William Delbert Gann was a trader who developed the technical analysis tools known as Gann Angles, Square of 9, Hexagon, and Circle of 360. W.D. Gann's market forecasting methods are based on geometry, astronomy and astrology, and ancient mathematics.
He was supposedly one of the most successful
stock and commodity traders that ever lived. Born in Lufkin, Texas
on June 6, 1878, W.D. Gann began trading in the early 1900's, and
in 1908 moved to New York City to open his own brokerage firm,
Gann & Company. Using his own style of technical analysis, W.D. Gann
was reported to have taken more than 50 million dollars in profits
out of the markets.
He based his trading methods on time and price analysis. This made it possible for Mr. Gann to determine not only when a trend change was imminent, but also what the best price would be to enter, or exit that market. So accurate were Mr. Gann's techniques that in the in the presence of representatives of a major financial publication, he made 286 trades in a period of 25 market days. Of these, 264 trades were profitable.
Before venturing into Gann's original work, a good orientation and overview is THIS brief summary of his techniques of analysis and trading or THIS more extended overview. Copies of most of his books are available free of charge in the files-menu of TPR II -Yahoo!-group HERE.
In 1946, aged 68, W.D. Gann produced a reading list for his students. Since
Gann’s death in 1955 this reading list has generally been overlooked by
Gann enthusiasts because the constituent books have been difficult or
expensive to obtain. With the exception of four books, copies of all of the books on Gann’s recommended reading list
are now available to download free-of-charge and for the benefit of all
Gann enthusiasts HERE.
In W.D. Gann's Commodities Course (1946) , chapter #7 entitled "Forecasting Grains by Time Cycles" Mr. Gann says: "The Great Time Cycles are most important because they record the periods of extreme high or low prices. The cycles are 90-Years, 82 to 84 Years, 60 Years, 45 Years, and 20 Years." (p. 161)
90-Year Cycle: “When we start from Sunrise or the Horizon and measure to Noon, we get an arc of 90 degrees, which is straight up and down starting from the bottom. 90 months or 90 years is a very important time period. The 90-Year Time Cycle is one of the very important ones because it is two times 45. This time period must always be watched at the end of long time periods. For example:
In W.D. Gann's Commodities Course (1946) , chapter #7 entitled "Forecasting Grains by Time Cycles" Mr. Gann says: "The Great Time Cycles are most important because they record the periods of extreme high or low prices. The cycles are 90-Years, 82 to 84 Years, 60 Years, 45 Years, and 20 Years." (p. 161)
90-Year Cycle: “When we start from Sunrise or the Horizon and measure to Noon, we get an arc of 90 degrees, which is straight up and down starting from the bottom. 90 months or 90 years is a very important time period. The 90-Year Time Cycle is one of the very important ones because it is two times 45. This time period must always be watched at the end of long time periods. For example:
1932 was 90 years from 1842. Study the Wheat prices around this time. 1850-1851 – add 90 years and we get 1940-41. Note low prices of Wheat around that time.84-Year Cycle: “This repeated 84 years from 1845 to 1852 and brought low prices in 1929 to 1933.” The 84-Year Cycle alerts us to be prepared for low prices 84-Years from 1929 to 1933. The 84-Year Cycle projects low prices in 2013 to 2017.
1855, June, high for Wheat 170. 90 years from this period gives 1945. Wheat reached high in June, selling at 170, some contracts at 168 and 169.
1850-51, extreme lows for Wheat. Add 45 years and we get 1895 when extreme low was reached. From 1895 we again add 45 years and get 1940.”
Gann referred to the “Great Cycle – Master Time Period – 60-Years the 49-50 Year Cycle, and the 30 Year Cycle (see chapter #12).
Great Cycle – Master Time Period – 60 Years: “This is the greatest and most important cycle of all, which repeats every 60 years or at the end of the third 20-Year Cycle. You will see the importance of this by referring to the war period from 1861 to 1869 and the panic following 1869: also 60 years later – 1921 to 1929 – the greatest bull market in history and the greatest panic in history followed. This proves the accuracy and value of this great time period.”
45-Year Cycle: “The digits 1 to 9 when added together total 45. 45 is the most important angle. Therefore 45 years in time is a very important cycle. One-half of 45 is 22 ½ years or 270 months. One-fourth of 45 is 11 ½ years or 135 months, which is three times 45. You will note how important these points are on the 360 degree Circle Chart.”
30-Year Cycle: “The 30-Year Cycle is very important because it is one-half of the 60-year cycle or Great Cycle and contains three 10-year cycles. In making up an annual forecast you should always make a comparison with the record 30 years back.”
20-Year Cycle: “One of the most important Time Cycle is the 20-year cycle or 240 months. Most stocks and the averages work closer to this cycle than to any other. Refer to analysis of the “20-Year Forecasting Chart.”
The debate over W.D. Gann's success in speculation remains unresolved. In "Trading for a Living," Alexander Elder recounts an interview with Gann's son, who worked as an analyst for a Boston bank. He revealed that Gann struggled to support his family through trading and instead made a living by writing and selling instructional courses. When Gann passed away in the 1950s, his estate—including his house—was valued at just over $100,000.
Similarly, in "The Right Stock at the Right Time," Larry Williams shares that during his conversation with John Gann, he inquired why, if Gann was as talented as claimed, his son was still cold-calling clients. Williams also notes that F.B. Thatcher, Gann's promoter, suggested that Gann was more skilled at promotion than trading.
In "Technical Analysis," Charles D. Kirkpatrick and Julie Dahlquist provide further context: Gann left formal education at 16 to pursue a career as an itinerant salesman. While legends claim he amassed several fortunes in commodities and led a lavish lifestyle—including marriages to younger women and substantial spending on planes, yachts, and gambling—some view him as a dubious figure. Critics argue that his trading courses relied heavily on generalities and astrology and that he sold his advisory service multiple times. Ultimately, he died with few assets.
Despite the controversy surrounding his trading success, Gann was a prolific writer, producing both novels and advisory texts. Richard Wyckoff's writings contributed to Gann's notoriety, particularly for his trading in cotton. While some independent observers have praised Gann as a skilled trader, whether he consistently applied the methods he taught remains uncertain.
