MysticalTrader
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Speaking personally, I dont know enough about either to have a clear view. I think it is possible to get too clever though and maybe these do. I understand Gann is generally highly thought of, but I have never seen an Elliot Wave prediction work well. Maybe they are methods which explain retrospectively why things happened but arent so good at predicting?
MT
MT
Zenda said:Quote from an interview in this Months Traders Mag by Larry Williams -
"I am not wild about the technical stuff. I believe that most of it is not useful and some of it actually fraud - like Gann and Elliott."
I agree do you?
.
I think fraud is a heavy word - Both Gann and Elliot (who was and sounded like a typical accountant !) knew their methodologies worked - there is evidence of that - but nowadays people are trying to pick up their stuff without the deeper understanding
I think fraud is a heavy word - Both Gann and Elliot (who was and sounded like a typical accountant !) knew their methodologies worked - there is evidence of that - but nowadays people are trying to pick up their stuff without the deeper understanding
donaldduke
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Paul Tudor Jones in Market Wizards said his success was do due to Elliot Waves.
fwiw,
I have followed Gancycles for a few months and have found the predictions surprisingly good on some occasions, good on others.
Sometimes the entries posted on the group are obviously hasty and therefore not to clear.
I would never base a trade entirely on Gan but very often it gives me an indication of good times to actually look at the screen.
Of course, it could be that I'm too thick to understand the pearls that are before me in their entirety
or my reding of them is too hurried. In which case they are probably more accurate than I give them credit for.
From personal observation I would never discard Gan as quackery.
The author has stated that his own understanding of Gan's work is not perfect. Add to that my own imperfect understanding.....need I say more?
I have followed Gancycles for a few months and have found the predictions surprisingly good on some occasions, good on others.
Sometimes the entries posted on the group are obviously hasty and therefore not to clear.
I would never base a trade entirely on Gan but very often it gives me an indication of good times to actually look at the screen.
Of course, it could be that I'm too thick to understand the pearls that are before me in their entirety
or my reding of them is too hurried. In which case they are probably more accurate than I give them credit for.
From personal observation I would never discard Gan as quackery.
The author has stated that his own understanding of Gan's work is not perfect. Add to that my own imperfect understanding.....need I say more?
trendsignal UK
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Hm. Larry Williams - an interesting man. Not sure why he would say he isn't wild on technical stuff - isn't his %R indicator classed as technical?
As far as E. Wave goes I know a bunch of people that use it - and have made a lot of money from it. I personally find it quite interesting, and have a system that I have written in ensign from scratch that detects waves etc. (see attached) . The only thing I can say is that this (backtested so far) looks to be highly profitable, and once I complete it, I'll build it into trendsignal.
Gann is another matter. I have studied it for a while and the chap I am studying with is making a high six figure income every year entirely from Gann using options. He is 62 years old and has doen this for the last 14 years to my knowledge. I have never used Gann on stocks/indexes (apart from Pyrapoint) but on commodities it seems to have a lot of validity. It is though bloody hard work. My tutor doesn't even use a computer (and neither do I for this part of Gann) because he feels it is less pure (Gann had no computers so why should he).
I guess like many things - there is no Holy Grail, but to me calling something a fraud is a tad unfair unless you have studied it in depth and can conclusively prove it to be so.
As far as E. Wave goes I know a bunch of people that use it - and have made a lot of money from it. I personally find it quite interesting, and have a system that I have written in ensign from scratch that detects waves etc. (see attached) . The only thing I can say is that this (backtested so far) looks to be highly profitable, and once I complete it, I'll build it into trendsignal.
Gann is another matter. I have studied it for a while and the chap I am studying with is making a high six figure income every year entirely from Gann using options. He is 62 years old and has doen this for the last 14 years to my knowledge. I have never used Gann on stocks/indexes (apart from Pyrapoint) but on commodities it seems to have a lot of validity. It is though bloody hard work. My tutor doesn't even use a computer (and neither do I for this part of Gann) because he feels it is less pure (Gann had no computers so why should he).
I guess like many things - there is no Holy Grail, but to me calling something a fraud is a tad unfair unless you have studied it in depth and can conclusively prove it to be so.
Attachments
Presumably this is the same Larry Williams that has promoted using Moon cycles for trading signals ? I'm not so sure that he should be accusing others of fraud ! There was also the small matter of that trading competition that he "won".
rog1111
rog1111
Zenda said:Quote from an interview in this Months Traders Mag by Larry Williams -
"I am not wild about the technical stuff. I believe that most of it is not useful and some of it actually fraud - like Gann and Elliott."
I agree do you?
So, is Larry Williams not as good as he says? Did he not win the contest or something. Everything I find on the internet said he did and that his daughter is a good trader too. I was thinking about buying one of his books, but would like further info on your statement before I do.
Thanks
Haha ya he did show the moon trading cycle during the class which I attended but that was to demonstrate the capabilities of the software he was using the Trade Navigator. You can backtest results depending on the moon cycle, on whether uptrends are created on Mondays, if the year ending with 7 ie. 1987, 1997 are actually the year of bears, etc.
You should check out his website if you are interested in his methodology. Learn more and see if it is for you. For me I only incorporate his COT Proxy ideas in my blog http://uncleti88.blogspot.com/
Shakone
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Yeah his daughter used to be in Dawson's Creek when I was growing up, obviously multi-talented. Ended up marrying Heath Ledger.
I think some of what Gann wrote in his books regarding trading is pretty good for its time. He talks about highs and lows, trends, support and resistance. Hardly fraud. The indicators with the name gann attached, I can't make any sense from.
Bit of a cheek alright, he was fined for deceptive promotional material etc.
http://www.jurikres.com/snake/lawsuits.htm
rathcoole_exile
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Quote from an interview in this Months Traders Mag by Larry Williams -
"I am not wild about the technical stuff. I believe that most of it is not useful and some of it actually fraud - like Gann and Elliott."
I agree do you?
Pot
Kettle
Black
