Anyone really use this thing to trade? Got McLaren's "Gann made easy" from Santa and came with one with an overlay angle template but he doesn't seem to explain enough (or maybe I'm too dense) for me to find much use. Any thoughts?
i use a gann wheel to determine channels by which to trade the nasdaq and dow indexes. it works for me, but i don't use it in the traditional sense. best, surf
The uses is what I'm getting at. He states how to use it to correlate highs and low projections as well as time projections but when I look at the charts I don't see it (ES anyway) and when he does his "using all the tools "part he seems to tee off of Gann angles and basic TA of support and resistance.I'm still not seeing the usefulness. Also I'm reading past Cooper articles on RM and he seems to use alot of historical numerology when using it.But a part of me says I'm not seeing something.
Most of those Gann wheels, Gann squares, Gann whatever, etc. were derived by Gann for a specific commodity/range in order to simplify calculations, and to not reveal to his students what he was doing exactly. Also we can't deny that those wheels look misterious and scary, like they contain some mystical secret... good marketing. For any other commodity or price range they are not very accurate. If Gann were alive, you would've have to pay him for the NQ wheels, for the ES wheels, MSFT square of 9 and so forth. But that's not an option, so you need to figure out what Gann was actually doing.
Maybe a Ouija board would work, either for contacting Gann or for trading, or both. (Now, if I could just figure out how to back-test a Ouija board... TS is sooooo limited...)
Yeah, the problem with Gann's stuff is that it requires some arithmetic ability and some thinking to see through its apparent complexity. That's why it will never work for apes that can use nothing but CrapStation canned indicators.
Sorry, I use crap station for Money Management and Trading purposes... ukya kya kya kya kya kya *just in case... I'm crying like an ape*
Why is that? Can't afford bananas with your trading profits? Oh I see, you spent all your banana money in trading software.
The way I see it ( ganns wheel) is as an old world method of squareroot extraction...I think the same results can now be computed by say you start with a major bottom, calculate the sqaure root, add 1 and sqaure the sum to get 1st resistance... again add 2 to the square root and square the sum to get 2nd resistance and so on... same with a major top..only difference you subtract 1,2 etc from the square root and square the balance to get next levels of support...and again you may try with 0.25,0.5 etc instead of 1 depending on the time scale you are working with....it is all a little bit iffy....but generally on a weekly chart if you do this exercise and plot the lines you can see it denoting areas of conjestion....so it may not give you the exact turning points but the general area where you can expect a turn or pause.