Well, my patience finally ran out. The e-minis moved a tick above their day session high (lower dashed red line) but still couldn't take out the early morning electronic high at 915.75 (higher dashed line). At the same time there were high volume bars visible on the one minute chart above (red arrows) that couldn't push the market higher. This convinced me that selling at the top of the range was still strong, so I sold my long position for a small profit.I am still bullish on this market and expect tomorrow to be another generally higher day.
5 comments:
Carl,
Just a quick question. I did a quick archive search on your site of WD Gann. In your op... is/was his methods more quackery than technical trading?
Just curious to get your thoughts. I know there are a lot of Gann trading systems but not sure they are legit.
thanks
There are a lot of good ideas in Gann's methods, but he didn't invent any of them. No one I know has ever developed a successful trading method based on Gann's ideas that are in the public domain, possibly because there are too many of them and things get too complicated. Gann himself was an astrologer and played the market almost entirely on this basis alone. This was his famous "law of vibration". So my recommendation to anyone contemplating a study of Gann: don't waste your time and money.
I appreciate your candidness regarding the Gann method/s.
It helps confirm and clear up some of my own suspision as well.
thanks,
Jack
I do no agree completely Carl, i studied too the astrological approach (bradley f.cowan courses that maybe you know), sometime give you fantastic results, other times not, dunno, but something interesting it's there and maybe too complicated to be estrapolated from what gann leaved to us.
I abandoned gann, considering that today we have powerful computers and other methods can be used.
Another thing, about the law of vibration i've read about it in one interesting book "Fragments of an Unknown Teaching" wrote by a friend of Mr. G.I. Gurdjieff.
basically that law is based on the musical scale/notes.
No idea how Gann used it for predicting market swings:) but it is interesting.
Cya
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