whether it was a stock or commodity, or of a trance. He knew exactly what I meantwhat the time bars were. He gave me (lie and true professional that he is, said, 'Doc,chart and told me to look for the patterns. you're right. That was really dumb. I let'But there are no time bars on it. How will myself get emotional.' He immediatleyI know what I'm looking at?' I protested, dialed his broker and closed the trade with awithoutthinkingmyobjection through. small loss. Always the friend and teacher, he said without embarassment, 'Let's talkFor a rare moment he was serious. 'Pay about what just happened.'attention. Stop looking for what youWANT to see. Just look at what's there We identified a number of lessons to beand what you DO see.' learned from the actions of those few min- utes. First, when you trade, try to think ofOf course he was right. Once I stopped nothing else at the time. Focus on what youlooking for what I expected and started are doing, how you are doing it, and mostlooking at what was there, the patterns just important of all, why you are doing it. Thejumped out at me. He saw my face change market is what it is, and does what it does.and slipped back into the non-serious LP. It doesn't care about who we are or what we do. If we choose to act on bad a deci-A case in point. One morning we were sion, it's okay with the market. How manywatching the market and LP was on the times have all of us heard someone com-phone. The conversation did not go well plain, 'Look at what the market did to meand when LP put the receiver in the cradle today?' The market did NOTHING to thathe immediately picked it back up, dialed his individual or anybody else. It doesn'tbroker and put on a very bad trade with no know that he's alive. Or care. It owes himstop, which immediately started going or us nothing. It simply is. What happenedagainst him. He watched the price go he did to himself. The successful traderagainst him and ignored a number of other makes bad decisions based on the prob-possibilities we were considering as he let abilities that the inherent harmony of thehis frustration and annoyance with himself markets will repeat itself, i.e.what has hap-grow. pened before it will happen again. The trader's analysis suggests when, where, andAfter a few minutes of watching him stew, I to what extent. The patterns that evolve areturned to him and quietly, 'LP do you always similiar but seldom the same. Theyknow what you just did?' may be thought of as the grammar of how the market speaks, in the same way howHe looked at me like he had just come out words relate are the building blocks of language.
Mar 19, 2017 Bryce Gilmore - Geometry of Mar. Gilmore Bryce Geometry Of Markets Pdf - Ebooks Download. Posted on 13-Aug-2016. Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. See more ideas about Stock market, Technical analysis and Day trading. Reading Price Charts Bar by Bar will help you become proficient in the practice of reading. Trading with an Edge By Bryce Gilmore Position Trading, Share Prices, Day Trading,.
The second lesson is to keep your emo- These observations seem cold and calculat-tions out ofyour trading. Mathematics is ing. And difficult to implement. They arc,clear, concise and logical. The pattern all of the above. They are also how arecognition and trend analysis in this book professional trader trades. They requireprovide techniques to put the probabilities discipline and confidence and the egoin your favor, but you must be in the proper strength to take responsibilty for our ac-frame of mind to use them profitably. Out- tions. Whenever LP and I followed ourside concerns, especially personal or emo- guidelinesweinvariablymakemoney.tional ones, must be put aside (admittedly When we thought we were smarter than thedifficult to do), or you must not trade. To market or 'just wanted a little more,' theallow 'things' to bother you when you are opposite was just as certain.trying to trade is almost a guaranteed pre-scription for disaster. The value of having One of the best examples of this conceptthe wisdom and the discipline to see the that became a running joke with us is thedifference and act on it properly cannot be story about how 'Ten dimes make a dol-over calculated. The money you DON'T lar.' One day, when LP had just concludedlose because of poor judgement and emo- a very profitable run of trades, he seemedtionally driven decisions can be far greater to linger over his decision about when toand more important to you that the profits exit the last trade. It earned a substantialyou do make by exercising proper trading profit very quickly and LP was hesitanttechnique. The emotional price of making a about exiting it. Soon after it reached thebad decision based on emotion can be profit point LP had projected, and gone amore costly and psychologically more little farther, the price changed direction anddamaging that the loss of money. Money a fairly large profit turned into a loss.can be remade more easily than confidenceand self assurance can be restored. Fortu- 'LP, why did you let that happen?' Inately in this case Larry caught himself asked.going in a dangerous direction on that tradeand was disciplined enough to cut his loss Somewhat sheepishly, he replied, 'I justand move on. made a lot of money hitting singles and doubles, I felt like trying for a home run.'The third lesson is that making a bad deci-sion and staying with it when you know it's 'Aw c'mon LP,' I chided him with a smile,wrong, keeps you from aeeking and taking you know better than that. Every time eitheradvantage of other profitable opportunities. one of us does that we get nailed.' WeA trade, especially a bad one, is over when both knew better, but every once in a whileit's over. Forget it and move on. we both still did it.
When he sets his mind to it, Larry can be every trade you make. Think of it as thealmost a perfect trader, doing exactly every- most important trade you ever made — untilthing how he teaches it. It is important to the next one.realize that doesn't mean always making a Larry was right about how easy it becomesprofit. What it does mean is that doing the to recognize and spot the patterns andright thing for the right reason at the right eventually I did begin to help him teach histime will make a net profit over time, quite technique. Like college teaching, helpingpossibly a large one. You learn to look at LP train commodity traders usually taughtthe net results often trades, or twenty, not me as much or more as I might teach them.just one. Seeing the light of knowledge suddenly'Doc, stop picking on me. I know what I appear on someone's face where a splitdid,' he laughed. second before there was uncertainty, is not only psychologically rewarding for theWhat I said next just came out. I didn't teacher, but also offers the opportunity tothink about until after I said it and we both analyze when the light dawned and why.laughed. 'LP, ten dimes make a dollar. That provides insight into the workings ofYou want a dollar, don't be lazy. Make ten the student's mind as well as the teacher's.dimes, 'cause a dollar might not be there in Both LP and I learned much from ourone gulp.' students. As with the market, the secret was to observe and see what was there, notLarry kept a straight face as he stopped, what we wanted to be there.looked thoughtful, reached for a pencil and When I observed that teaching how to trademade a big show of writing as he spoke the the markets was pretty much the same aswords,'Wait, Doc, I'm a little slow, let me teaching communication at the university,write this down, 'Ten ... dimes...make ... a LP just smiled that boyish smile of his anddollar...' asked in exaggerated wonder, 'You'reWe both laughed and talked about it. The surprised!?' The truth was that learningmany morals were clear, and we both were about the markets taught me more about myguilty of violating our guidelines too many behavior and that of others than anythingtimes. Don't be greedy; don't look for else. Again, LP and I talked about thiswhat's not there; take what the market process many times. It taught us both howgives; don't think that after you make a to 'see' many things more clearly. As LPprofit you're trading with the market's taught me, the market was indeed a meta-money. Once you make it, it's yours. phor for a great deal more.Don't give it back foolishly. Carefully plan
Perhaps the best examples of this process trade and therefore have to analyze) whenoccurred a number of times with beginning all you have to do to make more money isstudents who just learned to trade. increase the number of CONTRACTS? To quote the old clich, ' if it ain't broke, don'tLarry would instruct him to choose three or fix it.' Don't make more work for yourself,four different markets and pick one com- just more money.'modity from each to trade. When asked,we usually suggested bonds, a metal and a The other example occured when a studentgrain. would call and say 'I just made ten ticks in bonds' or 'I just made 5 cents in beans,After three months or so, students would what should I do? Should I close the tradecall back to tell us how their trading was or wait and maybe get some more?'going. Often when students called, theywould report 30% or 40% profits for the Again we would laugh, and again, the stu-period. Then they would ask if it was time dent would at first grow annoyed with ourto start trading three or four more com- laughter. One of us would ask how long themodities. This question always made us trade took to happen. The answer waslaugh because we knew what was coming usually, 'half an hour' or 'an hour.' Wenext. We would respond with our own would laugh again and one of us would ask,question, 'What would happen if instead of 'Is that what you were looking for from thisdoubling the number of COMMODITIES trade? In response to a 'yes,' we wouldyou traded, you doubled the number of continue, 'would you prefer the trade tookCONTRACTS you traded? Assuming four hours to make a profit? If you have aeverything continued about the same, how chance to make what your analysis sug-would you change your percentage of gested what was there, take it and look forprofit? another trade. Would you rather get your ten ticks in half an hour or half a day?'Most of the time the student would take a What usually clinched it, was when wemoment to do some math and generally asked 'If we told you before the marketanswer, 'I'm not sure.' This would cause opened how to make ten ticks today, wouldus to laugh again and purposely irritate the you do it and be satisfied?'student. 'Why are you laughing?' wouldbe the next question. If the answer was 'yes,' as it usually was, we would tell the student to answer his own'You're not listening,' one of us would say. question about what to do regarding the'The PERCENTAGE of profit would stay trade. It was an important part of the teach-the same. The AMOUNT of profit would ing of the teaching process for the studentchange. Why increase your amount of to be satisfied with his own decision, notwork (the number of commodities you
just ours. That helped develop a student's We once had a student who wanted veryconfidence in trading. much to learn to trade the S&P profitably. As we showed him what to do, he keptOften a student defended the original deci- saying, 'I understand what you're tellingsion and its result by adding, 'But I me, but I don't do it that way.'thought...' One of us would interrupt at Finally one of us asked if he was making athat point and gently say, 'No, you didn't profit trading. 'Not really,' he replied. Ourthink, and that is what will cost you money. experience taught us he really meant he wasNow what did you learn today?' The losing his shirt.student would respond that he was at firstannoyed by our laughter, and didn't think Then maybe you should try it another way,'the situation through. That is precisely the we suggested. When he left he was stilleffect we wanted. It was unlikely in the doing it his way.extreme that the student would make thatmistake again. We all want to be right as Finally one of us asked him if he was mak-much as we want to make a profit. Some- ing a profit trading. 'Not really,' he replied.times more so. And that's where the Our experience taught us he really meant hetrouble begins. An accurate analysis and was losing his shirt.proper entry can be easily ruined by anemotional response that changes the rules.Good technique, but bad psychology equal The anecdote illustrates the proper answera bad result. Students usually saw the to a very important question. 'Would youlesson, laughed with us about their first rather be right, or get what you want?'reaction, thanked us and said goodbye.They called us to ask about a specific trade, The reader is left to decide.but we would try to turn it into a lesson and This story also illustrates another point — itget them to answer their own question. It is only at the beginning of discovery that weusually worked. It was the equivalent of realize how great our ignorance. To thisthat old parable that teaches, when you give end, Larry is fond of quoting a Confuciana starving man a fish, he will eat for one proverb: When the student is ready, theday. If you give him a fishing line and teach teacher will appear.him how to fish, he will eat every day.When they called back a few months after A spiritual friend of ours once told me, 'Gothat, we shared another laugh when they beyond the boundary of yourself totold us their percentages stayed the same, know...' The technique taught in this bookbut they were making more money and still allows the serious student to do exactlymaking mistakes, but not THAT one. that.
Over the years of my college teaching,increasing numbers of my students con-stantly complained about almost everythingand almost everyone. They saw themselvesas victims. Nothing was ever their fault.They were jailhouse lawyers who wouldargue for everything extra they could get,whether or not they earned it. They repre-sent the direction much of society is takingtoday. Too many people refuse to takeresponsibility for their own actions becausethey see themselves as victims of unseenmalevolent forces. They become the trad-ers who say, 'Look what the market did tome today.'When these students would argue for a fewmore points they really didn't deserve, Iused to tell them, 'Let me think about it.After I make up my mind, I will listen toreason, for then it can do no good.' Orsmile mischieviously, and tell them, 'Some-times you're the bug and sometimes you'rethe windshield.'Flip retorts or positive affirmations arehelpful and sometimes even fun, but theywill never substitute for knowledge, confi-dence, and personal responsibility. ErnestHemingway once wrote, 'Every man hasfears; those who face them with dignity alsohave courage.'That is the bottom line. The inevitabledestiny of ignorance and mistake of arro-gance is failure and self pity.Remember, Babe Ruth hit 714 runs, but healso struck out 1330 times.
APPENDIX VSOME PRACTICAL TIPS ON CYCLESCycles are a funny lot- Bullish Cycle - High Translation toTotally random they are not—-Just when you think you have a great find- Right CYCLE CREST FAR TO THE RIGHT OR LATE IN THE CYCLEAlong comes another to challenge yourmind. —-S.W.S.'The above poem sums up the study of _ *Bullish markets spend more lime goingcycles. I believe that speculation markets up.are non-random and chaotic. Within thischaos are respectable patterns of price and Bearish Cycle -- High Translation totime. My Tomahawk neural network pro- Leftgram has shown this to be true on a veryconsistent basis. There are two cycleprinciples that I think each trader shouldexplore. These were first brought to myattention when I studied Jim Hurst'sCyclicic material in 1971. The first principleis that of high translation. This means that bearish and bullish cycles have distinct characteristics.CYCLE CREST FAR TO THE LEFTOR EARLY IN THE CYCLE *Bearish markets spend more time going down.
The second cycle principle is that of Ifthe trader (analyst) will use the principlenominality.Cyclesusuallyrepeatinequal of ratio and proportion it can leave valuableincrements. For instance, if there is a 9 clues to the validity of a cycle. Reminder—period cycle it will usually repeat for at least we are dealing with probabilities only. Noth-2 cycles = 18 periods. On occasion it will ing is written as absolute law.repeat for more than 5 cycles (5 waves) butthen it will shift. The trader can learn two 'Take care of your losses and yourvaluable lessons from this phenomenon. profits will take care of themselves.'First, once the cycle has changed begin tolook for the new nominal cycle. Second, —AmosHostetteronce a nominal cycle has been identified Commodity Corp.keep using it until it stops working. Thatcertainly sounds simple enough.The study of cycles can be improved byusing the principles ofrational proportion.If you think of a price chart on any stock orcommodity as nothing more than a roadmap, then all you need to do is connect thedots to get to the destination. The followingdiagram is an oversimplification of what I'mtrying to convey.
Fibonacci Trading Card: with all of the Fibonacci numbers and the .618 and 1.618 relationships. As mentionedMy method of trading while on the floor of earlier, I did not know the importance of thethe CME was actually quite simple. Each square roots of these numbers until 1989.night I would prepare the next day's trading The following 2 pages are a replica of thefrom my apartment at McClurg Court. I trading card I carried. I've included a cardkept daily charts on about 20 commodities with the .786 and 1.27 relationships for yourand intraday charts on all major CME fu- convenience. I still use these cards to thistures contracts. While on the floor, I would day, but now they are much larger and arestill trade Silver and Soybeans regularly, but placed on wooden frames hanging over mythe bulk of trading was in T-Bills and Gold. desk.Later, it would be in the S&P 500 pit, butthat didn't start trading until April of 1982. Notice the price of the S&P in the chart.Because I did not like to enter the pits to That is the price it was trading at in 1982-trade for myself, I would physically hand 83. The nearby futures would routinelythe pit broker my order. I kept a swing chart trade at a discount to the cash S&P.on a trading card in my jacket. This is whatit would look like:As prices would approach my buying orselling points I would watch the 'runners'bringing orders into the pit from their re-spective commission houses. During asharp rally or sell-off, this activity is reallyeasy to see. As the activity slackened Imoved to the pit and took the opposite side(sell rallies -buy dips). I used a trading card
APPENDIX VI SOME MORE PRACTICAL TIPS MONEY MANAGEMENT 'Lose your opinion instead of your money' —Paul Tudor Jones 1. Money management in risk speculation should be kept simple. Here are some 'unbreakable rules' and some 'guidelines.' A. Unbreakable Rules 1. Never add to a losing position. 2. Never risk more than 10 percent of your trading capital on any one trade. 3. Always have a protective stop in the market. 4. If you don't have a profit in three days, exit the trade. B. Guidelines 1. Never close a trade without a reason. 2. Take responsibility for your trades. 3. Markets that have higher lows are in uptrends. Markets that have lower highs are in downtrends. 4. Always do your analysis prior to the market open.II. Ask these questions before closing a position. A. Does the position show a loss? B. Has it reached the price objective? C. Are you convinced your opinion is wrong? If the answer to all three of these questions is NO, then you must hold your position. If the answer to any one of the three is a YES, then you may close the trade if you wish.III. Observations A. Calculate your trading capital and multiply by three percent. This will give you the amount of loss you can take on any trade. Example: $10,000 x 3% = $300. You should only risk $300 on the trade. B. As your account grows you must still use the three percent guideline, but you can trade more contracts. C. If you are able to trade multiple contracts you should consider using a 'trailing' stop on one of the positions. This stems from the ability of the system to enter at major turning points in the market. D. The trader must always protect himself from his own fallibility. Stops are placed for protection against yourself. 'Markets are seldom wrong; men often are!'-Roy Longstreet 'Life is a do-it yourself project.'IV. Recommended reading A.Reminiscences of a Stock Operator, Edwin Lefevre B.The Disciplined Trader, Mark Douglass C.The Warrior Athlete, Dan Millman D.The Art of War, Sun Tsu E.The Psychology of Winning, Dennis Waitley
The Volatility Stop Entry TechniqueThe Volatility Stop calculates the volatility by using the average range of the price bar. It iscalculated by multiplying the average range bya constant. The value is added to the lowestclose when short, and subtracted from the highest high when long: Range = (Range x (N - 1) + High - Low / N) Short = Lowest Close + Range x C Long = Highest Close - Range x CMy experience is to use the Volatility Stop in strongly trending markets. It is an excellententry technique and in most instances will be superior to valid trend line breaks, or channelbreakouts. The reverse stop also acts to quantify risk as it relates to volatility. The con-stants should be kept between 2.5 and 4.0.
DANGER SIGNALS!Markets are seldom wrong! There is one fact that is always present in the markets: If prices go up thereare more buyers; if prices go down there are more sellers! Here are a few technical indicators that suggesta market may be changing character: A. Gaps A big price gap on a chart is indicative of a change in sentiment and deserves attention. Use the Shapiro Iteration (wait one bar) before acting. B. Wide Range When price ranges become abnormally wide then price objectives are more likely to be exceeded (1.618). You should know the average daily range of the commodity you are trading. C. Tail Close Markets that close at the extreme top or bottom are indicating strength or weakness. Look for several days of tail closes in the same direction. 'Take care ofyour losses and the profits will take of themselves.' —Amos Hostetter Commodity Corporation (circa 1967)
RULES OF JESSE LIVERMORE Excerpted from Reminscences ofa Stock Operator byEdwinLeFevre 1. Of all the speculative blunders, there are few greater than trying to average a losing game.2. Always sell what shows you a loss and keep what shows you a profit.3. You cannot try to force the market into giving you something it does not have to give.4. The courage in a specualtor is merely the confidence to act on the decision of his mind.5. A loss never bothers me after I take it. I forget it overnight. But being wrong-not taking the loss-that is what does the damage to the pocketbook and to the soul.6. The man who is right always has two forces working in his favor—basic conditions and the men who are wrong.7. The trend is evident to a man who has an open mind and reasonably clear sight. It is never wise for a speculator to fit his facts to his theories.8. In a narrow market when price moves within a narrow range, the thing to do is watch the market, read the tape to determine the limits of prices, and make up your mind that you wi not take an interest until the price breaks through the limit in either direction.9. You watch the market with one objective: to determine the direction or price tendency. Price like everything else, move along the line of least resistance.10. In the long run commodtiy prices are governed but by one law—the economic law of suppl and demand.11. It costs me millions to learn that a dangerous enemy to a trader is his susceptibility to the urging of a magnetic personality combined with a brilliant mind.12. Have a profit—forget it! Have a loss, forget it even quicker!13. It never was my thinking that made the big money for me. It was always my sitting, my sittin tight.14. There is only one side to the stock market and it is not the bull side or the bear side, but the right side.
HE WHO KNOWS NOT WHAT HE RISKS... RISKS ALL!There are three rules you need to develop in order to trade successfully: 1. Build a foundation of trust in yourself so that you will act in your own best interests—without hesitation. 2. Follow a set of steps that will build confidence and a belief in your own consistency. This includes learning to not give your money away. 3. Execute your trades flawlessly when a signal is given. Ask yourself these three questions: a) Is it an identifiable pattern? b) Are the sacred ratios present? c) Can I afford to take the risk?If the answer to these three questions is 'yes!' then you should take the trade.Keep in mind these important factors:• Money management always takes precedent over any trading methodology. You must never expose yourself to unlimited risk. Stops are placed for protection against yourself.• Never get into a trade where the risk is unknown.• The mistake is not being wrong; the mistake is in staying wrong! Fear causes us to narrow our focus of attention and distorts our perception of the environment.• Self-discipline is the ability of maintaining your focus of attention when all the things in the environment are in conflict. Never let the market save you—you must save Yourself. Use stops!• We deal in probabilities! The market is always greater than anything we can ever anticipate. No method- ology of trading can tell you what is going to happen next. Profits come from string of trades and not from one particular trade.• Take care of hour losses and the profits will take care of themselves! Release yourself from being wrong or the fear of losing money. Trading is not a game of right or wrong, it is the process of making money.• Be rigid in your rules and flexible with your observations.
APPENDIXVIIJANUARY 2, 1997This day will end the writing of this book. It is included because of its wild swings TheDow Jones dropped more than 100 points during the day and then recovered all of theloss in the last 25 minutes. The S&P 500 dropped 16 points, rallied 9 points, dropped 9points and then closed up on the day. Traders should keep in mind that the volatility of thestock market has been very mild since 1990. It might behoove the trader to prepare forincreased volatility in the next few years.
Art of War. Sun TCu. ADDITIONAL ReadingAstro Cycles in Speculative Markets. Jensen, L. (Lambert-Gann Publishing).Astro-Cycles: The Trader's Viewpoint. Pesavento, Larry. (AstroCycles, 1988).Astro-EconomicInterpretation.Jensen,L.(Lambert-GannPub- lishing).Business Cycles Versus Planetary Movements. Langham, J.M. (Maghnal).Capital Ideas: The Improbable Origins of Modern Wall Street. Bernstein, Peter. (New York Free Press, 1992).Chaos and Order in the Capital Markets. Peters, Edgar. (John Wiley & Sons, 1991).Commodity Futures Trading with Point and Figure. Max- well, Joseph.Cycles-The Science of Prediction. Daiken, Dewey. (Founda- tion Study of Cycles).Cyclical Market Forecasting: Stocks and Grains. Langham, J.M.(Maghnal).Divine Proportion. Huntley. (Dover Press).Economic Cycles: Their Law and Course. Moore, H. (Macmillan).Elliott Wave Principle. Prechter Robert. (New Classics Li-brary).Extraordinary Popular Delusions and the Madness of Crowds. Mackay, Chuck.
ADDITIONAL Fibonacci Applications and Strategies for Traders. Fischer,Reading Robert. Forecasting Financial Markets: The Truth Behind Techni- cal Analysis. Plummer, Tony. (Kogan Page Ltd., London, 1990). Forecasting Prices. Butaney, T.G. (Pearl Printing). Geometry of Markets. Gilmore, Bryce T. (Bryce Gilmore & Assoc.,PtyLtd., Melbourne,Australia, 1989). Geometry ofMarkets II. Gilmore, Bryce T. (Bryce Gilmore & Assoc., Pty Ltd., Melbourne, Australia, 1993). Geometry of Stock Market Profits. Pesavento, Larry. (Trader's Press, Inc., 1996). Harmonic Vibrations. Pesavento, Larry. (Trader's Press, Inc. 1996). Investing for Profit with Torque Analysis of Stock Market Cycles. Garrett, W. ( ( R u f f Pub. 508-448-6739) Market Wizards: Interviews with Top Traders. Schwager, Jack D. (Simon & Schuster, 1989). Mastering Elliott Wave. Neely, Glenn. Mathematics of Money Management. Vince, Ralph. Planetary Effects on Stock Market Prices. Langham, J.M. (Maghnal). Planetary Harmonics of Speculative Markets. Pesavento Larry. (Astro-Cycles, 1990). Profit Magic ofStock Transactions Timing. Hurst, J. (Prentice
Rocky Mountain Financial Workbook, Foster, W. (Box 1093, ADDITIONAL Reseda, CA 91355). ReadingSecret Teaching of'All Ages. Hall, M.R( Philosophical Society of Los Angeles).Stock and Commodity Trader's Handbook of Trend Detemiinalors. Bayer, George. (Out of Print.)Stock Market Prediction. Bradley. (Llewellyn Publishing).Technical Analysis of the Futures Markets. Murphy, JohnTechnical Analysis of Stock Trends. Edwards and MageeThe Dimensions of Paradise: The Proportions and Symbolic Numbers ofAncient Cosmology. Mitchell, John. (Harper & Row, 1988)The Disciplined Trader: Developing Winning Attitudes. Douglass, Mark (New York Institute of Finance, 1990)The Kabala of Numbers Sepherial (Newcastle).The Magic Word. Gann, W.D. (Lambert-Gann Publishing).The Major Works ofR.N. Elliott. (New Classics Library).The Outer Game of Trading. Koppel, Robert and Abell, Howard. (Proteus Publishing, 1974).The Secret of the Ages. Collier, Robert.Time Factors in the Stock Market. Bayer, George. (Out ofprint.)Tunnel Through the Air. Gann, W. D (Lambert-Gann Publish-ing).
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whether it was a stock or commodity, or of a trance. He knew exactly what I meantwhat the time bars were. He gave me (lie and true professional that he is, said, 'Doc,chart and told me to look for the patterns. you're right. That was really dumb. I let'But there are no time bars on it. How will myself get emotional.' He immediatleyI know what I'm looking at?' I protested, dialed his broker and closed the trade with awithoutthinkingmyobjection through. small loss. Always the friend and teacher, he said without embarassment, 'Let's talkFor a rare moment he was serious. 'Pay about what just happened.'attention. Stop looking for what youWANT to see. Just look at what's there We identified a number of lessons to beand what you DO see.' learned from the actions of those few min- utes. First, when you trade, try to think ofOf course he was right. Once I stopped nothing else at the time. Focus on what youlooking for what I expected and started are doing, how you are doing it, and mostlooking at what was there, the patterns just important of all, why you are doing it. Thejumped out at me. He saw my face change market is what it is, and does what it does.and slipped back into the non-serious LP. It doesn't care about who we are or what we do. If we choose to act on bad a deci-A case in point. One morning we were sion, it's okay with the market. How manywatching the market and LP was on the times have all of us heard someone com-phone. The conversation did not go well plain, 'Look at what the market did to meand when LP put the receiver in the cradle today?' The market did NOTHING to thathe immediately picked it back up, dialed his individual or anybody else. It doesn'tbroker and put on a very bad trade with no know that he's alive. Or care. It owes himstop, which immediately started going or us nothing. It simply is. What happenedagainst him. He watched the price go he did to himself. The successful traderagainst him and ignored a number of other makes bad decisions based on the prob-possibilities we were considering as he let abilities that the inherent harmony of thehis frustration and annoyance with himself markets will repeat itself, i.e.what has hap-grow. pened before it will happen again. The trader's analysis suggests when, where, andAfter a few minutes of watching him stew, I to what extent. The patterns that evolve areturned to him and quietly, 'LP do you always similiar but seldom the same. Theyknow what you just did?' may be thought of as the grammar of how the market speaks, in the same way howHe looked at me like he had just come out words relate are the building blocks of language.
The second lesson is to keep your emo- These observations seem cold and calculat-tions out ofyour trading. Mathematics is ing. And difficult to implement. They arc,clear, concise and logical. The pattern all of the above. They are also how arecognition and trend analysis in this book professional trader trades. They requireprovide techniques to put the probabilities discipline and confidence and the egoin your favor, but you must be in the proper strength to take responsibilty for our ac-frame of mind to use them profitably. Out- tions. Whenever LP and I followed ourside concerns, especially personal or emo- guidelinesweinvariablymakemoney.tional ones, must be put aside (admittedly When we thought we were smarter than thedifficult to do), or you must not trade. To market or 'just wanted a little more,' theallow 'things' to bother you when you are opposite was just as certain.trying to trade is almost a guaranteed pre-scription for disaster. The value of having One of the best examples of this conceptthe wisdom and the discipline to see the that became a running joke with us is thedifference and act on it properly cannot be story about how 'Ten dimes make a dol-over calculated. The money you DON'T lar.' One day, when LP had just concludedlose because of poor judgement and emo- a very profitable run of trades, he seemedtionally driven decisions can be far greater to linger over his decision about when toand more important to you that the profits exit the last trade. It earned a substantialyou do make by exercising proper trading profit very quickly and LP was hesitanttechnique. The emotional price of making a about exiting it. Soon after it reached thebad decision based on emotion can be profit point LP had projected, and gone amore costly and psychologically more little farther, the price changed direction anddamaging that the loss of money. Money a fairly large profit turned into a loss.can be remade more easily than confidenceand self assurance can be restored. Fortu- 'LP, why did you let that happen?' Inately in this case Larry caught himself asked.going in a dangerous direction on that tradeand was disciplined enough to cut his loss Somewhat sheepishly, he replied, 'I justand move on. made a lot of money hitting singles and doubles, I felt like trying for a home run.'The third lesson is that making a bad deci-sion and staying with it when you know it's 'Aw c'mon LP,' I chided him with a smile,wrong, keeps you from aeeking and taking you know better than that. Every time eitheradvantage of other profitable opportunities. one of us does that we get nailed.' WeA trade, especially a bad one, is over when both knew better, but every once in a whileit's over. Forget it and move on. we both still did it.
When he sets his mind to it, Larry can be every trade you make. Think of it as thealmost a perfect trader, doing exactly every- most important trade you ever made — untilthing how he teaches it. It is important to the next one.realize that doesn't mean always making a Larry was right about how easy it becomesprofit. What it does mean is that doing the to recognize and spot the patterns andright thing for the right reason at the right eventually I did begin to help him teach histime will make a net profit over time, quite technique. Like college teaching, helpingpossibly a large one. You learn to look at LP train commodity traders usually taughtthe net results often trades, or twenty, not me as much or more as I might teach them.just one. Seeing the light of knowledge suddenly'Doc, stop picking on me. I know what I appear on someone's face where a splitdid,' he laughed. second before there was uncertainty, is not only psychologically rewarding for theWhat I said next just came out. I didn't teacher, but also offers the opportunity tothink about until after I said it and we both analyze when the light dawned and why.laughed. 'LP, ten dimes make a dollar. That provides insight into the workings ofYou want a dollar, don't be lazy. Make ten the student's mind as well as the teacher's.dimes, 'cause a dollar might not be there in Both LP and I learned much from ourone gulp.' students. As with the market, the secret was to observe and see what was there, notLarry kept a straight face as he stopped, what we wanted to be there.looked thoughtful, reached for a pencil and When I observed that teaching how to trademade a big show of writing as he spoke the the markets was pretty much the same aswords,'Wait, Doc, I'm a little slow, let me teaching communication at the university,write this down, 'Ten ... dimes...make ... a LP just smiled that boyish smile of his anddollar...' asked in exaggerated wonder, 'You'reWe both laughed and talked about it. The surprised!?' The truth was that learningmany morals were clear, and we both were about the markets taught me more about myguilty of violating our guidelines too many behavior and that of others than anythingtimes. Don't be greedy; don't look for else. Again, LP and I talked about thiswhat's not there; take what the market process many times. It taught us both howgives; don't think that after you make a to 'see' many things more clearly. As LPprofit you're trading with the market's taught me, the market was indeed a meta-money. Once you make it, it's yours. phor for a great deal more.Don't give it back foolishly. Carefully plan
![Gilmore Gilmore](/uploads/1/2/6/3/126357489/474744607.jpg)
Perhaps the best examples of this process trade and therefore have to analyze) whenoccurred a number of times with beginning all you have to do to make more money isstudents who just learned to trade. increase the number of CONTRACTS? To quote the old clich, ' if it ain't broke, don'tLarry would instruct him to choose three or fix it.' Don't make more work for yourself,four different markets and pick one com- just more money.'modity from each to trade. When asked,we usually suggested bonds, a metal and a The other example occured when a studentgrain. would call and say 'I just made ten ticks in bonds' or 'I just made 5 cents in beans,After three months or so, students would what should I do? Should I close the tradecall back to tell us how their trading was or wait and maybe get some more?'going. Often when students called, theywould report 30% or 40% profits for the Again we would laugh, and again, the stu-period. Then they would ask if it was time dent would at first grow annoyed with ourto start trading three or four more com- laughter. One of us would ask how long themodities. This question always made us trade took to happen. The answer waslaugh because we knew what was coming usually, 'half an hour' or 'an hour.' Wenext. We would respond with our own would laugh again and one of us would ask,question, 'What would happen if instead of 'Is that what you were looking for from thisdoubling the number of COMMODITIES trade? In response to a 'yes,' we wouldyou traded, you doubled the number of continue, 'would you prefer the trade tookCONTRACTS you traded? Assuming four hours to make a profit? If you have aeverything continued about the same, how chance to make what your analysis sug-would you change your percentage of gested what was there, take it and look forprofit? another trade. Would you rather get your ten ticks in half an hour or half a day?'Most of the time the student would take a What usually clinched it, was when wemoment to do some math and generally asked 'If we told you before the marketanswer, 'I'm not sure.' This would cause opened how to make ten ticks today, wouldus to laugh again and purposely irritate the you do it and be satisfied?'student. 'Why are you laughing?' wouldbe the next question. If the answer was 'yes,' as it usually was, we would tell the student to answer his own'You're not listening,' one of us would say. question about what to do regarding the'The PERCENTAGE of profit would stay trade. It was an important part of the teach-the same. The AMOUNT of profit would ing of the teaching process for the studentchange. Why increase your amount of to be satisfied with his own decision, notwork (the number of commodities you
just ours. That helped develop a student's We once had a student who wanted veryconfidence in trading. much to learn to trade the S&P profitably. As we showed him what to do, he keptOften a student defended the original deci- saying, 'I understand what you're tellingsion and its result by adding, 'But I me, but I don't do it that way.'thought...' One of us would interrupt at Finally one of us asked if he was making athat point and gently say, 'No, you didn't profit trading. 'Not really,' he replied. Ourthink, and that is what will cost you money. experience taught us he really meant he wasNow what did you learn today?' The losing his shirt.student would respond that he was at firstannoyed by our laughter, and didn't think Then maybe you should try it another way,'the situation through. That is precisely the we suggested. When he left he was stilleffect we wanted. It was unlikely in the doing it his way.extreme that the student would make thatmistake again. We all want to be right as Finally one of us asked him if he was mak-much as we want to make a profit. Some- ing a profit trading. 'Not really,' he replied.times more so. And that's where the Our experience taught us he really meant hetrouble begins. An accurate analysis and was losing his shirt.proper entry can be easily ruined by anemotional response that changes the rules.Good technique, but bad psychology equal The anecdote illustrates the proper answera bad result. Students usually saw the to a very important question. 'Would youlesson, laughed with us about their first rather be right, or get what you want?'reaction, thanked us and said goodbye.They called us to ask about a specific trade, The reader is left to decide.but we would try to turn it into a lesson and This story also illustrates another point — itget them to answer their own question. It is only at the beginning of discovery that weusually worked. It was the equivalent of realize how great our ignorance. To thisthat old parable that teaches, when you give end, Larry is fond of quoting a Confuciana starving man a fish, he will eat for one proverb: When the student is ready, theday. If you give him a fishing line and teach teacher will appear.him how to fish, he will eat every day.When they called back a few months after A spiritual friend of ours once told me, 'Gothat, we shared another laugh when they beyond the boundary of yourself totold us their percentages stayed the same, know...' The technique taught in this bookbut they were making more money and still allows the serious student to do exactlymaking mistakes, but not THAT one. that.
Over the years of my college teaching,increasing numbers of my students con-stantly complained about almost everythingand almost everyone. They saw themselvesas victims. Nothing was ever their fault.They were jailhouse lawyers who wouldargue for everything extra they could get,whether or not they earned it. They repre-sent the direction much of society is takingtoday. Too many people refuse to takeresponsibility for their own actions becausethey see themselves as victims of unseenmalevolent forces. They become the trad-ers who say, 'Look what the market did tome today.'When these students would argue for a fewmore points they really didn't deserve, Iused to tell them, 'Let me think about it.After I make up my mind, I will listen toreason, for then it can do no good.' Orsmile mischieviously, and tell them, 'Some-times you're the bug and sometimes you'rethe windshield.'Flip retorts or positive affirmations arehelpful and sometimes even fun, but theywill never substitute for knowledge, confi-dence, and personal responsibility. ErnestHemingway once wrote, 'Every man hasfears; those who face them with dignity alsohave courage.'That is the bottom line. The inevitabledestiny of ignorance and mistake of arro-gance is failure and self pity.Remember, Babe Ruth hit 714 runs, but healso struck out 1330 times.
APPENDIX VSOME PRACTICAL TIPS ON CYCLESCycles are a funny lot- Bullish Cycle - High Translation toTotally random they are not—-Just when you think you have a great find- Right CYCLE CREST FAR TO THE RIGHT OR LATE IN THE CYCLEAlong comes another to challenge yourmind. —-S.W.S.'The above poem sums up the study of _ *Bullish markets spend more lime goingcycles. I believe that speculation markets up.are non-random and chaotic. Within thischaos are respectable patterns of price and Bearish Cycle -- High Translation totime. My Tomahawk neural network pro- Leftgram has shown this to be true on a veryconsistent basis. There are two cycleprinciples that I think each trader shouldexplore. These were first brought to myattention when I studied Jim Hurst'sCyclicic material in 1971. The first principleis that of high translation. This means that bearish and bullish cycles have distinct characteristics.CYCLE CREST FAR TO THE LEFTOR EARLY IN THE CYCLE *Bearish markets spend more time going down.
The second cycle principle is that of Ifthe trader (analyst) will use the principlenominality.Cyclesusuallyrepeatinequal of ratio and proportion it can leave valuableincrements. For instance, if there is a 9 clues to the validity of a cycle. Reminder—period cycle it will usually repeat for at least we are dealing with probabilities only. Noth-2 cycles = 18 periods. On occasion it will ing is written as absolute law.repeat for more than 5 cycles (5 waves) butthen it will shift. The trader can learn two 'Take care of your losses and yourvaluable lessons from this phenomenon. profits will take care of themselves.'First, once the cycle has changed begin tolook for the new nominal cycle. Second, —AmosHostetteronce a nominal cycle has been identified Commodity Corp.keep using it until it stops working. Thatcertainly sounds simple enough.The study of cycles can be improved byusing the principles ofrational proportion.If you think of a price chart on any stock orcommodity as nothing more than a roadmap, then all you need to do is connect thedots to get to the destination. The followingdiagram is an oversimplification of what I'mtrying to convey.
Fibonacci Trading Card: with all of the Fibonacci numbers and the .618 and 1.618 relationships. As mentionedMy method of trading while on the floor of earlier, I did not know the importance of thethe CME was actually quite simple. Each square roots of these numbers until 1989.night I would prepare the next day's trading The following 2 pages are a replica of thefrom my apartment at McClurg Court. I trading card I carried. I've included a cardkept daily charts on about 20 commodities with the .786 and 1.27 relationships for yourand intraday charts on all major CME fu- convenience. I still use these cards to thistures contracts. While on the floor, I would day, but now they are much larger and arestill trade Silver and Soybeans regularly, but placed on wooden frames hanging over mythe bulk of trading was in T-Bills and Gold. desk.Later, it would be in the S&P 500 pit, butthat didn't start trading until April of 1982. Notice the price of the S&P in the chart.Because I did not like to enter the pits to That is the price it was trading at in 1982-trade for myself, I would physically hand 83. The nearby futures would routinelythe pit broker my order. I kept a swing chart trade at a discount to the cash S&P.on a trading card in my jacket. This is whatit would look like:As prices would approach my buying orselling points I would watch the 'runners'bringing orders into the pit from their re-spective commission houses. During asharp rally or sell-off, this activity is reallyeasy to see. As the activity slackened Imoved to the pit and took the opposite side(sell rallies -buy dips). I used a trading card
APPENDIX VI SOME MORE PRACTICAL TIPS MONEY MANAGEMENT 'Lose your opinion instead of your money' —Paul Tudor Jones 1. Money management in risk speculation should be kept simple. Here are some 'unbreakable rules' and some 'guidelines.' A. Unbreakable Rules 1. Never add to a losing position. 2. Never risk more than 10 percent of your trading capital on any one trade. 3. Always have a protective stop in the market. 4. If you don't have a profit in three days, exit the trade. B. Guidelines 1. Never close a trade without a reason. 2. Take responsibility for your trades. 3. Markets that have higher lows are in uptrends. Markets that have lower highs are in downtrends. 4. Always do your analysis prior to the market open.II. Ask these questions before closing a position. A. Does the position show a loss? B. Has it reached the price objective? C. Are you convinced your opinion is wrong? If the answer to all three of these questions is NO, then you must hold your position. If the answer to any one of the three is a YES, then you may close the trade if you wish.III. Observations A. Calculate your trading capital and multiply by three percent. This will give you the amount of loss you can take on any trade. Example: $10,000 x 3% = $300. You should only risk $300 on the trade. B. As your account grows you must still use the three percent guideline, but you can trade more contracts. C. If you are able to trade multiple contracts you should consider using a 'trailing' stop on one of the positions. This stems from the ability of the system to enter at major turning points in the market. D. The trader must always protect himself from his own fallibility. Stops are placed for protection against yourself. 'Markets are seldom wrong; men often are!'-Roy Longstreet 'Life is a do-it yourself project.'IV. Recommended reading A.Reminiscences of a Stock Operator, Edwin Lefevre B.The Disciplined Trader, Mark Douglass C.The Warrior Athlete, Dan Millman D.The Art of War, Sun Tsu E.The Psychology of Winning, Dennis Waitley
The Volatility Stop Entry TechniqueThe Volatility Stop calculates the volatility by using the average range of the price bar. It iscalculated by multiplying the average range bya constant. The value is added to the lowestclose when short, and subtracted from the highest high when long: Range = (Range x (N - 1) + High - Low / N) Short = Lowest Close + Range x C Long = Highest Close - Range x CMy experience is to use the Volatility Stop in strongly trending markets. It is an excellententry technique and in most instances will be superior to valid trend line breaks, or channelbreakouts. The reverse stop also acts to quantify risk as it relates to volatility. The con-stants should be kept between 2.5 and 4.0.
DANGER SIGNALS!Markets are seldom wrong! There is one fact that is always present in the markets: If prices go up thereare more buyers; if prices go down there are more sellers! Here are a few technical indicators that suggesta market may be changing character: A. Gaps A big price gap on a chart is indicative of a change in sentiment and deserves attention. Use the Shapiro Iteration (wait one bar) before acting. B. Wide Range When price ranges become abnormally wide then price objectives are more likely to be exceeded (1.618). You should know the average daily range of the commodity you are trading. C. Tail Close Markets that close at the extreme top or bottom are indicating strength or weakness. Look for several days of tail closes in the same direction. 'Take care ofyour losses and the profits will take of themselves.' —Amos Hostetter Commodity Corporation (circa 1967)
RULES OF JESSE LIVERMORE Excerpted from Reminscences ofa Stock Operator byEdwinLeFevre 1. Of all the speculative blunders, there are few greater than trying to average a losing game.2. Always sell what shows you a loss and keep what shows you a profit.3. You cannot try to force the market into giving you something it does not have to give.4. The courage in a specualtor is merely the confidence to act on the decision of his mind.5. A loss never bothers me after I take it. I forget it overnight. But being wrong-not taking the loss-that is what does the damage to the pocketbook and to the soul.6. The man who is right always has two forces working in his favor—basic conditions and the men who are wrong.7. The trend is evident to a man who has an open mind and reasonably clear sight. It is never wise for a speculator to fit his facts to his theories.8. In a narrow market when price moves within a narrow range, the thing to do is watch the market, read the tape to determine the limits of prices, and make up your mind that you wi not take an interest until the price breaks through the limit in either direction.9. You watch the market with one objective: to determine the direction or price tendency. Price like everything else, move along the line of least resistance.10. In the long run commodtiy prices are governed but by one law—the economic law of suppl and demand.11. It costs me millions to learn that a dangerous enemy to a trader is his susceptibility to the urging of a magnetic personality combined with a brilliant mind.12. Have a profit—forget it! Have a loss, forget it even quicker!13. It never was my thinking that made the big money for me. It was always my sitting, my sittin tight.14. There is only one side to the stock market and it is not the bull side or the bear side, but the right side.
HE WHO KNOWS NOT WHAT HE RISKS... RISKS ALL!There are three rules you need to develop in order to trade successfully: 1. Build a foundation of trust in yourself so that you will act in your own best interests—without hesitation. 2. Follow a set of steps that will build confidence and a belief in your own consistency. This includes learning to not give your money away. 3. Execute your trades flawlessly when a signal is given. Ask yourself these three questions: a) Is it an identifiable pattern? b) Are the sacred ratios present? c) Can I afford to take the risk?If the answer to these three questions is 'yes!' then you should take the trade.Keep in mind these important factors:• Money management always takes precedent over any trading methodology. You must never expose yourself to unlimited risk. Stops are placed for protection against yourself.• Never get into a trade where the risk is unknown.• The mistake is not being wrong; the mistake is in staying wrong! Fear causes us to narrow our focus of attention and distorts our perception of the environment.• Self-discipline is the ability of maintaining your focus of attention when all the things in the environment are in conflict. Never let the market save you—you must save Yourself. Use stops!• We deal in probabilities! The market is always greater than anything we can ever anticipate. No method- ology of trading can tell you what is going to happen next. Profits come from string of trades and not from one particular trade.• Take care of hour losses and the profits will take care of themselves! Release yourself from being wrong or the fear of losing money. Trading is not a game of right or wrong, it is the process of making money.• Be rigid in your rules and flexible with your observations.
APPENDIXVIIJANUARY 2, 1997This day will end the writing of this book. It is included because of its wild swings TheDow Jones dropped more than 100 points during the day and then recovered all of theloss in the last 25 minutes. The S&P 500 dropped 16 points, rallied 9 points, dropped 9points and then closed up on the day. Traders should keep in mind that the volatility of thestock market has been very mild since 1990. It might behoove the trader to prepare forincreased volatility in the next few years.
Art of War. Sun TCu. ADDITIONAL ReadingAstro Cycles in Speculative Markets. Jensen, L. (Lambert-Gann Publishing).Astro-Cycles: The Trader's Viewpoint. Pesavento, Larry. (AstroCycles, 1988).Astro-EconomicInterpretation.Jensen,L.(Lambert-GannPub- lishing).Business Cycles Versus Planetary Movements. Langham, J.M. (Maghnal).Capital Ideas: The Improbable Origins of Modern Wall Street. Bernstein, Peter. (New York Free Press, 1992).Chaos and Order in the Capital Markets. Peters, Edgar. (John Wiley & Sons, 1991).Commodity Futures Trading with Point and Figure. Max- well, Joseph.Cycles-The Science of Prediction. Daiken, Dewey. (Founda- tion Study of Cycles).Cyclical Market Forecasting: Stocks and Grains. Langham, J.M.(Maghnal).Divine Proportion. Huntley. (Dover Press).Economic Cycles: Their Law and Course. Moore, H. (Macmillan).Elliott Wave Principle. Prechter Robert. (New Classics Li-brary).Extraordinary Popular Delusions and the Madness of Crowds. Mackay, Chuck.
ADDITIONAL Fibonacci Applications and Strategies for Traders. Fischer,Reading Robert. Forecasting Financial Markets: The Truth Behind Techni- cal Analysis. Plummer, Tony. (Kogan Page Ltd., London, 1990). Forecasting Prices. Butaney, T.G. (Pearl Printing). Geometry of Markets. Gilmore, Bryce T. (Bryce Gilmore & Assoc.,PtyLtd., Melbourne,Australia, 1989). Geometry ofMarkets II. Gilmore, Bryce T. (Bryce Gilmore & Assoc., Pty Ltd., Melbourne, Australia, 1993). Geometry of Stock Market Profits. Pesavento, Larry. (Trader's Press, Inc., 1996). Harmonic Vibrations. Pesavento, Larry. (Trader's Press, Inc. 1996). Investing for Profit with Torque Analysis of Stock Market Cycles. Garrett, W. ( ( R u f f Pub. 508-448-6739) Market Wizards: Interviews with Top Traders. Schwager, Jack D. (Simon & Schuster, 1989). Mastering Elliott Wave. Neely, Glenn. Mathematics of Money Management. Vince, Ralph. Planetary Effects on Stock Market Prices. Langham, J.M. (Maghnal). Planetary Harmonics of Speculative Markets. Pesavento Larry. (Astro-Cycles, 1990). Profit Magic ofStock Transactions Timing. Hurst, J. (Prentice
Rocky Mountain Financial Workbook, Foster, W. (Box 1093, ADDITIONAL Reseda, CA 91355). ReadingSecret Teaching of'All Ages. Hall, M.R( Philosophical Society of Los Angeles).Stock and Commodity Trader's Handbook of Trend Detemiinalors. Bayer, George. (Out of Print.)Stock Market Prediction. Bradley. (Llewellyn Publishing).Technical Analysis of the Futures Markets. Murphy, JohnTechnical Analysis of Stock Trends. Edwards and MageeThe Dimensions of Paradise: The Proportions and Symbolic Numbers ofAncient Cosmology. Mitchell, John. (Harper & Row, 1988)The Disciplined Trader: Developing Winning Attitudes. Douglass, Mark (New York Institute of Finance, 1990)The Kabala of Numbers Sepherial (Newcastle).The Magic Word. Gann, W.D. (Lambert-Gann Publishing).The Major Works ofR.N. Elliott. (New Classics Library).The Outer Game of Trading. Koppel, Robert and Abell, Howard. (Proteus Publishing, 1974).The Secret of the Ages. Collier, Robert.Time Factors in the Stock Market. Bayer, George. (Out ofprint.)Tunnel Through the Air. Gann, W. D (Lambert-Gann Publish-ing).
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