26 Mar 2008 1135 CST I took my trades earlier today, went to sleep and got up just to check on a couple of levels I saw earlier. On this chart I have circled every point that we have discussed both today as well as over the last couple of weeks. You also see an example of one of the cycles I've been following for over a week now. Here is a little secret that is worth a great deal of money. This took me a great deal of time and effort to learn so I'm not going to simply give it to you on the chart. To be honest, what I'm showing you now is more than enough. For those who want a hint at what is possible, looking at the chart, I can tell you that B, D and F had something very unique about them that any student of Gann would see in a matter of seconds. Yes, I'm telling you that you would have been able to take a single correct trade at B, D, and F today.
27 Mar 2008 0433 CST Hourly price levels 119 08 119 00 118 16 5 minute levels 118 30 118 25 118 12 / 118 14
The ideal entry on the previous long was obviously any point near 117 24. I got in late. It still looks like the original target is going to get hit. Important numbers to make a note of: 118 16 117 26 That is it for me. Too much time involved in posting here. 0846 is next time target.
One way to play the cycles and S/R is to look for a best fit and then plan accordingly. The 01 April 2008 inflection was only a couple of ticks off of the one established today. I think 117 16 or 117 14 as a buy entry really didn't matter. Both worked well today.
John, Could you please elaborate what do you mean for 'the best fit' , basing your strategy on your attached chart? Bernard
Nothing complex. The circles aren't labeled, but starting from the far left, calling that circle one (which is the only line I used all week), draw a line there. As each inflection point in time comes up, look at what the hourly bars have done around the previous level. In this case, it was quite obvious that the level I drew beginning with circle one was significant. I didn't bother to draw any new levels based on cycles. I had some additional levels based on WGSR, but these served only as reinforcement.
Friday 04 April 2008, 0914 hrs Looking at my chart posted yesterday, where I mention my observations regarding the most important price level so far for the week, what do you see for today? I like it a lot!