William D. Gann
Gann Techniques Trading Course
W. D. Gann said: "Speculation or investment can be the 'best'
business in the world if you make a 'real' business of it. But in
order to make a success at it you must study and be prepared and not
guess, follow inside information, or depend on hope and fear. If you
do you will fail. Your trading success depends on knowing the right
kind or rules and following them." W.D. Gann (From his Commodity
Trading Course)
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The Elliott Wave Principle
Human nature does not change, nor does its patterns.
One man who built his reputation on this truth was Bernard Baruch.
Baruch was one of the greatest stock market operators this century
and advisor to American presidents. He stated that price fluctuations
in the markets are attributable not to the events themselves but
to the human reactions to these events. As a marvellous example
of his understanding of how markets behave, when once asked how
he made his fortune, Baruch replied that he simply gave the public
what they wanted - when they wanted stock, he gave it to them -
when they wanted out, he took it back.
Human emotions are rhythmical or cyclical in nature
- they move in waves (or cycles) of a definite number and direction.
This phenomenon is particularly evident in those freely traded markets
where human participation in price movements is extensive. The Elliott
Wave Principle is a system of empirically derived rules and guidelines
for interpreting price action in such markets.
The Elliott Wave Principle was developed by Ralph
Nelson Elliott, during the Great Depression of the 1930s. A US citizen,
Elliott was an Accountant by profession and it was during a long
period of illness (in which he was left bed-ridden) that Elliott
developed his theory of the Waves Principle, which was formulated
entirely from meticulous, empirical observation.
As Elliott grew proficient in the application of his
principle, it began to amaze him with its accuracy. In 1937, R.
N. Elliott's treatise was made public through publication of the
"Wave Principle" and in 1939, Elliott was commissioned
by the Financial World Magazine to write 12 articles on the Wave
Principle. These definitive articles basically established Elliott's
reputation with the investment community in America. After Elliott's
death in 1948, the Wave Principle continued to enjoy a small but
loyal following, having subsequently became known as the Elliott
Wave Principle.
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