Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Harmonics
of
Speculative
Markets
by
Larry Pesavento
TRADERS PRESS,
INC
OR
P OR
INC
ATE
POBOX6206
GREENVILLE, SC 29606
Contents
Our Purpose
About Byron Tucker
How It All Began
Astrology and Trading
SECTION I - INTRODUCTION
Introduction
About the Author
The X and Y Axis
The Opening Price
Confidence
Success as a Total Process
The Gartley 222 Entry
Technique
A Perfect Gartley "222"
Stock Index Futures
The Mental Edge
The Moon Void of Course
A Typical Trading Day
Anatomy of a Crash
SECTION U
GEORGE BAYER
5
5
6
8
10
11
13
14
26
35
36
37
39
47
57
61
66
72
76
79
87
88
97
98
100
101
106
107
108
112
113
120
120
121
127
128
SECTION m
ASTRO ANALYST
What ls Real?
135
136
150
152
158
159
164
165
166
175
182
183
188
189
192
194
201
Our Purpose
Our Purpose
e wrote this book for five prtmary reasons, not including the
profit motive. First, the financial community has become more
receptive to the possibility of a connection between planetary
events and prtce activity (fear and greed). S econd, George Bayer
was virtually unknown for more than 40 years and now is the time that this man's
research into astro-harmonics should become part of the public domain. Third, to il
lustrate the power and accuracy of planetary harmonics and stimulate your thoughts
on the subject. Fourth, It allows us to share some of our continuing research and
build a network of very intuitive traders With some incredible approaches to the
market. Fifth, to give you the exact dates of certain events to 1995.
To best benefit from using astro-harmonics, you must first familiartze yourself
with the various approaches and how they intermingle. We feel this discipline of
market cycles can be used for both short term and long term trading.
The monographs interspersed throughout the book are written by Byron
Tucker. He is a long-time frtend. student of the market and an experienced success
ful speculator. Formerly, he managed Goldman-Sachs operation at the Chicago
Mercantile Exchange.
Planetary Harmonics
of Speculative Markets
organic entity, it had a life of its own which any participant certainly is aware of. I
concluded that if it is an organic entity, then it must obey natural laws. It was sim
ply up to me to determine, to discover or to define what natural laws the market was
obeying.
I began an exploration of market trading systems, writers on the mar kets and
various approaches using time series analysis of markets. The results centered
around a traceable analytical system better in retrospect than prospect. I then exam
ined the timing of tums in the market. W.D. Gann, an early market analyst and
writer, said rightly that time was more impo rtant than price in trading. This search
for the proper time led me to look at planetary relationships in relation to market
highs, lows and turns.
My intention in beginning this research and exploration was to be totally open
minded and not to get caught in preconceived notions, not to be trapped by fixed
judgments of attitudes and not to be limited by what was generally viewed as accept
able analysis. I looked at many different approaches to the market and followed
many dead ends, but the statistical relationship of the time of astronomical corre
spondences to market inflection points was so compelling that I felt the necessity to
make a more complete and active study of this. I met a variety of people who were
Involved in this, read many books and have come today to the point of being co
editor of Astra-Cycles. a newsletter which uses the planets In their angular relation
ships to predict high probability turns and moves in the market.
Llfe is no mystery if we know the right laws. The problem is taking the time and
opening the mind enough to really determine what the right laws are. Science today,
it seems to me, has adopted the same ossified position that the religious hierarchy
did 300 years ago. Certain kinds of research and theories are not acceptable even if
they work. I am always looking for another means of determining when a market will
move and which way it will go and how long it will be moving. I keep my mind as
open now as I did ten years ago.
Markets are llVing and growing things that change. The rules that apply in one
pertod do not always apply In another period or may cease applying for a short time
before they apply again. This is not unlike the growth and change of a human as we
How It AU Began
go through different phases of development. I think there are broad analogies that
can be drawn between
and action.
all aspects of
market. The timing that angular planetary relations can provide can show a window
in time when an event in a certain market is l ikely to happen. We must look at the
world and the opinions of the world, called fundamental analysis and its tracks
which the market calls charts, and correlate all of this to these tiny windows and
then act, knowing all along that we are only going to be right part of the time. But
with proper money management part of the time ls all we need to be right to profit
handsomely.
- Byron Tucker
kets may do other than they have been doing. The objective is to add one more piece
to the puzzle, to introduce another filter in the decision-making process for traders
that will keep them out of bad trades and enhance the probability of being right and
picking good trades at good times. It is our feeling that timing is more important than
price and thus a judicious use of the timing of that planetary alignment suggests it
can be a great aid to a person who had to deal with risk in the markets either from 1
.
hard to evaluate rigorously statistically. Because of poor records in the past and
insufficient precision in exact dates of market highs and lows, it is difficult to corre
late exact connections. For example. wheat had a low in 1365, but when? Today's
markets move by the minute. Thus, we can extrapolate a strong planetary impact in
1365 and assume the configuration has power. It does now, however. look very neat
statistically. How to apply that precisely to today's markets is a challenge that we try
to deal with by incorporating other market filters and by differentiating the nature of
the impact and precision of planetary allgnments by how fast they move around the
sun. In effect, this is how heavy they are, or how far they are out from the sun. The
faster moving planets closer to the sun have more imm ediate effect but of shorter
duration and less impact until you move beyond Mars. In all of this there is what we
call an orb around an event date. The orb can be from one day to two weeks, depend
ing on the planet and the configuration and where it is occurring.
It is possible frequently to use planetary relationships in a cycle approach at
least to prepare your mind for possibilities in the market you might not otherwise be
ready for. and for possibilities in life, such as earthquakes. volcanoes or general
human craziness. If you play with stop-loss orders judiciously and if you are attuned
to the market, even if planetary analysis ls only right 60 percent of the time, the
amount of money that can be saved and the profits that can be garnered when it is
1O
Planetary Harmnntcs
of Speculative Markets
Section!
====-=====-=-
Introduction
11
IntJ;oduction
or the past 20 years I have devoted most of my professional and
personal time to the study of price action in speculative mar
kets. I became avidly interested in astrology durtng 1978 while a
broker at Drexal-Bumham-Lambert In California. One day, a
woman came into the office and wanted to trade silver by using astrology. She pro
ceeded to be correct on 19 straight trades in silver by using the moon going void of
course as an action signal. This occurs as the moon moves from one sign of the
zodiac to another and the short transition period is referred to as "void o{ course."
The system worked for several months and then silver became extremely volatile and
only the buy (long) side of the trade would be correct.
After this experience I continued to probe for answers using the natural har
monic cycles of the planets. During 1982-1983-while I was trading on the floor of
the Chicago Mercantile Exchange-I spent virtually all of my free time studying as
trology. It ended with frustration because each time I found something that had, it
stopped working as soon as I applied the idea. This book did not end in frustration.
What you have in these next pages is the best I've found. I was able to scalp the
markets profitably while in Chicago and some of this success was due to my ability
to use the short term lunar phenomenon described in this book and the use of pat
tern recognition techniques.
Then something wonderful happened! Ruth Miller re-entered my life. Ruth Is a
retired professor from Indiana State University and a long-time friend and business
associate. She contacted me In the fall of 1985 and, since that time, all aspects of
my life have improved. I was just in the process of a divorce and was not emotionally
ready to trade aggressively as I usually do. Ruth had sent me a note saying that
October Soybean Oil would be at an exact price when it went off the board in Octo
ber. I placed the note on my Soybean Oil chart and virtually forgot about it over the
next six weeks. As the time drew near to the expiration of October Soybean Oil, I
began to notice how close the price was getting to Ruth's predicted expiration price.
When expiration day came, the price was within two ticks ($12) of her price given to
me weeks earlier. I telephoned her a few minutes after the closing bell and the ensu
ing conversation was enough for me to be on the next plane to Indiana.
Ruth had told me she had found certain price and astro-harrnonlc events that
could be used in trading the markets. Her interest had always been slanted towards
W.D. Gann and it never ceased to amaze me how she researched the materials so
ardently and with so much enthusiasm. The basic tenet that she taught me was later
developed into the Ruth Miller Com Trading Method-a seminar taught by Ruth Miller
12
Planetary Harmonics
ofSpeculative Markets
and me. The seminar was based on Corn Trading using the astro-harmonics of both
price and time. It was immediately sold out and the feedback from the people attend
ing was nothing short of spectacular. The principle can be based on any commodity
and it allows for the lowest possible entry/exit risk level. Traders attending the
seminar reported incredible results on a vanety of markets from Treasury Bonds,
Gold, Soybeans, S&P. Sugar and more.
It was during the Thanksgiving weekend of 1989 (aptly namea, I might add)
that Ruth opened my eyes as to what you could look for in predicting price and time
using astro-harmonics. From that original meeting l began writing my frrst book,
Astro-Cycles:
of
curious
speculators. I have had only two negative responses to my approach using planetary
these individuals thought I was "demonic." Anyone who delves into celestial harmo
nies immediately becomes more cognizant of the Supreme Being. Believe me when I
say that my interest in these planetary cycles is purely pragmatic. If I can't make
money from my research, then I will most assuredly give It up.
The newsletter has brought some incredibly brilliant traders and researchers
into my life. Some of the ideas that have been proposed to me at first seemed a little
off the wall, but on further examination proved to be quite valid. I've always felt that
sharing was the only way to go. Confucius said, "If you learn something and keep it
to yourself, it becomes worthless!" This is an undisputed fact that I live by. Only
when I am asked not to divulge my source for privacy reasons do I not share and
then I am committed to secrecy. By the way, of all the "secret things" I've been ex
posed to during these past 20 years, most are only excellent trading techniques that
reduce risk and Increas e your chance of success. That includes what you will fmd in
this b ook! It is a lot of hard work and research that must be applied with patience
and discipline, but it is very powerful!
About theAutlwr
13
1982
writes and edits Astra-Cycles, a monthly newsletter, and trades commodities and
financial futures from his home.
Each year, Pesavento gives several two-day seminars o n his methodology.
Qther book credits include
Astra-Cycles:
The Traders
Viewpoint.
14
Axis with the Time Axis. These principles have been alluded to by
every major teacher of stock and commodity technical analysis
from Edwards and McGee to W.D. Gann. Frank Tubbs, H.M. Gartley, the Elliot Wave
Principle, Wycoff and more. Based on nearly 30 years of experience in these markets,
I think that when referring to the price and time parameters, it is unequivocal that time
is the most important of the two. When a market ls over, it's over. It is when price and
time are in harmony that prices will change trend dramatically. I began looking at
cycles in the
1960s and early 1970s through the book titled '(he Profit Magic Qf
Stock
Transaction Timing by J.M. Hurst.
I was one of the original advocates of his
--....--------system which applies the concept of cyclical phenomena in the market. I made a great
deal of money by using the nominal 18-day cycle. and buying on 18-day cycle lows
during the bull market of the early 1970s in grains and livestock. The problem arose
when the nominal cycle would bottom very early and only rally three or four days. Then
the last 14 or 15 days would be a down market. I was inexperienced and naive enough
to assume that the market would always come back and redeem itself. When the 1974
bear market came, I was unprepared for this. This caused me a great deal of personal
heartache, but it also gave me the opportunity to meet John Hill and get to the paint
of learning I've reached today. I gradually gravitated to astrology and, after studying
seven or eight years, I've come to the conclusion that this was the major cyclical po int
from which markets moved. However, there are times when you get completely
confused by what's occurring. That, in itself, is a good sign because you know that is
a time to stand aside until the market becomes more harmonic and can be viewed
more clearly. In his book written in 1972, Hurst defines several principles, listing them
as tenets or laws of cyclical analysis. The first principle is hann onicity--that ts. the
markets are harmonic. They move in waves of 18. 36. 7 et cetera. That same principle
also works on the Price Axis. If a market moves, for instance in Treasury Bonds, it will
move at 18 ticks, 36 ticks. 72 ticks, et cetera. Many times it will be multiples of that.
ln other wards, the market in bonds might move 2 x 18 or 3.2Sl8 before a ron
c.
. The harmonic is there-it's just a multi le of that particular harm
The second principle discussed is
periadicitu--
a ls,
ere are dif erent
periods that occur in cycle length. The periods can be 18 days, 36 days, 72 days, In
30minute periods or, five minute periods, in the case of day trading. Tue principle here
is to remember what these harmonic points are and how to apply them in conjunction
wt th price and time. I am going to demonstrate the periodicity of planetary vibrations
TheXand YAxts
15
and their effect on speculative markets in this book. When you finish studying the text,
you will know some of the most important turning points in several of these markets
synchronicity--that is,
this happens very rarely and that there Is usually one m;:!jor cycle or one minor cycle
that is going to move the market rapidly in one particular direction. The only ca
'Setliat
readily comes to mind was the top in the Stock Market In August, 1987, at the
occurrence of a five planet astro-hannonic conjunction referred to in the press as
hannonic convergence. That event happens only once every 200 years and there were
many other smaller cycles occurring simultaneously. That was the reason for the pre
cipitous drop of that year. Another example is the bottom of the Stock Market in
October, 1974, which had a similar type three planet conjunction that was the end
of the bear market and the start of the thirteen-year bull market in stocks at that
particular time.
Looking at
the
The X-Axis
The principle is based on the movement of Price A moving to Price B correcting to Price
C and continuing on to the Target Price D. The following diagram illustrates this
principle in its perfect form.
16
The formula for calculating the Target Price is: (B +Cl -A= D or the Target Price.
Charles Lindsay wrote an interesting book titled Trident describing this whole concept
of parallel theory. The book now sells for $50. The price to attend the original course
was $2500. I attended one of the original courses taught by Larry Williams and
Charles Lindsay in the mid-1970s and was also taught by Frank Tubbs in the 1950s.
The principle is excellent. However, there are some questions that should be
addressed when studying it.
1.
2.
3.
These three factors-Wide Daily Ranges, Price Gaps and Tail Closes- give a
very strong indication of the thrust of the market heading toward the Target Price. A
tail close forms when prices close near the extreme (high or low) of the daily range.
TheXand Y Axts
It's ludicrous to
17
profits at that particular point-at least not on the total position, maybe 20 percent
of the position, but holding the bulk of the position for the remainder of the move.
Several examples of this idea of thrust are shown on the charts on the following pages,
both on an intraday day b asis and on the daily basis.
The chart on February 1990 Live Hogs illustrates how the wide range days with
tail closes and gaps perform a valuable function in determining how quickly prices
might reach their objective .
.A seRQnd way to measure price objectives is to use natural vibration, from the
Fibonacci series. I have found the (.618), (. 79). (1.27) and (l .618) arethe most effective.
Two of my colleagues in West Germany-Markus Niksch and Marc Linke-brought
the importance of the(. 79), which is \i.618 to my attention. These four numbers can
be of great help in determining price and time characteristics. The charts on the pages
in this section will illustrate how to measure price swings using these numbers.
a !bird way to measure price is to measure the time it takes to move from a
bottom to a top. If the movement is very rapid from bottom to top, the time frame for
a reaction would be less (usually) than if the price moved very slowly from a bottom
to a top. Just the opposite occurs when observing movement from a top to a bottom.
Examples of this principle are shown in the charts in this section.
Another method Qf:measuring Q_rice movent is by using Jim Hurst's principle
II of a half span
Demarcation. This principle is based on taking a previous cycle that has been in effect
and moving it forward in time one half of the distance of the cycle. If a 36-day cycle
Is being used. draw the cycle in over 36 days; then, move that cycle forward in time
la days. When prices cross that particular line, they are halfway to the price objective
of that particular move. Many times these will act as support and resistance points
In the future. Peter Eliades of Stock Market Cycles ls probably one of the foremost
authorities on this particular device. Peter is an expert technician and stock market
analyst and part of his repertoire of trading techniques includes the half span moving
average.
The Y Axis
The Y Axis-or Time Axis- is, in our opinion, the most important of the two.
If you can pinpoint the time of a market turn, the rest is history. At that particular
point in time, the risk being taken can be quantified and a very good idea of the profit
potential can b e determined. When working with the Time Axis, remember that the
same principle holds here that holds true in real estate. In real estate the important
18
Planetary Hamwntcs
of Speculattue Markets
thing is location, location, location. When working on the Time Axis, the important
thing is patience, patience, patience. One of the most famous speculators of all time
was Jesse Livermore. In his autobiography-Reminiscences of a Stock Operator by
Edwin LeFever-Llvermore states that you must get as close to the danger point as
possible when putting a position on and then act. Livermore felt that the closer you
get to this point in time, the less risk is involved and the greater the profit potential.
Th1s makes a great deal of sense when you stop to think about it. If you can find that
point in time where you believe the market is going to turn, you know exactly what your
risk is, you know exactly what your profit potential should be and then you must act.
The problem arises when you put the position on but then fail to execute the other side
of the trade when it goes against you. It is very easy to work with a profitable position.
Emerging from a losing position takes courage and discipline. two attributes that the
successful trader must have.
We use the natural astro-harmonics of the planets to pick our timin g points on
the X-Axis for trades engaged for three days and longer. When day trading, we use th e
natural harmonic vibration of Fibonacci number sequences in order to arrive at time
points determined to be significant to day trading. It is important to remember that
when day trading, that's exactly whatyoure doing; trading for the day. As a day trader,
it Is not necessary to trade every day. It ls ludicrous to think that you could do
something every day the same way and come up -with the same results. There will be
times when you'll be feeling poorly, you're not well rested or when you're distracted.
It is best to plan trades In advance with your parameters set up. It is also important
to follow several markets only. When day trading, have your ideas on possibly four or
five markets maximum. Within that basket of four or five commodities, probably one
really great trading opportunity will materialize based on the harmonics of price and
time and pattern recognition where the risk and profit objective will be quantified and
opportunities.
It's analogous to a baseball player waiting for his pitch to hit. He's not
fooled by the pitcher moving the ball inside or outside. He ls waiting for the pitch he
is going to hit. Sports fans recognize that once a batter is down zero and two, it is very
difficult for him to have the same relaxation as if the count were three and zero. One
of my favorite exam ples of success is Joe DiMaggio. One of the most incredible
statistics in all of baseball, in my opinion, is the fact that DiMaggio hit approximately
380 home runs during his 14 years as the Yankee Clipper. The most amazing thing
about this is the fact that DiMaggio struck out less than 380 times in 14 years with
the New York Yankees. Most good hitters strike out about 180 times or more each year.
This example illustrates not only how patient DiMaggio was as a hitter, but that his
probabilities were such that he always waited for his pitch. The fact that he hit in 56
consecutive games is not as important as the fact that his strike-out to home run ratio
was less than 1 to l which doesn't even compare to any other player, including the
great Babe Ruth whose strike-out to home run ratio was 14: 1.
A
High
(B+C)-A=D
c
ffigh
[.79 or .6!8]
(C
B) x 1.27 E = F
(D+E)-C=F
-
ffigh
j.19or .a1s J
..
.-Low
-
1.27
of BC
G
High
of A-F
1.27 ofD-E
.79
.....
\()
'
Low
20 Time Periods
Low
1.618 of20
1 .27 of 20
.79 of20
.618 of 20
!il"
Ir
.Q,
1990
.79 of A
1.00
D .79 of C
.618
.618
.79
I
6700
6800 I
6900
7000
7100
7200
7300
7400
7500
7600
7700
7800
7900
....
t-.:i
><;
1990
IJll
,II
ouuu
J 5100
-1
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I
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#.
Price Gap
____.
_,
____.
_,
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1 1r11 4900
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114 .
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4500
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. 'l1 r
4400
. i111lh !1,;
'
4300
1 j Ii/ !j,
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4200
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4100
-' 4000
I
3900
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'
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-I 5800
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of A I 6000
58.63
4200
4400
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,
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f
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'
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L_l__.L.L_l....JLL..LL.L..L..JL.L-LJ-1-...J-1-...L..J.-1-.J..J--'-...L-.J.-'-..J..1-'-...J..1----'---'---L-l---'
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(1.618)
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L----...L
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Ill 111f
r. .
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.
.
, r Ml
'
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'<:
(B+C) A = F
(D+E) C = F
D = 3.96
4.25
(.618) of AB
..
3.87
3.94
(.79) of GF
G 4.15
(.618) of AF
(.79) of CF
M
J
1-----''----'--'-----'-_,_-1----'
lj.
A= 4.37
3soo
3850
3950
4000
4300
4050
4100
4150
4200
4250
4300
4350
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17 Periods
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jl
1990
,ip
1.618
'
900
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4100 I
4200
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. 4700
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-I 5100
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. l
26
ing the 197 4 October break. I started with nothing. but ran It up to a great deal of
money. I then realized that I had the ability to make that kind of money. However, I
neglected to realize that I confused success with a bull market and I was unprepared
During these last 14 years. John and I have remained good friends and have
shared numerous good trading ideas. In 1982 I went to John's ranch in Henderson
ville and spent two weeks with him looking at various ways of trading the markets.
One of the best discoveries we made was a computer study which revealed to us the
rinci
Trad
e. e worked for two solid
he Direction o t
rpen
We
The principle behind the importance of the opening price probably stems from
the fact that the markets are open only six hours a day. That leaves 18 hours for
decision making to occur. When you consider the fact that the foreign markets ar e
open in Hong Kong, Tokyo, Singapore, Sidney, London and Amsterdrun, you get an
even greater flavor of what occurs durtng the 18 hours when our markets are closed.
It is my opinion that decisions are made during the 18 hours that are effected on the
opening of our market. I realize that most of the volume is not done on the opening
it is done during the complete day. However, to explain how the opening price ls so
significant. one must remember that these people have been making thought deci
sions and analytical decisions during the past 18 hours in order to come up with
strastegies for the following days.
ning Price Principle is this: the opening price will be the high or low of
that day 85-90 percent of the time. In other words, the price at the opening will be
either within 10 percent of the high or the low of the day on that particular day.
There are two ways that you can prove this principle to yourself. First, take a com-
27
modity chart like Commodity Perspective or Futures Charts, something that shows
the opening price which would be the small left-hand bar on the daily bar chart-not
the clos ing price, but the left-hand side which is the opening price. Take a red pen
cil and draw a little circle around the opening price. Continue that through the life of
the contract. Set the chart down and you'll see that the high or the low of the day
was the opening price approximately eight or nine times out of 10. The second way to
test the importance of the opening price is to use the d ay trading charts-that is
intraday charts-if you have access to them. Using an intraday chart, mark the
openi ng price and draw a line across the time zone for the rest of the day-a horizon
tal line where the opening price is indicated. You'll be surprised how often prices
meander around that opening price whether it is the high or the low of the day. Even
when it's not the high or the low of the day, the opening price seems to be some kind
of harmonic or equilibrium price that the market bounces against several times
during the day.
Anned with this information, a day trader and, actually, a position trader can
enter the market to his advantage with probabilities on his side. The charts on the
all of the time, but that it does put probability in your favor a great deal of the tim e.
There ls an important concept here to remember: forget about the closing
price of yesterday. It means absolutely nothing when you're dealing with the
consequence to you whe n you are using the opening price to enter a market. You
opening price concept. Whether the price gaps up or the price gaps down is of no
must forget the closing price of the previous day; the opening price is your focus.
especially when day trading. Whenever I teach this principle, students always seem
to want to hang onto the closing price of yesterday. You must remember not to use
yesterday's closing price when using the opening price principle.
You will see that this technique does get easier with practic e as you became
the
pattern recognition
more accustomed to its use. The charts on the next several pages present examples
of how to use
formations in order to set up day trading probabilities. You may want to use the "Key
of the Day" (Opening + High + Low+ 3) with this technique. If prices are above Key
of Day, only go long. If below Key of Day, only go short.
Keep in mind that in day trading-and also position trading-you must be
concerned with both the Price and the Time Axis. some people who day trade will
inadvertently lose money because they forget about the Time Axis. They think they
are trading just for several days when, in fact. they put a trade on for a day trade and
resulting in a
it turns into a position trade which gaps the opposite of what position t hey are hold
ing,
loss. When you are day trading, you should be out on the close. If
you are position trading, you should position yourself for a longer term move some-
28
.. J'\
trading.
The first example of how to use the opening price is Illustrated on page 29 . . This
where in the neighborhood of three days to three months, depending on your style of
chart shows the market opened at Price A then began to react downward and con
tinue down. People who bought near the high of the day are now concerned whether
the market is going back up through the high or have a key reversal to the downside.
As you can see, after a period of time, the market reached support. This support is at
a major Fibonacci number, the
.1
''
(.618)
(.618)
from theOpening price With a stop at the (.85) retracement. In other words, if the
market dropped more than 25 percent below the (.618) you would be able to say that
retracement
' you were wrong; your stop limitation is very small and you would be able to profit as
' the market moved highe r . As evidenced in this exam ple, the market did, in fact. move
'
$25-$30 range
It is also important to get a very fair commission rate when day trading. As
just about any other commodity. Good volatility is essential when day trading. Trade
the markets that are quite volatile and highly active with a great deal of volume. Tilis
The second example of how to use the opening price is illustrated on page
31.
Note the opening price. The market breaks rapidly and then starts to rally back
(.618),
toward the opening price. Again, the market rallies back to the Fibonacci number,
and then resumes its move to the downside. These two examples demonstrate
that if a trader is patient and waits for this particular pattern to unfold, the probabili
ties are in his favor in a two-fold manner. First, he's trading in the direction of the
opening price which meanders the direction of the trend is going to be in his favor
eight or nine times out of ten. Secondly, he's trading in the direction of the trend and
selling into a rally at a very strong mathematical point where the risk is quantified
because, if the market continues to go up, it will be stopped out with a very small
loss. The probabilities of these particular patterns working are better than seven out
of 10.
10
11
...,_
11
'
'
12
'
'
2 9
. '
' '
'
11
12
. \
..
'
'
2 9
'
.
'
10
.
'
' '
.. .
11
'
12
'
Opening Price
10
. '
J.V\Sell
'
. '
1
2140 1
2160 1
2180
2200
2220
2240
2260
2280
2300
2320
2340
2360
2380
t\)
\()
.5
Open
w
T
Open
/lu ttHn
1
fuillm\flIlrtlOpen
.
Night Session
Il t\HJ
J11iJIJJ. r
This chart shows how the price range stays on one side of
9900
9904
9908
99 12
9916
9920
9924
992 8
10000 1
10004 1
110008 1
10012 1
,10016 I
ca.
;:!
!];
c.:i
0
d
m
.
1
'
1'
1r1
(.618)
the
support
'
c. 1 1
/
,
Open
and
resist ance
,I
Jhuwu
Ope n
I
,
/ ''
",
(.6 18)
i
m
1
li
1
n
r
u
1
t
l
ll
1
l
m1
1
f
Jf
retracemeot. These
trading.
Open
. ,/
illustrates
This
Open
(15 Minutes)
9912
991 6 1
9920 1
9924 .
9928
10000
10004
10008
100 12
10016
10020
0024
10028
.....
t...I
10
11
""'__
Open
hf .
.\'
\
1
are
percent retracements
6390
6400
6410
6420
6440
6440
6450
646 0
,.
6480
1 ..
retracement
I 500A1 retracement
)1. [
>
1 1I
'i
500..b
' ' !1 11
6490
6500
12
12
10
11
12
l--'--1---4-JY--1----'--'---'-'--l---'-+-.L--'-__J_-'----' 6380
Hu}.
il". '
Open
,,r ) (wr
. \rt .
<2,
;:l
t.:i
loo)
I Ill
8:55
\/
A P,
8:57
'I.!
Opening price
here
9:00
was
9:03
9:06
:N'
,
I
9:10
at
59.98.
In
this
9:13
N.
9: 15
01
(.618) of AB
term scalp.
9:19
.\
point
sell
as
5984
5986 1
5988 1
5990 .
5992
5994
5996
5998
6000
6002
6004
6006
6008
w
w
.g
.:
IMT .
Open
Open
Open
Gold-
February
4020
4040
4060
4080
4 100
4120
4 140
4160
41801
42001
42201
4240 1
42601
t;;
!i'
g
15'
[%
<Q,
::i
""'
Co)
Conjldence
35
Confidence
hy is it that some traders seem to consistently prosper even
though it is obVious that they have losses from time to time?
about him and be prepared to trade again . Now, of course. this presupposes a trad
ing system and personal discipline.
Beyond that, many people that we all know who trade, who have good systems
and who appear to be disciplined simply do not seem to be able to prosper In the
trading game . This is because their confidence is gone or has been destroyed.
Confidence is what permits a trader to follow his analysis when everyone
around him is saying that the market is going the other way and when the press.
especially, Is talking about drivel. He knows, however, from his own perceptions what
ls likely to happen. Confidence permits you to buy and sell at the proper time with
out talking yourself out of it and without running away in fear.
consciousness of the trader, of his own well being at a very deep level and his reali
zation that he and his system are equal to any conditions the market might present.
A market may run away from you but It cannot hide. It leaves its tracks everywhere
it goes. Confidence is the magic Ingredient that allows a trader to follow those tracks
- Byron Tucker
36
Planetary Hwmonfcs
of Speculative Markets
is
destructive habits is equally necessary. Many good traders have foundered on the
rocks of addiction to drugs and alcohol. This happens as a result of the stress and
deal with the anxiety lever of stress just as it is important to rigorously limit your
consumption of mind-altering chemicals. Success of any sort, but most especially of
trading, is a total organism process. When the total organism is focused properly,
success cannot be avoided.
-Byron Tucker
Technique
37
1000
$1 500
each. This
On page "222" of this book ls a time and price pattern that is the best techni
cal trade I have ever found. It has everything that the speculator could ask for in a
trade:
1.
2.
3.
4.
(75/o)
in the Stock Market contains cycles. extensive price wave analysis and
the best pattern recognition formations. You will find many examples of Gartley's
Profits
"222" in the charts in this book. Basically. the pattern is depicted by the diagram on
page J\8.
The use of
em is a
weekly and monthly charts. it is a specific wave pa em that repeats !tsel over and
over again. You can go back 50 years or more and it still operates exactly as it has
are directly from Mr. Gartley. including the "Reverse Point Wave" and "Head and
Shoulders" patterns . I recommend that any serious student of market disciplines
38
Buy
D
D = (.618) of A
D=B+C-A
x
x
D = (.6 18) of X A
D=B+C-A
D
-
Sell
A Perfect Gartley
39
===
seemed almost too good to be true. As each instrument was prepared to go above a
reaction high at point "B", a completed Gartley "222" pattern at a Fibonacci retrace
ment point was forming in textbook fashion. I was following the Dow Jones Indus
trial, but not the Crude Oil! It was apparent that, if the pattern was exact !n both
situations, I should sell them both.
hi h for the day at point "D" because the AB + CD formula equals was perfect at this
a time was very sm
on y a out
=
B + C
A. My risk parameter at
t!I9.e
$200) and the reward ratio was well over five to one.
As it turned out, both markets did head lower and closed near the low of the
day. I stayed short both positions for three reasons:
-
I.
2.
3.
8.
gap dow:!!_
The lesson in this is not that it worked, rather the Gartley "222" pattern is
present in all speculative markets and it appears on intraday, daily and weekly
charts .
1u/'
'11
1t
' A
1
279010
28000
28100
275001
276001
1. ; .
'
w
T
Instruments.
27100
27200
-l 273001 '
.+!ii I
I''
:T
(
.,
l vl
\I ', x
January 5, 1990
2080
2100
--i 2120
--i 2140
I 2160
--i 2 180
2200
2220
2240
2260
2280
2300
2320
..
282001
I 28300
':::1
1at1 1.11s.:aa.:ss:ss1
I .
\J!
January 5, 1990
""'
&j
::l:
f%
<Q.,
::i
;g
(.6 18)
..
Gartley
l
.
vr I
222" Pattern
'
'
I'
""
1460
1440
ti't1---i 1420
-I 1400
-I 1380
1.
{
-j 1360
1 ! . -j 1340
1320
(.618)
1300
222"
fiiU1 12so
1260
1240 J
1220
. .
10
11
12
. ll!'tai
#
.
\
1)
j
tl
l
. .
10
11
12
"222"
w222"
! When
34300
34400
34500
34600
34700
34800
34900
35000 1
35100 1
35200 1
35300 1
35400 1
35500 1
in-
oQ,
""'
10
"222"
Pattern
11
the
are
12
(.618)
ete .
10
11
12
at this point)
35300
35400
.i:.
....,
. 135200
35100 I J
35000 (
36200
36100
35600
35900
35800
. pl 35700
1t
-135600
_35500
....,;
t ...,
.
o se
but does not quite get low enough . It ls at these times that
Gartley
March S&P
of succesa.
10
11
1.
12
JIL
.
.
r
:
MW
1w1 . A,, :J ln
"222"
Gartley
10
11
12
34450
34500
34600
34650
34700
34750
34550
"222"
34800
34850 1
34900 1
34950 1
35000 1
35050 1
'
"222"
I"{
1i1t1ir1J .
rtt
' jlt
..
&;"
16
::;;
IS
::i
!%
<Q,
.;:..
.;:..
' .
H222"
. liiiw1r I,
W rr
10
"222"
11
12
"222"
'
I
' '
'. U
10
"222"
11
12
\ ' 1
1;,
. . wf.'
Gartley
35300
35400 1
35500
35600
35700
35800
35900
36000
36100
36200
36300
36400
36500
""'
Vi
..,
t.J
,J!
'
'
II
'
ff;tu.
: 1r:
..
'
'
' '
' '
. .
..
10
11
12
, A
"''
. .
'
LI
10
'
: 1\r :
12
I.
i
r,
lf1
11
'
I '
. .i .
(.61.8) of X
,.
(.r1
N.
l '
A perfect
.
.
\
. .. . . : .
rm.
...
.
,;
Jr
1' . .
r\
1 \I.'\ ,
27600
27650
27700
27750
27800
27850
27900
27950 1
28000 1
280501
28100 1
281501
28200 1
&;'
a<!a,
'ti
ililo
0)
47
book. One particularly valuable feature is the split window format allowing the trader
to view several customize d pages illustrating complex groups. For example, Heating
Oil and Crude Oil: Soybeans. Soybean Oil and Soybean Meal; Gold, Silver and Plati
num: Hogs and Bellies; Feeder Cattle, Live Cattle: Interest Rate Instruments; and
Stock Indices.
My choice for stock indices is to use a four window format with the spot S&P
futures,, S&P cash, Dow Jones Industrials and the Major Market Index. Experience
over several years of watching this instrument trade has brought me to the realizac
tion that large pension funds, banks and mutual funds buy stocks in "baskets." They
will buy groups of stocks in electronics, banking, pharmaceuticals, automobiles, et
cetera. It is advantageous to know which index will be moving first when these (buy
or sell) orders hit the trading floor. When high capitalization stocks are Involved, the
49 s.bows
e "222"
rn ls com leted at which
selling of the Dow Jones stocks until a G
time prices start to move _u . As
e "222" formation was bein com leted the S&
er
t of the last sev
In fact, It was unable to retrace even
'waSmuch stro
ays o r y.
s
erted the trader that a sign of strength was present becau e
e
IT selling alleviated the pressure on the Dow Jones, the other smaller capitalized
stocks would go higher. Granted, it does not always work this way, but it certainly
deserves your attention.
Dow Jones will move first followed by the S&P. The illustration on
nger.
page
Slgn of Strength
Cash S&P
(15 Minutes)
"+'11'
to (.618) level
strength by
lnablllty to go
ri
'
'
'
'
-154800
38
3 00
34000
lT
34200 .
,
I,34400
26600
26700
26800
6900
27000
27100
'
Jlhl
if
.4600
Gartley 9222"
(.618)
, \N
oil.
Dow Jones
(15 Minutes)
l.
(.SlSJ
153800
54000
54200
--154400
348001
34200
34400
34600
34800
35000
_J35200
l :w
March S&P
(15 Minutes)
ii:"
@'
::i:
IS
"
i:
..g,
"'
;;l
!';"
ii:.
'
'
"222"
c.s18>
''1/ '
10
11
12
!AB x 1.018) C ll
' .
l\ ' .
01
35400
35450
35500
35550
Weakness
Extreme
'
.
I Hiiiflfl!WB'.lfJ1.WJI
'
ryi
'
..
35100 I l
10
11
12
IR.f-...-1.1'1R1t:Hlfl!ll 1 1
..
'
-1 34950
-1 35000
lk
'O
-.
(/)
I "'
j= l
-l34700 J
---134750
I 34800
. -1 34850
' -1 34900
Jj
.(
'
-1 35050
-135100
-135150
35200
l::: HMillN!!
35150
35200 I
35250 '.
35300
' - 35350
11
f '.
35600
A
v
11
'
12
'
. fJ1
11
. I'ln l!
111111\
I]\
2
.
l.I
Open
'
352001
35250
35300
""'135400
-.--J35350
. --135500
7i35600
35650
I
i
35700
Indication of
weakness in
relation to
cash
. I .
, Ifl
Weakness
35750
35800
11
' A
12
c. ;9)
AB =CD
I'
I I
'
'
'
,.
"
I.
134960
34980
35000
35020
35040
35060
35080
35100
35120
,35140
35160 1
35180
35200
i;;
15"
a,
(Ii
c
10
11
12
1
l--'----'---'--__.___,
354501
35500
35550
356001
35650 1
35700
35750
35800
35850
35900
35950
'I I
I I
I
10
11
12
ltl J
1
1
J
fI
1 35125
35150
35175 1
35200
3 5225
35250
35275
35300
35325
35350
35375
35400
36000
(.618)
35425
36050
Vo
.....
"'
;p
(I)
2 3
(1.618) Fibonacci
10 11 12 1 2 3
'
'
Wide
Day's Low
10 11 12
356.20 355.15
(.618)
36100 1
36000 1
35900 1
358001
35700 1
35600 1
35500
35400
35300
35200
35100
35000
34900
oQ,
!%
:ii
Cl
'
the
the
arrow.
[.618)
10
11
12
retracement shown at
'
'
'
'
'
580 x (1 .618)
10
11
at (.618) retracement
12
.
l
l
!
:1+111
C = AB x (1.618)
:A
"'} t
r1 M
34700
34800
34900
35000
35100
35200
35300
35400
34500
1 34600 1
930
35500
35600
35700
e-
S'
en
( l . 6 1 8)
358.95 objective.
A
350.80
T
J1 '
Wide Range
,....
Period
ii...
.
D
358.95
1r
"
35300
35400
34900
35000
35100
35200
35500
35600
35700 1
35800 1
35900 1
36000 1
36100 1
i;;
IS"
"'
en
""'
B222" pattern
that exceeds
'
T
F
retracement is completed.
' "'
(.618 retracement)
(.618)
S&.P
exhlblt
Sign of
Strength
fut ures
11
10
12
as
35000
35050
35100
35150
35200
35250
35300
35350
D.
n. .
how the
Cash
S&P is
illustrate
34900
34920
34760
34720
34740
34780
34800
34820
34840
34860
. 34880
price (B+ C)
'"
' A
10
11
12
__._.._..___,::1 :11712;n2'';' J:
_.__-'--
-'--
_._
l-'--_._
March
.tnH11h,1:
1i1l
35400
35450
35500
oQ.,
tn
Ol
S7
======
t it even
would bottom out before Mercury went direct on January 20 so I purchased three
days early. Friday, January 19, saw wheat fall rapidly near the close and I was
narrow range for several days ; each day closed at a slight profit. I felt that wheat
near the low of the day and had a profit of twice that of my wheat loss. I had ana
lyzed the wheat market so thoroughly and lost. I proceeded to sell the Treasury
Bonds at a profit, turn off my computer and go for a long walk. About an hour into
the walk, I realized what I was doing to myself. As a trader/ analyst, all you can do is
work hard and follow the_probabilities. I have a tendency to be a "streak trader",
going days and weeks without a signtttcant drawdown. Then something happens, I
don't work as hard or discipline myself properly, and the drawdown occurs . I am
sharing this for two reasons. First, that you might learn from my mistake (I should
58
not have sold the bonds). Secondly, this event occurred just several hours ago. By
putting my thoughts into print I will be prepared on Monday to act properly and not
"batter my psyche."
'
'
iI
..
I 'll'
I
.
:11
(.6 1 8)
..
4010
4020
4030
4040
90
3850 1
3874
3900
3924
3950
3974
4000
4060
4050
4024
4070
4050
4074
4090
4080
4 100
4 124
4110
4 100
4150
--__.___.___.,____,___..L..-___, 4000
'
Positive
response
to crop
report;
! 1 1 i 1 'r1r
'
'
I
I
'I fffl
4 120
IJ,
I I' \
j
.
lm
lt
r
3.97 /bushel
.--::--1
.-lij
222" Pattern
tl
tl
90
l--'----L--'----'---'-'----'
J" I
Jt 11r1
..
March Wheat
3850
3900
3950
4000
4050
4100
4150
4200
4250
4300
4350
4400
4450
or
fr
:::i
p;
"'
O?.,
.gi
:!l
C)
0
V.;j,, /..,\\
/Pnv0
61
62
go into the Dean Witter office in Santa Monica several mornings each week and
watch Silver trade. The brokers recognized her description, but she did not have an
account at their ftnn . It is my opinion that one day she mentioned her trading strat
egy to another customer 1n the office and they proceeded to negotiate a better deal.
I had no contact with her after the last telephone call preceding her "disappearance."
Excitement was racing through my veins! I had the "Holy Grail" 1n my hands
and it had slipped through.
I contacted several local astrologers and immediately started researching what
she was doing. The orders were all time-stamped just as she directed. An answer.
was quick to come back to me that the basts of her anal is was to use the "moon
vo
se to initiate tra es in Silver. It was much more co
rJi'1.V.C.-she also wei2}lted the signs differently as to positive and negativi;:. It still
works to this day and ls approximately 70 percent accurate . When we started to
gether it was an Incredible streak which would have become normal had we contin
ued.
I bring this to my readers' attention because the "moon vol
ed in short term tradin as an lntrada
oon
m chani
o
course om e time it forms its last ma or as ct (con unction, sextile tr1ne. _square,
t
. Durtng this timeconfustori
osttion) to a anet
r::v.,w.;S, plans or projcts fail to materialize and delays can be expected.
The charts 1n this section depict examples of time periods when the moon ls
void of course. To determine when the moon is void of course it is only necessary to
stop by your local bookstore and pick up a Pocket Astrologer by Jim Maynard. Void
of course times are also listed 1n the American Ephemeris 1 981 -1990 by Astro Com
puting Services of San Diego .
Keep in mind that the moon is oln void
nt can o
enn tradin . It is of articular help when the event
et ours. A 11 an new oon are so accentuated by the void
of course phenomenon.
e fty_e major lnar cyclesJ-_1,1Se in trading are:
1.
2.
3.
Maximum
or
"O
True
4.
5.
63
from the earth and sp1nn1Ilg the slowest. Perigee is where the
moon is closest to the earth and sp1nn1Ilg the fastest.
Traders may find the use of short term oscillations such as Stochastic or Rela
tive Straight Indicators as an adjunct to short term entry techniques. _!ifter years of
ertence my first method of entry would be the G:utle3r ":;t:;t2" pattern, but Oictlla_.
tors can be useful with this pattern recognition formation.
S
=
-
Overnight S
Overnight
..
End
1:
t
IV-
Start
9224
9300
9308
9316
9324
9400
9408
9416
9424
9500
9 508
9516
9524
S M
l----'-__...___.-L--'-----'--'--'-..L..-----1 9216
;.
,iJ!t'il.
Overnit S
.Q,
66
February
7,
1990
consume very little wine Sunday through Thursday. I exercise vigorously one hour
a day at least five days a week. 1b1s business can be stressful so it is imperative that
you take care of yourself.
I have a satellite dish on my roof and lt operates continuously. The foreign cur
rency desk at my brokerage house will alert me if there are wild moves In the over
night markets durtng the night. 1b1s only occurs about four or five times a year.
making lt necessary for me to be awakened.
I decided to put this section In the book for two reasons. First, Dr. Steve
Shapiro, a student of the markets, was visiting me today, February 7, 1990. His
purpose was to learn what I was thinking, doing, . feeling and acting, The second
reason ls that lt was a challenge to try and have a good day. This section was going
to be written whether I had a good day or not. I only expect to be profitable about
three days a week, break even one day and lose one day.
1bis day is qUiet like most others as you go to bed the night before. Your calcu
lations are completed, chart patterns are analyzed and preparation of a game plan
for the following day has been made. Tuesday night the currency and gold markets
were rather quiet and Treasury Bonds were slightly lower.
the case of Treasury Bonds, I traded a 10 contract size. LlkeWise With SWiss Francs.
In the S&P 500 I only traded a five lot. I kept notes as to what I was thinking and Dr.
Shapiro was there to hear me think out loud. Each market will be analyzed sepa
rately.
My day started, as usual, at 4:45 a.m. Pacific Standard Time. The first thing I
do in the morning ls to update the overnight market In foreign currency, gold and
financials . February 7 was a rather quiet night trade. The only positions I had kept
What you will read 1n the next few pages ls exactly wha I traded for the day. In
20 Aprtl
lower on Tuesday and the opening Indicator for Wednesday, February 7, was 20
points lower. nus started my day with more confidence for two reasons: first. my
equity would be Increasing and, secondly, it was not gotng to be a problem, leaving
67
me free to concentrate on other markets. As most experienced traders will acknowledge when things are going well, everything seems to flow effortlessly.
We were within two days of a full moon accentuated by a lunar eclipse (Febru
ary 9, 1990). This prepared me to look for wild swinging markets accentuating trader
fear and greed. The first potential trade was in the Swiss Franc. Market action had
dictated that It was acting very normal with no wide price gaps or volatile price ac
tion. I decided to go short the March Swiss Franc (10 contracts) just minutes after
the open, If the Fibonacci price level of 67.67 was validated and near the opening
price. My risk was 1 7 points, a relatively small amount for the Swiss Franc. I sold
short the Swiss Franc at67.63 and It Immediately began to go lower. The market fell
to the 67.27 level when I covered shorts and netted over $4000 profit in less than one
hour. What a warm feeling it was to start the day off with such a quick profit. Steve
was amazed at how easy it was! It was at that point I almost asked him to leave the
office. Where was he when everything went wrong on certain days? l explained to him
that it was pure "luck" . Ber;ij amin Franklin defined luck as "where preparation meets
opportunity. I was prepared, the market gave me the opportunity and I acted. Many
times l miss the same trades because of distractions!
The time was slightly past 6 a.m. Pactftc Standard Time. Treasury Bonds were
down sharply and challenging the recent lows. The March Treasury Bond contract
opened at 92.23. All the news about Treasury Bonds was coming out bearish. This
was not surprising to me because we were trading near a major Fibonacci support
price of 92.20. Mars had just changed signs which Is a natural 45-day astro-har
monic that works quite effectively. Tne day before l had bought Treasury bonds and
broke even on the trade. My bias was to the upside for the day's price action. Ordi
narily, I would have bought the Treasury Bonds at the price of 92.23 and risked eight
points because the day had started out so well. Today was different. I had a student
watching me trade so l tried to be as analytical as possible. Steve Is a scientist-and
editor of this book-so
I thought It would be best to follow the rules and pattern recI
ognitlon techniques I set forth In the text. I explained to him that the safest trade in
Treaswy Bonds for the day would be to wait for a rally and then buy a (.6 1 8) Fibon
acci retracement. Just as the S&P 500 was opening, Treasury Bonds were making
new dally lows at 92. 18. This matched the low set several days ago. The stock mar
ket went sharply lower, but the Trea swy Bonds had rallied to new highs of the day.
At 10:00 a.m. Central Standard Time the S&P 500 was still down sharply for the day
(over 300 paints). but it was at the high of the day and above the opening price. I told
Steve what I was thinking. If the Treasury Bonds could not make new lows With the
negative sentiment (fear) present then the market had a good chance to rally for the
day. My strategy was simple! I would buy the first {.6 1 8) Fibonacci retracement and
risk eight ticks. The market rallied up to the 92.29 level and l placed an order to buy
1 0 contracts at 92.23 which was the opening price and the Fibonacci level. At the
same time, l placed a protective sell stop at 92 . 15. As you can see from the chart on
68
page 69, the market rallied quickly. I took profits at the 93.02 level . My choice was to
take profits or play for a wild reversal day. I expected the Treasury Bond market to
trade down to another Fibonacci retracement where I could buy low again. Tue
market continued higher without any retracement. I was pleased with the profit.
As the S&P 500 contract opened at 6:30 a.m. Pacific Standard Time, I watched
the opening price very intently. Early indicators were for a 100-200 point lower
opening. The Major Market Index (:MAXI) was already trading and its price action
verified that the S&P should be down sharply on the open. My thoughts were as
follows: the stock market had made a significant low near the solar eclipse of Janu
ary 26 and should rally into the lunar eclipse and full moon of February 9. Tue bias
was to the upside for a few more days. Tue S&P had rallied from the 320.80 level to
the 334.00 level in a few days and was !n the process of completing a correction to
the downside. I had calculated the price swing to 327.30. In the first few minutes of
trading the market touched 327.35 and quickly rallied 100 points , My thoughts were
to place an order at 327.30, risking 100 points. Tue market traded back to the
327.50 level and proceeded to work higher for the day. I continued to watt for a re
tracement that never came. This could have been the best trade of the day because
it rallied nine points ($4500 x five contracts
$22,500).
One of the reasons this business gets so frustrating ls that you do your analy
sis and still lose money by not following your game plan. As the S&P screamed ahead
during the first two hours without me. my frustration index for not being long In
creased. We rallied above point c (see chart on page 7 1 ) and quickly broke 1 00
points [the first correction In 500 points). I decided to sell the next rally risking only
40 points . I sold five contracts short at 33 1 .60 and within 1 0 minutes was stopped
out with a $200 loss x five contracts = $ 1 000. Steve asked why l did not go long
above the 332.00 level as it was apparent that the market was acting as I expected
and would continue higher. I dete nnined that the risk was too great at this point and
my Copper and Crude Oil positions were doing quite nicely. In addition, I had lost on
a market that was doing exactly as I had anticipated.
There are times when you should be aggressive In trading. Had I been filled at
327.30 In the March S&P my confidence and equity increase would have coaxed me
into a more aggressive trading position. As it turned out, the day ended very satisfac
torily as I traded the Swiss Francs successfully once more.
10
11
12
'
,
.
'
'
8 7
111\r\
'
: : :
'
10
11
12
Bought 10 ,
Contracts
(.618) '\
..
'
1l : 1t1
l
Sold 10
February 7, 1990
. .
u'll
9212 I
9216 I
9220 I
9224 1
9228
9300
9304
9308
9312
9316
9320
9324
9328
Jj'
ii
[
::..
= 67.27
12
Sold
(D + E) - C = 67. 15
10
(B + C) -
67.27.
Sold
11
12
(.
10
Short
11
12
Sod Shrt
6670
6680
6690
6700
6710
6720
6730
6740
6750 I
6760 I
6770 I
6780 I
6l )
Opening Price .,.._A'4- Sold
. .
6790 I
February 7. 1990
!%
<Q,
C!
'
A
333.60
10
.
11
12
(B + C) - A
=
327.30
'
10
11
12
I \ n J: . .
C
Stopped out
331.80 at 332.00
. .
D
.
J"""'
S&P (5 Minutes)
February 7, 1990
March
at
331 .60
'
32500
32600
32700
32800
32900
33000
33100
33200
33300
33400
33500
33600
33700
;..
72
Anatomy of a Crash
high oc curred at a "5 planet" conjunction (200 year cycle). The astrological event was
covered very heavily in the press and was given the name "harmon1c convergence."
This time period marked the end of the Mayan calendar. I had written a special
report in June, 1987, warniI)g of this. major top that would occur as Jupiter (planet
of expansion) was going into retrograde motion. The stock market topped on August
26 and proceeded down into September 25 at a solar eclipse and rallied 12 days into
the lunar eclipse of October 7. The Dow Jones dropped 900 points in the next 1 2
days.
fJ/dd vul
Here we are in 1990 and the stock market made a low near the solar
eclipse of January 26 and has rallied 12 days into the lunar eclipse of February 9. ln
1987 the primary aspect was a Venus sextile Uranus on October 5. 1990 has a Mars
conjunct U['anus aspect-potentially mo['e powerful. The other similarity is that two
weeks following the 1987 and 1990 lunar eclipses we have a cluster of Mars aspects
and the Sun sextile (60) Uranus. The charts in this section labeled "Anatomy of a
Crash" show the s1milar1t1es both technically and astronomically.
Now for the difficult part! I am writing this paragraph on Saturday morning,
February 10, and it is going into the book no matter what happens. Reading spirttual
and metaphysical writing over the past 1 0 years has ingrained into me the impor
tance of honesty. If this does not occur as I expect, then my analysis was incorrect.
This ls how I positioned myself for the potential crash. I knew the lunar eclipse
of February 9 would occur at 1 1 : 17 a.m. (P.S.T) . My strategy was to sell at a Fibon
acci price level at that time, risking 200 points ($ 1000) . As you can see from the Dow
Jones 30 minute chart, the stock market began to fall within 10 minutes of the exact
lunar eclipse. 1 sold five March S&P contracts at 335.40. Earlier in the day I had
spoken with James Brock of Flo['esville, Texas. James is one of the top three people
I have ever conversed with regarding the fmandal markets . I value his research and
always like to hear what he is thinking. His conclusion was that the Dow Jones could
drop to below 2000 by late February (25-27. to be exact) . Soon after the telephone
call the stock market began to rise and fall rather quickly. On one of the rallies I sold
eight more contracts. This time I used the Major Market Index to get short. My game
Anatomy qf a Crash
73
plan was to liquidate these positions at a $ 13,000 loss or "go for the gold" at Dow
Jones 2000 (profits somewhere in the ballpark of $500,000-definitely Yankee Sta
dium-type profit to loss ratio) . The markets closed down in my favor. As I sit here on
Saturday morning, Febrnary IO, I await Monday's action with a great deal of antici
pation, to say the least. I will be unattached to the outcome . lf l fail on this trade. it
means nothing! The next opportunity could be even better. I have included this
chapter in the book for my benefit. Should the stock market fall as I predict, "I shalt
not cover the sho1t position until February 25." And I plan to be very aggressively
adding to my position after short periods of rally or consolidation. This will be done
for several reasons. First, to reward me for being correct in niy analysis and also it
will be so clear cut as to what should be done to max:lm1ze this unusual opportunity.
Using the opening price should work for the next two weeks .
The old Chinese adage "when the student ls ready the teacher will appear"
applies in this case. Should the market fulflll this scenario then youi: interest in
astro-harmonics should increase just a little. don't you think? I will not add or
subtract anything wrttten tn these few pages. The bad Karma associated with doing
such a thing would be worse than the small loss I would take on the trade and the
profits will be enjoyed if I am correct.
'
Lli1
'
. .
Solar
'
on this date
1
'
: ; )! I/
l.1 1!1
u
' r
I/'
'
'
Eclipse
Solar
23000
'
'
' '
:;'; 1990
Cluster of
Mars aspects
Feb
Will
17000
18000
19000
20000
22100
24000 1
25000 1
26000 1
27000 1
280001
29000 1
we be here -l
22000
F
on ebruary 25th?
It ,.,
;.+,
. . :t
'
'
'
"
fl
.
i/l,
rw1:
.r '
' ' . n
. ' . ;
A S O N DFMA MJ
JASO N P FMAMJ
JASO N D FMAMJJAS O N DOO
'
ll
f
' i
r1
JLtr
1
11
ft
" 111
.
.
0
. .
,
ii
.g,
.
1
,
1r!WH
10 minutes
p.m. PST-within
11:17
February 9, 1990
252001
25400 1
25600 1
25800 .
26000
26200
26400
26600
26800
27000
27200
27400
27600
"'
>
76
Section II
=======
The Secrets
of George Bayer
77
10 months
(eight winners in a row]. I then had two losses in a row (a total of $400). Both trades
had profits at one time but I elected to stay in for more potential profit. The three
Bayer books I have in my personal library are listed In the index. What you will learn
in the next few pages Is from the Secret of Forecasting Prices or The Stock and Com
modity Trader's Handbook of Trend Determination. In my opinion, It was Bayer's best
work. 'lime Factors ft was also excellent, especially since Bayer was the first author
e the ellipse as part of his armamentation of technical tools. M_y good friend and
confidant. Jim Twentyman of Custom Charts, has developed a computer program
that can draw these ellipses taught by Bayer. The program is proprietru:y and not for
sale. When Jim calls me and tells me to watch the price of Bonds or Wheat the next
day, I immediately assume that the price of that commodity is at the edge of the
ellipse. You can make several plastic overlays by hand If you want to experiment with
the idea.
of ColumPus.
years, I have heard of a few people who supposedly had the book. The book does
exist! Prices have been quoted from
who actually has the book so what does it matter. Jim Twentyman has physically
handled the book and relayed the following information. Bayer named the book after
an Incident between Queen Isabella and Christopher Columbus on hi s return from
the New World. At a banquet in his honor, several of Columbus' critics were express
ing that he was just lucky and, in fact. stumbled across the Americas
by
pure
chance! With that. Columbus proceeded to stand up and talk about his discovery.
Paraphrasing what he said, "Here I have in my hand an ordinary egg with the usual
elliptical shape. Can any of you get the egg to stand on either end by itself with no
props?ft Columbus then passed the egg around the table and each of the guests tried
to stand the egg on its end to no avail! The egg was then returned to Columbus who
gently held the egg and softly tapped the bottom of one end of the hard-boiled egg,
which made the egg stand by itself. He then said, "See how easy it is to discover how
to do something once it has been shown to you .ft The parable that George Bayer was
78
alluding to was the mystery of the market. Someday, the book will cross my path. I
still believe that the "Holy Grail" does not exist and the
ts nothing
more than a collection of excellent ideas and technical trading tools . Bayer was a
generous man with his ideas and did quite well as a trader. Does it make sense that
he suddenly would offer the "key to the vault"? However, if you do know of the book
I would love to discuss it with you. Call me at (805) 773-0412.
My intrigue with Bayer's approach to the markets stems from the importance
he ti1eced on the planet Merc!!I)T. Since gpcifnt times. the planet Met!;ury has
been assoc! e
is the fastes mo
s eed and communica ns. Mercu
p "PPt thus.gll!lng mgn: petentta! s
for trading. As you might have guessed. my
ping profit. There is something
t exposure to one of Baye["'s techniques was a w
about quick profits that gets your attention. The difficulty that I encounte["ed was
that Bayer used several different approaches and each used a different source for
data. Several years ago, l was befriended by Neil Michelsen of Astro Computer Serv
ices of San Diego , California. Neil offered his giant computer base to p["ogram the
Egg of Columbus
lGS
ignals
hOp
ofForecasting
book alone. What you are going to see In the following pages are various examples of
how the best eight rules I found could be implemented in today's market environ
ment. My assumption is that the planetary phenomenon that Bayer discovered was
an unusual way to measure the psychological impulses (Fear or Greed) of the mar
ket. Afte[" looking at many of these different markets I think you will find that these
rules do indeed apply today. Think about lt for a minute. Don't you think Treasury
Bond and Stock Index traders think, act and feel exactly like Wheat traders? Of
course they do!
I have tried to make this section of the book as simple as possible. Each chart
shows the planetary event with arrows when the aspect was exact. There will be
times when it is easy to see a trend change in the market. At other times, an accel
eration of trend occurs. My advice to you is to look at lt objectively and use wave
analysis and pattern recognition techniques to augment your analysis. The lunar
p_henomenon and other mafor aspects occur near some of these dates, accentug
imgprwnce of the
'
trend chan.
You have at your fmgertips in this book the next five years of dates based on
Bayer's ideas. If you will be cognizant of the dates when you are trading these par
ticular markets, I am sure you will increase your profitability. Should you be similar
to me and hate to make mathematical calculations, the modest cost of this book
the
79
and many times will pinpoint exact trend changes or great increases in
market thrust or acc eleration.
IJ
2Z
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M i c h e l s e n - A l l
R i g h t s
R e s e r v e d
80
Planetary
. ': ! . .- .. .
.,,, -
' :
==:."-'_--
--
_,_-
-----=-
The Secrets
i
. . - "'
: 1- -
'
I.-
.; ..': :, ..
:;']'''..::'.:
:::: -J
'
; .1
- - - -
of George Bayer
81
82
--
- 1
t ---"'-"
---
,.
: -.. ..
' - . ..... _
'
i
-'-"
_ _
-""
---' --
'
Ci
= -":j
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-..:
-"
--
---=c__ -
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----
Fl: I,
-,---"-''-"',
,
--
,_
..
f:
.. ,.
Mercury
''b
__
--
'
fJ:'l;!: :!2:-:::
t:
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__
!_
____...
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,
: , :
'.
'
_
.
,; ="_ - -,
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.
:
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, .;
-:-::::::
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:.
.... ,
,' : ..., . -
. i
: r.:;: r:={'L ' '':.\
,:--i . = :Vi.:.::.;; i: :: ;
. : -. . .
'
'
. .
'T ,
,.
. -
.. :: :':-c-
;.
. ., , '
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'
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. :.
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1.:. . 1 : :
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. -i
: :; .
;
- '
::j::: .-. :
.:.;:..
;:; _r'.: .; i
: i : ::
i .::.., .:: ::
83
84
1986
Mercury changing speeds was Bayer's Ruic # 1 . It is extremely important and many
times will pinpoint exact trend changes or great increases
in market thrust or accelleration
fl_
7"J, H :..
c:5:",T+ :::,-Z :
- .
:; :
,
;;, _
:,-::.:r;:
.
, .
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..;
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t= :01:=:
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ff
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----
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.
'
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-- -
; :--
85
86
Mercury changing speeds was Bayer's Rule Il l. It is extremely important and many
times will pinpoint exact trend changes or great increases
in market thrust or acccllcration
Mercury
----
--
-r-- ..
-
!=
'
f
1
--- --
-= 11=
-----'
. I
1:; -_
.
-----1-- -
""""-+'-
----
+
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-- - -
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87
88
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1913
nu
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6 M
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s
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Su
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Oec J I F
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' \I
A
zo \I
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\I
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Oc
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1 4 "'
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i a s ..,
2 "
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MY 20 Su
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3 fq
Jul
31 Tu
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2 "
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M. . I G S
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B F
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3 Tu
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I
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28 T
Tu
Nov . . .
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H' 2ti T
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6 s
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M i c h e l s e n - A l l
R i g h t s
R e s e r v e d
The Secrets
of George Bayer
This nrle is for short term moves. It is very accurate and the change
should be exactly on the day or the day following the event
'
--'"""-"
:o ----1
--"-
...:.. ___
..:.
..
--==
-- -
----
....
J.....
___
_
,....,___
.. .
...-..
...
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+-:t-.. ". "1 --. ,..
,;
"
==
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++--
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.),.... .
J::::t
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= ..':
:
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....-
' '''
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--
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.. -
--- '
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Mercury
----- .: --'-
89
90
!-=- --:!;;::
E .:
...
: !
Mercury
'"
..
.:..-.:
.=
.,i,'
i
'
: :
;-:
!:
!. :
: :=
:.
. :
. : :-
'
:. . .
""'
,.
- ;
;;,;
:
:'l ! :
:
= :..
J '
,_ '
qf Gearge er
The Secrets
; :
j -
. c:
+;.c;
, . ."'-
: +c-t.c..-. .
lt;;t=j.,=a. .-. ! :
-
r
-
ft-
r' -.
:E t .-..
.
..
':
.. *'
M
- :: . ..L-:.'." I
.
..
. .
fO
i 11 +";_
I'
'
'
-_,
i:
-.P,+
--t----h :t-,--
--+i -c-fT-----1-- ---; -i:
-
'
--_
- q r":
'
'
'
-, -
'
..
-f-_._,..,... ,
'
'
:'"
-- 1
- ' --i-
" 1 : 1 ''
'
:: ::..;
....:,:
.. ;
- :-_ ' ,
" ,
- : +--+
-"""..
. +.c
:..'"'
.-..
__
.
:: +-'--., .: ::-+
--,: . :. : ; ::1:.
-.
--
''' . .
''
j '
" .
'
i , :.:..:.:. . . !"
-l-
Mercury
.;-,..
'A.-'=" .
-----1
1- 'I'
" ' . .' '' ' 1 .
.
,
1 .:
- . '' " :
91
92
- t -=3
.: =
---
-- -------
. :
'
'
'
:
-::-::::---:---
.. ._
;c
, '' .,
-CC=c,
:.c
c
----
--
--
-:
. .-.
.c;: -.
ofGearge Bayer
The Secrets
4 -.--
. -_;:...::..:
...+-
= Mercury
-- '' I
'i '
:.=! .
- 'i
i -
.
. ...,.
---,-,;
+=-"'""""+-""""'+"t'!""",..,"""
,, dT" t-"'ct'f
, ,;:,+
, ._+
:::7"
+-,""
1 ."'
, .ct--
. ... ..
'"' ' " ' !
..... -' '''"'
'
"'"' l-.... :
C''O;-r '
- - -:=-:!.= '"- -;
xaa;:
. ,, -,,t:
..
,:: ;:r:;::
;::
""""'""
*'
-"
'-,
,""""""'
j :
:::[;. - -- :
, , , ;,
::;:
: ::
-------.- .,
. .
- -
--' '
---'- .
-.:: ;..\: . . ,,
:
.+-+-+-- --
+-'...,,,,.
,.c,.....,- ..
.. -- __ _
,
93
94
ofSpec:ulattve Markets
Treasury Bonds-December
should b e
. . - ---
-
1
moves.
..
.l
-------
_
--
..
'
-+--
'-H :.....,.
., ..
.,__
..
1 .' ::(;:f:
_
_ _
_
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----
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_.___,
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=
-----:--- - ---'
--. .. --
- [i:t=.
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=_
___ --:
-!-=;:::
""
..,,-,-;"
-
---=--:
-=--:_ --
----'-----'-....-"'-. '----,--..,,
..
-----.
the event
---- . l.
Mercury
,_
__
change
--__ , __
-- -:.- .
l:_ I:
---- ----- --_-_-=-_
-=-_-=__- ,_-,.
-_ . --
':.
- :,"::=------_:::_
- --= - ______-----____
------
---
- ---
+ t'
+-
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-------
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.:
.
=-
::=
_
----! -
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, , __
._
_
__
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I u:u. I
..
.- ..
, __
tlF'IR
FIF'R
6-()
- --
---
l U H .. l l l l H l
MR'f'
JUN
--- -
-
--
This rule is for short term moves. It is very accurate and the
should be exactly
on
the day
or
'''.'. -j'c"=
.
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+
l
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95
96
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Timing
97
gut level
knowing
ing fear and greed, recogntzing the nature of the market so that
you are functioning from a point of knowledge and awareness .
The Winning attitude is the subtle but deep, totally pervasive knowing inside all
your being that you are the master of the market and the master of your life and that
your actions are going to produce profits for you. This does not mean that you do not
have losses, this does not mean that you do not make mistakes. It means that you
persevere with discipline and with your system In the face of the realities of the
market because you know your discipline and your system will ultimately prevail.
As we have said before, the system does not have to be your own. You can buy it or
you can get it from other sources. Tue disciplined application of your system coupled
with the knowledge that you have an edge because of your preparation and Informa
tion gives you the winning attitude. Tue winning attitude is the difference between
the winner and the loser, between the profit and the loss.
I am sure you have all talked with traders or your broker perhaps, when some
days you hear it in their voice that they "know." Perhaps the market is no different
from one day to the next, but they "know." Tuey feel the winning spirit in themselves.
Some days they do not "know," they waffl e , they sound lost and you know they have
lost the winning attitude. This above all things needs to be cultivated for a success
ful trad er.
- Byron TI.!.cker
19
1 9 85 Apr
19 86 Jan
19 95
1991
1 9 92
1993
1 9 94
1 987
1 988
1 9 89
1 9 98
Aug
Jun
Ap r
Jan
Nov
Aug
Jun
Ap r
Jan
Nov
Aug
Nov
10: 15 0 9
15:21 0 9
1 1 1 31 0 9
1 7 :42 O 9
1 : 25 0 9
19: 0 O 9
1 8 : 30 0 9
5:17 0 9
51 6 0 9
21 : 3 G 9
23 1 35 0 9
1 7 1 33 0 9
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1 1 1 5 0 9
13
1
8:12 0 9
16 21 : 4 0 9
2 18 : 1 2 0 9
20 1 9 : 4 0 9
22
18
1
12
4
23
1984 Jun
1 9 8 3 Aug
3
24
15
Nov
21
Jan
1 982
1 1112 5
fi1
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II
Venus conjunct Sun usually lasts for several weeks. We suggest to examine other
'"
ca.
"'
The Secrets
of George Bayer
Venus conjunct Sun usually lasts tor ""veral weeks. We suggest to examine other lunar
events and the position and speed
of Mercury
'
I..;
.: ...
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99
100
Timing
hy is timing so important? Timing is not selling or buying at the
absolute high or low. Timing is selling or buying just before the
when to remain silent in a social situation. In traffic it Is a feeling of when to pull out
of another lane of oncoming traffic and when to wait. In the market it ls the key to
success and the door to failure. Why? Because we live in a realm of time. Because it
ls one of the fundamental laws of operating at this level.
One of the keys to material success is knowing the fundamental aspects of the
nature of the process of life on this plain. What, therefore, do we do about it? How do
we engage time in a constructtve way? That is the very purpose of our research, to try
to get cues from external and impersonal sources about the nature of the tides in the
affairs of men, markets and cosmos. All are connected. All are related. "All is one."
On a personal level, how do we deal with timing? Why does a timing system not
always work? There are many conflicting forces at play throughout all of life and at
our level of consciousness it is impossible to understand the process of life and its
timing at the highest level in the best way we can while maintaining impeccable
personal discipline in the face of the mistakes that are inevitable. Then we do the
best we can. But always remember, in this realm, timing is the key.
- Byron Tucker
17
8
28
18
9
1 9 8 7 Mar
Jul
Dec
Sep
Jan
May
Sep
Jun
O c t.
Mar
Jul
Sep
J un
! 9 9 Z f e i>
1991
Aug
Nov
1 9 9B Apr
1 989
1988
Oct
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It is suggested that when lunar phenomena events are present on the same day as Venus 0,
Venus is the second fastest moving planet! Trend changes are usually quick and violent.
bJ
......
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...
ii?
,g,
10'
f(l
1 02
Pl.anetary Hamwnfcs
ofSpecuJative Markets
Venus is the second fastest moving planet! Trend changes are usually quick and
violent. It is suggested that when lunar phenomena events are present on the same day
as Venus
nr
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The Secrets
of George Bayer
103
Venus is the second fastest moving planet! Trend changes are usually quick and
violent. It
as Venus 0, an extremely
high
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105
l 06
The issue of the trader is to have the winners larger than the losers; but one
canno t be without the other. Therefore. if you get on a w1nn1ng streak, you can
assume that you are going to face a loss and prepare for it psychologically and finan
cially. Unfortunately. if you get on a losing streak it does not mean that you will have
an ensuing winner the same way it works in the opposite.
Many people subj ect themselves to loss as a punishment for crimes of the soul
and other psychological inadequacies they place upon themselves which may or may
not have any relationship to object reality and the truth. Sometimes losing is a
matter of personal purging and balances
because of bad things we have done in our lives or small thefts we may have under
taken of one sort or another-thefts of love for example, as well as money. It may
also have to do with a negative self perception, low Self esteem. a feeling of not being
worthy to win.
It ts very important in the process of trading to look deep into your own psy
chology to determine why you lose. whether it is a natural function of life and mar
kets, or whether it is some other reason less obvious and less related to the nature
of the markets. This process will enhance your trading and benefit your total life .
- Byron Tucker
107
1Ucker
f
S
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S
Su
Su
M
23 T u
5 Tu
4 M
1 8 I.I
f'
Tu
Tu
'W
1 9 9 5 Aug
10
l 9 9 4 Ap r
May
Dec 29 T
Oct
l 993 Feb
1 99 2
1991
I 989
1 9 9.9
1 9 87
1 988
D e c 30
Aug 1 1
H 11. r 2 3
Aug 1 2
Nov
3
J un 1 6
Jan 26
J u n 30
Sep
8
A p r 20
Dec
l
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Sop 2 5 T
19
6 Su
H
Oct
1 9 8 6. H a y
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acceleration of trends. As you can see from the charts that follow, the accuracy
...
..
0
a>
The Secrets
of George Bayer
-=--=
..: ;;:;21:: ..;:;;;,-_,:-=-==-=-.::::_: ==---==-:;:1=-o:
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109
110
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--
. . . . . . .. . .. ,
of George Bayer
The Secrets
111
Mars and Venus in perihelion are excellent barome ters of trend changes or acceleration
of trends. As you can see, the accuracy is within one or two days in most instances.
I
' .,-1
cJI - Mars
.;1:. ,- . .
= Venus
- J
-
i:c
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-=-
112
Planetary Hamwnics
of Speculative Markets
ve like
As such. tt Il!USt
natural laws. These natur
are going to vary from the kind we explore In astrology to
the kind that pertain to the psychology of individuals as well as
own
taWs
betng.
groups. Particularly in times of great stress and volatility, group or mob psychology
comes Into play. People In groups tend to forego many of their own ethics and self
responslbility and get absorbed In the great swell and movement that can be com
pared to the lemmings dashing Into the sea.
In observing markets, if we can remember the true nature of the market {take
time to think of the market as a person and remember to treat it that way) we will be
saved a lot of surprises and anxiety. Most people, and consequently most markets,
are predictable based on principles of psychology, past history. habit and events of
the world to which they react. People and markets are also subject to another set of
forces which shape their character and nature and which are predictable.
If we always remember that any living thing must conform to natural laws, we
will then have an advantage because we will know the limit of our knowledge and the
limit of our Ignorance. These limits can be measured by the breadth of our knowl
edge of the laws that pertain to any entity. Clearly, when you do not know what laws
apply, you have a forthright task to find out what they are. The response of markets
to the angular relationship of the planets relative to the earth is the tip of the iceberg
of one set of natural laws of which we are now mindful.
- Byron 1\Jcker
31 F
5 "
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Dec ZO S
Nov
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May
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SeJ>
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Oct
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Apr
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1 98 5 J o n
feb
Dec
Oct
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Moy
Jul
Sep
Sep
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bee:
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not the other signs? As you can see, this rule does have an important role and is usually within two days
was 16 35' in "Cancer." My thoughts were as follows: If Mars was important in Cancer at that degree, why
Mars at 1 6 ' 35' of any sign is a variation of Bayer's Rule #35. He only used this rule for wheat when Mars
Mars at
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of George Bayer
1 19
120
Money Management
or any trader, his system Is only a part of the total requirement
to make money and go home happy at the end of each week.
More important than specific entry signals is money manage
ment. Tilis is a phrase that everyone has heard so many times
they have quit listening to it, but that does not make it less important.
Money management means hanging onto some of your equity even when prof
its are not coming to you. Do not risk it all on one shot. F1ve percent is a good
amount to make per trade. With less capital, perhaps use ten percent. The first loss
is always the best. Love your losers. They have your capital. Then the profits can take
care of themselves.
The greatest risk you must manage is the risk of losing control and rmder
standing of your own emotions . Be patient-pick your spots.
- Byron 1Ucker
Not Doing
he mysterious technique for profits-what exactly Is It? It is:
DOING NOTHING. That's right, not acting because you are
bored or anxious or frustrated or angry at the market or at your
spouse. Not acting because you want to trade or want money
but have no entry signal. Jesse Livermore, the famous speculator from the early part
of this century, summed it up: "More money Is made h sitting than by trading."
Doing nothing means waiting for an entry signal to put on a trade and staying
with it-and not playing with it or trading around it-until you are stopped out or
until your objective is reached or rmtil you get a reverse signal. Tilis technique is
probably the most dlfflcult of all in trading-or the rest of life for that matter. But, ln
all areas, the rewards are bountiful.
- Byron 1Ucker
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Wheat-December
59' is for short term thrust moves that may only lu st for
few days. Should these occur at the same time as lunar events. an explosive change in trend
may be expe cted for at lee.st three to five days. Our- research alludes to the fact that
the event wor-ks better in other commodities than it docs in wheat.
; ;;
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127
Discipline
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and that we put away In cold storage at the closing bell in the afternoon and apply
only during the hours of trading. Discipline Is a way of life. a method of thinking. It
ts, most of all. an approach .
is, on the one hand, taking a qwck loss because the first loss is always the best. Dis
cipline , on the other hand, is holding your position if you are winning or not Initiat
ing a position if you do not have a signal. Discipline also Is doing all your preparatory
work before market hours. It is getting yourself prepared and situated before the bell
goes off so that, in a focused state, you can watch the market events unfold.
Discipline has a negative sound in the world today, but the way to freedom and
prosperity. both fmancially and personally, is through a disciplined life, that is to say,
an organized , focused, responsive. aware process of living. This is the Winning com
bination and its key. With that, and a proper trading system, profits are yours.
The analytical system does not have to be one you generate yourself. It is quite
all right to purchase someone else's analysis, but the consistency of disciplined
application is the key to your success.
- Byron 1Ucker
1 9 82 M a r 2 7
Apr 1 3
1 9 8 4 Ma 1 5
e
Jun
1 986 Jun
7
Jul 1 l
15
Aug 1 2
1 988 Aug 25
Sep 23
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the differe nce of 1 6 1 must be measuring fear and greed. The aspects don't happen often ,
George Bayer found this aspect for wheat. As you can see from the other commodities,
Mercury/Mars 1 6 1 Aspect
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(I)
....
The
Mercury/Mars
161
129
Aspect
George Bayer found this aspect for wheat. As you can see from the other commodities,
the difference of 1 6 1 " must be measuring fear and greed. The aspects don't happen
often, but they are powerful when they do occur.
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APP
MA'f
JUN
JUL
P e r s p e c t i v e
AUG
SEf'
OCT
NO'i
C h i c a g o ,
OEC
JA.N
I l l i n o i s
1 30
George Bayer found this aspect ror wheat. As you can see from the other commodities,
the difference of 161 must be measuring fear and greed. The aspects don't happen
often. but they are powerful when they do occur.
+ .
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The Secrets
of George Bayer
Mercury/Mars 1 6 1 Aspect
1984
Wheat-December
131
George Bayer found this aspect for wheat. As you can see from the other commodities,
the difference of 161 must be measuring fear and greed. The aspects don't happen
often, but they are powerful when they do occur.
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-
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132
Planetary Harmonics
of Speculative Markets
161
Mercury/Mars
Aspect
George Bayer found this aspeet for wheat. As you ean see from the other commodities,
the difference of 161 must be measuring fear and greed. The aspects don't happen
often, but they are powerful when they do occur.
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The
133
George Bayer found this aspect for wheat. As you can see from the other commodities,
the difference of 161 must be measuring fear and greed. The aspects don't happen
often, but they are powerful when they do occur.
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Section III
Section
III
135
=======
136
Planetary
What is Real?
======
Thus, our question once again, what is real about the market? Prices can cer
tainly be manipulated by the "big boys": Goldman Sachs, Salomon, occasionally-In
large markets-large locals. Paul Tudor Jones or, as in the October 13 crash, by all
the arbitragers In New York panicking. Of course, price was Influenced Monday,
October 16, by the big Wall Street houses buying. In terms of our money, the settle
ment price is real because that is what our equity statement reflects, but most of us
are longer term players than the last trade or the last equity statement and we
manage
our money well enough not to be in a position that this one price is going to
dictate our lives . If the last trade, and thus the price of the equity statement, dictates
our lives, then certainly that Is real to those of us who are undercapitalized, over
And again our question, "What is real about the market?" An easy answer
would b e to say all of these factors are real and their combinations. which makes the
market, produces the reality that we experience. A subtler answer might be to say
that our sub conscious---or our sensitive unconscious-which perceives the world,
which feels the Influence of the planets, which hopes, which fears, which reacts
that this, In fact. Is what Is real and the market is simply a playing out of these
various forces, cosmic, human and terrestrial. I pose you the question, "What is real
about the market?"
Byron n.t.cker
137
market-foe example, Luther Jensen, W.D. Gann, Burton Pugh, George Bayer, David
The Incredible power of the Astra Analyst program has enabled those of us
I was doing
this re
search. I could not help but think what a genius such as George Bayer of E.W. Gann
might have accomplished with such an incredible working tool. This software pro
gram literally puts years of data and events together at your fingertips. The only
limitation Is the imagination of the user.
of planetary
harmonics. Just one little idea can make you many times the small cost.
(800) 843-6682
or
138
term trend changes in Treasury Bonds usually occur. The aspects that I use for
Venus-Uranus are: conjunction (0) , sextile (60), square 90 trine ( 1 20
o
of the s odic ertod of
a
ositlon
0). I
u divide the
er o
enus-Uranus (225 da ) b the number of days in the ear (365),
u arrtve at 225
+ 3
= .61
e most famous o
e
umbers .
I have found that when _you use these aspects in addition to wave sg,.icture
@!lalyajs. you haye an extremely accurate price and time calculator. You should
remember that the length of influence of this cycle Is rather short (2-1 1 days) .
However, it often Is present near major tops and bottoms. The orb of influence or the
number of days before or after the exact aspect is 1-2 days
In his book, Stock Market Prediction, Donald Bradley did an extensive study on
the positive or negative affects of the Ven
ranus aspects. In the 50 year period
from 1897 to 1 947 it was found that the following usually occurs: 80 percent of the
time, tops formed on conjunctions (0), sextlles (60) and trines ( 1 20) ; 80 percent of
the time, bottoms formed on squares (90) and oppositions [ 1 80] . Note: The other
20 percent of the time it can be just the opposite, so refer to the price wave
structures as the aspect approaches.
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and
trin e s
are
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sitions are
usually
squares and o pp o
and
junctions,
con
abru p t l y .
turns
Remember,
Market
Stock
opposition { 1 80'1
are e x a c t , t h e
trlne
(90'),
sextlle
square
(0'),
(.6 18)
(60'],
tion
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conjunc
365
As ea ch
225
riod.
Cycle
Fibonacci
Venus-Uranus
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you have made the commitment to it. You can have two or three goals concurrently
running in different areas of your life and different aspects of your trading. It does
not mean one has to be achieved in completion before you write another goal. Be
cause you have written a goal does not mean you cannot change it as your needs,
desires and circumstances change.
It is important as you start nearing a completion date of one goal that you
outline another goal for yourself. Having no goal Is like having a ship without a
rudder. it goes wherever the wind blows. As serious and professional traders, we do
not want to be that lost nor that misdiiected.
Goal setting is goal getting! What you can think is possible in your life and
what you can truly believe that you can get, you can have. With this in mind and
these actions you will do very well. Happy trading.
-Byron Thicker
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Planetary
reflect your trading) , Since we all are part of a great organic process, the same rules
that apply on one plane in the process will apply to another.
The ancient alchemists, Laotse, the Chinese philosopher, the Egyptians, T.S.
Eliot, have all made the same statement: "as above, so below. " This will work in our
trading as well. Watch yourself and the markets go up and down. If you apply non
attachment to outcome, you can see that the ups and downs In the market are an
extension of the nature and the polarity of life. Tue ups and downs that happen are
a means of balancing our excesses and the market's excesses and of teaching lessons
about the true nature of reality and all we need to learn.
The most wonderful thing about the market is that it is an organic entity and,
as such, must obey natural laws, The laws that the market obeys are the same laws
that an animal obeys and the same laws that the galaxy obeys. We must simply be
able to understand how these laws manifest at their specific level and the nature of
the connection to the whole of the cosmos.
Therefore, if you look at the rest of life and see something working very poorly
you can assume that this may end up manifesting in your trading. If you look at
society and draw conclusions about the way you think life ls going to go, you can bet
with some appropriate time lag, the markets are going to respond.
The key here is timing. We live In a realm of time. The physicists tell us when we
move beyond time Into a relative state of timelessness. Einstein, himself, proved this,
but that is not relevant for the world we live in where, as W.D. Gann said, "timing is
alL"
Therefore, relating to the ups and downs of the market has to do with looking
at the totality with your own life as well as the total social, economic and even cosmic
process that is occurring around us. For example, where the planets are, how many
sWl spots there are, tidal forces , political events, et cetera. These are but a few small
examples of indicators that can lead us toward greater insight into where we are in
the growth or decline of our own equity.
- Byron TUcker
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Intuition
he greatest friend a trader can have is his intuition. In fact, the
best trading system that any of us can ever have is our natural
intuition cultivated to market perceptions. However to get our
intuition to this point we need to spend a great deal of time
studying systems, studying markets, analyzing the forces at play in collective trad
ing which create a price. Nevertheless, in day-to-day trading for the novice, the inter
mediate trader or for the expert, intuition can be cultivated and developed. And it
should be!
Intuition is a gut feeling, but it is also more. It is the same kind of knowing that
has been discussed before, the knowing of the market that comers from self-confi
dence. At a mechanical level. intuition is a synthesis of all the information we receive
from the press, from other traders, from our friends, from our brokers, from looking
at charts , from reading newsletters, from where the stars are. When we draw a
conclusion from the synthesis of this data, we usually do it in our subconscious and
different islands that were separated by miles of water. The same species of monkey
was taught by the anthropologists to wash a piece of fruit before It was eaten, They
practiced with several monkeys . When the hundredth monkey on this specific island
of study learned to wash fruit, all the monkeys of the same species on the surround
ing islands miles away separated by water simultaneously started washing fruit.
There are many conclusions we can draw from this. The one that we choose to
draw now ls that there is a popular mind that moves in the market and this popular
mind causes prices to go up, to go down and to tum on a dime. There is only one day
that is a high day or one day that is a low day and somewhere in this mind of the
market. this mass mind of the consciousness of the people that trade. that day is
known even as it is happening. If we can tune into this, if we can let our intuition
guide us, we can participate in this dynamism. in these turns, in these profits. This
is not intended to encourage anyone to forego analytical systems, observation, read
ing, thought. What we intend is to encourage each and every trader to listen to
himself, to listen to the quiet voice of knowing inside him and honor lt-lf it is strong,
Byron 1Ucker
165
life
greed because it is a move toward something that is identified as positive rather than
something that ts identified as a negative.
It is important to see which side of the dual nature we are in and if we are
habitually in lt. Ifwe find ourselves habitually responding in one way to the market
then we know we have to deal more aggressively and actively with that aspect of our
nature.
The best way to overcome greed and fear that I have found is to center yourself
in your imagination in the best of all possible worlds for you with no wants and no
needs. In this state of objectivity, move in a clear way to your analysis so that only
the tracks of the market motivate you to initiate action. In other words, center your
self calmly and let go of your attachments to the outcome of the trade and look at the
trade as an objective event. You will be surprised how much better your trading can
be and how much less stress you have in your life generally.
- Byron Tucker
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R i g h t s
R e s e r v e d
l'texibiUty
1 75
Flexibility
n trading we must always be flexible In our mind while simulta
neously both adhering to our system and maintaining our point
of view in the market.
For example, if you think a market is going higher and you
are using your timing indicators to get long at a good level, hold your position. Then,
because you are bullish in this example, you buy dips on an intraday basis or two
day basis, catching small little swings In the market and increasing your overall
profitability. This does not mean that you do not look at the market obj ectively and
know that every market goes up and down on its way higher. just like it goes down
and up on its way lower.
lt is important to realize that there are moments when you should exit the
market With all except your core position if you are a trader. If you are a position
holder then you build your position, you add to it on dips and sit and wait for the sig
nal to get out.
Vast fortunes have been made doing this and it Is a wonderful way to profit
from knowledge of futures markets, but it is not the short term trader's route. Thus,
when you come into an intermediate short term top, be flexible in mind. Do not auto
matically assume a market is going higher because it goes higher and you think, over
the next few months, it will be higher still.
There are dips. There are corrections. These corrections offer opportunities to
short if you are very aggressive or, at least. get out and try to buy lower if your are
moderately aggressive and want to trade around a core position .
It is crucial, however, to always keep your core position because one of the
hardest things in the world is to get back In a bull market after you have gotten
yourself out on what you think is an intermediate high only to watch the market gap
higher without you.
Flexibility of mind expresses itself In all aspects of our life and in how we ap
proach each day. Do we always drive to work on the same road or sometimes do we
see what it feels like to do things a different wa-y'? Do we always brush our teeth
before we take a shower? Think about what flexibility means. Think about the differ
ent way the world looks when normal patterns, routines and rituals are broken and
done differently so that we have a fresh feel in our minds and psyches and bodies.
This applies to markets and trading as well,
A system is very useful and we must apply it, but we must maintain our flexi
bility and our questioning mind . We must not get caught In repetition that can lead
to unwanted surprises or difficulties because we have not stopped to step back occa,
Sionally and look at the cycle, look at the process and determine if maybe it is time to
look at the world a different way. The classic example of inflexibility is encountered
when hunting rabbits with dogs . After you flush a rabbit with a dog, both take off
running. As a hunter, all you must do is stand in the spot where the rabbit first
jumped and wait and listen to the baying of your hounds and, in a short time, usu
ally not more than 20 minutes, the rabbit will return. having run in a great circle to
within 1 5 or 20 feet of where he first fled. 1b.is Inflexibility, the pattern, this habit of
the rabbit leads to his death and your supper. Do not be a rabbit in the marketplace.
- Byron nicker
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M a r k u s
M a ( T r )240 . 00
Ma ( T r ) 21 0 . oo
Ma . . . C Tr ) 300 . oo
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0 . 00
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Ma ( T r ) 30 . 00
Ma ( T r ) 60 . 0 0
M a C T r ) 90 . 00
Ma ( T r ) 1 20 . oo
Ma ( T r ) 1 50 . 00
Ma ( T r ) 1 so . oo
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Ma C T r ) 24o . oo
( T r ) 2 7 0 . oo
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Ma ( T r ) 300 . 00
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o . oo
Ma ( T r )
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Ma ( T r ) 60 . 00
Ma ( T r ) 90 . 00
Ma ( T r ) 1 20 . oo
Ma ( T r ) 1 60 . 00
Ma C T r ) 1 ao . oo
Ma , ( T r ) 2 1 0 . oo
Ma C T r } 240 . 00
Ma ( Tr ) 210 . oo
Ma . . . ( T r)J0 0 . 00
Ma ( T r ) 330 . 00
0 . 00
Ma . . . ( T r )
Ma C T r ) ao . oo
Ma . { T r ) 60 . 00
Ma ( T r } 90 . 00
Ma ( Tr ) 1 20 . 00
Ma . . . ( Tr ) 1 50 . oo
Ma (Tr ) 1 80 . 00
Ma ( Tr ) :z 1 0 . oo
( T r ) 240 . oo
Ma
Ma C Tr ) 21 0 . oo
Ma ( Tr ) 300 . 00
N l k s c h - A l l
UD
181
(Tr)
uo C T r )
uo . . { T r )
uo . ( T r )
UO
{Tr)
uo c rr >
uo ( T r )
uo ( T r )
uo . . . ( T r )
UD . . (Tr)
uo . ( T r )
UO
( Tr )
uo
uo
UO
uo
CTr)
. (Tr)
. ( Tr )
. . (Tr)
uo . ( T r )
uo . ( T r )
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uo . . ( T r )
UO
(Tr)
.
uo
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UD
uo
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(Trl
{Tr)
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(Tr l
. . (Tr )
uo ( T r )
UO ( T r )
UO . ( T r )
UD . . . ( T r )
uo . . ( T r )
UD . . . ( T r )
uo
( Tr )
uo . . ( Tr )
uo . ( T r )
UD
UD
. .
( Tr )
R i g h t s
R e s e r v e d
182
Taking Time
hy trade? Is it sport? Is it profit? Is it an escape from boredom?
Is it personal quest? Is it the challenge like an Everest? Why do
we take the time and energy? Why do we create the habit pat
terns of discipline and focus? Why. in some sense, do we waste
the time? Greed certainly is a factor and the need of our own psyches. But these
questions must each be answered individually.
We would encourage all of you to take 43 minutes out of one of your days and
sit down alone, undisturbed and away, and reflect on why you trade and look at
where the thought leads. Use free association. Let your mind run toward its highest
goal and deepest fear. Use a little bit of your life to understand your motivation and
then apply this understanding to what you do each day. Do your analysis when you
check your charts, when you enter your orders.
If you know the deep motivation of your life in an area as interesting, potentially
rewarding and fundamental as the trading process, you can enhance the benefits
you gain, whatever they may be. Money does not always have to be one of them. You
can also come to understand the whole scope of your life and the nature of your
endeavors In a better way.
The challenge to take the time to look at areas we are too tired, too bored, too
fearful or too lazy to examine is one of the biggest challenges we ever undertake in
life and is also one of the subtlest and one of the least ever engaged in. Take the time.
You owe it to yourself. You owe It to your trading.
- Byron Tucker
.. .. .. .. .. . . .. .. . . . . . . ... . . . . . . . . ..
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1971
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1979
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1 88
Safety in Numbers
here is a human Instinct that ls really of animal origin and
which can be a great aid In certain moments and can be abso
lute destruction at others. This Instinct is: there is safety In
numbers. There are many applications where you can think of
this: politically. driving down the highway dodging radar and, of course, trading, In
the midst of a bull market being along with the crowd is a wonderful way to make
money, but at the crnclal juncture where markets turn, where directions are set. at
moments when the mind of the market makes its decision, being with the crowd ls
inviting financial death and destruction of confidence.
Human instincts exist to aid us but we must never let ourselves succumb to
the animal aspect of the instinct and forget to think. If we think, then we know that
there are times to move with the crowd and there are times to move alone. There is a
grave problem with "the public" which we are all a part of at some time and cPrtainly
are connected with by the very nature that we are humans sharing a culture and a
language. The problem with the public ls that It responds with an instinct and be
comes complacent. seeks comfort over consideration, seeks Inertia over analysis or
response or thought. That is when the seeds of destruction are sown.
We must be constantly vigilant, especially to ourselves and the natural ten
dency to want to lay down and rest. We must monitor our relationship to the mass
mind of the market and realize that when everyone gets in one end of a boat, It is
going to tip over and everybody who is still in the boat is going to get wet. Those in
dividuals who step off the boat befote it tips are the ones who collect the rewards and
keep themselves emotionally dry and well cared for. Therefore, watch your Instincts.
listen to them and always evaluate whether they are helpful, several mechanisms or
whether they are habits we have fallen into.
- Byron Tucker
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192
Death as
an
Adviser
we all face in the markets and which we all know very well. If we can move beyond
our root fear of death, then we can deal with all fear. In that process we do not be
come stupidly fearless, we become, rather, wise in our application and withdrawal of
energy. Worry is the cancer, the slow death, in our emotions. It debilitates rather
than freezes. It sucks out the energy into inaction. Moving beyond worry and fear is
a releasing of the blocked energy of our being-a movement into a fuller life, an
opening of a door with our joy. Death as an adviser stands constantly with us. All we
must do Is turn and ask, "Is this worthy of my time? ls this worthy of my life? Is this
worthy of all I have to gtve in this realm at this time?" Any time you ask these ques
tions lt becomes very clear how well your life is spent.
Let us now consider why we do what we do. Generally speaking, there are
positive reasons. negative reasons or no reasons at all. The negative reason is fear
that we are not going to have, to get to do. to be what we want, what we think we
need or what somebody else has or does. The positive reason ls because we want to
achieve, to create , to experience, to grow. "No reason" is simply that we absorb
whatever program was laid down on us and do not examine our life or our meaning.
"No reason" ls buying the local culture or current belief system in the definition of life
and not looking for the perennial truths. We all need a vacation and if we believe in
Death as an Adviser
193
multiple incarnations, then "no reason" perhaps is turning one lifetime into vacation,
an escape into the obliVion of accepting ignorance. But if you believe in a more
dynamic process of consciousness. then there ls never really any excuse for a vaca
tion.
Using death as a lens. as an adViser. it can be very useful to stop and examine
specifically why we do what we do and, in fact. what we are doing. Let us take that
wonderful microcosm of life : trading futures. We trade for excitement or we trade to
make money or we trade because we are afraid we are not going to make money or
we trade because it seemed like a good idea that someone talked to us about. But
what are we really engaged in here? We are spending our life. Are we spending it for
money? Is all we hope to achieve from the process of sitting in front of a screen or
doing charts or reading or analyz!iig a few dollars? Is that truly a worthy occupation
for your life? If you knew you were going to die in a week would you trade commodi
ties this week? This is not to say what we are doing is wrong by any means. What it
says is: let us examine our attitude, let us examine our approach to what we engage.
Virtually anything engaged in consciousness has a chance to enliven us, to enrich
us, to teach us, to help us unfold the greater meaning of life. 1111s process can come
from trading commodities or making money playing poker or painting beautiful
paintings. Whatever we bring internally in our consciousness multiplied by our
experiences is what we take away: and all experience in life is multiplicative.
Therefore, we truly are the seeds that sow our lives and our lives are what we reap
from all our doing.
Stop and examine the level of awareness you bring to putting on a trade. Stop
and examine the level of awareness you brtng to drinking a glass of water or looking
at your spouse or your child or your friend. Examine each of your acts and see how
you enj oy it. If the most loved person in your life died. would you feel a great loss or
would you truly feel like you had been with them when they lived? Would you feel a
loss because you never really were with them in the moment they were here because
you were thinking of the past. of the future or something else, because you were
worried, because you were fearful, because you were greedy? Or would you be able to
say. "When we were together we were together and they're gone and I have the rich
ness of our being together to console me while I get over the loss? Could you say this
because you were conscious each moment that your were in the richness of their
presence? Think about these things . This ls your life you are spending.
- Byron n.tcker
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Bibliography
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1988}. Gillen, J.
trologers.
Bible Interpretations. Bayer, George. (Out of print.)
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George
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