V.10:11 (481-487): The Gann Quarterly Swing Chart And Trend Duration by Jerry Favors

V.10:11 (481-487): The Gann Quarterly Swing Chart And Trend Duration by Jerry Favors
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The Gann Quarterly Swing Chart And Trend Duration by Jerry Favors

The Gann quarterly swing chart - which is a trend-following indicator and not a trading system as presented in the August Stocks & Commodities - is best used as a compliment with other analyses like most individual indicators. Here, Jerry Favors of "The Favors Analysis" newsletter delves into detail about what the indicator can and cannot do.

The Gann quarterly chart is a tool that all readers can use with relative ease, but you must know the correct rules for its construction and interpretation. To begin, the quarterly swing chart will turn up from any extreme low when the Dow Jones Industrial Average (DJIA) rises above the highest intraday reading of the prior quarter. The chart will continue to point up to the highest price reached before the DJIA falls below the intraday low of a prior quarter. The swing chart is an indication of the trend direction, not a mechanical trading system. Nowhere in W.D. Gann's works does he state that the correct way to use this chart is to buy when it turns up or sell whenever it turns down. It is not up- or downturns in this chart themselves that generate buy or sell signals. Gann specifically stated: "Observe how many times after a prolonged advance (bull market) or decline (bear market) the first time prices break the bottom of a previous quarter it indicates a change in trend .... The first time the prices of one quarter exceed the high levels of the previous quarter, it nearly always indicates a change in trend and a bull market follows."

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