OK, this WD Ganns fellow

S

Saltynuts

I've been listening to a lot of podcasts, mainly with the Chat With Traders guy, and a lot of people praise WD Ganns. Apparently he was quite good in his day. But if you read, and try and follow him, today, will you gain anything? Or has his stuff been built upon into better, greater things (or at least things that keep pace with the times, even if not great), and I need to focus on those later things?

For example, I hear he has a rule that when something falls 50%, that is a pretty good time to buy for a reversal.

His stuff is pretty old, just no idea its application today.

Thanks!
 
Why SHOULDN'T it work: it is based on market data.
The question is how often does it fail?
(Sound familiar, Saltynuts?)

FYI... Gann is one of the fathers of fin-astrology. Planets still exist and continue to rotate. Positions and relationships to other planets can/are able to be calculated days/weeks/months/years/eras in advance. All of THAT still works. The question is how often does a particular fail?

As for the 50% thingy you mention... hmmm, 50% is NOT a Fibonacci number. Why do many fib-traders use a 50% level? Could it be something taken from Gann's work? I'm not asking the question here. I don't know or care other than for trivia purposes. However I would ask how often does the 50% level fail?
 
Saltynuts said:
I've been listening to a lot of podcasts, mainly with the Chat With Traders guy, and a lot of people praise WD Ganns. Apparently he was quite good in his day. But if you read, and try and follow him, today, will you gain anything? Or has his stuff been built upon into better, greater things (or at least things that keep pace with the times, even if not great), and I need to focus on those later things?

For example, I hear he has a rule that when something falls 50%, that is a pretty good time to buy for a reversal.

His stuff is pretty old, just no idea its application today.

Thanks!
More...

It's like anything else in short term trading: What is your situational awareness? Although you normally should have the discipline to take the signals a system gives you, are you dynamic enough to know when to not take it? Do you keep a journal of your trading thought processes and follow up with trading results and missed opportunities?

WD Gann, like others have some merit. The key concept, as I see it, is conditional probability. That is, what is the probability of a profitable trade given a set of well-defined conditions?
For example, on one of the rare true trend days, what sort of conditions should one expect? I would expect volume to be substantially higher than normal, corrections to be relatively shallow and short lived, a triggering news event, and decisive action in correlated assets.
If any of the above elements are missing, it may be wise to reassess your thinking on what is really happening, perhaps even to the point of looking for a reversal should other conditions change and price action warrants it.

What did you think of the currency information on babypips.com?
 
Thanks Tiddly and Suffering!

Suffering, on babypips, I started, but I was on my phone as my wife just gave birth and we were in the hospital. Babypips on my phone did not seem to be recording my progress, it is a wealth of info but never seemed to record how far I was getting. Home now with the baby, so other than work I have more time to use my PC to check it out. Will report back with progress and questions! Thanks so much!
 
Gann is pretty esoteric stuff. If you get into it, be prepared for some math. Understand that Gann didn't live in the time of day trading. Anything works if YOU make it work. If you want to get a feel for the stuff, pay attention to Jeff Cooper, he writes for Minyonville.
 
Saltynuts said:
Thanks Tiddly and Suffering!

Suffering, on babypips, I started, but I was on my phone as my wife just gave birth and we were in the hospital. Babypips on my phone did not seem to be recording my progress, it is a wealth of info but never seemed to record how far I was getting. Home now with the baby, so other than work I have more time to use my PC to check it out. Will report back with progress and questions! Thanks so much!
More...

Congrats on the baby. If you will be getting a crib mobile, make sure to hang some charts up on it for your baby!
 
Saltynuts said:
on babypips, I started, but I was on my phone as my wife just gave birth
More...


That was perhaps taking the "baby"pips part somewhat too literally? But congratulations anyway.


Saltynuts said:
it is a wealth of info
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It is, but unfortunately combined with a wealth of misinfo, too ... and of course the people most in need of the information are exactly the ones (understandably and through no fault of their own) least able to distinguish between the two.

(I'm not criticizing their course "just for the sake of it": several of the gross factual errors in the "lessons" there have been brought to their attention very repeatedly through posts in their own forum, yet they do seem absolutely determined to leave them all uncorrected.)
 
Xela said:
That was perhaps taking the "baby"pips part somewhat too literally? But congratulations anyway.





It is, but unfortunately combined with a wealth of misinfo, too ... and of course the people most in need of the information are exactly the ones (understandably and through no fault of their own) least able to distinguish between the two.

(I'm not criticizing their course "just for the sake of it": several of the gross factual errors in the "lessons" there have been brought to their attention very repeatedly through posts in their own forum, yet they do seem absolutely determined to leave them all uncorrected.)
More...

Offhand can you think of any specific issues that the Babypips course has that may adversely affect sound trading related knowledge?
 
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