Gann Hype Continues
A recent opinion on my book said it was good for perhaps the “experienced Gann trader” looking for a new approach. There is a problem with this logic. There is no such thing as an experienced or profitable Gann trader.
A good excerpt on Gann foolishness:
“At heart, Gann’s advanced methods are essentially numerology. Numbers drawn around a “magic square” and various geometrical lines drawn on charts called “Gann Fans” which are drawn at numerologically important angles, cycles, “Gann numbers”, astrology, biblical predictions and even the Great Pyramid of Cheops are part of his wide variety of techniques. Many of these techniques originally worked with little gadgets that mechanically calculated these “important” numbers. Little wheels and puzzles, you would dial up the present market levels in it and the pointer would show the various Gann numbers as output. To the best of my knowledge this represents the first historically documented case of a professional trading guru marketing a dodgy black box trading package. The workings of these devices was obvious enough, you would turn the dial and there is the answer, however how Gann never came up with any sort of evidence as to how he found his algorithms, he seems to be the L. Ron Hubbard of futures trading, presenting his “research” as a fait accompli and never subjecting it to any form of scrutiny.”
