Analysis
Hello,
The Idea is the convergence of specific lines
Stage 1
The vertical lines numbered 1-10 represent potential turning point areas ( Analysis for another day ). I will be watching the interaction of 3 types of lines to converge to give me an Orange light to take a trade in either direction. The three lines I am referring to are:
1. An Andrews ML (Median Line) or an Upper or Lower Parallel (MLH)
2. Vertical Timing Lines numbered 1-10 on the bottom
3. Horizontal Gann SQR9 Target Lines
Stage 2
Once I get a potential entry BAR that has met the above 3 criteria I will form read the bar and analyse the following
1. The Close in relation to 1 & 3 above ( Above the lines for a long position & Below the lines for a short position )
2. The size of the bar in relation to nearest TP areas. Must be a Minimum Risk/Reward of 1:2 (approx.) or better
3. Once 1 & 2 are satisfied GREEN LIGHT I will take the trade on the bar following the signal bar.
PS: Because of the steepness of original range i.e. 0.02175 the second pitchfork is a Modified Schiff which better represents potential market structure.
PSS: The idea is not to trade every vertical timing line numbered 1-10, the important point to take away is that I only focus on the interactions/confluence at the vertical ( Timing ) points in relation my trading rules above
The Idea is the convergence of specific lines
Stage 1
The vertical lines numbered 1-10 represent potential turning point areas ( Analysis for another day ). I will be watching the interaction of 3 types of lines to converge to give me an Orange light to take a trade in either direction. The three lines I am referring to are:
1. An Andrews ML (Median Line) or an Upper or Lower Parallel (MLH)
2. Vertical Timing Lines numbered 1-10 on the bottom
3. Horizontal Gann SQR9 Target Lines
Stage 2
Once I get a potential entry BAR that has met the above 3 criteria I will form read the bar and analyse the following
1. The Close in relation to 1 & 3 above ( Above the lines for a long position & Below the lines for a short position )
2. The size of the bar in relation to nearest TP areas. Must be a Minimum Risk/Reward of 1:2 (approx.) or better
3. Once 1 & 2 are satisfied GREEN LIGHT I will take the trade on the bar following the signal bar.
PS: Because of the steepness of original range i.e. 0.02175 the second pitchfork is a Modified Schiff which better represents potential market structure.
PSS: The idea is not to trade every vertical timing line numbered 1-10, the important point to take away is that I only focus on the interactions/confluence at the vertical ( Timing ) points in relation my trading rules above