Pattern, Price and Time

Pattern, Price and Time

James A. Hyerczyk
Jan 1, 1998
John Wiley & Sons
Every trader has one simple wish: to be able to predict the future of the markets. Many forecasting methods have been used over the years, but none has ever been quite as reliable or effective as Gann Theory. In this groundbreaking new book, James A. Hyerczyk's exhaustive examination of this complex theory and its underlying tenets offers an unprecedented first-time look at the intricacies of incorporating Gann Theory tools into real-time trading systems. A popular, but often misunderstood and misused charting method, Gann Theory was developed by one of the first and most successful market technicians - and one of the most controversial figures in the field. A brilliant mathematician, W.D. Gann was widely known for his sharp analytical skills, revolutionary ideas, and unrelenting determination to create a perfect trading system. Endowed with an uncanny ability to foresee events, he shared this unique talent by issuing annual market predictions of major moves and exact support and resistance levels. Prophetically, in 1929, he even warned traders of an upcoming crash: 'September - one of the sharpest declines of the year is indicated . . . A Black Friday is indicated and a panicky decline in stocks with only small rallies.' Admired for his keen insight and accurate glimpses into the future, Gann nonetheless was - and is - dismissed by many as being too unconventional, too eccentric and abstruse. However, despite his detractors, his theories remain fundamentally solid, and have been successfully adapted by several generations of traders. Perhaps the most significant of these theories, Gann Theory, is based on the premise that specific geometric patterns and angles have unique characteristics that can be used to predict price action. By combining these patterns with price and time, and by finding a vital balance between these three primary indicators, future market movement can be forecasted. In this authoritative text, expert technician James Hyerczyk presents a straightforward overview of Gann Theory, its basic principles, and its proper applications in creating profitable trading systems. Hyerczyk examines, in complete detail, such essentials as the Master chart, percentage retracements, minor trend indicators, swing chart and angles trading, and cycle dates. In addition, Hyerczyk includes clearly defined, practical guidelines for determining the best combinations of pattern, price, and time to initiate successful trades. The only professional book to explain how to put Gann tools to practical use, Pattern, Price and Time explains how to incorporate these instruments into real-time trading systems for all the major markets, including commodities, financial futures, foreign currencies, and the S&P 500. It also outlines methods for integrating Gann Theory into modern computer charting techniques and systems using current software such as TradeStation, SuperCharts and Excel spreadsheets. Pattern, Price and Time offers a breakthrough look at Gann tools and their use in real-world trading systems, filling a long-standing void in Gann theory literature. This is a must read for anyone looking to thoroughly understand - and successfully implement - one of the most important and powerful forecasting methods in existence.
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Pattern, Price and Time review

Pattern, Price and Time: Using Gann Theory in Trading Systems.
1: Who was W.D. Gann
2: Gann Theory in a Nutshell
This chapter ranges over the Law of Vibration, explains swing-charts, retracements, squaring price and time. Explains that the idea that Price and Time must balance.
3: Chart Basics
Goes through constructing Gann charts, types of charts, ( monthly, weekly, daily ), as well as Gann-Angle charts.
4: Minor Trend Indicator Charts
Describes what a trend is, and how changes are identified.
A trend where one-bar data is used to identify a change in trend.
5: Intermediate Trend Indicator Charts
A trend where 2-bar data is used to indicate a change in trend.
6: Main Trend Indicator Charts
A trend where 3-bar data is used to indicate a change in trend.
7: Exceptions to the Trend Indicator Rules
Section which describes when patterns over-ride trend-patterns, such as a double-top, or double-bottom, a signal-top, and signal bottom etc.
8: Swing Chart Trading
Starts to integrate all previous chapters into meaningful chart-reading. Shows where to place stops, with reasoning, and pyramiding into a successful trade.
9: Price
Explains Gann-Angles, and their support/resistance importance. Lots of examples.
10: Time
Natural cycles, astrology ( !! ), planetary rulerships ( !!! ). Squaring a range.
11: Using Gann Techniques
Combines all the chapters into reading a chart ( 1997 Canadian Dollars, 1997 Platinum, 1997 Live Hogs )

Review: Good introduction to the subject. I really liked the specific examples, with clear reasoning to how the decisions are made. Examples on minor, intermediate and main trends. ( Once you understand the principle, it can be repetitive ).
The maths are clearly explained.
Pyramiding rules are quite useful, and can be used outside of Gann, I think.
The astrology side can be a little difficult to accept, but if you research this on the net, it is surprising how often key reversals hit certain planetary patterns ( Venus-Uranus Trine for example ).
Emphasis that TIME more important than Price.

Good for light reading, and introduction to Gann.