股票期货突破技术分析(英文原版)-第24章

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hart。　Another　trait；　which　requires。an　astute　eye　for　geometric。proportion　to　detect；　is。a　repeating　pattern　that　forms。with　increased　spacing　at　the　higher　price　levelspared　to　the　grid's。spacing　nearer　the　bottom　of　the　chart。　There　is。a　logarithmic。function　to　the　grid。　For　now；　accept　diat　the　market　is。showing　some　respect　toward　the　horizontal　grid。　We　will　return　to　the　discussion　of　these　lines。　
Figure　5。11　is。partially　shaded　to　help　emphasize　the　diagonal　lines。through　the　chart。　In　the　middle　of　the　chart　are　two　parallel　lines。forming　a　channel。　The　price　high；　near　80；　demonstrates。Gann's　confluence　in　all　three　dimensions。of　vertical；　horizontal；　and　diagonal。　The　vertical　is。time。　We　see　at　the　high　a　Mercury　retrograde　cycle。　The　horizontal　is。price。　The　highest　rectangular　black。box　is。highlighting　the　price　target　on　the　horizontal　dotted　line。　Diagonal　is。the　geometric。measure。　The　price　high　is。testing　the　upper　diagonal　channel　running　through　this。chart。　Furthermore；　we　have　the　posite　Index　forming　the　kiss。under　the　rollover　of　two　moving　averages。following　divergence　that　was。discussed　earlier　for　the　RSI　in　Figure　5。3。　Look。at　points。X；　Y；　and　Z；　as。well；　in　the　posite　Index；　The　indicator　gives。permission　to　buy　or　add　at　the　support　zones。tested　by　the　market　on　the　dotted　lines。　Momentum　indicators。work。best　when　they　are　studies　at　specific。price　targets。to　offer　permission　to　take　action。　In　this　chart；　the　price　high　demonstrates。the　point　at　which　everything　es。together　at　the　same　time　and　place；　providing　a　high…confidence　sell　signal。　Understanding　how　the　diagonal　lines。were　created　is。critical　to　the　o　
because　these　lines。are　set　at　precise　geometric。angles。　

Gann　Angles　
The　weekly　chart　we　just　examined　in　Figure　5。11　was。actually　a　close…up　of　the　weekly　Brent　crude　chart　in　Figure　5。12。　At　first　glance；　it　looks　extremely　plex；　but　if　you　looked　at　a　chart　with　multiple　Fibonacci　retracements　without　guidance；　it　too　would　trigger　the　same　first　impression　as。a　Gann　chart。　Breaking　down　the　ponents。so　that　one　knows。what　to　focus。on　changes。the　entire　plexion　of　these　charts。　
The　diagonal　lines。are　projected　Gann　angles。　Many。software　vendors。offer　Gann　angles；　but　they　are　only　speed　lines。unless　precise　angles。are　used。　If　you　take　a　price　low　for　a　stock。trading　under　25　and　plot　a　line　with　a　growth　rate　of　1　for　one　unit　of　time；　or　1x1；　you　would　draw　a　45o　angle　within　the　chart。　On　a　puter　screen；　it　would　not　look　like　a　45o　angle；　because　the　number　of　pixels。on　the　width　of　your　screen　versus。the　height　is。not　equal。　When　you　use　a　Gann　angle　tool　without　precise　angles。defined；　you　are　only。creating　speed　lines。that　can　be　used　for　acceleration　analysis。　It　is　not　Gann　analysis。　The　process。bees。more　difficult　when　you　desire　a　precise　45o　angle　in　a　market　like　the　Nikkei　Stock。Index—it　is。not　realistic。to　use　1　versus。one　unit　of　time　for　the　rise。　
But　there　is。a　way　to　solve　the　problem。　Figure　5。12　shows。a　series。of　boxes。whose　corners。are　connected；　creating　a　cross。within　each　box。　Because　there　are　fifty…two　weeks。in　a　year；　the　weekly　chart　is。using　the　square　of　fifty…two。　But　if　you　look。closely　at　the　price　scale；　it　is。clear　that　one　box　does。not　cover　a　price　range　of　52。　Multiples。or　proportional　divisions。can　be　used　and　the　angles。within　the　original　square　of　fifty…two　still　retained　if　only　a　single　box　were　displayed　mapping　fifty…two　weeks。along　the　horizontal；　versus。52　against　the　vertical。　Although　one　large　box　is。not　useful；　four　boxes。and　sixteen　boxes。still　produce　the　same　angled　lines。across。the　chart。　When　the　internal　corners。are　connected；　the　grid　produces。both　positive　and　negative　true　geometric。angles。of　45o。　Therefore；　a　simple　solution　is。to　draw　the　Gann　boxes；　establish　a　true　45o　line；　and　then　remove　the　boxes。　The　outside　frame　of　each　box　is。a　fixed　cycle。　Gann　would　use　the　cycle　formed　by。the　Gann　boxes。in　several　ways；　including　further　subdivision　of　the　square　by　thirds。or　eighths。　However；　for　this。discussion　we　will　not　venture　down　that　road。　
The　Gann　angles。of　interest　are　the　1x1　（45o）；　1x2　（63。75o）；　1x4　（75o）；　and　1x8　（82。5o）；　and　occasionally　we　need　the　1x16　（86。25o）。　For　declines；　we　again　consider　1x1；　then　2x1　（26。25o　）；　4x1　（15o）；　8x1　（7。5o）；　and；　on　occasion；　16x1　（3；75o）。　Sometimes。the　1x3　and　3x1　are　used　with　angles。of　71。25o　and　18。75o　respectively。　Gann　discusses。these　angles。as。“moving…averages〃；　which　can　cause　confusion　in　modern　context　because　puters。allow　us。to　chart　true　moving　averages。derived　from　price　or　indicators。　In　this。discussion；　referencing　Gann　angles。will　serve　us。better。　

The　starting　placement　of　the　Gann　angles。in　Figure　5。12　will　raise　a　question　because　they　are　not　projected　from　blatant　price　lows。　Gann　teaches。that　a　sharp　decline；　as。an　example；　does。not　begin　a　new　trend　upward　at　the　price　low　of　the　decline。　The　price　low　is。the　conclusion　of　the　prior　bear　market　campaign。　The　start　of　the　new　trend　of　greatest　interest　is。the　first　secondary　pullback。　In　Figure　5。12；　Brent　crude　was。nearly　being　a　1
parabolic。rise；　so　the　Gann　angles。were　projected　from　pivots。marked　P　and　Q。　Why？　Notice　point　Q　is。on　a　vertical　and　horizontal　support　in　reference　to　the　box。　But　it　also　has。2
a　Mercury　retrograde　target　in　the　vertical　axis。for　time。　Had　you　created　a　Fibonacci　confluence　grid　in　the　chart　using　the　methods。defined　earlier；　this　area　would　have　been　major　support。　
We　also　have　one　other　clue　that　this。is。a　key　price　pivot。　Scan　the　horizontal　line　near　Q　to　the　left。　Under　this。level　is。a　dotted　line　that　bees　visible　at　the　far　left　with　the　label　“180　degrees。at　38。〃　The　180o　notation　is。important　because　point　Q　is。a　confluence　zone　within　the　chart。　Point　P　was。selected　after　setting　Q；　because　the　radiating　line　marked　P…1x4　tracked　the　price　trend　near　m　in　the　first　swing　up　from　point　P。　The　Gann　angle　P…1x1　also　supports。the　minor　pivot　at　point　m。　The　rise　is。identical　from　each　pivot　so　a　channel　forms。　The　market　high　stopped　directly　under　P…1x2；　or　under　the　channel　capped　with　a　bold　black。line。　The　actual　line　it　fails。at　is。radiating　from　a　start　at　point　P。　Gann　was。right　to　say　secondary　pivots。will　prove　to　be　of　paramount　importance　later　in　the　trend。　
3
The　channel　the　market　is。declining　toward　in　the　most　recent　data　is。formed　by　the　45o　angles。radiating　from　points　P　and　Q。　The　45o　angles。are　always。of　great　importance。　Notice　that　the　current　market　data　has。not　reached　the　bolder　of　the　nearest　underlying　box。frame。　Then　notice　that　the　outer　wall　of　the　box　coincides。with　when　Mercury　returns。to　direct　motion。　This。will　give　confluence　in　the　vertical　and　horizontal；　but　not　the　diagonal；　so　it　is。of　lesser　importance　than　the　confluence　that　formed　into　the　data　high　near　80。　
Finally；　with　respect　to　Figure　5。12；　we　made　careful　note　to　study　the　fine　horizontal　dotted　lines。the　market　was。respecting　in　Figure　5。11。　The　same　lines。in　soft　gray　are　present　in　Figure　5。12　and　have　labels。on　the　far…left　frame　of　the　chart。　The　most　recent　data　up　to　November　2006　show　the　market　is。respecting　the　45c　support　line　at　62　for　Brent　crude。　This。is。a　harmonic。series　of　price　targets。generating　upward　from　a　single　price　pivot。　The　calculations　are　derived　from　a　Harmonic　Gann　Wheel　called　the　Square　of　Nine。　It　is。a　calculator　with　very　special　properties。　
Figure　5。13　displays。a　monthly　chart　of　Occidental　Petroleum　（OXY）。　Cycles。other　than　retrograde　have　been　added　because　confluence　is。being　sought。　The　Gann　angles。are　again　used；　but　this。time　one　is。projected　from　the　zero　line；　which　aligns。with　a　secondary。retracement　above　in　the　data　series。　This。is。a　technique　described　in　Gann's。original　stock。market　course　and　a　good　place　for　a　new　student　to　begin。　We　can　see　the　1x4　angle　（75°）　bisects。a　horizontal　line　near　54　at　the　high。　Look。to　the　far　left　of　this。line　and　you　will　see　the　label　“360　degrees。at　53。89”。　The　angled　degrees。we　want　from　the　Gann　Wheel　calculator　are　45°；　90°；　120°；　180°；　240°；　270°；　315°。and　finally　a　full　cycle　at　360°。　This。is。a　harmonic。series。that　contains。some　of　the　Fi