Gann
Gann Trading Points
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A Financial Day That Will Live In Infamy!
I mentioned on 4-29-10 blog post, that we were in the eye of the storm and rough weather was coming. I have never seen a day like yesterday (and I am sure many people are saying that.) I have traded through Long Term Capital Management Demise, The assassination attempt on Reagen, Nick Leeson bankrupting Barings Bank , and as far back as the 1987 Stock Market Melt Down( I was a Jr. Trader at that time.)
We as spot traders love days like yesterday and I assure you to mark you calender, because that day is a Historic day. I have been told by the volatility traders that Currencies moved 6 – 8 standard deviations from the median, and move like that have been unprecedented.
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A Gann Timing Technique,Using WD Gann Numbers
Gann used certain numbers to attempt to forecast the possibility of a top or bottom at some significant time in the future. I look at these points as more of a curiosity then as a trading system. I use a confluence of Gann and of course Fibonacci numbers. The Gann all important number is 34, which is also a Fibonacci number. We would look for market reversals at these numbers.
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The Gann Death Angle, With Some Strignano Enhancements!
Gann wrote in his famous or some people feel infamous Commodity trading course, “You can make a fortune by following this one rule alone.” What he was referring to was the all important Fibonacci 50 % Retracement rule. Also called by Gann the ‘average” or “halfway point.” The Rule is very simple you take a recent High and subtract the extreme Low of a price leg (or vice verse) divide by 2. You will then use this price point as a buying or selling opportunity, depending on whether prices are trending down from a top or rallying up from a bottom.
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