Wd Gann - Time And Price Analysis In Trading Forex
One of the earliest masters of time-price analysis in trading was the legendary trader WD Gann.
I started off my trading career in stocks and shares and it was when I discovered the world of trading commodities and futures that I heard of WD Gann.
The most important teaching of WD Gann that I personally learnt came from his famous statement:
“When time and price is squared ( or meet ), change is inevitable”
I have found this to be true in many, many cases…too many to enumerate, and this occurs across all freely traded markets in the world, irregardless of whether it is stocks and shares, forex, commodities and futures or e-currencies.
With time-price analysis, it is possible for you to compute the time day for a possible change in trend, and to forecast the possible price - once both the time and price “meet” accordingly, a turning point is forecasted.
In forex trading, specific variations of time-price analysis is used by many of the forex traders who are making good money in their trades. One specific variation is the use of PRICE-ACTION analysis, where you do not need any indicators, but by studying the price action of the currency pair you are trading, you are able to take IMMEDIATE action on your trade.
How can price action help you?
1. There is no battery of confusing indicators that you need to study to take any trading action- only price is involved- so you can quickly KNOW what trading action to take.
2. Every trading signal is CLEAR, and without doubt- no maybe it will go this way or that way, so there is no wondering whether you should be in the market or not.
3. Can be applied as long as there is a price chart- so no expensive trading software required
4. Can be applied across all time frames - it is easy to maintain price charts across several time frames.
5. Know the exact projected price levels to trade off- so you can very often get very near to the lows and sell very near to the tops, taking the sweetest part of the moves.
In the world of trading, what we need is really clear cut trading signals that can tell us the turning points of the trades…and price action analysis helps us do just that.
So if you are trading forex, knowing when time and price meets for the projected change in trend in accordance to WD Gann teachings will help you in a great way to pinpoint turning points in the forex market. The use of price-action analysis has proven to be useful to many forex traders and it can help you too.
To people who want to create an income trading forex, but can’t seem to succeed - Discover how price action analysis can help you become profitable quickly by visiting 1forex-trading.blogspot.com
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