01 - Terminology

Overview

Slides: 28
Transcript segments: 577
Status: 自动按 slide 时间线归档；核心概念和长期笔记可以在每个 slide 的 Study Notes 下继续整理。

Source Media

Transcript 001

Time: 00:01

Bilingual Transcript

00:01 - 00:02

EN: This is Al Brooks.

ZH: 你好，我是阿尔·布鲁克斯

00:02 - 00:04

EN: Thank you for watching the Brooks Trading Course.

ZH: 欢迎收看布鲁克斯交易课

00:04 - 00:06

EN: This is the first video in the course,

ZH: 这是本系列课程的第一个视频

00:06 - 00:10

EN: and in this video I will talk about basic terminology.

ZH: 在这个视频中，我将讨论基本术语

Slide 001

Time: 00:12

Bilingual Transcript

00:12 - 00:15

EN: If you are already familiar with the terms that I use,

ZH: 如果你已经熟悉我使用的术语

00:15 - 00:18

EN: you can go ahead and skip this video.

ZH: 你可以跳过这个视频

00:20 - 00:27

EN: All traders often use words that can be very unclear, and for definitions,

ZH: 一些词语交易者每天都在说，但定义并不清晰

Slide 002

Time: 00:20

Bilingual Transcript

00:27 - 00:31

EN: you can go to my website, brookstradingcourse.com.

ZH: 在我的网站 brookstradingcourse.com

00:31 - 00:34

EN: There is a glossary there.

ZH: 有一个术语表（中英对照的术语表也在制作中，完成后会上传）

00:34 - 00:37

EN: For example, throughout the video course…

ZH: 在视频课中

00:37 - 00:41

EN: ..I will be using abbreviations on different slides.

ZH: 我会在课件里使用缩写

Slide 003

Time: 00:40

Bilingual Transcript

00:41 - 00:43

EN: These are some of the common ones that you will see.

ZH: 以下是你会看到的一些常见缩写

00:43 - 00:44

EN: Always In Long.

ZH: AIL，单边上涨

00:44 - 00:46

EN: Always In Short.

ZH: AIS，单边下跌

00:46 - 00:47

EN: Buy.

ZH: B，买入

00:47 - 00:48

EN: Buy low.

ZH: BL，逢低买入 SH，逢高卖出

00:47 - 00:48

EN: Sell high.

ZH: BL，逢低买入 SH，逢高卖出

00:48 - 00:49

EN: Scalp.

ZH: Scalp，剥头皮（即超短线交易）

00:49 - 00:50

EN: Breakout.

ZH: BO，突破

00:50 - 00:51

EN: The close of a bar.

ZH: C，一根K线的收盘价

00:51 - 00:53

EN: Double Bottom. Double Top.

ZH: DB，双底；DT，双顶

00:53 - 00:55

EN: When you hear me talk about a Moving Average,

ZH: 如果你听到我讲移动平均线

00:55 - 01:00

EN: I’m talking about a 20 bar Exponential Moving Average, or an EMA.

ZH: 我指的是指数移动平均线，周期是20 简称EMA20

01:00 - 01:02

EN: The high of the bar.

ZH: H，K线的最高点

01:02 - 01:05

EN: HFT, High Frequency Trading.

ZH: HFT，高频交易

01:05 - 01:09

EN: When you see me use “HH,” I’m talking about a Higher High.

ZH: 当你看到我使用“HH”时，我指的是（比前一个高点）更高的高点

01:09 - 01:16

EN: Low is “L.” A Lower Low – a low that is below a prior low is a Lower Low.

ZH: 低点用“L”表示 LL，代表（比前一个低点）更低的低点

01:16 - 01:21

EN: When I say Moving Average, that’s the same as the exponential Moving Average,

ZH: 当我说移动平均线时，就是指EMA20

01:21 - 01:24

EN: except rarely I will talk about some simple Moving Averages.

ZH: 我几乎不会提到简单移动平均线（MA）

01:24 - 01:26

EN: When I do, I’ll explain it.

ZH: 如果我讲的话，我会特别说明

01:26 - 01:28

EN: Moving Average gap bar.

ZH: 均线缺口K线

01:28 - 01:30

EN: When there’s a bar where there’s a gap…

ZH: 即这根K线，它和EMA20之前没有碰到

01:30 - 01:33

EN: ..between the low or high of the bar in the Moving Average.

ZH: 两者之间存在缺口

01:34 - 01:35

EN: Measured Move.

ZH: Measured Move，MM，测量移动

01:35 - 01:37

EN: I talk about this in every video.

ZH: 每个视频中都会讲到MM

01:37 - 01:40

EN: Major Trend Reversal (MTR).

ZH: MTR，大反转

01:40 - 01:44

EN: I talk about that in almost every video.

ZH: 几乎每个视频中都会讲到大反转

01:45 - 01:46

EN: Open of the day.

ZH: O，当天的开盘价

01:46 - 01:48

EN: Pullback (PB).

ZH: PB，回调或反弹（英语中是同一个词，但在翻译中我会区别开来）

01:48 - 01:51

EN: I refer to that in almost every video.

ZH: 几乎每个视频中都会提到PB

01:52 - 01:53

EN: Sell.

ZH: S，卖出

01:53 - 01:55

EN: Then when I talk about corrections,

ZH: 当我谈到调整时

01:55 - 01:59

EN: especially after a climax or when I’m expecting a reversal,

ZH: 尤其是在高潮之后，或当我预期市场会反转时

01:59 - 02:04

EN: you’ll often see me use the phrase “TBTL,” Ten Bars, Two Legs,

ZH: 你经常会看到我使用“TBTL”这个缩写即（至少）持续10根K线，两段走势的调整

02:05 - 02:08

EN: which is a common occurrence when the market is trying to correct.

ZH: 这是市场试图调整时的常见行为

02:10 - 02:12

EN: Trading Range (TR).

ZH: TR，震荡区间

02:12 - 02:15

EN: When the Trading Range is particularly tight,

ZH: 当震荡区间特别狭窄时

02:15 - 02:17

EN: I call it a Tight Trading Range (TTR).

ZH: 我把它叫做窄震荡区间，缩写TTR

Slide 004

Time: 02:20

Bilingual Transcript

02:20 - 02:26

EN: Every market, at all times, is either in a trend or in a Trading Range.

ZH: 任何市场在任何时候，要么处于趋势中，要么处于震荡区间中

02:26 - 02:29

EN: A bull trend typically begins with a bull breakout,

ZH: 上涨趋势通常从多头突破开始

02:29 - 02:31

EN: which is a big bull trend bar or white bar.

ZH: 即一个大的上涨趋势K线（大阳线）通常用白色K线表示

02:31 - 02:33

EN: Bear bars are black bars.

ZH: 下跌的阴线，用黑色K线表示

02:33 - 02:37

EN: Here, the bar opens at this point at the bottom of the white box,

ZH: 这里，K线在白色框底部的这一点开盘

02:37 - 02:40

EN: and that is the close of the white box.

ZH: 上面是白色框的收盘价

02:43 - 02:48

EN: After the breakout, which can last many bars – here it lasted a couple bars –

ZH: 在突破之后，回调可能会持续多根K线 ——这里持续了几根K线

02:48 - 02:53

EN: there is a pullback where a low of a bar goes below the low of the prior bar.

ZH: 回调的定义是，这根K线的低点，低于前一根K线的低点

02:53 - 02:59

EN: That usually results in a transition from the breakout phase of a trend,

ZH: 这通常会导致趋势从强势的突破阶段

02:59 - 03:02

EN: which is very strong, into a channel phase of the trend.

ZH: 转变成通道阶段

03:03 - 03:07

EN: A channel is a weaker trend, but it’s still a bull trend.

ZH: 通道是一个较弱的趋势，但仍然是上涨趋势

03:07 - 03:08

EN: We’re still going up.

ZH: 一直在上涨

03:08 - 03:10

EN: We have highs that are above prior highs,

ZH: 高点一个比一个高

03:10 - 03:13

EN: so we have Higher Highs, and we have Higher Lows.

ZH: 低点也一个比一个高

03:13 - 03:16

EN: That is the definition of a trend.

ZH: 这就是上涨趋势的定义

03:16 - 03:20

EN: Eventually a channel typically evolves into a Trading Range.

ZH: 最终，通道通常会演变成震荡区间

03:20 - 03:25

EN: So I view a bull channel as a bear flag because most of the time,

ZH: 所以我把上涨通道看作熊旗，因为大多数情况下

03:25 - 03:28

EN: you get a bear breakout and a transition into a Trading Range.

ZH: 市场会向下突破，并转变为震荡区间

03:32 - 03:36

EN: Once the market’s in a Trading Range, it then is in breakout mode,

ZH: 一旦市场进入震荡区间，它就处于突破模式

03:36 - 03:40

EN: which means traders are anticipating a breakout.

ZH: 这意味着交易者在等待突破

03:40 - 03:42

EN: Here we have a bull trend in a Trading Range.

ZH: 这个上涨趋势处于震荡区间内

03:42 - 03:46

EN: The breakout can be to the upside, in which case you’re getting a resumption

ZH: 如果向上突破，那么就是延续了左边的上涨趋势

03:46 - 03:50

EN: of the prior bull trend – or it could be to the downside,

ZH: 也可能向下突破

03:50 - 03:52

EN: and you can get a reversal of the bull trend.

ZH: 那么就是逆转了左边的上涨趋势

04:00 - 04:04

EN: You’ll often hear traders talk about support and resistance.

ZH: 你会经常听到交易者讲“支撑和阻力”

Slide 005

Time: 04:00

Bilingual Transcript

04:04 - 04:07

EN: Support is some price below the current price…

ZH: 支撑是低于当前价格的某个区域

04:07 - 04:10

EN: ..where a selloff is likely to pause or reverse.

ZH: 在支撑区域，下跌可能会暂停或反转

04:11 - 04:14

EN: So even though you don’t see anything right here…

ZH: 所以即使你在这里看不到任何东西

04:14 - 04:16

EN: ..that is causing the market to go up,

ZH: 实际上存在支撑，导致价格上涨

04:16 - 04:18

EN: the market believes this price is too low.

ZH: 因为市场认为这个价格太低了

04:18 - 04:21

EN: So when it gets down here, the market goes up.

ZH: 所以当它跌到这里时，价格就会反弹

04:21 - 04:24

EN: Here, we’re a little bit lower, but the same general area.

ZH: 这里，比前面稍微低一点，但还是在同一个区域

04:25 - 04:27

EN: There’s support down here.

ZH: 这里存在支撑

04:27 - 04:29

EN: Every selloff is being bought.

ZH: 每次下跌时，都有人逢低买入

04:32 - 04:34

EN: Resistance is the opposite.

ZH: 阻力与支撑相反

04:34 - 04:37

EN: It’s a price above the current price,

ZH: 它是高于当前价格的某个区域

04:37 - 04:41

EN: and a rally to that level is likely to stall or reverse.

ZH: 当价格涨到阻力区域，可能会停滞或反转

04:42 - 04:44

EN: On the chart, you don’t see a line drawn…

ZH: 在图上，不存在肉眼可见的阻力位

04:44 - 04:48

EN: ..across a resistance level, but you notice the price action.

ZH: 但通过价格行为可以知道它的存在

04:48 - 04:50

EN: The market goes up and it turns down.

ZH: 市场上涨然后回落

04:50 - 04:54

EN: It goes up to that same general price area, turns down.

ZH: 再次涨到这个区域，然后回落

04:54 - 04:59

EN: It goes a little bit higher and twice tries to go higher, and it turns down.

ZH: 这次涨得稍微高一点，两次尝试涨得更高，但都回落了

04:59 - 05:03

EN: Traders see this price level as resistance, and they expect that…

ZH: 交易者将这个价格区域视为阻力位

05:03 - 05:08

EN: ..if the market gets back up there again, it’ll do what it did the prior times.

ZH: 他们预计，如果市场再次涨到那里，还会像之前一样回落

05:08 - 05:10

EN: Not always, but most of the time.

ZH: 并非100%，但大多数时间是这样的

05:14 - 05:17

EN: A breakout is simply a move beyond support or resistance.

ZH: 突破只是指价格超越支撑或阻力的行为

Slide 006

Time: 05:15

Bilingual Transcript

05:17 - 05:20

EN: A bear breakout is a move below support.

ZH: 空头突破，指价格跌破支撑

05:20 - 05:24

EN: Here we have a bull channel – Higher Lows, Higher Highs –

ZH: 这里有一个上涨通道—— 更高的低点，更高的高点

05:24 - 05:27

EN: and then we have a break below the line.

ZH: 然后跌破了上涨趋势线

05:27 - 05:30

EN: This is a big bear trend bar, and it is a breakout.

ZH: 这是一根大阴线，是一次突破

05:33 - 05:35

EN: It’s a move below support.

ZH: 它是一个跌破支撑的行为

05:35 - 05:39

EN: There’s other support down here, and the market broke…

ZH: 下面还有其他支撑

05:39 - 05:41

EN: ..through support here; here it did not.

ZH: 市场跌破了这里的支撑，这里没能跌破

05:41 - 05:43

EN: It kept holding support, holding support.

ZH: 支撑仍然有效，仍然有效

05:43 - 05:45

EN: Eventually it broke out, and now it’s testing…

ZH: 最终还是突破了

05:45 - 05:48

EN: ..the next lower support level, which is the prior low.

ZH: 现在正在测试下一个较低的支撑位，即前一个低点

05:48 - 05:52

EN: We don’t know yet if it will continue down…

ZH: 目前，我们还不知道它是否会继续下跌

05:52 - 05:56

EN: ..and break below that support or bounce at that support.

ZH: 是跌破那个支撑位呢？还是在那个支撑位反弹

05:56 - 05:59

EN: When the market was at this price level earlier, it rallied.

ZH: 之前市场在这个价格反弹了

05:59 - 06:03

EN: Maybe it will do that again now that it’s at that same price level.

ZH: 现在它回到了那个价格，或许会再次反弹

06:05 - 06:06

EN: And it did.

ZH: 确实反弹了

06:07 - 06:10

EN: The support held, and a strong bear breakout led…

ZH: 支撑位守住了这个强势的空头突破并没有发展成下降趋势

06:10 - 06:14

EN: ..to a bounce instead of a bear trend.

ZH: 而是在支撑位反弹了

06:18 - 06:21

EN: Every bear trend bar is a breakout.

ZH: 每个空头趋势K线都是一次突破

Slide 007

Time: 06:20

Bilingual Transcript

06:21 - 06:23

EN: Every bull trend bar is a breakout.

ZH: 每个上涨趋势K线都是一次突破

06:23 - 06:25

EN: It’s a bull breakout.

ZH: 这是一个多头突破

06:25 - 06:26

EN: We’re reversing up.

ZH: 市场正在向上反转

06:26 - 06:28

EN: You can also say that we’re breaking out,

ZH: 也可以说市场在突破

06:28 - 06:31

EN: breaking out of a very steep 2 bar bear trend.

ZH: 突破了一个非常陡峭的两根K线空头趋势

06:32 - 06:35

EN: We’re stalling here – a smaller bar with a tail on top –

ZH: 在这里滞涨——顶部有影线的小阳线

06:35 - 06:39

EN: at a price level where the market stalled repeatedly earlier.

ZH: 之前，市场也在这个价位滞涨

06:39 - 06:41

EN: So we’re stalling at resistance.

ZH: 这是阻力区域

06:41 - 06:44

EN: We don’t know yet if the market will reverse down…

ZH: 我们还不知道，市场是否会从阻力位回落

06:44 - 06:46

EN: ..from resistance or if it will break out.

ZH: 或者向上突破阻力位

06:50 - 06:51

EN: In this particular case,

ZH: 在这个案例中

06:51 - 06:54

EN: we broke far above the resistance level…

ZH: 价格远远突破了阻力位

06:54 - 06:56

EN: ..and we had follow-through buying.

ZH: 并且有好的跟随，交易者继续买入

06:56 - 07:01

EN: So this is a successful bull breakout after a failed bear breakout.

ZH: 空头突破失败后，多头突破成功

Slide 008

Time: 07:05

Bilingual Transcript

07:06 - 07:09

EN: This type of chart is a candle chart.

ZH: 这种图表的类型，是蜡烛图

07:09 - 07:14

EN: I sometimes refer to each candle as a bar instead of a candle.

ZH: 我把每个蜡烛图称为（翻译为）K线而不是蜡烛

07:18 - 07:22

EN: You’ll see on a lot of the bars, there’s a black line on top.

ZH: 你会在很多K线上看到顶部有一条黑线

07:22 - 07:24

EN: Sometimes there’s a black line on the bottom.

ZH: 有时底部有一条黑线

07:24 - 07:28

EN: White bars can have black lines on the bottom or on top.

ZH: 阳线的底部或顶部，可能有黑线

07:28 - 07:32

EN: Black bars can have black lines on the bottom or on top.

ZH: 阴线的底部或顶部，也可能有黑线

07:32 - 07:34

EN: They can have them on top and bottom.

ZH: 有时顶部和底部都有黑线

07:34 - 07:37

EN: Here’s a black bar with a line on top and bottom,

ZH: 这根阴线的顶部和底部都有黑线

07:37 - 07:39

EN: a white bar with a line on top and bottom.

ZH: 这根阳线的顶部和底部都有黑线

07:40 - 07:43

EN: I usually refer to those black lines as “tails.”

ZH: 我通常把这些黑线称为“尾巴”

07:43 - 07:46

EN: Other people refer to them as wicks or shadows.

ZH: 译者：翻译成上、下影线（更符合中文的通用表达）

07:46 - 07:49

EN: It doesn’t matter; I just like the word tail.

ZH: 怎么说都可以，把不重要

07:49 - 07:58

EN: A bar where there is either a big white box or a big black box is a trend bar.

ZH: 白色或黑色实体部分很大的K线我称它们为：趋势K线

Slide 009

Time: 07:50

Bilingual Transcript

07:58 - 08:01

EN: It occurs more commonly in trends.

ZH: 它在趋势中更常见

08:02 - 08:06

EN: I call it a trend bar because it’s a 1-bar trend.

ZH: 我称之为趋势K线，因为它存在趋势和方向

08:06 - 08:09

EN: So the market is trending up for this 1 bar.

ZH: 这根K线存在上涨趋势

08:09 - 08:12

EN: Open near its low, close near its high.

ZH: 开盘接近最低点，收盘接近最高点

08:13 - 08:17

EN: In general, the strongest trend bars have relatively small tails.

ZH: 一般来说，强势的趋势K线，它的影线比较短

08:17 - 08:21

EN: Sometimes they have big tails like that, but it’s still a bull trend bar.

ZH: 有时影线比较长，但仍然是上涨趋势K线

08:21 - 08:23

EN: It’s mostly a bull trend bar.

ZH: 从的来说它是上涨的

08:23 - 08:27

EN: If the tails are more prominent relative to the size of the bodies,

ZH: 如果影线相对于实体部分的大小更显著

08:27 - 08:30

EN: I tend to say that’s not a trend bar.

ZH: 那它就不是趋势K线

08:30 - 08:31

EN: It’s more of a Trading Range bar.

ZH: 更像是一根震荡K线

08:31 - 08:36

EN: I refer to Trading Range bars as “dojis.”

ZH: 我把震荡K线称为“十字星”

08:37 - 08:43

EN: Trading Range bars in general have smaller bodies and more prominent tails.

ZH: 震荡K线通常有较小的实体，和更显著的影线

08:44 - 08:46

EN: I view them as a 1-bar Trading Range,

ZH: 我把它们看作一个由一根K线组成的震荡区间

08:46 - 08:49

EN: and on some smaller timeframe charts,

ZH: 从更小时间级别的图去看它

08:49 - 08:51

EN: they are 1-bar Trading Ranges.

ZH: 是一个更明显的震荡区间

08:53 - 08:55

EN: A bull trend bar is a 1-bar bull trend,

ZH: 一根大阳线是上涨趋势K线

08:55 - 08:57

EN: and on a smaller timeframe chart,

ZH: 从更小时间级别的图去看它

08:57 - 08:58

EN: it’s a pretty strong bull trend.

ZH: 是一个很强的上涨趋势

08:58 - 09:06

EN: A Trading Range bar, or doji, is a Trading Range on a smaller timeframe chart.

ZH: 一个震荡K线，或十字星，在小时间级别上是震荡区间

09:08 - 09:11

EN: I make decisions on what I’m going to do…

ZH: 我根据技术分析

Slide 010

Time: 09:10

Bilingual Transcript

09:11 - 09:14

EN: ..with my trading based upon technical analysis.

ZH: 来做出交易决策

09:15 - 09:18

EN: A lot of institutions prefer fundamental analysis.

ZH: 许多机构更喜欢基本面分析

09:21 - 09:25

EN: Technical analysis, I’m looking at charts that show prices,

ZH: 技术分析，我看的是显示价格的图表

09:25 - 09:29

EN: and the price action is how the price moves.

ZH: 看价格如何移动

09:29 - 09:33

EN: How is the price acting? How is it going up, going down, going sideways?

ZH: 价格有什么样的行为？它是如何上涨，下跌，横盘的

09:33 - 09:38

EN: How much momentum, how strong are the moves up and down?

ZH: 动量有多大，上下幅度有多大？

09:38 - 09:41

EN: Fundamental analysis is mostly used by institutions,

ZH: 基本面分析主要是机构在使用

09:41 - 09:44

EN: and they are looking at economic information.

ZH: 他们关注经济情况

09:44 - 09:47

EN: They mostly ignore charts, but not entirely.

ZH: 尽管他们很多时候不看K线图，但并非完全如此

09:47 - 09:50

EN: A lot of fundamental traders will say

ZH: 很多基本面交易者会说：

09:50 - 09:55

EN: “ah, the fundamental information supports higher prices.”

ZH: “基本面的信息支持它继续上涨”

09:55 - 09:59

EN: Any time the market sells off, if it pulls back to some support level…

ZH: 任何时候，当市场下跌，回调到某个支撑位

09:59 - 10:03

EN: ..(like a Moving Average or a prior low), they’ll look to buy more.

ZH: （如均线或前一个低点）他们会买入更多

10:03 - 10:08

EN: In their mind, they’re making the decision based upon fundamental information,

ZH: 他们根据基本面信息做出决定

10:08 - 10:10

EN: betting that the bear reversal will fail.

ZH: 押注空头反转会失败

10:10 - 10:15

EN: So a lot of fundamental traders also look at charts.

ZH: 所以很多基本面交易者也看图表

Slide 011

Time: 10:20

Bilingual Transcript

10:21 - 10:25

EN: Sometimes you’ll hear the expression “an ABC pullback.”

ZH: 有时你会听到“ABC回调”这个表达

10:25 - 10:29

EN: For example, let’s say an ABC pullback in a bull trend.

ZH: 例如，上涨趋势中的ABC回调

10:29 - 10:31

EN: It’s 2 legs, sideways to down.

ZH: 它是两段走势，横盘或下跌

10:31 - 10:33

EN: It doesn’t always have to be down.

ZH: 不是一定要向下跌

10:33 - 10:35

EN: It can simply be sideways.

ZH: 可以只是横盘震荡

10:35 - 10:41

EN: In a bull trend, I refer to those as a High 2 buy setup or a High 2 bull flag.

ZH: 在上涨趋势中，我把这些称为高2买入点或者叫高2牛旗

10:41 - 10:46

EN: It’s an opportunity for traders to buy, to get long.

ZH: 这是交易者买入做多的机会

10:47 - 10:50

EN: For example, we have a little bull trend.

ZH: 例如，这里有一个小上涨趋势

10:50 - 10:53

EN: Bull trend started here, we have a new bull leg here.

ZH: 上涨趋势从这里开始，然后在这里有一个新的多头走势

10:53 - 10:54

EN: We pulled back.

ZH: 回调

10:54 - 10:56

EN: We tried to resume up; it failed.

ZH: 试图继续上涨；失败了

10:56 - 10:59

EN: Maybe a second attempt will be successful.

ZH: 也许第二次尝试会成功

10:59 - 11:02

EN: This is a High 1 buy setup.

ZH: 这是高1买点

11:02 - 11:03

EN: Did not work.

ZH: 没成功

11:03 - 11:07

EN: This bar is a High 2 buy setup, and it did work.

ZH: 这根K线是高2买点，它成功了

11:07 - 11:10

EN: Buying above its high led to a profitable trade.

ZH: 在它的最高点上方，用突破买单入场是一笔不错的交易

11:10 - 11:13

EN: Some traders would also call that an ABC pullback.

ZH: 有些交易者也叫它ABC回调

11:13 - 11:18

EN: So you have a bull trend, and then A, B, C –

ZH: 上涨趋势，然后A-B-C

11:18 - 11:22

EN: a three-legged correction, two legs down, one leg up.

ZH: 这个调整中一共有三段两段下跌，一段上涨

11:23 - 11:28

EN: “A” leg down, “B” leg up, “C” leg down, and then bull trend resumption.

ZH: A段下跌，B段上涨，C段下跌，然后上涨趋势继续

11:28 - 11:32

EN: Traders would buy using a stop order above the high of the bar.

ZH: 交易者会在K线的高点上方挂突破买单

11:32 - 11:33

EN: Here’s another example.

ZH: 来看另外一个案例

11:33 - 11:35

EN: Bull breakout, a pullback.

ZH: 多头突破，回调

11:35 - 11:37

EN: Did not lead to much of a trend.

ZH: 没有形成太大的趋势

11:38 - 11:40

EN: To me, this is a High 1 bull flag.

ZH: 对我来说，这是高1牛旗

11:40 - 11:43

EN: I would refer to this as a High 2 bull flag.

ZH: 这是高2牛旗

11:43 - 11:48

EN: If this breakout were bigger, I would restart the count.

ZH: 如果突破的幅度更大，我会重新开始计数

11:48 - 11:51

EN: For example, here we have a pretty big bull breakout.

ZH: 例如，这里有一个相当强的多头突破

11:51 - 11:56

EN: This correction has to do with this bar, not with this prior trend,

ZH: 这里的调整与这根K线有关，和之前的趋势没有关系

11:56 - 11:58

EN: so I’m starting the process over again.

ZH: 所以我重新开始数K线

11:58 - 12:00

EN: New breakout, new pullback.

ZH: 新的突破，新的回调

12:00 - 12:04

EN: This breakout is not big enough for me to start the process over again.

ZH: 这个突破不够大，不足以让我重新开始数K线

12:04 - 12:06

EN: You could call it a High 1.

ZH: 可以把它叫做高1

12:06 - 12:08

EN: You could say this is a breakout and a pullback.

ZH: 可以说这是一次突破和回调

12:08 - 12:12

EN: Or you could say maybe the market corrected down,

ZH: 或者，也可以说市场可能正在回调

12:12 - 12:14

EN: and maybe this is still part of the correction…

ZH: 也许这仍然是回调的一部分

12:14 - 12:16

EN: ..and this is part of the correction.

ZH: 这是回调的一部分

12:16 - 12:22

EN: This is an A, B, C, where “A” went above the top of the bull breakout,

ZH: 这里有A-B-C，其中“A”突破了前期的高点

12:22 - 12:24

EN: but it’s still part of the corrective process.

ZH: 但它仍然是调整的一部分

12:24 - 12:29

EN: That’s why I say it can be sideways to down, not necessarily down.

ZH: 这就是为什么我说调整可以是横盘，不一定非要是下跌

12:29 - 12:32

EN: This one was a little bit down, mostly sideways.

ZH: 这个稍微向下，主要是横盘

12:32 - 12:34

EN: But this one clearly is sideways.

ZH: 但这个显然是横盘

12:36 - 12:38

EN: Here’s another bull breakout.

ZH: 这里又有多头突破

12:38 - 12:39

EN: I’m looking for pullbacks.

ZH: 我在等待回调

12:39 - 12:40

EN: Ok.

ZH: 好的

12:40 - 12:44

EN: This is an inside bar, but it has a bear body.

ZH: 这是一个孕线，但它的实体部分是阴线

12:44 - 12:46

EN: On a smaller timeframe, that’s a small pullback.

ZH: 在较小时间级别上，它确实是一次小回调

12:47 - 12:51

EN: On this chart it’s technically not a pullback because the low of this bar…

ZH: 而在这个时间级别的图上（按照定义）严格来说，它不是回调，

12:51 - 12:54

EN: ..did not go below the low of that bar, but it’s an inside bar.

ZH: 因为它的低点没有跌破前一根K线的低点

12:54 - 12:55

EN: It’s a pause.

ZH: 但既然是孕线，就是上涨的一次暂停

12:55 - 12:57

EN: For me, that’s a High 1 bull flag,

ZH: 所以对我来说，这就是高1牛旗

12:57 - 13:00

EN: and bulls will buy just above its high,

ZH: 多头会在它的最高点上方买入

13:00 - 13:02

EN: looking for resumption up.

ZH: 期待上涨趋势继续

13:02 - 13:04

EN: In general they’ll put a stop down here,

ZH: 通常来说，他们把止损设置在这里

13:04 - 13:06

EN: because sometimes the market will go sideways…

ZH: 因为有时市场会横盘

13:06 - 13:10

EN: ..and then slightly lower, but the trade is still valid.

ZH: 或者稍微下跌一点，这笔交易的前提仍然成立

13:11 - 13:15

EN: For me, this is a bull trend in a pullback, a High 1 buy setup.

ZH: 上涨趋势，回调，高1买入点

13:15 - 13:19

EN: Is this enough of a breakout for me to restart the count…

ZH: 这里的突破幅度是否大到让我重新开始数K线？

13:19 - 13:21

EN: ..and call this another High 1? You can.

ZH: 把这个看作新的高1买点？一定要的话不是不行

13:21 - 13:24

EN: I would say that it’s not big enough,

ZH: 但在我看来，这个突破幅度还不够大

13:24 - 13:26

EN: and I would say this is all part of the same correction.

ZH: 市场还是处于这个调整阶段

13:27 - 13:30

EN: To me, this would be a High 1, a first attempt up.

ZH: 对我来说，这是高1，回调后第一次尝试上涨

13:30 - 13:31

EN: Did not get very far.

ZH: 没涨多少

13:31 - 13:33

EN: This would be a High 2 buy setup,

ZH: 这是高2买点

13:33 - 13:35

EN: and traders would buy above the high of that bar…

ZH: 交易者将在那根K线的高点上方买入

13:35 - 13:37

EN: ..or above the high of this bar.

ZH: 或在这根K线的高点上方买入

13:37 - 13:42

EN: Any time the market forms a Double Bottom, bull flag, it’s a High 2 buy setup.

ZH: 每当市场形成双底牛旗时，就是高2买点

13:45 - 13:49

EN: In a bear trend, traders are looking for the exact opposite.

ZH: 在下降趋势中，交易者寻找完全相反的情况

Slide 012

Time: 13:45

Bilingual Transcript

13:49 - 13:51

EN: Here’s a bear trend.

ZH: 这里是下降趋势

13:51 - 13:54

EN: Any time there is a pullback or a pause,

ZH: 每当出现反弹或暂停

13:54 - 13:57

EN: traders look at it as an opportunity to go short.

ZH: 交易者就看到了做空的机会

13:57 - 14:00

EN: The high of this bar did not go above the high of this bar,

ZH: 这根K线的高点没有超过这根K线的高点

14:00 - 14:03

EN: so it’s technically not a pullback on this timeframe –

ZH: 所以在这个时间级别上，它严格来说不是回调

14:03 - 14:06

EN: but it probably is a pullback on a smaller timeframe.

ZH: 但在更小的时间级别上，它可能是一次回调

14:06 - 14:10

EN: In any case, it’s a pause, and traders will place a stop order…

ZH: 无论如何，这是一次暂停，交易者会在这根K线的最低点下方

14:10 - 14:13

EN: ..to go short just below the low of this bar, betting that

ZH: 挂突破卖单

14:13 - 14:17

EN: if it does go below that bar, the trend will resume down.

ZH: 如果如果下一根K线跌破它的低点下跌趋势将会继续

14:17 - 14:20

EN: Here, it simply went sideways.

ZH: 在这里，它只是横盘

14:20 - 14:22

EN: Here’s a second attempt to go down.

ZH: 这里是第二次尝试下跌

14:22 - 14:27

EN: For me, this is a Low 1 short, and then we have a Double Top bear flag.

ZH: 这是低1卖空点，然后有一个双顶熊旗

14:27 - 14:28

EN: That’s a Low 2 short.

ZH: 这是低2卖空点

14:28 - 14:31

EN: So you either sell there or you sell below this bar here.

ZH: 要么在这里卖出，要么在这根K线的低点下方卖出

14:35 - 14:37

EN: Low 1, bear flag.

ZH: 低1熊旗

14:37 - 14:38

EN: Low 2, bear flag.

ZH: 低2熊旗

14:41 - 14:42

EN: Same thing here.

ZH: 这里也是一样

14:42 - 14:45

EN: As the market’s going up, after each bar traders place…

ZH: 当市场反弹时，交易者会在每一根K线的下方

14:45 - 14:48

EN: ..a stop order to go short just below the low of the bar.

ZH: 都挂上突破卖单

14:48 - 14:51

EN: They place a stop order when this bar closes…

ZH: 他们在这根K线收盘时，在它下方挂突破卖单

14:51 - 14:52

EN: ..to sell right below the low of the bar.

ZH: 等待在它的低点下方开仓做空

14:52 - 14:54

EN: They get filled here.

ZH: 订单在这里成交

14:54 - 14:55

EN: It’s still going up.

ZH: 现在还是调整阶段

14:55 - 14:58

EN: It’s still correcting, but it’s still most…

ZH: 就算继续上涨

14:58 - 15:01

EN: ..likely a minor reversal and a bear flag.

ZH: 大概率也只是一次反弹，是熊旗

15:01 - 15:05

EN: Traders who did not sell here might instead…

ZH: 在这里没有开仓做空的交易者

15:05 - 15:07

EN: ..place an order to sell below this bar.

ZH: 他们在这根K线的低点下方挂一个突破卖单

15:07 - 15:08

EN: Does not get filled.

ZH: 第二根K线没有跌破它的低点，所以订单不会触发，没有成交

15:08 - 15:11

EN: They then place an order to sell below this bar.

ZH: 然后他们在这根K线的低点下方，再挂一个突破卖单

15:11 - 15:12

EN: It does get filled.

ZH: 价格触发，成交了

15:12 - 15:16

EN: So a second entry short in a rally in a bear trend,

ZH: 下降趋势，反弹之后，第二个做空入场点

15:16 - 15:19

EN: it’s a Low 2 short, a Low 2 bear flag.

ZH: 就是一个低2做空点，或者叫低2熊旗

15:19 - 15:22

EN: An ABC bear flag – A, B, C.

ZH: ABC熊旗，A-B-C

15:23 - 15:25

EN: There are always other ways to label things.

ZH: 数K线的标准并不是唯一的

15:25 - 15:31

EN: Some traders instead will look at this as a larger Low 1,

ZH: 一些交易者会把它看作一个更大的低1

15:31 - 15:36

EN: a sideways move Low 1, and then this is part of that correcting process,

ZH: 横盘过程中的低1，然后这是反弹过程的一部分

15:36 - 15:40

EN: and then a Low 2 where the second leg also subdivided.

ZH: 然后低2，第二段中也能拆分出小的结构

15:40 - 15:46

EN: They’ll look at this as sideways to a Low 1 and then up to a Low 2.

ZH: 可以看作横盘形成了低1，然后上涨形成了低2

15:46 - 15:49

EN: So they’ll view this as a larger Low 2 bear flag…

ZH: 所以他们会将其视为一个较大的低2熊旗

15:49 - 15:51

EN: ..or a larger Double Top bear flag.

ZH: 或一个较大的双顶熊旗

15:51 - 15:53

EN: First top, second top.

ZH: 第一个顶，第二个顶

15:53 - 15:55

EN: It doesn’t matter what you call it.

ZH: 怎么叫它其实无所谓

15:55 - 15:58

EN: You’re looking for ways to enter the trend,

ZH: 你在寻找的是顺势交易的入场点

15:58 - 16:02

EN: and when you see these bear flags, look to sell.

ZH: 当看到这些熊旗时，寻找做空机会

Slide 013

Time: 16:05

Bilingual Transcript

16:06 - 16:09

EN: This is a fairly Tight Bear Channel.

ZH: 这是一个很窄的下降通道

16:09 - 16:12

EN: The first reversal is probably minor.

ZH: 第一次反弹可能只是小反转

16:13 - 16:17

EN: A minor reversal is going to be usually a bull leg…

ZH: 小反转通常是震荡区间内，或熊旗里面的

16:17 - 16:19

EN: ..in a Trading Range or a bear flag.

ZH: 一个小的上涨趋势

16:21 - 16:22

EN: We’ve got a bear trend.

ZH: 这里是下降趋势

16:22 - 16:25

EN: We’re trying to reverse – probably a minor reversal.

ZH: 在尝试反转——可能是小反转

16:26 - 16:27

EN: I call it a pullback.

ZH: 我把它看作反弹

16:27 - 16:31

EN: Whenever I see a reversal attempt and I think it will not get very far…

ZH: 我看到反转的尝试，但不认为它可以走很远，而且趋势会继续

16:31 - 16:34

EN: ..and the trend will resume, I call it a pullback.

ZH: 我就把它叫做反弹（或回调）

16:39 - 16:42

EN: That last slide, I showed a minor reversal.

ZH: 在上一张课件中，我们看了小反转的案例

Slide 014

Time: 16:40

Bilingual Transcript

16:42 - 16:44

EN: Look at this reversal.

ZH: 再看看这个反转

16:44 - 16:46

EN: Bear trend, and a very strong bull breakout.

ZH: 下降趋势，一个非常强劲的多头突破

16:46 - 16:49

EN: Follow-through bar, another follow-through bar.

ZH: 后续有阳线跟随，又有好的跟随

16:49 - 16:51

EN: So at this point we’re in a bull trend.

ZH: 这个时候，市场已经处于上涨趋势

16:52 - 16:55

EN: Here, this is a major reversal, not just a bear flag.

ZH: 这里，这是一次大反转，而不仅仅是一个熊旗

16:55 - 16:58

EN: Here, minor reversal, bear flag.

ZH: 这里，小反转，熊旗

16:58 - 17:00

EN: Here, minor reversal, bear flag.

ZH: 这里，也是小反转，熊旗

17:00 - 17:02

EN: Minor reversal, bear flag.

ZH: 依旧是小反转，熊旗

17:02 - 17:04

EN: But look at the size of this breakout.

ZH: 但看看这个突破的大小

17:04 - 17:06

EN: Far above the bear channel.

ZH: 大幅超出了下降通道（的趋势线）

17:06 - 17:08

EN: This is a Major Trend Reversal,

ZH: 这是一个大反转

17:08 - 17:12

EN: which means the bear trend is becoming a bull trend.

ZH: 也就是说，下降趋势正在变成上涨趋势

17:17 - 17:18

EN: Now, look at this.

ZH: 来看这张图

17:18 - 17:24

EN: We have a bull trend here and then a bear breakout to a broader bull channel.

ZH: 上涨趋势，然后空头突破转变成更宽的上涨通道

Slide 015

Time: 17:20

Bilingual Transcript

17:24 - 17:28

EN: But you can look at this and say bull trend, pretty strong bear breakout.

ZH: 这里的空头突破很强势，回调非常深

17:28 - 17:31

EN: If we go above that high or test that high,

ZH: 重新测试这个高点之后

17:31 - 17:34

EN: maybe we’ll get a trend reversal into a bear trend.

ZH: 如果突破失败，很可能会再次反转形成下降趋势

17:37 - 17:38

EN: That’s what we have.

ZH: 这就是所发生的事情

17:38 - 17:41

EN: We have a bull trend and then a bear trend.

ZH: 上涨趋势被反转，变成了下降趋势

17:42 - 17:45

EN: If a bull trend goes to a bear trend, it’s a major reversal.

ZH: 这是一次大反转

17:45 - 17:47

EN: If a bull trend just goes sideways…

ZH: 如果上涨之后只是横盘

17:47 - 17:50

EN: ..and the bull trend resumes, it’s a minor reversal.

ZH: 然后上涨趋势继续，那就只是一次小反转

17:51 - 17:56

EN: Even this is a minor reversal because the bull trend resumed.

ZH: 即使像这里，也只是一个小反转

17:59 - 18:05

EN: So minor reversal, the trend resumes instead of reversing.

ZH: 因为上涨趋势恢复了，而没有反转

Slide 016

Time: 18:05

Bilingual Transcript

18:07 - 18:09

EN: Sometimes you’ll see a bar like this.

ZH: 有时你会看到这样的K线

18:09 - 18:12

EN: Its low is below the low of the prior bar.

ZH: 它的低点低于前一根K线的低点

18:12 - 18:14

EN: Its high is above the high of the prior bar.

ZH: 它的高点高于前一根K线的高点

18:14 - 18:17

EN: That is an outside bar.

ZH: 是一根外包K线（也叫吞噬K线）

18:18 - 18:21

EN: It does not have to be below.

ZH: 不一定要低于，相等也可以

18:21 - 18:25

EN: I call it an outside bar if the high is exactly at the high…

ZH: 如果它的高点和前一根K线的高点相等

18:25 - 18:29

EN: ..of the prior bar and the low goes below the low of the prior bar.

ZH: 低点低于前一根K线的低点，也是吞噬线

18:30 - 18:32

EN: For example, over here.

ZH: 例如，在这里

18:32 - 18:34

EN: This bar did not go above that high.

ZH: 这根K线没有超过那个高点

18:34 - 18:39

EN: The two highs are of the same price, yet its low went below.

ZH: 两个高点价格相同，但它的低点更低

18:39 - 18:41

EN: I would still call that an outside down bar.

ZH: 我会称之为吞噬大阴线（从上往下吞噬、反转）

18:41 - 18:42

EN: An outside bar.

ZH: 这是吞噬K线

18:45 - 18:50

EN: And an inside bar is a bar where its high and low…

ZH: 如果一根K线的高低点，都在前一根K线的范围内

18:50 - 18:53

EN: ..are within the range of the prior bar.

ZH: 那它就是内含K线（被包含在内部，也叫做孕线）

18:53 - 18:58

EN: This bar, the low is above that low; the high is below that high.

ZH: 这根K线，低点更高，高点更低

18:58 - 19:00

EN: So this black bar is an inside bar.

ZH: 所以这根黑色K线是孕线

19:00 - 19:04

EN: Look at the next bar, this white bull body.

ZH: 看下一根K线，这个白色的小阳线

19:04 - 19:05

EN: It’s inside of the black bar.

ZH: 它被包在在黑色K线内部

19:05 - 19:09

EN: Its high is below that high and its low is above that low.

ZH: 它的高点更低，低点更高

19:13 - 19:14

EN: Same here.

ZH: 这里也是一样

19:14 - 19:15

EN: Another inside bar.

ZH: 另一根孕线

19:15 - 19:18

EN: This bar is inside that bar, this bar is inside that bar.

ZH: 这根K线在那根K线内，这根K线在那根K线内

19:18 - 19:20

EN: A small inside bar here.

ZH: 这是一根小孕线

19:20 - 19:21

EN: Here’s an inside bar.

ZH: 这是一根孕线

19:21 - 19:26

EN: The high is the same as that high, but the low is above that low,

ZH: 高点一样高，但低点被包在里面

19:26 - 19:29

EN: so I would still refer to that as an inside bar.

ZH: 所以我仍然会称之为孕线

19:30 - 19:35

EN: That’s why I say for an outside bar, the high is at or above the high…

ZH: 吞噬K线的定义是，它的高点比前面更高，或相等

19:35 - 19:38

EN: ..of the prior bar, and the low is at or below the low of the prior bar.

ZH: 它的低点比前面更低，或相等

19:38 - 19:43

EN: An inside bar, the high is at or below the high of the prior bar,

ZH: 而孕线，它的高点比前面更低，或相等

19:43 - 19:47

EN: and the low is at or above the low of the prior bar.

ZH: 低点比前面更高，或相等

19:50 - 19:53

EN: An outside bar here, outside bar here.

ZH: 吞噬线，这也是吞噬线

19:53 - 19:56

EN: This is actually an outside bar as well.

ZH: 这实际上也是一根吞噬线

19:56 - 19:58

EN: Its low was below the low of that bar.

ZH: 它的低点低于那根K线的低点

19:58 - 20:01

EN: Its high was above the high of this bar.

ZH: 它的高点高于这根K线的高点

20:04 - 20:09

EN: Here’s the Australian dollar versus the U.S. dollar, a 5-minute Forex chart.

ZH: 这是外汇，澳元对美元的5分钟图

Slide 017

Time: 20:05

Bilingual Transcript

20:10 - 20:13

EN: I distinguish trades into swing trades and scalps.

ZH: 我将交易分为波段交易和剥头皮交易

20:17 - 20:20

EN: A scalp means that I’m trying to take a quick profit.

ZH: 剥头皮交易意味着我尝试赚一笔快钱

20:20 - 20:24

EN: I usually exit within 5 bars, and sometimes just 1 bar.

ZH: 我通常在5根K线之内离场，有时只需1根K线

20:27 - 20:31

EN: A swing trade means I’m planning to hold onto my position…

ZH: 波段交易意味着，只要趋势还在

20:31 - 20:35

EN: ..as long as the trend is going in my direction.

ZH: 我就一直持有下去

20:35 - 20:38

EN: Let’s look at this chart and let’s talk about buying here.

ZH: 看这张图，假设在这里买入

20:40 - 20:42

EN: If I buy above the high of this bar,

ZH: 如果我在这根K线的高点上方买入

20:42 - 20:44

EN: I get filled right here, just above that high.

ZH: 我在这里成交，刚好在那个高点上方

20:44 - 20:48

EN: Let’s say I get out 4 or 5 bars later, below this bear bar,

ZH: 假设我在4或5根K线后，在这根阴线下方离场

20:48 - 20:52

EN: right where this red box is right below the low of that bar.

ZH: 就在这个红色框框出，正好在那根K线的低点下方

20:53 - 20:54

EN: To me, that’s a scalp.

ZH: 这就是一笔剥头皮交易

20:54 - 20:56

EN: I did not allow any pullbacks.

ZH: 我没有允许回调让我的利润回撤

20:56 - 21:00

EN: I get out within 1, 2, 3, 4, 5 bars.

ZH: 我在5根K线内离场

21:00 - 21:03

EN: It did not matter to me that the trend continued.

ZH: 趋势是否继续，对我来说无关紧要

21:03 - 21:06

EN: If I buy here and get out a few bars later…

ZH: 如果我在这里买入，并在几根K线后离场

21:06 - 21:09

EN: ..and did not allow pullbacks, that’s a scalp.

ZH: 并且没有允许回调，那是剥头皮交易

21:09 - 21:12

EN: On the other hand, what happens if I exit up here or up here?

ZH: 但如果说，我在这里或这里离场，会怎样

21:14 - 21:18

EN: If I’m exiting up here at the end of the session, to me that’s a swing trade.

ZH: 如果我一直持有到交易时段结束时退出对我来说那是波段交易

21:18 - 21:21

EN: So I buy here, I don’t worry about the pullback…

ZH: 我在这里买入，并不担心回调

21:21 - 21:24

EN: ..here or here, or here or here or here.

ZH: 在这里或这里，或这里或这里或这里

21:24 - 21:27

EN: None of these look like major reversals.

ZH: 全都不像是大反转

21:27 - 21:30

EN: I’m willing to continue to hold despite all of the pullbacks,

ZH: 尽管有很多回调，我仍坚定持有

21:30 - 21:33

EN: and then I look to exit at the end of the session.

ZH: 然后我在收盘前止盈离场

21:34 - 21:35

EN: If you’re holding through pullbacks

ZH: 如果你持有了很多根K线（至少15~20根K线）

21:35 - 21:39

EN: and for a lot of bars, that is a swing trade.

ZH: 并且挺过了这些回调阶段那就是一笔波段交易

Slide 018

Time: 21:40

Bilingual Transcript

21:41 - 21:46

EN: That last chart was a 5-minute chart, and here is a daily chart.

ZH: 上一张是5分钟图，这张是日K线

21:46 - 21:51

EN: There are other terms to use when talking about scalping…

ZH: 在更高的时间周期剥头皮或者做波段比如日K线，或者周K线

21:51 - 21:55

EN: ..and swing trading on higher timeframe charts, daily or weekly charts.

ZH: 还有一些其它的相关术语

21:55 - 22:00

EN: So for example, let’s say a bull trader bought here and he got out here.

ZH: 例如，假设多头在这里买入，在这里离场

22:00 - 22:02

EN: He’s a scalper.

ZH: 他是一个剥头皮交易者

22:02 - 22:06

EN: You might call him a fast money trader or simply a trader.

ZH: 可以说他为短线交易者，或简单地称为交易者

22:06 - 22:09

EN: If you get out here and this was a monthly chart,

ZH: 如果在这里离场，而且这张图是月K线的话

22:09 - 22:11

EN: people would call him an investor.

ZH: 人们会称乎他为投资者

22:11 - 22:14

EN: If it was a weekly chart, they might call him an investor.

ZH: 如果是周K线，他们可能会称他为投资者

22:14 - 22:18

EN: To me, I would call him a swing trader even on this chart.

ZH: 对我来说，我会称他为波段交易者

22:18 - 22:22

EN: But in general, if you’re taking quick profits on a daily chart,

ZH: 但总的来说，如果你在日线图上赚快钱

22:22 - 22:26

EN: traders will call you a trader or a fast money trader or a scalper.

ZH: 交易者会称你为交易者，或短线交易者或剥头皮交易者

22:26 - 22:32

EN: But usually they use the term “trader.” If a person is holding for a long time –

ZH: 总之会用“交易者”这个词来形容但如果你持有很长时间——

22:32 - 22:38

EN: 20, 30, 40 bars – you start to get into the realm of being an investor,

ZH: 20、30、40根K线——你开始进入投资者的领域

22:38 - 22:41

EN: especially if it’s a weekly or monthly chart.

ZH: 尤其是在周线、月线图上的话

22:42 - 22:46

EN: Some swing traders will hold far beyond a typical swing,

ZH: 一些波段交易者会持有非常非常久

22:46 - 22:48

EN: which might be 10, 20, or 30 bars.

ZH: 有时是10、20或30根K线

22:48 - 22:51

EN: They may hold indefinitely, sometimes for years or months.

ZH: 也可能无限期持有，几个月，甚至几年

22:51 - 22:54

EN: And that would be an investor.

ZH: 那就是一个投资者

22:54 - 22:56

EN: People would use the term “investor”

ZH: 大家会用“投资者”来形容这样的人

22:56 - 22:58

EN: instead of swing trader for that kind of a person.

ZH: 而不是“波段交易者” 这种词

Slide 019

Time: 23:00

Bilingual Transcript

23:01 - 23:05

EN: If you look at a chart, you see the market going…

ZH: 在任何一张图上，你会看到市场

23:05 - 23:07

EN: ..up and down, up and down, up and down.

ZH: 你会看到市场上涨，下跌一会儿涨，一会儿跌

23:07 - 23:11

EN: The smallest move up or down on a chart is a tick.

ZH: 价格变化的最小单位是一个tick （tick 目前没有统一的翻译，所以就用英文）

23:11 - 23:14

EN: So if it goes up one move, it’s called a tick.

ZH: 如果它上涨了一个单位，就是上涨了一个tick

23:14 - 23:16

EN: If it goes up three or four, it’s called 3 or 4 ticks.

ZH: 如果涨了3~4个单位就是3或者4个ticks

23:16 - 23:20

EN: If you’re looking at a Forex chart, people tend to use the term “pip”

ZH: 在外汇交易中，价格跳动的最小单位

23:20 - 23:22

EN: instead of a tick, but it’s the same thing.

ZH: 人们倾向于使用“pip”这个词它和“tick”的意思是一样的

23:22 - 23:28

EN: Nowadays, pips are also subdivided into tenths or even hundredths,

ZH: 如今，pip也被再细分到十分之一甚至百分之一

23:28 - 23:33

EN: but I just refer to pips and don’t worry about the tiny, small divisions.

ZH: 但我用pip就足够了，不用担心那些微小的细分

23:34 - 23:38

EN: A point is a group of ticks or pips.

ZH: 几个ticks，或者几个pips，组成一个点（每个品种不同）

23:38 - 23:42

EN: So for example, 1 point on the E-Mini chart is 4 ticks.

ZH: 比如，在标普的股指期货（ES）中 1个点等于4个ticks

23:42 - 23:48

EN: A corresponding move on the SPDR ETF chart is 10 ticks.

ZH: 等同于SPY（标普ETF）移动10个ticks

23:49 - 23:53

EN: You’ll sometimes hear traders talk about their lot size.

ZH: 有时你会听到交易者谈论他们的“手数”

23:53 - 23:57

EN: “I traded 5 lots,” which means you traded 5 contracts…

ZH: “我交易了5手”，这意味着他交易了5个合约

23:57 - 24:01

EN: ..or 5 shares or 5 units or 5 something.

ZH: 或者5股股票，或5个单位的什么东西

24:01 - 24:04

EN: A handle is a big round number.

ZH: “报价”是指整数部分

24:04 - 24:11

EN: So if the SPDR is trading at 202.50, you would say it has a 202 handle on it.

ZH: 比如说，SPY现在的价格为202.50 就可以说，它的报价是202

24:14 - 24:17

EN: When I talk about Moving Averages, I’m usually talking

ZH: 当我谈论移动平均线时

Slide 020

Time: 24:15

Bilingual Transcript

24:17 - 24:20

EN: about a 20 bar Exponential Moving Average.

ZH: 我通常指的是：周期为20的指数移动平均线（会全部翻译成EMA20）

24:20 - 24:24

EN: Whether it’s a 5-minute chart or a month chart, it doesn’t matter.

ZH: 无论是在5分钟图，还是在月K线图上，都一样

24:24 - 24:27

EN: If you hear me say Moving Average and I don’t qualify it,

ZH: 如果你听到我说均线，没有其它具体的说明

24:27 - 24:30

EN: I’m talking about a 20 bar Exponential Moving Average.

ZH: 我指的是EMA20

24:31 - 24:36

EN: Some people refer to it as an EMA, Exponential Moving Average.

ZH: 有些人喜欢把它缩写成EMA （比如译者）

24:36 - 24:38

EN: I simply call it a Moving Average.

ZH: 我一般就叫他均线

24:40 - 24:44

EN: This Moving Average is a 20 bar Exponential Moving Average.

ZH: 这根均线是EMA20

Slide 021

Time: 24:45

Bilingual Transcript

24:46 - 24:49

EN: Computers, you cannot get around the reality…

ZH: 你我们无法否认一个事实：

24:49 - 24:52

EN: ..that they control all major markets.

ZH: 机构的电脑城，控制着所有的主要市场

24:52 - 24:55

EN: Most trading nowadays is automated.

ZH: 如今绝大部分交易都是自动化的

24:55 - 25:00

EN: That means the orders are placed by computers and software programs,

ZH: 这意味着订单是由计算机和程序下达的

25:00 - 25:04

EN: which are called algorithms, are making decisions about when to buy,

ZH: 这些程序被称为算法，它们决定何时买入

25:04 - 25:09

EN: when to sell, when to add on to positions, when to slightly reduce positions.

ZH: 何时卖出，何时加仓，何时减仓

25:10 - 25:13

EN: Here’s an example of a flowchart of an algorithm.

ZH: 这里是一个算法流程图的例子

25:14 - 25:19

EN: You’ll sometimes hear me talk about an institution – Bank of America, CalPERS,

ZH: 有时你会听到我谈论某个机构—— 比如美国银行，

Slide 022

Time: 25:15

Bilingual Transcript

25:19 - 25:24

EN: the pension fund for state employees in California – but only investments.

ZH: 或者加州公务员退休基金CalPERS（仅限于投资）

25:24 - 25:25

EN: Those are all institutions.

ZH: 这些都是机构

25:25 - 25:26

EN: Goldman Sachs.

ZH: 高盛 Goldman Sachs

25:27 - 25:30

EN: An institution could be a bank, it could be a hedge fund,

ZH: 一个机构可以是银行，可以是对冲基金

25:30 - 25:34

EN: a high frequency trading firm, a pension fund like CalPERS,

ZH: 可以是高频交易的机构，或者CalPERS这样的养老金基金

25:34 - 25:36

EN: mutual funds like Fidelity.

ZH: 还有富达这样的共同基金

25:37 - 25:43

EN: Any large entity is an institution, and that includes large individual traders.

ZH: 任何大型实体都是一个机构，包括大型个人交易者

25:43 - 25:48

EN: For example, the smallest position size in the E-Mini is 1 contract.

ZH: 例如，E-Mini的最小头寸是1个合约

25:49 - 25:53

EN: If a trader is trading 100 contracts or 200 contracts or more,

ZH: 如果一个交易者交易100个合约或200个合约或更多

25:53 - 25:57

EN: I would consider them to be as significant as an institution,

ZH: 我会认为他们和一个机构一样重要

25:57 - 26:00

EN: even if they’re trading for their own account.

ZH: 即使他们是为自己的账户交易

Slide 023

Time: 26:00

Bilingual Transcript

26:03 - 26:05

EN: You’ll often hear me talk about setups.

ZH: 你经常会听到我讲交易机会

26:05 - 26:07

EN: It’s a chart pattern.

ZH: 指的是图标上的某个价格行为模式

26:07 - 26:10

EN: It’s something on the chart, and it makes me believe

ZH: 图表上的某些东西让我相信

26:10 - 26:12

EN: that there’ll be a profitable trade.

ZH: 会有一笔赚钱的交易

26:12 - 26:15

EN: Sometimes the setup is 1 bar, sometimes it’s 3 or 4 bars.

ZH: 有时是1根K线，有时是3或4根K线

26:15 - 26:17

EN: Sometimes it’s 20 or 30 bars.

ZH: 有时是20~30根K线的大形态

26:19 - 26:24

EN: For example, we have a bull trend and it’s pulling back for a few bars.

ZH: 例如，这里有一个上涨趋势，这几根K线正在回调

Slide 024

Time: 26:20

Bilingual Transcript

26:24 - 26:27

EN: As it’s pulling back, traders are placing buy stops…

ZH: 在市场回调的时候，交易者会在前一根K线的最高点上方一个tick

26:27 - 26:29

EN: ..1 tick above the high of the prior bar.

ZH: 挂上突破买单（Buy Stop Order）

26:29 - 26:30

EN: Did not get filled.

ZH: 这根K线没有成交（没有突破它的高点，突破买单无法触发）

26:30 - 26:33

EN: The new bar closes, they place a buy stop 1 tick

ZH: 新的K线收盘了，交易者会在这根K线的最高点上方

26:33 - 26:36

EN: (or 1 pip) above the high of that bar.

ZH: 一个tick（外汇中是一个pip）挂突破买单

26:36 - 26:39

EN: In this case, the trader did get filled.

ZH: 这里他们就可以成交买入了

26:39 - 26:43

EN: This is the bar when they entered their trade, so it’s the entry bar,

ZH: 他们是在这根K线上成交入场的所以这是他们的入场K线

26:43 - 26:47

EN: and this is the bar that signaled the entry.

ZH: 而这是发出入场信号的K线

26:47 - 26:49

EN: When they saw this bar, they thought…

ZH: 当他们看到这根K线时，交易者想：

26:49 - 26:52

EN: ..“if it goes above the high of this bar, I want to get long.”

ZH: “如果它突破这根K线的高点，我要做多。”

26:53 - 26:58

EN: This is the signal bar, and traders get in on the entry bar.

ZH: 这是信号K线，然后交易者在后一根K线入场

26:58 - 27:00

EN: The signal bar is the reason to take the trade.

ZH: 信号K线是一笔交易的理由

27:00 - 27:02

EN: It’s the signal to look to enter.

ZH: 是入场的信号

Slide 025

Time: 27:02

Bilingual Transcript

27:04 - 27:06

EN: So here’s the signal bar.

ZH: 所以叫做信号K线

27:07 - 27:10

EN: We’re with the trend, we’re trading in the direction of the trend.

ZH: 我们顺应趋势，我们在趋势的方向上交易

27:10 - 27:14

EN: Buying above this bar is buying with trend.

ZH: 在这根K线上方买入，是顺势买入

27:16 - 27:18

EN: Countertrend means doing the opposite.

ZH: 逆势意味着做相反的事情

27:19 - 27:22

EN: For example, we have a bull trend,

ZH: 例如，在上涨趋势中

27:22 - 27:25

EN: and if I’m selling below that bar right here,

ZH: 如果我在这里这根K线下方开仓做空

27:25 - 27:27

EN: it’s a countertrend trade.

ZH: 这是一笔逆势交易

27:28 - 27:31

EN: I’m trading in the direction opposite to the trend.

ZH: 我在逆趋势交易

Slide 026

Time: 27:30

Bilingual Transcript

27:33 - 27:34

EN: Context.

ZH: 背景

27:34 - 27:36

EN: You’ll often hear me talk about context.

ZH: 你会经常听到我谈论上下文

27:36 - 27:42

EN: Is it a buy setup or a sell setup? I’m always interested in the context.

ZH: 这是一个做多机会还是做空机会？我总是对背景感兴趣

27:42 - 27:45

EN: Context means all the bars to the left.

ZH: 背景指的是所有左边的K线

27:46 - 27:49

EN: If I see this bar, I want to know what took place before it.

ZH: 如果我看到一根K线，我想知道它之前发生了什么

27:49 - 27:52

EN: Do I want to buy here? Maybe it’s better to sell here.

ZH: 在这里做多好吗？还是做空更好？

27:52 - 27:54

EN: I want to know what the bars to the left look like.

ZH: 我需要知道左边的K线是什么样的

27:54 - 27:58

EN: Those bars to the left provide the context.

ZH: 左边的K线提供了背景

27:58 - 28:00

EN: So for example, if there’s a strong bear trend,

ZH: 比如这个案例，左边是很强的下降趋势

28:00 - 28:03

EN: do I really want to be buying here? No.

ZH: 我真的要在这里买入吗？我不买

28:03 - 28:06

EN: It’s a bull reversal bar, it’s a buy signal,

ZH: 尽管它确实是多头反转K线，是一个做多信号

28:06 - 28:08

EN: but it’s a buy signal that I would not take.

ZH: 但我不会采纳它

28:08 - 28:11

EN: If anything, I’m looking to sell.

ZH: 因为我在寻找做空的机会

28:11 - 28:14

EN: When there’s a very tight bear channel like this, I don’t care

ZH: 当有市场处于非常窄的下降通道时

28:14 - 28:18

EN: if there’s a good bull reversal bar and a good follow-through bar.

ZH: 我不在乎有没有反转的阳线，哪怕他后面有跟随

28:18 - 28:20

EN: It’s more likely the reversal will fail…

ZH: 反转的尝试更有可能失败

28:20 - 28:23

EN: ..and this bull reversal will end up as a bear flag.

ZH: 这个反弹最终会成为一个熊旗

28:24 - 28:26

EN: This is a Low 1 sell signal bar.

ZH: 这是低1做空信号K

28:26 - 28:31

EN: Traders will sell just below its low, expecting the reversal to fail,

ZH: 交易者会在其低点下方卖出，预期反转失败

28:31 - 28:34

EN: become a bear flag, and for the bear trend to resume.

ZH: 成为熊旗，然后下降趋势继续

Slide 027

Time: 28:35

Bilingual Transcript

28:38 - 28:43

EN: I often talk about “Always In.” That is the direction of the current trade.

ZH: 我经常谈论单边趋势（always in）这是市场当前交易的方向

28:43 - 28:46

EN: For example, here I would say the market is Always In Long.

ZH: 例如，在这里我会说市场是单边上涨

28:46 - 28:51

EN: If I had to be in the market this instant, would I rather be long or short?

ZH: 如果我必须在此刻参与市场，我应该做多还是做空？

28:52 - 28:55

EN: If I had to be always in the market at this point,

ZH: 如果一定要我选一个方向

28:55 - 28:59

EN: I would be long because odds are the market is going higher.

ZH: 我会做多，因为市场继续上涨的概率较大

29:04 - 29:08

EN: In a bear trend, the market is Always In Short.

ZH: 市场在单边下跌

29:08 - 29:11

EN: At this moment, do I want to be long or short?

ZH: 此时此刻，我应该做多还是做空？

29:11 - 29:13

EN: If I had to be in the market this instant,

ZH: 如果我必须立刻入场

29:13 - 29:15

EN: if I had to be always in the market…

ZH: 必须选择一个方向交易

29:15 - 29:18

EN: ..and it’s right at this instant, I want to be short.

ZH: 就在这个瞬间，我想做空

29:19 - 29:21

EN: The market is Always In Short here,

ZH: 因为市场在单边下跌

29:21 - 29:24

EN: and somewhere in here it became Always In Long.

ZH: 在某个地方，变成了单边上涨

29:24 - 29:26

EN: Traders thought it was better to be long.

ZH: 交易者认为做多更好

29:26 - 29:29

EN: Easier to make money being long than short.

ZH: 做多比做空更容易赚钱

Slide 028

Time: 29:30

Bilingual Transcript

29:36 - 29:38

EN: I pay attention to context.

ZH: 我非常关注背景

29:38 - 29:40

EN: The context here is that we’re in a bear trend.

ZH: 这里的背景是，市场处在一个下降趋势中

29:40 - 29:43

EN: We’re getting Lower Highs and Lower Lows.

ZH: 高点和低点，都在不断降低

29:43 - 29:45

EN: We’re starting to get a lot of two-sided trading –

ZH: 这里开始有很多双向交易（剥头皮交易者高抛低吸赚快钱）

29:45 - 29:50

EN: tails below bars, some bull bars, smaller bars, sideways bars.

ZH: K线下方有尾巴，一些阳线，较小的K线，横盘K线

29:50 - 29:54

EN: It’s still Always In Short, but it looks like it’s evolving

ZH: 它仍然算是在单边下跌

29:54 - 30:00

EN: into a Trading Range, which means that it may soon reverse into Always In Long.

ZH: 但看起来它正在演变成一个震荡区间，这意味着它可能很快反转上涨，甚至单边上涨

30:04 - 30:08

EN: 3 big bear bars, a bear channel with about 8 or 10 bars –

ZH: 3根大阴线，一个有大约8到10根K线的下降通道

30:09 - 30:12

EN: but tail on the bottom of the bar.

ZH: 但K线底部有尾巴

30:12 - 30:15

EN: That’s weakening, a weakening trend.

ZH: 这说明趋势正在衰弱

30:17 - 30:20

EN: Another big bear breakout, but a big tail below.

ZH: 又有一根大阴线突破，但下影线非常长

30:20 - 30:23

EN: The close of this bar, the bottom of that black box,

ZH: 这根K线的收盘价，即这个黑色柱体的底部

30:23 - 30:24

EN: is above the breakout point.

ZH: 收盘在突破点上方

30:24 - 30:27

EN: There are problems with this bear trend.

ZH: 这个下降趋势有问题

30:27 - 30:32

EN: Another breakout, a close just around the breakout point instead of far below.

ZH: 再次突破，收盘价刚好在突破点附近，而不是远低于突破点

30:32 - 30:36

EN: Bulls are buying prior lows and they’re making money.

ZH: 多头在可以在前期低点买入并且赚钱

30:36 - 30:40

EN: That usually means that a bear channel

ZH: 这通常意味着

30:40 - 30:44

EN: is in the process of evolving into a Trading Range.

ZH: 下降通道正在演变成一个震荡区间

30:44 - 30:46

EN: And once it’s in a Trading Range,

ZH: 一旦进入震荡区间

30:46 - 30:48

EN: traders will start to look for trend reversals.

ZH: 交易者将开始寻找反转的机会

30:51 - 30:55

EN: So we have a fairly tight bear channel and we have a bull trend bar…

ZH: 大阳线，突破了下降通道

30:55 - 31:00

EN: ..breaking above the high of the channel, breaking above the top of the channel.

ZH: 突破了通道线 / 趋势线

31:00 - 31:02

EN: Trend lines are rarely perfect.

ZH: 很少有完美的趋势线

31:02 - 31:06

EN: You can see I’m using this high and then this series of highs.

ZH: 我把这些高点连接起来划线

31:06 - 31:10

EN: The market looks like it’s turning down every time…

ZH: 每当价格碰到这根线（假想的趋势线）

31:10 - 31:12

EN: ..it hits an imaginary line at that point.

ZH: 就继续下跌了

31:12 - 31:15

EN: I would extend the line from here all the way here.

ZH: 我会把线从这里一直延伸到这里

31:15 - 31:18

EN: I could draw it from this high across that high,

ZH: 我可以从这个高点画到那个高点

31:18 - 31:21

EN: or I could simply use a small trend line from here to here.

ZH: 或者我可以从这里到这里画一条小趋势线

31:21 - 31:24

EN: In any case, we’re getting a bull breakout of a bear channel.

ZH: 不管怎么画线，市场突破了下降通道

31:25 - 31:29

EN: That means traders will start looking for possible trend reversals.

ZH: 这意味着交易者将开始寻找可能的反转

31:30 - 31:32

EN: We have a low here.

ZH: 左边这个低点

31:32 - 31:33

EN: We reversed up.

ZH: 反弹

31:33 - 31:34

EN: We have a Lower Low.

ZH: 中间，更低的低点

31:34 - 31:35

EN: We reversed up.

ZH: 反弹

31:35 - 31:38

EN: Here, the bears are trying to resume back down,

ZH: 空头尝试让下降趋势延续

31:38 - 31:40

EN: but this is forming a Higher Low.

ZH: 但这个低点抬高了

31:41 - 31:47

EN: This setup, this buy setup here is called a Higher Low Major Trend Reversal –

ZH: 这个反转模式叫做：低点抬高的大反转（缩写：HLMTR）

31:47 - 31:51

EN: Higher Low with a potential of reversing to a major trend.

ZH: 低点抬高，可能有大的趋势反转

31:51 - 31:53

EN: It’s also a Head and Shoulders Bottom.

ZH: 也可以叫它头肩底反转

31:53 - 31:57

EN: This would be the left shoulder, this is the head,

ZH: 这里是左肩，这是头

31:57 - 31:58

EN: and this would be the right shoulder.

ZH: 这里是右肩

31:58 - 32:01

EN: So it’s a reversal setup.

ZH: 是一个反转模式

32:01 - 32:05

EN: Not a high probability buy at this point, but once you start to get 3 or 4 bars

ZH: 在这个时候，概率并不是特别高但是，一旦你看到 Not a high probability buy at this point, but once you start to get 3 or 4 bars

32:05 - 32:09

EN: with big bull bodies closing on their highs, the bars getting bigger,

ZH: 连续3~4根阳线，有较大的实体部分，全都收在高位，体积越来越大

32:09 - 32:14

EN: at some point the market becomes Always In Long for everybody –

ZH: 它就处于单边上涨的阶段了

32:14 - 32:17

EN: which means that traders can buy for any reason,

ZH: 也就是说，市场上的交易者会找任何理由买入

32:17 - 32:21

EN: expecting that the market will be higher as more bars become visible.

ZH: 预期市场会随着更多阳线的出现而上涨

32:23 - 32:24

EN: Another breakout.

ZH: （前面突破了下降趋势线）这里再次突破

32:24 - 32:27

EN: We have a small breakout here, and now we have 3 bull bars.

ZH: 连续3根阳线，第3根突破了前面反弹的高点

32:27 - 32:33

EN: Traders might buy this bar as it moves above that high,

ZH: 有些交易者会在这根K线上涨的过程中市价买入

32:33 - 32:36

EN: the neckline of the Head and Shoulders Bottom.

ZH: 因为头肩底的颈线被跌破了

32:36 - 32:40

EN: They may simply buy the close, arguing that it’s the third bull close,

ZH: 或者在它的收盘买入，因为连续三根阳线收在高位

32:40 - 32:43

EN: very little overlap between the bars, and the bodies are getting bigger.

ZH: 而且他们之间没有重叠，实体部分越来越大

32:43 - 32:47

EN: It’s following a Higher Low Major Trend Reversal.

ZH: 它们的左边是一个低点抬高的大反转模式

32:50 - 32:52

EN: Over here, the tails are starting to become prominent.

ZH: 在这里，开始有很多明显的上影线

32:52 - 32:54

EN: The bodies are getting small.

ZH: 而且实体部分缩小了（所以很快滞涨，开始横盘调整）

32:54 - 32:57

EN: Each doji is a 1-bar Trading Range.

ZH: 十字星是单根K线的震荡区间

32:57 - 32:58

EN: Here, it’s following a pullback.

ZH: 它们的左边是回调

32:58 - 33:03

EN: A pullback means, that when I refer to an attempt at a reversal

ZH: 当我说回调的时候，我指的是一次反转的尝试

33:03 - 33:07

EN: as a pullback instead of a Trading Range,

ZH: 我相信趋势更有可能会继续

33:07 - 33:11

EN: that means I believe the trend will resume instead of reverse.

ZH: 而不是被反转

33:11 - 33:15

EN: Each one of these bars is a 1-bar Trading Range, a doji bar,

ZH: 这些K线中的每根十字星，都是一个小的震荡区间

33:15 - 33:18

EN: and together they form a slightly bigger Trading Range.

ZH: 组合在一起，形成了一个稍大一点的震荡区间

33:20 - 33:24

EN: Somewhere in here, traders concluded that the market became Always In Long.

ZH: 在这里的某个地方，交易者得出结论，市场在单边上涨

33:24 - 33:27

EN: It was Always In Short all the way down here.

ZH: 之前是单边下跌

33:30 - 33:32

EN: This is Al Brooks.

ZH: 我是阿尔·布鲁克斯

33:32 - 33:35

EN: Thank you for watching this video in the Brooks Trading Course.

ZH: 感谢观看布鲁克斯交易课

33:35 - 33:38

EN: This video was on terminology.

ZH: 讲解术语的视频到这里就结束了