股票期货突破技术分析(英文原版)-第25章

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0°；　315°。and　finally　a　full　cycle　at　360°。　This。is。a　harmonic。series。that　contains。some　of　the　Fibonacci。ratios。we　first　studied。　All　harmonic。scalesntain　Fibonacci　ratios；　but　not　all　Gann　projections。are　Fibonacci　numbers。　
The　reason　for　this　is。fully　explained　in　my　presentation　called　Great　Market　Technicians。of　the　21st　Century：　Galileo；　Fibonacci；　and　Beethoven。　This。is。a　multimedia　presentation　developed　for　the　Silver　Anniversary　of　the　Market　Technicians　Association。　（The　visuals。for　this。presentation　can　be　found　at　aeroinvest　in　our　chart　gallery。　The　full　presentation　with　audio　and　video　was。donated　to　the　Market　Technicians。Association　after　9/11　to　help　rebuild　the　library。　It　can　be　purchased　from　them　at　mta。）　The　taped　lecture　will　not　give　you　better　market　targets；　but　it　will　give　a　better　understanding　of　why　the　Gann　Wheel　is。a　harmonic。calculator　and　proves。key。market　swings。have　harmonic。relationships。　The　hard　angles。at　15°；　90°；　180°；　270°。and　360°。from　the　wheel　are　important；　but　none　more　so　than　a　full　cycle　at　360°。which　will　have　a　natural　logarithm　relationship　to　the　first　number　used　to　create　the　series。　In　Figure　
5。13　the　market　high　shows。in　respect　to　the　360　projection。　It　then　falls。swiftly　to　the　target　line　below　it　at　315°。　
These　charts。demonstrate　that　the　Gann　Wheel　can　be　plotted　directly　on　the　market　data；　making　Gann　analysis。far　less。labor　intensive　than　it　once　was。by　hand。　（More　information　about　the　step…by…step　methods　to　obtain　price　targets。from　a　Gann　Wheel　is。available　without　charge　on　my　Web　site　at　aeroinvest。）　
We　conclude　where　we　began；　because　the　decline　in　OXY　to　the　Gann　level　marked　315°。on　the　far　left　is。also　a　Fibonacci　confluence　zone。　A　multiple　overlap　developed　confluence　with　a　38。2　percent　and　50　percent　retracement　forming　at　43。　The　void　of　targets。between　54　and　44　gave　early　warning　about　the　character　of　the　decline　that　would　develop。　

Clearly；　the　confluence　zones。we　first　developed　using　just　Fibonacci　ratios。were　the　conceptual　beginnings　of　something　much　greater。　But　the　study　of　Gann　is。a　journey　down　many　rabbit　holes。of　knowledge。　Gann　analysts。will　find　a　book。written　by　Manly　P。　Hall　The　Secret　Teachings。of　All　Ages　（Philosophical　Research　Society；　1998）；　to　be　of　great　interest　in　their　pursuit　of　some　of　the　core　teachings。of　Freemasons。　We　begin　to　see　astounding　results。from　our　charts　and　beg　to　understand　why　this。is。so。　Gann　was。applying　the　secret　teachings。from　all　ages。that　led　lo　a　greater　wisdom。　When　the　many　fields。of　study　within　the　quadrivium　bee　clear　within　the　analytic。methods。of　W。D。　Gann；　the　revelation　bees。humbling；　because*　we　understand　win　Gann　restated　the　words。of　Solomon：　〃Knowledge　is。of　more　value　than　gold。〃　

CHAPTER　6　


Unlocking　Gann　
DAVID　E。　BOWDEN　
W。D。　Gann　made　his。reputation　by　making　market　calls。long　before　the　events。took　place。　Some　of　these　calls。proved　to　be　amazingly　prescient。　Some　of　them　were　wrong。　To　publish　a　market　top；　say；　twelve　months。in　advance　and　have　your　forecast　proved　correct　is。every　bit　as。thrilling　as。winning　a　gold　medal　at　the　Olympics—and　probably　rarer；　too。　To　know　where　the　market　is。going　presently　is。hard　enough。　Is　it　at　a　top？　Is　it　a　bottom；　or　is　it　in　the　middle　of　a　run？　These　questions。are　difficult　enough　to　answer　about　the　next　several　weeks；　never　mind　going　twelve　months。out。　Indeed；　sometimes。it's。a　big　enough　challenge　just　to　have　a　solid　opinion　after　event　without　being　asked　to　make　projections。that　hinge　on　events。that　haven't　happened　yet。　In　1989；　for　example；　some　twenty…six。years。after　the　fact；　Gore　Vidal　was。asked　what　he　believed　would　have　been　the　oute　had　Khrushchev　and　not　Kennedy　been　assassinated　in　1963。　Alter　some　thought；　he　replied；　〃With　history　one　can　never　be　certain；　but　I　think。I　can　safely　say。that　Aristotle　Onassis。would　not　have　married　Mrs。　Khrushchev。〃　
In　this。chapter；　I’ll　explain　in　detail　how　I　constructed—a　year　in　advance—　my　forecast　for　the　Australian　share　market　in　1989　and　why　I　went　to　the　trouble　of　getting　it　published。　Beyond　that；　I'll　share　with　you　my　experiences。of　being　both　right　and　wrong；　and　of　how　to　make　the　most　of　both。　
Choosing　Your　Path　
In　trading　there　are　few　paths。to　success。and　many　to　failure。　In　this。book；　individuals。who　have　been　involved　in　the　markets　for　a　considerable　time　share　their　secrets。　Each　goes。about　the　business。of　studying　the　markets。in　a　different　way；　but　you'll　find　some　mon　denominators　among　all　of　them。　
Many　professionals；　in　their　own　way；　have　used　the　rules。laid　down　by　W。D。　Gann　before　he　died　in　1955。　My　own　approach　to　the　use　of　Gann’s。rules。is　essentially　a　bination　of　things。I've　put　together　over　the　last　twenty　years。　
Some　of　these　methodse　from　authors。other　than　Gann；　and　some　are　rules。that　I've　developed　on　my　own。　Everything　I'm　sharing　with　you　here　has。worked　for　me；　but　none　of　it　was。apparent　from　the　start。　I　only　wish　someone　had　taken　the　time　to　explain　these　things。to　me　when　I　first　started　out。　
I　started　trading　late　in　1985。　My　training　consisted　of　trading　for　two　weeks。with　an　old　pro　whom　I　had　known　for　many　years。　He　was。my　mentor。　After　that；　I　was。on　my　own　and　I’ve　never　had　a　real　job　since。　During　my　introduction　to　trading；　my　tutor　and　I　spoke　about　the　works。of　W。D。　Gann；　but　he　had　little　faith　in　what　Gann　had　to　say。　For　some　reason；　there　seems。to　be　a　well…above…average　number　of　mathematical　and　grammatical　mistakes　in　the　lessons。left　by　W。D。　Gann。　But　I　focused　only　on　what　was。right；　discarding　what　was　wrong；　and　became　a　convert。　The　mistakes。never　bothered　me　much。　They　only　made　it　more　of　a　challenge　and　made　me　read　the　lessons。very。carefully。　I　thought　that　if　I　could　make　sense　out　of　just　one　section　of　Gann's。lessons；　I　would　be　ahead　of　the　crowd　and　could　move　on　from　there。　
Calculating。a　Range　
The　first　thing　I　worked　out　was。how　to　calculate　a　range　by　taking　the　lowest　point　that　the　market　had　traded　from　the　highest　point。　That　gave　me　a　range。　I　realize　that　this。can　hardly　be　called　a　〃breakthrough　in　technical　analysis；〃'　but　it　was。all　new　to　me。　
I　bought　all　of　the　Gann　books；　and　he　seemed　to　be　talking　a　great　deal　about　ranges。　I　know　that　Gann　did　not　have　a　monopoly　in　this。area　of　technical　analysis。　Many　authors。based　their　theories。on　ranges。and　still　do。　It's。called　price　action　and　reaction。　Over　time；　my　research　showed　me　that　these　ranges。were　often　repeated；　exactly；　in　both　time　and　price。　So　I　started　to　believe　that　the　time　range　（that　is；　the　elapsed　time　between；　say；　a　bottom　and　a　top—often　called　a　wave　or　a　cycle）　was。even　bit　as　relevant　to　my　decision…making　process。as。the　price　range。　I　began　to　realize　that　time　was。more　important　than　price。　
Time　was。also　more　consistent。　Being　more　consistent；　my　research　showed；　made　time　more　tradable。　I　also　found　that　the　time　spans。from　bottom　to　bottom　and　top　to　top　gave　me　cycles。that　repeated。　That's。the　information　you　need　to　plete　a　forecast。　If　you're　going　to　get　your　forecastsrrect　and　use　them　to　make　trading　decisions；　you　have　to　identify　cycles。that　repeat。　If　and　when　they　repeat；　you'll　be　right。　It's。as　simple　as。that。　
Later；　I　was。to　see　this　confirmed　in　major　trading　books。like　The　Major　Works。of　R。N。　Elliott；　edited　by　Robert　R。　Prechter；　The　Elliott　Wave　Principle　by　Prechter　and　A。J。　Frost；　and　in　the　work。of　Frank。Tubbs。and　just　about　everyone　else　who　had　written　about　price　action　and　reaction。　But　seldom　did　I　see　these　masters。treat　time　as。an　entity。　In　this；　my。inspiration　came　first　from　the　works。of　W。D。　Gann　and　what　he　had　to　say　about　ranges。　
My。next　inspiration　came　from　Gann's。discussions。of　〃natural　time”。　Put　simply；　he　divided　the　year　into　the　four　seasons。and　the　price　was。divided　into　360o。　By　simply　doing　some　price　action　and　reaction；　I　was。able　to　learn　the　lessons。as。outlined　by　Gann。　It's。best　to　master　the　price　lessons。first；　then　move　on　to　time。　After　you've　pleted　the　second　part　of　the　lesson　and　have　gained　an　understanding　of　how　these　things。work；　you　can　bine　both　lessons　and　get　a　time　and　price　fore