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Gann Square 24
This technique you have to practice with to believe. I've taught this to a few traders personally and with each trader they are absolutely incredulous till they see it applied many times. While both Gann Square techniques may be rather complex to trade, this one is certainly easy to draw. Over time it has become the favorite method of most of the traders I've taught it to - take your time and practice this one may be right for you.
We will be drawing Gann Squares (GS) where the number of price bars in the GS are multiples of 24; 24, 48, 96 specifically. It appears that W.D.Gann used his Wheel of 24 for timing (and his more popular Square of 9 for support/resistance levels). Gann as a numerologist probably had great theories as to why the Wheel of 24 is fortuitous for timing, as we see he drew his Planetary Lines using this wheel. However, I've been applying this method for several years, hundreds of times, and can assure you that not understanding why it works won't hurt your use of this potent timing method.
Drawing Technique
- First locate a significant and unambiguous pivot, as by 'Start' below; see the red 'X' above and to the right of 'Start'? You can draw GS24 when the 'Start' pivot is confirmed by price, around where 'X' is
- You draw the GS from 'Start' moving the 'Drag Point' till you get a count of 24, or 48, or 96 (look to the right of 'Start')
- The height of the GS is the highest high within the Square (or lowest low in a downtrend); this implies that if higher highs are being made within the GS then you raise the GS height (click on the Drag Point and raise it)
How do you know whether to use 24, 48, or 96? You'll always want 48 and 96 - I create a chart for each. You would only use 24 if the market is showing clear swings. The below examples and your practice will quickly show you when to use 24. We'll be using the diagonal fan lines outside the GS, so don't think hindsight has anything to do with it. The GS's that use 48 and 96 are always relevant and can be applied to any market type other than a flat market.
Below is how you would draw this when backtesting, I'm showing a 48 count. When you draw, go out to 49 or 97 and go back a 'teensy' to get 48 or 96. Are you concerned that when backtesting you'll see the final height? Don't be, for using GS24 as a timing method, the height is irrelevant -it only comes into play for dynamic support/resistance lines. A feature of real Market Geometry is that it's self-optimizing, implying that in real-time trading raising the height of the GS if new highs are made before price completely fills the GS is correct. I'm sure you'll be amazed at this when you use it.
Interpretation
Note that there are two thicker lines - these are called the '45' lines.
- inside the GS, where another fan line intersects the 45 line we have a trend-change time-zone
- inside and outside the GS the 45 lines are excellent support/resistance levels
- the outer boundary of the GS is a trend-change time-zone
- outside the GS rectangle, any fan line can be used for support/resistance
- outside the GS rectangle, you'll find two intersects of fan lines - these are trend-change time-zones
The above is a GS24 example. The red-circles are trend-change time-zones, the green ovals are dynamic support-resistance offered by the fan lines. Look at the 45 lines closely - interesting, eh? When using acount of 24, you have to let at least 12 bars go by for verifying you have a significant pivot and a "swinging" market. You'll probably use 48 and 96 the most - for dynamic support resistance levels I only use 48 and 96.
Below is the same price chart as above, but with a 48 GS.
Below is the same price chart as the 2 above, but with a 96 GS. What you'll notice when testing 48 and 96 is that a pivot on a fan line implies a move to the next fan line; if it goes cleanly thru the target fan line, the next fan line becomes the new target. Once you get used to seeing this, you'll understand why this is a favorite method of some traders.
Below is an hourly chart of the EurUsd. You can use GS24 on timeframes as low as 30 minutes and as high as weekly. I've backtested on timeframes as low as 2 minutes, but for any success you need markets that are moving quickly with retracements intraday.
Below is an SP500 Index 30-Minute chart. I'm starting with a 24 count.
Below is the same chart as above but with a 48 count.
Below is the same chart as the above two, but with a 96 count.
Summary
- GS24 can be used on any market other than a flat market - BUT it requires a clear and significant pivot
- draw several on the same market - usually a 48 and a 96, though the 24 is fine if the starting pivot is clear and the market has been trending with retracements; to avoid confusion I use a different chart for each drawing
- it works best on 30-minute charts; for Futures I use 240-min charts also
- each intersect with a 45' line is a potential trend-change point, either the bar before or after as often the drawn intersect is between two bars
- the fan lines offer dynamic support and resistance, especially the 45' line
- the fan-lines can be used as profit objectives and initial stop loss (or if you already have a technical swing system, see if it can be integrated with this technique)
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