The Trading Methodologies of W.D. Gann: A Guide to Building Your Technical Analysis Toolbox by Reddy Hima

Author:Reddy, Hima [Reddy, Hima]
Language: eng
Format: epub, mobi
Publisher: Pearson Education (US)
Published: 2012-09-20T21:00:00+00:00

The Importance of the Closing Price

After first studying Gann’s buying and selling points as delineated in the Commodities book, I began to observe the market to practice identifying these signals. However, I often found that I looked at the overall OHLC bar action and did not understand why a certain signal played out the way that it did. Over time, I observed the following: A test of a key support or resistance in the market, but a failure of the subsequent price bars to post a close decisively through that level, often led to a change in the expected price action.

Figure 5.18 depicts the weekly price action of Bank of America.

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