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
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