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Strategies & Market Trends : Technical Analysis- Indicators & Systems
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To: Richard Estes who wrote (2183)7/25/1997 2:24:00 PM
From: TechTrader42   of 3325
 
I'm mistaken about Gann angles and areas of congestion. I was applying something I read in Elder about support and resistance lines. He says that it's "better to draw support and resistance lines across the edges of congestion areas instead of extreme prices," but he wasn't talking about Gann lines. Sorry about the error.

Elder isn't too keen on Gann's work: "Others, such as Elliott and Gann, searched for a perfect order in the markets -- a fascinating but futile undertaking."

And (worse): "I interviewed W.D. Gann's son, an analyst for a Boston bank. He told me that his famous father could not support his family by trading but earned his living by writing and selling instructional courses. When W.D. Gann died in the 1950s, his estate, including his house, was valued at slightly over $100,000. The legend of W.D. Gann, the giant of trading, is perpetuated by those who sell courses and other paraphernalia to gullible customers."

Oh well, all that's neither here nor there.

-- A gullible customer
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