Trading Education Guides Technical Analysis
- By Bullish Bears
- Updated April 15, 2024
6 min read
- Reviewed by Angelica Rieder
- Fact checked by Lucien Bechard
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Gann angles are useful to us for finding momentum and trends. We particularly like these angles for swing trading and longer-term trend trading. You can use Gann angles on any chart time frame. However, they are more effective on longer-term charts. I like the weekly, daily, monthly, 4-hour, and 60-minute time frames. For example, you want to first find tops and bottoms on the weekly or monthly chart. The formulas require a price baseline. This is why you want to use the high or low as your starting point.
You can select the tool from your toolbar or draw the angles by hand when you’ve done this. If you are drawing them by hand, then follow the general angles. If it is through your toolbar, then the preset angles should automatically appear.
This is a simplified Gann angle example, but it shows the overall idea. If you are looking for a bullish play, find the low and let the angle paint upwards. When going for the bear position, look for the high and let it paint down.
Table of Contents
- What Are Gann Angles?
- How to Edit the TOS Fib Tool
- Research Books
- What Is WD Gann Theory?
- Other Tools
- Final Thoughts: Gann Angles
What Are Gann Angles?
Gann angles have nine specific rays that help tell price action. As a result, each of these corresponds with a time segment. As one of the previous angles breaks the next line in the” fan,” it will act as support. In other words, they are just levels of support and resistance.
The stock market is a tug-of-war between buyers and sellers, which means tools like Theseangles can be helpful. The push and pull of bulls and bears can make for messy, hard-to-trade charts. You inevitably will search for a method to make trading a bit easier.
As a result, technical indicators are used to filter out the noise. Using indicators is all about preference and strategy. In this article, we will talk about the Gann angles indicator.
Although many of his techniques have been criticized in the new market, many swear by his work. Some say his early work was essential to laying the foundation for technical analysis and modeling Financial derivatives. You be the judge! What matters is what you think, and it is useful to you.
When prices directly correlate with time, the chart should trace on the 45-degree line. A few things to remember are that the 1×1 correlates to the 45-degree line and should be your base parameter; the other standard Gann degrees are listed below.
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How to Edit the TOS Fib Tool
Using your trading platform (we use thinkorswim), find your “Fibonacci Fan” tool. Here, you can draw a standard fib fan. Right-click on the fib fan drawing. As a result, you can edit the fans, as seen in the picture below.
I slightly modified my “Gann fans” to my preference based on further research into Gann. I don’t use all the rays or even the standard degrees. Play around with the tool and see if different degrees work for you.
I also recommend drawing these fans from various lows to highs. Then, go from highs to lows, and pay attention to where the lines intersect. As a result, this can show you important pivot points critical to your entry or exit!
My favorite degree is the 45 degree. You will often find great entries around this degree. Also, the 14 degree. You’ll notice major trend changes around the 14-degree mark, and I use it as a trend change detection (from bullish to bearish and vice versa).
Research Books
For researching Gann, there are a lot of great books to read. One of my favorite books isObservations on W.D. Gann Vol. 2: Price – Time – Volume – Velocity (Volume 2). This author worked hard to simplify Gann’s strategy and offered his interpretations of Gann’s theory.
I feel it’s important to study the material to unlock some of the mystery surrounding Gann. You will perhaps “crack the code” yourself in a way that helps you become a better swing traderor investor.
Gann warned againstover-trading. You’ll notice that using Gann angles is more of an ebb-and-flow strategy. You don’t want to over-trade Gann Gann’sry, but you should have a plan and a stop loss.
Remember, knowledge is power. However, applied knowledge is freedom!
Best Trading Tools
The Bullish Bears Team created a list of the best trading tools. Our reviews give detailed breakdowns of the positives and negatives of scanners, charting software, journaling, and simulators.
View List
What Is WD Gann Theory?
Gann angles are quite simply a tool to help analyze a hectic chart. They use a correlation between angle measurement and time, known as WD Gann Theory. W.D. Gann, a 20th-century market theorist, initially created and implemented them.
Other Tools
If you’re challenged with drawing angles or trend lines, you may want to consider checking outTrendSpider. The software will automatically draw trend lines for you based on mathematical algorithms. You can also simultaneously compare multiple angles on multiple time frames, which is arguably the best feature (and my favorite!)
TrendSpider makes the trend line angle portion of the analysis a breeze. If you’ve studied Gann angles, you’ll probably notice some angles popping out on your charts with this tool!
Final Thoughts: Gann Angles
Gann angles can be a very effective tool. Learning to use them takes time and practice. Keep in mind that no strategy is absolute. You need to be able to use this tool and adapt it to the moving market.
It can be an effective tool in your arsenal of many trading strategies and techniques. It still needs to be combined with other techniques. The number one rule is whatever your trading or investing plan is, stick to it! Deviating from your plan is where you go wrong. Without discipline in trading or investing, you are destined for failure.
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