Question of Scale
It is not always practical to give the 1x1 a value of 1 point of price for each day, as Gann observed in his course. Let us say that the Dow Jones Industrial Average is trading around 10,000 points at the time we are analyzing it. It is obviously not useful to draw a 1x1 along a chart of 10,000 days! In such cases, Gann said that we must devise another scale, in which we postulate that a certain number of points taken together (for example, 100 or 1,000) is to be considered a single price unit in the 1x1 angle, the same as a $100 or $1,000 bill could be considered a single bill. Critics note, however, that Gann did not set down rules for determining how many points should be considered a single unit in such cases and hence that the positioning of the angles on a chart is entirely arbitrary and not scientific; however, there is controversy as to whether Gann completely or partially revealed his methods..
Read more about this topic: Gann Angles
Famous quotes containing the words question of, question and/or scale:
“The question of place and climate is most closely related to the question of nutrition. Nobody is free to live everywhere; and whoever has to solve great problems that challenge all his strength actually has a very restricted choice in this matter. The influence of climate on our metabolism, its retardation, its acceleration, goes so far that a mistaken choice of place and climate can not only estrange a man from his task but can actually keep it from him: he never gets to see it.”
—Friedrich Nietzsche (1844–1900)
“We cannot discuss the state of our minorities until we first have some sense of what we are, who we are, what our goals are, and what we take life to be. The question is not what we can do now for the hypothetical Mexican, the hypothetical Negro. The question is what we really want out of life, for ourselves, what we think is real.”
—James Baldwin (1924–1987)
“I by no means rank poetry high in the scale of intelligence—this may look like affectation but it is my real opinion. It is the lava of the imagination whose eruption prevents an earthquake.”
—George Gordon Noel Byron (1788–1824)