AUD/USD Support Price Area
Practical Applied Gann Knowledge in Forex (AUD/USD)
Gann was an exchange member who did his own trades.
But, by all evidence he wasn’t a ‘cowboy’ trader.
Instead, I submit that he instead, carefully calculated out his potential positions against the backdrop of intimate knowledge of the market that he was to trade in.
This submission is backed by important eyewitness statements that actually give us a good deal of useful information when given some thoughtful consideration.
According to witnesses, when Gann went into the pits to trade he carried all the information he needed on only a single piece of paper.
- Gann went to trade with a definite PLAN of action and knowledge of the market he was trading in.
- Secondly, the very fact that he carried this piece of paper with him meant that his methods COULD apply to intra-day trading.
- Proof enough, even without the charts, that Mr. Gann’s methods could work in ALL Time frames.
Take a look at the short-term AUD/USD and our charts above and to the left.
Some of Gann’s techniques were applied to this forex market and found that an important price point has been broken and, where another price support area is waiting below the present market.
An important price support was taken out at .7065-.7070 and, the market has weakened as a result. If this market weakens further, it should reach some good price support at around the .7030-.7035 price area. – George