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Thanks for your response, Haytham.
Well, I have been in and out of several tunnels in my 15 years of living and
breathing the markets, of which the last 4 as a full-time daytrader, and I
think I have a pretty good idea about the nature and whereabouts of the
"light", at least the one that shines on my path :-))
About the stuff that I found lacking in merit, so to speak:
1. The claim that every major hi/lo of a stock spins off cycles of that
absolute hi/lo price's number in days, wks., months, etc.
Not only this does not make too much sense when you really think about it
(i.e. one can easily come up with situations where this makes no sense at
all), I have not seen this work either with any tradeable reliability or
consistency.
2. The big "SCALING" problem, which is the most common pitfall and/or
controversy in the Gann world. Although he frequently mentions the scales
for lines/angles as being per hour, day, week, etc.,
as far as I remember, most of the lines on the example charts didn't fit any
of those scales consistently and seemed like they were just "fitted" for the
best visual effect.
3. The use of "arcs", like he is doing for intraday S&P trading examples,
etc. When it is "arcs" we are talking, the "scaling" problem is even 10
times more severe! What exactly is the "scale" he is using? What is he
basing the arcs on, how is he setting the radius, etc.? It is not clear at
all, and it makes a huge difference in the end results.
4. The way he is using 6 hours instead of the actual 6.5 hours per day of
trading for his long term time counts, etc. In my experience, the real deal
6.5 hours give much better results (if any) in all my timing projections (of
that kind).
These are just a few things off the top of my head. Now that I have found
someone who speaks the language, I may review the books one more time and
bother you again in the near future with some other things that puzzled me
:-)
Thru the tunnel towards the light,
Levent
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