股票期货突破技术分析(英文原版)-第17章

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The　subject　of　mask。within　the　quadrivium　was。originally　the　classical　subject　of　harmonics；　in　particular　the　study　of　the　proportions。between　the　musical　intervals。of　a　monochord；　which　can　be　translated　as。the　harmonic。proportions。within　a　range。　In　modern　applications；　the　quadrivium　may　be　considered　the　study　of　number　and　its。relationship　to　physical　space　or　time：　arithmetic。is。pure　number；　geometry　is。number　in　space；　music。is。number　in　time；　and　astronomy　is。number　in　space　and　time。　

Time　Analysis　
Gann　was。a　master　of　confluence　cycle　analysis。　Few　students。of　Gann　realize　the　first　edition　of　his。book。How　to　Make　Profits。trading　in　modities。（W。D。　Gann　&　Son；　Inc。；　1941）　describes　different　charts。than　does。his。revised　1951　edition　（Lambert…Gann　Publishing　pany　Inc。）　in　distribution　today。　There　are　so　few　copies。of　the　1941　edition　that　they　are　hand　corrected。　Gann's。time　analysis。goes。much　further　than　mapping　market　turns。　His。method　mapped　the　social；　economic；　and　geopolitical　cycles。defining　periods。of　prosperity　and　contraction。　In　the　1941　edition；　he　wrote　a　segment　titled　〃Why　Hitler　Will　Lose　the　War〃　about　the　ing　war　with　Germany　before　the　United　States。entered　WWII。　
Gann's。1951　release　of　How　to　Make　Profits。in　modities。not　only　removed　the　mentary　with　his。opinions。on　the　war　but　also　changed　some　of　the　charts。he　used　for　his。illustrations。　Why？　The　charts。he　used　in　the　second　edition　to　replace　those　in　the　first　proved　that　the　same　methods。still　applied　in　different　examples。a　decade　later。　Furthermore；　the　advanced　student　will　discover　the　two　books。together　reveal　his　application　of　sacred　geometry　to　mark。inflection　dates。and　that　there　are　measurable　harmonic。relationships。between　significant　market　turns。　Because　markets。respect　the　mathematics。of　harmonic。frequency　ratios；　it　explains。why　a　market　can　develop　a　perfect　signal　in　momentum　indicators。that　bees。a　failure。　The　signals。that　develop　in　charts。outside　these　key　confluence　points。must　be　ignored　as。they　are　out　of　phase　or　should　be　considered　disharmonic。signals。of　low　probability。　Seeking　confirmation　of　signals。across　different　charting　periods。and　finding　inflection　points。with　target　confluences。in　the　same　chart　all　serve　to　find　the　harmonic。key　the　market　is。respecting　whether　the　trader　is。aware　of　thisncept　of　harmonic。relationships。or　not。　Sadly；　because　of　the　obscure　manner　in　which　Gann　released　his。methodology；　many　of　the　books。in　print　today　fail　to　recognize　these　essential　concepts。that　enhance　many　of　today's。technical　studies。　
Gann's　methods。warn　that　the　years。2008　to　2012　will　be　difficult　ones。　There　will　also　be　an　economicntraction　that　will　be　felt　globally　between　2019　and　2021。　The　cycle　of　bear　markets。is。actually　one　of　the　easier　time　targets。to　uncover。　But　it　takes。discipline　to　master　the　methods。to　detect　precise　target　dates。at　defined　price　levels。　Gann　was。the　master　of　the　conceptual　use　of　confluence　zones。　The　use　of　multiple　Fibonacci　calculations　provided　an　introduction　to　the　formation　of　confluence　targets。　But　Gann's。use　of　confluence　was。far　more　sophisticated　because　his。work。viewed　confluence　as。the　intersection　where　horizontal；　vertical；　and　diagonal　projections　converge。　Horizontal　is。price；　vertical　is。time；　and　diagonal　is。geometric。space。　In　Figure　5。9；　the　3…month　Eurodollar　displays。one　type　of　time　cycle　Gann　used。　It's。called　a　retrograde　cycle。　The　bullet　over　a　price　bar　does。not　mean　a　projected　swing　high；　it　denotes。a　time　target。　To　understand　the　cycle　displayed　in　this。chart；　a　description　of　retrograde　is。required。　

Retrograde　Motion　
The　illustration　in　Figure　5。10　is。a　time…lapse　photograph　of　Mars’s。motion　across。the　sky；　ending　on　July　26；　1997—a　celestial　sphere　as。seen　from　a　fixed　point　on　Earth。　The　constellations。are　drawn　to　offer　a　reference　point。　Such　a　discussion　fits。the　quadrivium’s　study　of　astronomy；　which　is　number　in　space　and　time。　Keep　in　mind　that　this。is。not　astrology；　which　has。subjective　interpretation。　We　are　looking　only　at　the　factual　scientific。cycle　and　its。repeatable　occurrence。　The　National　Astronomical　Space　Administration　（NASA）　Web　site　is。a　gold　mine　of　scientific。and　historical　reference　data　that　Gann　analysts。can　use。　
Two　observationsncerning　the　planets。were　very　difficult　for　astronomers。of　the　Middle　Ages。to　explain。　The　usual　motion　of　planets　as。they　〃wandered〃　on　the　celestial　sphere　was。eastward　against　the　background　stars。　This。is。called　〃direct　motion”。　However；　it　was。observed　that　at　times。the　planets。moved　westward　for　a　period　on　the　celestial　sphere；　this。movement　was。termed　〃retrograde　motion”。　The　second　observation　that　was。difficult　to　explain　in　the　Middle　Ages。was。that　planets。were　brighter　at　certain　times。than　others。　

A　major　reason　for　the　difficulty　of　explaining　these　phenomena　was。the　influence　of　the　Greek。philosopher　Aristotle　on　medieval　thought。　His。philosophy　held　that　the　heavens。were　more　perfect　than　Earth　and　that　objects。in　the　heavens。were　unchanging。　The　representative　image　used　to　denote　heaven　and　earth　is　the　circle　framed　within　the　square。　This。is。a　Gann　charting　pattern　that　most　equate　with　his。famous。squaring　of　price　and　time。　
The　Copernican　system　banished　the　idea　that　Earth　was。the　center　of　the　solar　system；　thereby　giving　an　immediate　and　simple　explanation　for　both　the　varying　brightness　of　the　planets。and　retrograde　motion。　The　planets。in　such　a　system　naturally　vary。in　brightness。because　they　are　not　always。the　same　distance　from　Earth。　The　retrograde　motion　could　be　explained　in　terms。of　geometry—a　planet　with　a　smaller　orbit　moves。faster　and　appears。to　overtake　the　slower　planet。　This。is。similar　to　two　speeding　trains。heading　in　the　same　direction　on　parallel　tracks。　As。the　faster　train　catches　and　passes。the　slower　train；　there　is。a　brief　period　of　time　where　the　slower　train　appears。to　be　moving　backward。　It　never　actually　does。　
In　Figure　5。10；　the　perceived　path　of　Mars。shifts。from　tracking　cast　to　west　at　the　point　marked　R。　This。is。the　astronomical　symbol　marking　Mars's。entry　into　a　period　of　retrograde　motion。　When　the　planet　appears。to　track。from　east　to　west　again　as。perceived　from　Earth；　the　point　of　change　is。marked　〃D〃　to　indicate　Mars。has。returned　to　direct　motion。　
In　Figure　5。9；　the　planet　glyph　for　Neptune　is。Ψ。　When　this。symbol　is。notated　on　the　chart；　the　planet　is。returning　to　direct　motion。　When　Neptune　enters。a　period　of　retrograde；　the　glyph　convention　is。ΨR。　The　time　bullets。throughout　the　chart　show　a　correlation　to　inflection　points。within　the　Eurodollar's。history。　These　are　not　fixed　interval　cycles。　
Gann's　written　astrological　discussions。always。use　the　phrase　“the　study　of　natural　cycles〃。　This。is。but　one　simple　example　to　offer　a　conceptual　introduction　to　the　study　of　natural　cycles。　Time；　or　the　vertical　line　of　resistance；　was。the　most　important　trigger　for　Gann。　But　our　discussion　is。not　plete　until　confluence　is。detected　in　the　vertical；　horizontal；　and　diagonal。　Before　moving　on；　it's。important　to　notice　in　Figure　5。10　that　a　natural　cycle　is。not　a　fixed…period　cycle。　It　should　also　be　understood　that　each　ponent　within　vertical；　horizontal；　and　diagonal　analyses。has。its。own　method　of　creating　confluence　target　zones。through　the　use　of　multiple　projections。　This。in　turn　serves。to　increase　the　probability　of　each　ponent。　

In　Figure　5。11；　we　see　a　different　retrograde　cycle　plotted　within　a　weekly　Brent　crude　chart。　This。chart　maps。the　retrograde　cycle　of　Mercury。　This。chart　has。the　dimensions。of　horizontal　and　diagonal　analysis。we　need　to　explore　next。　
Running　behind　the　chart's。data　are　dotted　horizontal　lines。　Focus　on　these　lines。as　you　pare　the　price　data　directly　under　or　above　solid　black。blocks。throughout　the　chart。　These　horizontal　lines　are　harmonic。inflection　points；　all　radiating　from　a　single　price　pivot　we　will　look。at　more　closely　in　Figure　5。12。　At　this。stage；　just　study　the　numerous。highlighted　pivot　points　to　observe　how　this。market　is。respecting　the　background　grid　in　place。　The　grid　does　not　show　equal　spacing　between　each　line　through　the　range　of　the　chart。　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。wi