📖William Gann

Master Charts

🌳 Advanced★★★★★

Master charts track all major highs and lows across decades.

💬

Create master charts for each market showing all major highs and lows across decades. These charts reveal the true structure and cycles governing that market.

— The W.D. Gann Master Commodities Course，1951

🏠 Everyday Analogy

Imagine sailing with a master sea map that shows not only islands and reefs, but also prevailing winds and currents. Gann’s Master Charts are that map for markets: they provide fixed bearings, angles and reference points so you can judge whether price movement is normal, extreme or at a turning zone, instead of drifting blindly in changing market waves.

📖 Core Interpretation

Long-term historical analysis reveals repeating patterns and cycles
💎 Key Insight：Gann maintained detailed charts going back decades, marking every significant high and low. This historical perspective reveals long-term cycles and patterns invisible on short-term charts. By studying where markets turned in the past, traders can anticipate future turning points. These master charts are the foundation for all Gann analysis and forecasting work.

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❓ Why It Matters

Gann studied 100+ years of data to identify the cycles governing each market

🎯 How to Practice

Maintain and update master charts for every market you trade

🎙️ Master's Voice

Patience is the key virtue. Wait for the right opportunity, then act decisively.
Gann emphasized patience in waiting for setups but decisiveness in acting. Most of the time, he did nothing. When conditions aligned, he moved quickly and confidently.

⚔️ Practical Guide

✅ Decision Checklist

  • Is this the right opportunity?
  • Am I being patient enough?
  • Am I ready to act decisively?

📋 Action Steps

  1. Wait patiently for optimal setups
  2. Act decisively when conditions align
  3. Avoid forcing trades

🚨 Warning Signs

  • Impatience leading to poor trades
  • Hesitation when opportunity arrives
  • Forcing trades in poor conditions

⚠️ Common Pitfalls

✕Treating short rebounds as full cycle turns
✕Extrapolating peak conditions indefinitely
✕Becoming maximally defensive near valuation troughs

📚 Case Studies

1
Pre-Crash Market Top Projection (1929)
Using Master Charts, Gann identified resistance levels in major U.S. indices before the 1929 peak, warning of unsustainable speculation near key angles and time cycles.
✨ Outcome：Positions were reduced or hedged; followers who acted avoided the worst of the 1929–1932 drawdown.
2
Accumulation After Great Depression Low (1932)
Gann applied Master Charts to the 1932 bottom, noting price-time balance and support zones in leading industrial stocks and the Dow after massive liquidation.
✨ Outcome：Gradual accumulation around identified support led to substantial gains as the 1930s recovery rally unfolded.

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