al-brooks-course
26B - Triangles
Raw transcript and slide notes for 26B - Triangles.
Overview
- Slides: 15
- Transcript segments: 316
- 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: 00:02
Bilingual Transcript
00:02 - 00:03
EN: This is Al Brooks.
ZH: 你好，我是阿尔·布鲁克斯
00:03 - 00:06
EN: Thank you for watching the Brooks Trading Course.
ZH: 感谢观看布鲁克斯交易课程
00:06 - 00:09
EN: This is the second of two videos on Triangles.
ZH: 这是三角形的第2节课（共两节课）
Slide 001
Time: 00:12
Bilingual Transcript
00:13 - 00:16
EN: Sometimes Triangles expand.
ZH: 有些三角形是扩张的，
00:16 - 00:20
EN: The legs get bigger instead of smaller (Expanding Triangles),
ZH: 通道线距离变远，而不是变近
00:20 - 00:23
EN: and sometimes the patterns do not look quite right.
ZH: 有时，这些结构看上去怪怪的
00:23 - 00:26
EN: The worse they look, the less reliable they are.
ZH: 它看上去越糟糕，就越不可靠
Slide 002
Time: 00:28
Bilingual Transcript
00:33 - 00:37
EN: A Triangle is a Trading Range that has three reversals.
ZH: 三角形是（至少）有3次反转的震荡区间
00:37 - 00:44
EN: Most Triangles have converging lines, but sometimes the legs get bigger.
ZH: 大多数三角形都是收敛的，但有时通道线会扩张
00:44 - 00:49
EN: Some traders would call it a megaphone pattern
ZH: 一些交易者会说它是喇叭形态，因为它看起来像喇叭
00:47 - 00:49
EN: because it looks like a megaphone.
ZH: 一些交易者会说它是喇叭形态，因为它看起来像喇叭
00:49 - 00:53
EN: Again, as soon as you see five reversals, it’s a Triangle.
ZH: 只要看到5次反转（上下加起来5次），就是三角形了
00:55 - 00:59
EN: Reversal up, reversal up, starting to reverse up.
ZH: 上涨，上涨，开始上涨；
00:59 - 01:01
EN: Reversal down, reversal down.
ZH: 下跌，下跌
01:01 - 01:05
EN: So three reversals in one direction, total of at least five reversals.
ZH: 所以一个方向上有3次反转，总共至少5次反转
01:05 - 01:06
EN: It looks like a megaphone.
ZH: 看起来像一个喇叭
01:06 - 01:08
EN: It’s an Expanding Triangle.
ZH: 这是一个扩张三角形
01:08 - 01:11
EN: It’s a Trading Range; therefore, it’s a channel.
ZH: 这是一个震荡区间；因此，它是一个（水平的）通道
01:11 - 01:13
EN: It has two lines, one below, one above.
ZH: 上下各有一条通道线
01:13 - 01:19
EN: And here, the lines are expanding, and therefore, it’s an Expanding Triangle.
ZH: 它们在向外扩张，所以它是扩张三角形
01:21 - 01:24
EN: An Expanding Triangle, if the pattern is big enough,
ZH: 一个扩张三角形，如果足够大——
01:24 - 01:30
EN: contains 15, 20, 30 bars, it’s always also a Major Trend Reversal.
ZH: 包含15、20、30根K线， 那么它一定是大反转（的机会）
01:30 - 01:33
EN: Here, it’s a Lower Low Major Trend Reversal.
ZH: 这里是低点降低的大反转
01:33 - 01:36
EN: You can call it a Double Bottom, but it’s slightly Lower Low.
ZH: 你可以说它是双底，第二个低点略微更低一些
01:42 - 01:46
EN: Again, if it’s a Trading Range that’s not tight,
ZH: 再讲一遍，如果这个震荡区间不是很窄；
01:46 - 01:50
EN: has at least three legs in one direction – one, two, three
ZH: 在一个方向上至少有3次推动——1，2，3；
01:50 - 01:55
EN: - and the pattern is not small, if it has 10 or more bars, 15-20 bars,
ZH: 并且有足够多的K线，10，15，20根K线，
01:55 - 01:58
EN: the Expanding Triangle is also a Major Trend Reversal.
ZH: 那么这个扩张三角形也是大反转的结构
01:58 - 02:00
EN: Lower Low Major Trend Reversal.
ZH: 低点降低的大反转
02:00 - 02:05
EN: Bear trend, strong bull breakout, and then Lower Low Major Trend Reversal.
ZH: 下降趋势，强势的多头突破，然后低点降低的大反转
02:10 - 02:12
EN: Whenever you have an Expanding Triangle,
ZH: 如果一个扩张三角形，
02:12 - 02:15
EN: either the second leg breaks strongly above a bear trend line
ZH: 第2段上涨强势突破了下降趋势线，
02:15 - 02:19
EN: or the third leg breaks strongly above a bear trend line,
ZH: 或者第3段上涨强势突破了下降趋势线，
02:19 - 02:22
EN: and therefore you’ve got to be thinking about possible major reversal.
ZH: 你就要考虑大反转的可能性
02:22 - 02:26
EN: We have a test of the low and we have a successful reversal.
ZH: 在测试前期的低点之后，很可能会成功地反转 （注：在前期的低点下方，买盘大于卖盘）
02:26 - 02:29
EN: You can call this a Lower Low Major Trend Reversal as well.
ZH: 你也可以说它是低点降低的大反转
02:29 - 02:31
EN: Bear trend, bull breakout.
ZH: 下降趋势，多头突破
02:31 - 02:35
EN: Test down to a Lower Low, maybe a Wedge, one, two, three.
ZH: 测试到更低的低点，也许是楔形底——1，2，3
02:35 - 02:37
EN: It’s a reasonable buy.
ZH: 这是一个合理的买点
02:37 - 02:40
EN: However, we failed on the breakout above this high,
ZH: 然而，没有能够成功地突破前期高点 （注：但也是一个不错的波段，可以赚钱）
02:40 - 02:43
EN: collapsed strongly, and got a new low.
ZH: 瞬间崩盘，跌到了新的地点
02:43 - 02:47
EN: Two legs down, one, pullback, two.
ZH: 两段下跌——1，暂停，2
02:47 - 02:48
EN: A bull inside bar.
ZH: 这根孕线是阳线
02:48 - 02:54
EN: It’s a reasonable buy, taking a chance
ZH: 这是合理的买点，押注低点降低的大反转
02:51 - 02:54
EN: that it is a Lower Low Major Trend Reversal.
ZH: 这是合理的买点，押注低点降低的大反转
02:54 - 02:57
EN: In this particular case, it’s also an Expanding Triangle.
ZH: 它也是一个扩张三角形
02:59 - 03:01
EN: Traders will look to buy the reversal up.
ZH: 交易者会在反转上涨时买入
03:01 - 03:04
EN: You can call it either a Lower Low Major Trend Reversal
ZH: 你可以把它看作低点降低的大反转
03:04 - 03:06
EN: or an Expanding Triangle Bottom.
ZH: 也可以看作是扩张三角底（扩张三角形的底部） （注：大震荡区间，跌破下沿失败）
03:06 - 03:11
EN: Every Expanding Triangle Bottom is a Lower Low Major Trend Reversal.
ZH: 每个扩张三角底都是低点降低的大反转
03:14 - 03:18
EN: Whenever you have an Expanding Triangle reversal and then the market gets
ZH: 每当扩张三角形反转，然后价格到达另一边时，
03:18 - 03:23
EN: to the opposite side, it usually tries to form a bigger Expanding Triangle.
ZH: 通常会形成更大的三角形
03:23 - 03:25
EN: We have an Expanding Triangle Bottom.
ZH: 扩张三角底，反转上涨
03:25 - 03:28
EN: We broke above the top of the Triangle, tried to reverse down,
ZH: 突破前期高点之后，尝试反转下跌
03:28 - 03:30
EN: tried to reverse down a second time.
ZH: 再次尝试向下反转
03:30 - 03:35
EN: This is an Expanding Triangle Top after an Expanding Triangle Bottom.
ZH: 在扩张三角底之后，又形成了扩张三角顶
Slide 003
Time: 03:38
Bilingual Transcript
03:41 - 03:44
EN: We have a Trading Range lasting more than 20 bars.
ZH: 这个震荡区间持续了超过20根K线
03:44 - 03:46
EN: Lasted about 100 bars.
ZH: 持续了大约100根K线
03:46 - 03:48
EN: It’s in BreakOut Mode.
ZH: 它处于突破模式
03:48 - 03:51
EN: 50/50 chance there’ll be a successful bull breakout,
ZH: 50%的概率会向上突破，
03:51 - 03:54
EN: 50/50 chance there’ll be a successful bear breakout.
ZH: 50%的概率会向下突破
03:54 - 03:56
EN: It’s a fairly tight range.
ZH: 这个区间并不宽
03:56 - 04:01
EN: All Trading Ranges have both reasonable buy and sell setups within them.
ZH: 每个震荡区间内，都同时存在做多和做空的机会， 而且都合理
04:03 - 04:06
EN: They also have many ways to draw the patterns.
ZH: 也有很多种画线的方法
04:06 - 04:09
EN: Reversal up, reversal up, reversal up, reversal up,
ZH: 上涨，上涨，上涨，上涨，
04:10 - 04:12
EN: and we have a slightly Higher High.
ZH: 上沿的高点略微抬高
04:12 - 04:15
EN: You can see an Expanding Triangle here.
ZH: 可以看到一个扩张三角形
04:15 - 04:18
EN: One, two, three, four, five.
ZH: 1，2，3，4，5
04:18 - 04:20
EN: Two attempts up.
ZH: 两次尝试上涨——1，2
04:19 - 04:20
EN: One, two.
ZH: 两次尝试上涨——1，2
04:20 - 04:22
EN: This is a reasonable buy.
ZH: 这是一个合理的买点
04:22 - 04:25
EN: Any time you have an Expanding Triangle Bottom
ZH: 每当市场从扩张三角形的下沿上涨，然后突破上沿，
04:24 - 04:30
EN: and the market breaks above the top, you have to be thinking
ZH: 每当市场从扩张三角形的下沿上涨，然后突破上沿， 你要想到可能会从上沿又反转下跌
04:27 - 04:30
EN: that it’ll become an Expanding Triangle Top.
ZH: 你要想到可能会从上沿又反转下跌
04:30 - 04:32
EN: The patterns can grow.
ZH: 结构可以变大
04:32 - 04:36
EN: Sometimes you’ll get seven or eight legs instead of just five.
ZH: 有时会有7~8段的来回反转，而不仅仅是5段
04:36 - 04:41
EN: Eventually, the Expanding Triangle pattern ends and it becomes something else
ZH: 最终，扩张三角形结束，然后进入其它周期——
04:41 - 04:44
EN: - a Trading Range or a bull trend or a bear trend.
ZH: 震荡区间，上涨趋势，或下降趋势
04:46 - 04:50
EN: Whenever the market’s in a Trading Range – here, the range is pretty tight
ZH: 每当市场处于震荡区间——这个区间比较窄
04:50 - 04:53
EN: - there are always multiple ways to draw patterns.
ZH: 总是有很多画线的选择
04:54 - 04:56
EN: Most of the reversals are minor.
ZH: 大多数反转都是小幅的
04:57 - 05:00
EN: For example, is this rally strong enough so that
ZH: 比如说，这次反弹足够厚强势吗？
05:00 - 05:05
EN: when we get a test of the low, you’ll get a major reversal? Probably not.
ZH: 当低点再次被测试时，是否会有大反转？大概率不会 （注：只是震荡区间内的上涨/下跌，不是大的趋势）
05:05 - 05:06
EN: It’s not clear at all.
ZH: 震荡区间是一团糟的
05:06 - 05:08
EN: Usually when you have a Tight Trading Range,
ZH: 通常，如果市场处于窄震荡区间，
05:08 - 05:15
EN: it’s more important than any pattern that you see within it,
ZH: 它内部的结构往往没那么重要， 因为概率最高的事情是，市场会继续横盘
05:11 - 05:15
EN: and most likely the market will continue sideways.
ZH: 因为概率最高的事情是，市场会继续横盘
05:15 - 05:20
EN: Eventually it will break out, but all of the breakout attempts
ZH: 80%的突破尝试都会失败，尽管最终它会突破
05:18 - 05:20
EN: have an 80% chance of failing.
ZH: 80%的突破尝试都会失败，尽管最终它会突破
05:20 - 05:25
EN: We’re trying to get a bull breakout and then we’re trying
ZH: 尝试向上突破，再尝试向下突破，
05:22 - 05:29
EN: to get a bear breakout, and the Tight Trading Range is going on,
ZH: 尝试向上突破，再尝试向下突破， 内部的K线越来越多，但震荡区间仍在继续，就和往常一样
05:26 - 05:29
EN: just adding more and more bars, as it normally does.
ZH: 内部的K线越来越多，但震荡区间仍在继续，就和往常一样
05:32 - 05:37
EN: Higher Low Major Trend Reversal, a very strong reversal up.
ZH: 低点抬高的大反转，之前这里是非常强势的反转上涨
05:37 - 05:39
EN: We have an attempt at a Higher Low here,
ZH: 尝试形成更高的低点
05:39 - 05:42
EN: again here, again here, again here, again here.
ZH: 还有这里，这里，这里，这里
05:42 - 05:47
EN: Many attempts, but most reversal patterns fail within Tight Trading Ranges.
ZH: 多次尝试（大反转），但震荡区间内的大多数尝试都会失败
05:49 - 05:52
EN: But remember my 80% rule.
ZH: 请记住我的80%法则
05:52 - 06:00
EN: When the market’s sideways, 80% chance breakout attempts
ZH: 当市场在横盘时，80%突破的尝试都会失败， 然后市场继续横盘震荡
05:56 - 06:00
EN: and reversal attempts will fail and the market will continue sideways.
ZH: 当市场在横盘时，80%突破的尝试都会失败， 然后市场继续横盘震荡
06:00 - 06:05
EN: Obviously every Trading Range eventually breaks out at some point,
ZH: 当然，最终会在某个时刻突破，
06:05 - 06:09
EN: but looking at any one reversal attempt or any one breakout attempt,
ZH: 但对于每次突破的尝试而言，
06:09 - 06:11
EN: 80% chance it’s going to fail.
ZH: 80%的概率会失败
Slide 004
Time: 06:15
Bilingual Transcript
06:18 - 06:19
EN: Expanding Triangle.
ZH: 扩张三角形
06:19 - 06:20
EN: Different ways to draw it.
ZH: 不同的画线选择
06:20 - 06:22
EN: We have five pushes here.
ZH: 到这里已经有5次反转
06:23 - 06:24
EN: We tried to get the bear breakout;
ZH: 空头尝试向下突破
06:24 - 06:28
EN: instead, it became an Expanding Triangle bull flag,
ZH: 然而，变成了扩张三角牛旗
06:28 - 06:31
EN: and we got another bull breakout and then another reversal.
ZH: 再次向上突破，结果又反转下跌
06:31 - 06:36
EN: Is this a big enough pattern for a Major Trend Reversal? This is probably not.
ZH: 这个结构是否足够大，可以制造大反转？ 之前的这个大概率不行
06:36 - 06:38
EN: It could be major, but it’s probably minor.
ZH: 尽管有可能（大反转），但更高的概率只是小反转
06:38 - 06:40
EN: This is probably big enough.
ZH: 但是这个已经足够大了
06:40 - 06:43
EN: We have a pretty strong bull breakout and a very strong reversal.
ZH: 非常强势的多头突破之后，又非常强势地反转下跌
06:43 - 06:47
EN: This has a better chance of being a major reversal.
ZH: 大反转的概率更高了
06:47 - 06:52
EN: Leg 4 only had about 10 bars, mostly in a Tight Trading Range.
ZH: 第4段，总共只有大约10根K线， 基本上在窄幅震荡
06:52 - 06:53
EN: The bars are small.
ZH: K线的体积也很小
06:53 - 06:57
EN: Therefore, this is probably a minor reversal.
ZH: 所以大概率只是小反转
06:58 - 07:03
EN: You can argue it’s a bull trend.
ZH: 左边是上涨趋势，尽管这里只能看到最后一点上涨
06:59 - 07:03
EN: You don’t see the bars to the left.
ZH: 左边是上涨趋势，尽管这里只能看到最后一点上涨
07:01 - 07:03
EN: You see some rally here.
ZH: 左边是上涨趋势，尽管这里只能看到最后一点上涨
07:04 - 07:06
EN: This is probably going to be a minor reversal
ZH: 这大概率只是小反转，
07:06 - 07:08
EN: and the Trading Range will continue.
ZH: 震荡区间会继续下去
07:08 - 07:12
EN: On the other hand, this could be a big enough pattern
ZH: 然而到了这里，结构已经足够大，足够形成大反转
07:11 - 07:12
EN: for a major reversal there.
ZH: 然而到了这里，结构已经足够大，足够形成大反转
07:13 - 07:16
EN: Bears will sell the reversal down.
ZH: 空头会在反转下跌时卖出做空
07:16 - 07:19
EN: Here we have a pullback, a Double Top Lower High.
ZH: 这里有一些反弹，高点降低的小双顶（熊旗）
07:19 - 07:21
EN: Traders will sell below that bar as well,
ZH: 空头也会在那根K线下方卖出
07:21 - 07:23
EN: taking a chance that we get the breakout.
ZH: 押注价格反转下跌
07:23 - 07:25
EN: If you want a higher probability trade,
ZH: 如果你想要更高的胜率
07:25 - 07:27
EN: you wait until there is a strong breakout.
ZH: 那就等待一个强势的突破
07:27 - 07:31
EN: Here we have consecutive bear bars, big bear bars closing on its low.
ZH: 这里有连续的阴线，大阴线收在低点
07:31 - 07:33
EN: This is the bulls giving up.
ZH: 多头在放弃
07:33 - 07:36
EN: Traders agree that the price is too high.
ZH: 交易者达成共识，现在的价格太高了
07:36 - 07:38
EN: The market has to go down to find buyers.
ZH: 市场必须下跌才能找到买家
07:38 - 07:42
EN: Higher probability sell, selling here compared to here.
ZH: 相比刚才的地方，这里做空的胜率更高
Slide 005
Time: 07:45
Bilingual Transcript
07:49 - 07:53
EN: Different computers see different things, and they label it differently.
ZH: 不同的电脑程序有不同的算法
Slide 006
Time: 07:50
Bilingual Transcript
07:53 - 07:55
EN: Some computers are looking for Double Tops.
ZH: 一些程序专门寻找双顶反转的机会
07:55 - 07:56
EN: They see a Double Top.
ZH: 这里它们看到一个双顶
07:56 - 07:59
EN: They see another Double Top here and here.
ZH: 这里和这里也是双顶
07:59 - 08:00
EN: Maybe they call this a Double Top.
ZH: 4和6也是双顶
08:00 - 08:02
EN: A Double Bottom bull flag.
ZH: 双底熊旗
08:02 - 08:03
EN: Another Double Bottom bull flag.
ZH: 又一个双底熊旗
08:03 - 08:08
EN: It doesn’t matter how you label it; it’s still a very tight range at this point.
ZH: 不论如何标记，此时仍然是很窄的震荡区间
08:08 - 08:09
EN: BreakOut Mode.
ZH: 突破模式
08:10 - 08:14
EN: The computers will trade it the same, no matter how they label it.
ZH: 不论如何标记，电脑程序都会用同样的方式交易它
08:18 - 08:22
EN: Traders are looking to sell reversals down and buy reversals up.
ZH: 交易者在寻找反转下跌的做空机会， 以及反转上涨的做多机会
08:27 - 08:33
EN: Strong breakout below a Trading Range, which is also an Expanding Triangle Top
ZH: 强势跌破了震荡区间的下沿，同时也是扩张三角顶
08:33 - 08:35
EN: that had a pretty good reversal down.
ZH: 相当不错的反转下跌
08:35 - 08:37
EN: Strong bull breakout.
ZH: 强势的多头突破
08:37 - 08:43
EN: This looks like a possible final breakout attempt on the part of the bulls,
ZH: 但立刻反转下跌，看起来像是衰竭前的最后一次尝试
08:41 - 08:43
EN: and it reversed down strongly.
ZH: 但立刻反转下跌，看起来像是衰竭前的最后一次尝试
08:45 - 08:50
EN: Some computers will say Double Top here and here, neckline of the Double Top,
ZH: 一些电脑程序会把4和6看作是双顶，这是双顶的颈线
08:50 - 08:54
EN: and we broke strongly below the neckline, and they’ll start looking to sell.
ZH: 强势突破颈线，空头会开始（继续）做空
08:54 - 08:56
EN: Here, a small Double Top bear flag.
ZH: 这里有一个小的双顶熊旗
08:56 - 09:00
EN: Push up, push up, and then a bear bar.
ZH: 反弹，反弹，阴线收在最低（在它下方做空）
Slide 007
Time: 09:05
Bilingual Transcript
09:08 - 09:13
EN: Sometimes the market repeats a pattern several times
ZH: 有时市场会在不同的时间周期上 多次重复某个结构，
09:11 - 09:18
EN: on several different timeframes, so you get smaller versions of the pattern
ZH: 有时市场会在不同的时间周期上 多次重复某个结构， 所以大的结构中包含了小的相似结构
09:15 - 09:18
EN: within larger versions of the pattern.
ZH: 所以大的结构中包含了小的相似结构
09:18 - 09:21
EN: When that happens, I call it a nested pattern.
ZH: 我称之为嵌套式结构
09:21 - 09:25
EN: It increases the chances that the pattern will work as you expect it to work.
ZH: 这增加了结构的可靠性 （注：比如反转成功率）
09:27 - 09:29
EN: Here we have an Expanding Triangle Top,
ZH: 这里有一个扩张三角顶
09:32 - 09:35
EN: and it’s within an even bigger Expanding Triangle Top.
ZH: 它处在一个更大的扩张三角形的上沿
09:35 - 09:38
EN: So, it’s a nested Expanding Triangle Top.
ZH: 所以，这是一个嵌套式的扩张三角顶
09:38 - 09:41
EN: Has a slightly higher probability of success.
ZH: 反转成功的概率略微提高了
09:43 - 09:47
EN: It’s also nested into a larger Expanding Triangle Top.
ZH: 它还嵌套在一个更大的扩张三角形内部
09:47 - 09:51
EN: So a small Expanding Triangle, a medium Expanding Triangle Top,
ZH: 所以有小的扩张三角形，中等的扩张三角形
09:51 - 09:54
EN: and a very big Expanding Triangle Top.
ZH: 和一个非常大的扩张三角形
09:54 - 10:00
EN: That increases the chances that this reversal down
ZH: 增加了反转下跌、空头赚钱的可能性
09:57 - 10:00
EN: will be profitable for the bears.
ZH: 增加了反转下跌、空头赚钱的可能性
Slide 008
Time: 10:00
Bilingual Transcript
10:04 - 10:10
EN: Expanding Triangle Top often evolves into an Expanding Triangle bear flag,
ZH: 扩张三角顶经常会变成扩张三角熊旗 （注：大概率会下跌的意思）
10:10 - 10:16
EN: and most Expanding Triangle Bottoms usually evolve
ZH: 而扩张三角底通常会变成扩张三角牛旗 （注：大概率会上涨的意思）
10:13 - 10:16
EN: into Expanding Triangle bull flags.
ZH: 而扩张三角底通常会变成扩张三角牛旗 （注：大概率会上涨的意思）
10:18 - 10:22
EN: We have an Expanding Triangle Bottom, or a bull flag.
ZH: 这是一个扩张三角底，或者说是牛旗
10:22 - 10:24
EN: We don’t know what came to the left.
ZH: 我们看不到左边的K线
10:24 - 10:28
EN: But if it was in a bear trend, this is an Expanding Triangle Bottom.
ZH: 如果左边是下降趋势，那么它就是扩张三角底
10:28 - 10:32
EN: If there was a bull trend over here, this is an Expanding Triangle bull flag.
ZH: 如果左边是上涨趋势，那么它就是扩张三角牛旗
10:34 - 10:36
EN: You buy the reversal up in either case.
ZH: 无论是哪种情况，都是买入做多
10:39 - 10:42
EN: And now we have another reversal down, a very Tight Channel.
ZH: 现在市场从上沿反转下跌，左边的上涨通道很窄
10:42 - 10:44
EN: You can take that short.
ZH: 你可以在这里做空（第1入场点）
10:44 - 10:46
EN: Higher probability to sell here.
ZH: 在这里卖出的胜率更高（小双顶，第2入场点）
10:46 - 10:49
EN: Three pushes up, one, two, three.
ZH: 3次向上推动——1，2，3
10:49 - 10:52
EN: It’s a Double Top, a second entry short.
ZH: 这是一个双顶，第2做空入场点
10:54 - 10:56
EN: Some traders will take the first reversal down;
ZH: 一些空头会第1时间入场
10:56 - 10:59
EN: others will wait to sell the second reversal down.
ZH: 一些空头会等待第2次反转的信号
11:01 - 11:03
EN: Expanding Triangle Bottom or bull flag,
ZH: （1-3-5是）扩张三角底，或者是牛旗 （注：没区别，都是反转上涨做多）
11:03 - 11:06
EN: and now we have an Expanding Triangle Top.
ZH: 现在变成了扩张三角顶（反转下跌做空）
11:09 - 11:13
EN: Another reversal up, a larger Expanding Triangle Bottom.
ZH: 有开始反转上涨，更大的扩张三角底
11:15 - 11:18
EN: Now we have an Expanding Triangle with seven legs.
ZH: 这个扩张三角形已经反转7次了
11:18 - 11:20
EN: That’s less common than five legs.
ZH: 比较少见，通常是5次
11:20 - 11:24
EN: Sometimes you get a pattern with nine legs, which is even less common.
ZH: 有时候甚至会有9次反转的扩张三角形 （注：所以扩张三角形很难交易）
11:24 - 11:27
EN: Eventually the market stops creating Expanding Triangle reversals
ZH: 最终三角形不再扩张，
11:27 - 11:32
EN: and it moves on to create some other pattern, as it did here.
ZH: 进入新的市场周期，比如这里
11:32 - 11:34
EN: The Expanding Triangle pattern ended.
ZH: 扩张三角形结束了
11:39 - 11:41
EN: Another Expanding Triangle.
ZH: 新的扩张三角底
11:41 - 11:42
EN: Micro Double Bottom.
ZH: 小双底
11:42 - 11:44
EN: Down, up, down, up.
ZH: 下跌，上涨；下跌，上涨
11:44 - 11:47
EN: Spike and Channel – spike, pullback, parabolic channel.
ZH: 急速变通道——急速下跌，反弹，抛物线通道
11:47 - 11:50
EN: Traders will buy above that bull bar.
ZH: 交易者会在那个阳线的上方买入
Slide 009
Time: 11:55
Bilingual Transcript
11:58 - 12:00
EN: Many different ways to label a pattern.
ZH: 一个结构往往有不同的标记方法
12:00 - 12:05
EN: Some traders will say the Expanding Triangle began here with this reversal up.
ZH: 一些电脑程序认为扩张三角形是从这个低点开始的
12:05 - 12:09
EN: Other computers will say it began with this reversal down.
ZH: 其它程序认为它从这个高点开始
12:10 - 12:14
EN: It could be the sixth leg in the Triangle,
ZH: 所以三角形一共有6段，或者7段，取决于标记的起点
12:12 - 12:14
EN: or it could be the seventh leg in the Triangle.
ZH: 所以三角形一共有6段，或者7段，取决于标记的起点
12:14 - 12:15
EN: Doesn’t matter.
ZH: 其实没区别
12:15 - 12:16
EN: You trade it the same.
ZH: 因为交易的方法都是一样的
12:17 - 12:20
EN: We have an expansion pattern and a reversal
ZH: 都是扩张三角形的结构
12:20 - 12:23
EN: with a good signal bar and a Micro Double Bottom.
ZH: 有好的反转做多信号K，还有小双底
12:23 - 12:25
EN: Traders will buy the reversal up.
ZH: 交易者会买入做多
12:31 - 12:34
EN: It’s important to pay attention to what the market’s doing.
ZH: 重点是要注意市场在做什么
12:34 - 12:39
EN: It’s continuing to reverse after every new high and every new low,
ZH: 每次创新高或新低之后，都反转了
12:39 - 12:42
EN: and therefore you should look to buy a reversal up from a new low.
ZH: 所以你应该在价格从新低反转上涨时买入做多
12:42 - 12:44
EN: You have to be ready to trade.
ZH: 必须做好交易的准备（计划）
12:44 - 12:47
EN: When it gets above a prior high, look for sells.
ZH: 当市场突破前期高点时，寻找做空的机会
12:47 - 12:51
EN: When it gets below a prior low, look to buy.
ZH: 当市场跌破前期低点时，寻找做多的机会
12:51 - 12:54
EN: Because that’s what the market has been doing.
ZH: 因为这就是市场一直在做的事情
12:54 - 12:57
EN: Every breakout has been failing and reversing.
ZH: 每次突破都在失败，然后反转
Slide 010
Time: 13:00
Bilingual Transcript
13:05 - 13:08
EN: We can’t see what the market was doing over here to the left,
ZH: 我们看不到左边的K线
13:08 - 13:14
EN: but if it was in a bear trend and then we got this pattern,
ZH: 如果是下降趋势，那么这就是扩张三角底
13:11 - 13:14
EN: this would be an Expanding Triangle Bottom,
ZH: 如果是下降趋势，那么这就是扩张三角底
13:14 - 13:17
EN: which is always a Lower Low Major Trend Reversal.
ZH: 也是地点降低的大反转结构
13:17 - 13:23
EN: If the pattern was a bull trend, then this is an Expanding Triangle bull flag.
ZH: 如果左边是上涨趋势，那么它就是扩张三角牛旗
13:27 - 13:30
EN: In either case, traders are going to buy a reversal up,
ZH: 无论是哪种情况，交易者都会在反转上涨时买入
13:30 - 13:35
EN: especially above a bull bar, especially when it’s a second reversal up.
ZH: 尤其是在阳线的上方买入，尤其是第2次反转上涨的时候
13:35 - 13:37
EN: We reversed up here, pulled back again,
ZH: 第1次上涨，回调
13:37 - 13:40
EN: and now we have a bull bar for a High 2 buy.
ZH: 然后这根阳线是高2做多信号K
13:40 - 13:44
EN: High 1 above this bear bar, High 2 above this bull bar.
ZH: 高1是这个阴线的上方，高2是这个阳线的上方
13:44 - 13:48
EN: Traders will buy the reversal up, stop just below.
ZH: 交易者会买入做多，止损放在下面
13:48 - 13:52
EN: The minimum objective: the top of the Triangle,
ZH: 最低目标：三角形的前期高点
13:52 - 13:57
EN: or some other resistance level which we do not yet have.
ZH: 或者其它某个阻力位
13:57 - 13:59
EN: You can always look for Measured Moves.
ZH: 比如说MM目标位，这总是一个好的选择
13:59 - 14:05
EN: A very strong first leg up, a little bit of a pullback
ZH: 非常强势的第1段上涨，回调略微低于那个突破点
14:03 - 14:08
EN: below that breakout point, but still a possible negative gap
ZH: 非常强势的第1段上涨，回调略微低于那个突破点 仍然可能是负缺口，可能有向上的MM目标位， 在这里达到了
14:06 - 14:08
EN: that could lead to a Measured Move – which it did.
ZH: 仍然可能是负缺口，可能有向上的MM目标位， 在这里达到了
14:08 - 14:13
EN: Bulls take profits there, or they’ll take profits on the reversal down,
ZH: 多头会在那里挂限价卖单止盈， 或者在反转下跌时手动止盈
14:13 - 14:15
EN: and bears will look to sell.
ZH: 而空头会寻找做空的机会
Slide 011
Time: 14:20
Bilingual Transcript
14:21 - 14:23
EN: Top of an Expanding Triangle pattern.
ZH: 扩张三角形的上沿
14:23 - 14:26
EN: Bears will sell either the first reversal down,
ZH: 一些空头会第1时间入场做空，
14:26 - 14:29
EN: or they’ll be concerned by the number of good bull bars here.
ZH: 如果担心左边的上涨趋势中有太多强势阳线的话，
14:30 - 14:33
EN: Some bears will sell the second reversal down instead.
ZH: 可以等待第2做空信号K再入场做空
14:33 - 14:36
EN: It’s a Double Top and a Wedge.
ZH: 这是一个双顶和楔形顶
14:36 - 14:41
EN: Three pushes up – one, bear bar, two, doji bar, and then three or four.
ZH: 3次向上推动——1，阴线； 2，十字星；然后3，或4
14:42 - 14:46
EN: Other traders will wait for the strong reversal down and then sell the pullback.
ZH: 或者等待强势的空头突破，然后在反弹时卖出
14:46 - 14:50
EN: Here we have an ii with a bear bar, so they’ll sell below that low,
ZH: 这里是ii，其中第2根孕线是阴线， 空头在它的下方卖出做空
14:50 - 14:53
EN: betting that this is going to be a successful Double Top.
ZH: 押注这个双顶反转会成功
14:53 - 14:56
EN: Double Top, neckline, Measured Move down,
ZH: 双顶，颈线，MM目标位
14:56 - 15:00
EN: maybe down to a new low and a bigger Expanding Triangle.
ZH: 也许会一直跌到新低，然后形成一个更大的扩张三角形
15:03 - 15:08
EN: If you take the short here or here, stop just above the top of the pattern.
ZH: 如果你在这里或这里做空，止损就在高点上方
15:12 - 15:17
EN: Minimum objective, at least initially: a new low in the pattern,
ZH: 初始的最低目标是前期的低点
15:17 - 15:19
EN: or maybe some kind of a Measured Move.
ZH: 或者某个MM目标位
15:19 - 15:22
EN: We have a Double Top, neckline, possible Measured Move down.
ZH: 双顶，颈线，往下翻一倍
15:22 - 15:26
EN: We have a very strong breakout, maybe a Measured Move down.
ZH: 非常强势的大阴线，往下翻一倍
15:28 - 15:33
EN: Traders will look to take profits at those targets or on the reversal up,
ZH: 空头会在这些目标位挂单止盈， 或者在反转上涨时手动止盈
15:33 - 15:36
EN: and bulls will buy on the reversal up.
ZH: 而多头会买如做多
15:40 - 15:43
EN: Finally, I want to talk about patterns that don’t look quite right.
ZH: 最后，我想讲一讲那些看上去不太对劲的结构
Slide 012
Time: 15:40
Bilingual Transcript
15:44 - 15:48
EN: The better a pattern looks, the more likely
ZH: 一个结构越标准，行情就越有可能按照你的预期发展
15:46 - 15:48
EN: it will behave the way you expect it to behave.
ZH: 一个结构越标准，行情就越有可能按照你的预期发展
15:48 - 15:53
EN: If it looks bad, it’s probably not going
ZH: 如果它看上去很糟糕，也许就没有那么可靠了
15:51 - 15:53
EN: to behave the way you expect it to behave.
ZH: 如果它看上去很糟糕，也许就没有那么可靠了
Slide 013
Time: 15:56
Bilingual Transcript
16:01 - 16:05
EN: The better a pattern looks, the more likely
ZH: 一个结构越标准，成功率就越高
16:03 - 16:05
EN: it’ll work the way you expect it to work.
ZH: 一个结构越标准，成功率就越高
16:05 - 16:10
EN: Is this an Expanding Triangle here, or here? I don’t know.
ZH: 它是不是扩张三角形？它呢？不知道
16:10 - 16:12
EN: The spacing is bad.
ZH: 很不对称
16:13 - 16:19
EN: Only a few bars between Points 1 and 3, and then a lot of bars between 3 and 5.
ZH: 1和3之间只有几根K线，而3和5之间有很多K线
16:19 - 16:23
EN: When that happens, most computers ignore that pattern
ZH: 如果是这种情况，大多数电脑会忽略这个结构，
16:23 - 16:25
EN: and look for something else – anything else.
ZH: 并且寻找其它的机会
16:31 - 16:36
EN: Leg 2 only has 2 bars, and then Leg 4 has 50 bars.
ZH: 第2段只有两根K线，但是第4段有50根K线
16:36 - 16:39
EN: It’s more of a Tight Trading Range than an Expanding Triangle,
ZH: 这更像是一个窄震荡区间，而不是扩张三角形
16:39 - 16:45
EN: and therefore this is not a very good-looking Leg 5, and neither is this.
ZH: 所以这个5不是一个好的做多机会，这个也不是 （注：跌破窄区间做空，而不是扩张三角底做多）
16:46 - 16:52
EN: They’re more likely the start of bear flags
ZH: 这些更有可能是下降趋势中的熊旗， 而不是反转上涨的开始
16:49 - 16:52
EN: in a bear trend than a reversal pattern.
ZH: 这些更有可能是下降趋势中的熊旗， 而不是反转上涨的开始
16:52 - 16:59
EN: In other words, a minor reversal creating a bear flag is more likely
ZH: 换句话说，小反转更有可能变成熊旗， 而不是扩张三角底（大反转）
16:56 - 16:59
EN: than an Expanding Triangle (a major reversal).
ZH: 换句话说，小反转更有可能变成熊旗， 而不是扩张三角底（大反转）
17:04 - 17:07
EN: Computers ignore bad looking patterns.
ZH: 电脑会忽略糟糕的模式
17:07 - 17:11
EN: They’ll always look at it as something else
ZH: 会把它看作其他结构（窄震荡区间），而不是扩张三角形
17:09 - 17:11
EN: rather than an Expanding Triangle.
ZH: 会把它看作其他结构（窄震荡区间），而不是扩张三角形
17:12 - 17:15
EN: Bad looking patterns therefore are low probability.
ZH: 所以糟糕的结构胜率很低
17:16 - 17:19
EN: They are as bad as having no pattern at all.
ZH: 就等于完全没有结构一样
17:19 - 17:22
EN: So do not trade patterns that look bad.
ZH: 所以不要去交易糟糕的结构
17:29 - 17:31
EN: Again, we have a symmetry issue here.
ZH: 同样，这里也是对称性的问题
17:31 - 17:35
EN: The spacing between Points 1 and 3 is small compared
ZH: 1和3之间的间距很小
17:35 - 17:37
EN: to the space between 3 and 5.
ZH: 3和5之间的间距很大
17:39 - 17:43
EN: You cannot have tiny legs at the start of the pattern
ZH: 如果扩张三角形的第1段很小
17:43 - 17:46
EN: and then a very big leg, a lot of bars, in the final leg.
ZH: 但最后1段很大，有很多K线
17:46 - 17:47
EN: It’s useless.
ZH: 这就没有用了（反转的概率很低）
17:48 - 17:53
EN: No one’s going to be trading it, and if the computers and traders
ZH: 没有人会去做反转； 如果电脑和交易者不把它当作扩张三角形交易
Slide 014
Time: 17:50
Bilingual Transcript
17:52 - 17:56
EN: are not trading it as an Expanding Triangle Top, you will not get a reversal.
ZH: 没有人会去做反转； 如果电脑和交易者不把它当作扩张三角形交易 那么反转就不会发生 （注：因为没有足够多的人卖出做空）
17:56 - 17:59
EN: The reversal will be minor and become a bull flag.
ZH: 只是小回调，变成牛旗
18:04 - 18:06
EN: We have a very strong breakout.
ZH: 非常强势的多头突破
18:06 - 18:10
EN: Possibly the computers will see this bear channel as a bull flag,
ZH: 电脑程序大概率会把这个下降通道看作是牛旗
18:10 - 18:13
EN: and this is the breakout of the flag.
ZH: 牛旗被向上突破
18:13 - 18:17
EN: It’s more likely going to be a Measuring Gap leading to a Measured Move up
ZH: 更有可能是测量型缺口，上方有MM目标位
18:17 - 18:20
EN: than an Exhaustion Gap leading to a reversal down.
ZH: 而不是会导致反转的竭尽型缺口
18:23 - 18:25
EN: Possible Wedge bull flag.
ZH: 楔形牛旗
18:25 - 18:28
EN: Three pushes down, one, two, three.
ZH: 3次向下推动——1，2，3
18:29 - 18:31
EN: Strong bull breakout.
ZH: 强势的多头突破
18:31 - 18:32
EN: A slightly Higher Low.
ZH: 低点略微抬高
18:34 - 18:35
EN: You can call it a big High 2.
ZH: 你也可以把它看作是大的高2
18:35 - 18:38
EN: Two legs down – one, pullback, two.
ZH: 两段式回调——1，反弹，2
18:39 - 18:40
EN: You can call it a Wedge bull flag.
ZH: 可以把它看作是楔形牛旗
18:40 - 18:44
EN: In any case, it’s probably a pullback from this breakout.
ZH: 总之，这更有可能是突破之后的回调
18:44 - 18:45
EN: It’s a slightly Higher Low.
ZH: 略微抬高的低点
18:45 - 18:49
EN: Traders will assume there’ll be at least a small second leg up.
ZH: 交易者押注至少会有小的第2段上涨
18:51 - 18:55
EN: Whenever you get a strong breakout, the market cycle starts over.
ZH: 每次强势突破之后，市场周期就会重新开始
18:55 - 18:59
EN: You look for a pullback and then a channel and then a Trading Range.
ZH: 急速上涨，回调，通道，然后震荡区间
19:04 - 19:12
EN: I began by talking about Triangles where the legs get bigger
ZH: 这节课我首先讲了通道扩张的三角形
Slide 015
Time: 19:05
Bilingual Transcript
19:08 - 19:12
EN: and the lines diverge (an Expanding Triangle).
ZH: 这节课我首先讲了通道扩张的三角形
19:12 - 19:15
EN: If the pattern is big enough late in a trend,
ZH: 如果结构足够大，且处于趋势后期，
19:15 - 19:19
EN: it can be a Major Trend Reversal as well.
ZH: 扩张三角形可能是大反转的机会
19:20 - 19:23
EN: It’s really important to pay attention to how patterns look.
ZH: 要注意结构看上去是否对称
19:23 - 19:30
EN: If a pattern does not look good to you, it’s not going to look good
ZH: 如果看上去很糟糕， 电脑程序就不会按照扩张三角形的结构去做反转，
19:27 - 19:30
EN: to the computers, and if they are not trading the pattern,
ZH: 如果看上去很糟糕， 电脑程序就不会按照扩张三角形的结构去做反转，
19:30 - 19:35
EN: there’s not going to be enough money going into the pattern,
ZH: 既然没有足够多的钱入场，这个结构就没有用
19:33 - 19:35
EN: and therefore the pattern will be useless.
ZH: 既然没有足够多的钱入场，这个结构就没有用
19:35 - 19:37
EN: It will not do what you think it should do.
ZH: 市场就不会按照你的预期发生反转
19:42 - 19:43
EN: I’m Al Brooks.
ZH: 我是阿尔·布鲁克斯
19:43 - 19:45
EN: Thank you for watching the Brooks Trading Course.
ZH: 感谢观看布鲁克斯交易课程
19:45 - 19:48
EN: This is the second of two videos on Triangles.
ZH: 三角形的两节课，到这里就全部讲完了