al-brooks-course
29A - Climaxes
Raw transcript and slide notes for 29A - Climaxes.
Overview
- Slides: 21
- Transcript segments: 685
- 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: 你会，我是阿尔·布鲁克斯
00:03 - 00:05
EN: Thank you for watching the Brooks Trading Course.
ZH: 欢迎观看布鲁克斯交易课程
00:06 - 00:09
EN: This is the first of five videos on climaxes.
ZH: 接下来的5节课，我们来讲高潮
Slide 001
Time: 00:11
Bilingual Transcript
00:13 - 00:16
EN: In this video, I’ll be talking about what I mean by “climax.”
ZH: 第1节课，我首先会将“高潮”的含义是什么
00:16 - 00:20
EN: Every trend bar is a breakout and a climax.
ZH: 每根（大的）趋势K线，都是突破和高潮
00:20 - 00:24
EN: If a breakout occurs early in a trend, I refer to it as a breakout.
ZH: 如果它出现在趋势的早期，我就说它是突破
00:24 - 00:29
EN: If it occurs after a trend has extended for 20 or more bars,
ZH: 如果它出现在趋势持续超过20根K线之后，
00:29 - 00:33
EN: then I start referring to it as a possible climax.
ZH: 我就开始说它是潜在的高潮
Slide 002
Time: 00:35
Bilingual Transcript
00:37 - 00:44
EN: All major reversal patterns involve Trading Ranges most of the time,
ZH: 所有的大反转结构，包括高潮反转，都涉及震荡区间
00:42 - 00:44
EN: and that includes climaxes as well.
ZH: 所有的大反转结构，包括高潮反转，都涉及震荡区间
00:44 - 00:49
EN: For example, a climax is often a breakout from a Final Flag.
ZH: 例如，末端旗形之后的突破经常就是高潮
00:50 - 00:54
EN: Also, whenever there is a climactic reversal, there eventually is a pullback,
ZH: 还有，高潮之后的反转大部分只是回调
00:54 - 00:57
EN: and that pullback is a small Trading Range.
ZH: 回调是小的震荡区间
Slide 003
Time: 01:00
Bilingual Transcript
01:01 - 01:06
EN: Every trend bar and every series of trend bars is a breakout and a climax.
ZH: 每一根趋势K线，每一系列趋势K线，都是突破和高潮
01:08 - 01:13
EN: I use the term “climax” to refer to a breakout that occurs late in a trend
ZH: 我用“高潮”一词来形容趋势后期发生的突破，
01:13 - 01:19
EN: and is followed by an end of the trend – either by the market going sideways
ZH: 高潮之后趋势结束——要么横盘，要么反转
01:17 - 01:19
EN: or going in the opposite direction.
ZH: 高潮之后趋势结束——要么横盘，要么反转
01:21 - 01:25
EN: A climactic move is often an acceleration of the move.
ZH: 高潮是趋势的加速
01:25 - 01:32
EN: For example, we’re going down with Lower Lows here and Lower Highs,
ZH: 比如，下降趋势，高点和低点都在降低， 然后市场加速下跌
01:30 - 01:32
EN: and then we have an acceleration down.
ZH: 比如，下降趋势，高点和低点都在降低， 然后市场加速下跌
01:32 - 01:35
EN: We have a breakout, and it turned out that was the end of the trend.
ZH: 这是一次突破，结果变成了趋势的终结
01:35 - 01:38
EN: Likewise, the market’s going up here
ZH: 同样，这里市场在上涨
01:38 - 01:41
EN: and we’re accelerating up again here and again here.
ZH: 然后在这里和这里加速上涨
01:41 - 01:45
EN: This is a Buy Climax, this is a Buy Climax, this is a Buy Climax.
ZH: 这是抢购高潮，这是抢购高潮，这是抢购高潮
01:45 - 01:47
EN: Buy Climax, Buy Climax.
ZH: 抢购高潮
01:47 - 01:50
EN: This series of 4 bars is a Buy Climax.
ZH: 这连续4根阳线是抢购高潮
01:50 - 01:53
EN: Another Buy Climax, another Buy Climax.
ZH: 又一个抢购高潮，抢购高潮
01:53 - 01:55
EN: A 10-bar bull Micro Channel.
ZH: 持续了10根K线的上涨微通道
01:55 - 01:58
EN: That’s a breakout and therefore a Buy Climax as well.
ZH: 它是突破，也是抢购高潮
02:04 - 02:08
EN: I don’t use the word “climax” to refer to a breakout until the bars
ZH: 我不会用“高潮”一词来代指突破，
02:08 - 02:15
EN: after the breakout show that the trend has ended
ZH: 除非突破之后的K线告诉我，趋势已经结束—— 反转，或者停滞、进入震荡区间
02:12 - 02:15
EN: - either reversed or halted, became a Trading Range.
ZH: 除非突破之后的K线告诉我，趋势已经结束—— 反转，或者停滞、进入震荡区间
02:19 - 02:24
EN: Most climaxes lead to a 3 to 5 or 10 bar Trading Range,
ZH: 大多数高潮之后会有3~5根，或10根K线的震荡区间，
02:24 - 02:28
EN: and then the market decides whether it will reverse or resume.
ZH: 然后市场再决定到底是反转还是继续
02:28 - 02:32
EN: Here we have a Buy Climax and a pause, and the trend resumed.
ZH: 抢购高潮，暂停，然后趋势继续
02:32 - 02:36
EN: Here we have a Sell Climax and a pause, and the trend reversed.
ZH: 抛售高潮，暂停，然后反转
02:39 - 02:46
EN: In general, whenever there’s a climax, 50% chance of a trend reversal,
ZH: 通常来说，每个高潮之后，50%的概率会反转， 50%的概率趋势会继续
02:44 - 02:46
EN: 50% chance of trend resumption.
ZH: 通常来说，每个高潮之后，50%的概率会反转， 50%的概率趋势会继续
02:46 - 02:51
EN: We got a trend reversal here, and we had a Buy Climax
ZH: （抛售高潮之后）趋势反转，然后抢购高潮
02:51 - 02:55
EN: and an attempt at a reversal, but it led to trend resumption here.
ZH: 尝试向下反转，但最终继续上涨
02:58 - 03:03
EN: 50% of the time when you have a climax – here,
ZH: 高潮之后50%的时间——比如这里的抛售高潮——会反转
03:01 - 03:03
EN: a Sell Climax – you get a reversal.
ZH: 高潮之后50%的时间——比如这里的抛售高潮——会反转
03:03 - 03:07
EN: 50% of the time when you have a climax, you get trend resumption.
ZH: 另外50%的时间，趋势会继续
Slide 004
Time: 03:10
Bilingual Transcript
03:13 - 03:19
EN: Breakouts usually fail, and therefore there’s usually at least a little climax.
ZH: 大多数的突破会失败，所以至少是一次小的高潮
03:19 - 03:26
EN: Most climaxes are only a single bar and lead to a minor reversal
ZH: 很多高潮只是单独1根K线，然后有一些小反转—— 比如趋势中的回调，或者震荡区间中的小波段
03:22 - 03:26
EN: - for example, a pullback in a trend or a leg in a Trading Range.
ZH: 很多高潮只是单独1根K线，然后有一些小反转—— 比如趋势中的回调，或者震荡区间中的小波段
03:26 - 03:29
EN: Here we have a Sell Climax and it led to a reversal.
ZH: 这个抛售高潮之后，趋势反转了
03:29 - 03:33
EN: The reversal was a Buy Climax, and that led to a reversal down.
ZH: 抢购高潮，下跌
03:33 - 03:37
EN: This reversal down is a Sell Climax, and it led to a reversal up.
ZH: 这个下跌是抛售高潮，然后反转上涨
03:37 - 03:39
EN: Every trend bar is a climax.
ZH: 每根趋势K线都是一次高潮
03:39 - 03:43
EN: Here’s a Buy Climax, a pause, and we continued up.
ZH: 大阳线，抢购高潮，暂停之后继续上涨
03:43 - 03:47
EN: Here’s a Buy Climax and a bear bar, a pause, and it led to a reversal down.
ZH: 抢购高潮，暂停，下跌
03:47 - 03:49
EN: Most of the reversals are minor.
ZH: 大多数都是小反转
03:50 - 03:55
EN: For example, here we have a Buy Climax, and it led to a reversal down
ZH: 比如，这个大阳线是抢购高潮，然后下跌，
03:55 - 03:58
EN: that became a Higher Low – a bull flag in a bull trend.
ZH: 形成了更高的低点——它是上涨趋势中的牛旗
03:58 - 04:04
EN: Again, a Sell Climax, and it led to a bull flag and a resumption up.
ZH: 大阳线，抛售高潮；它是牛旗，继续上涨
04:05 - 04:08
EN: Here we have possibly an early bear trend,
ZH: 这里，可能是下降趋势的初期，
04:08 - 04:11
EN: possibly a bull flag that could lead to a resumption up.
ZH: 也可能是牛旗，会继续上涨
04:11 - 04:14
EN: And we have a Buy Climax, and it led to just a pause,
ZH: 大阳线，抢购高潮，然后横盘暂停
04:14 - 04:17
EN: a bear flag, and trend resumption down.
ZH: 最终下跌，所以它是熊旗
04:23 - 04:31
EN: Even when there is a successful breakout, it still usually results
ZH: 即使是成功的突破，仍然有可能只是趋势或震荡区间中的一小段
04:28 - 04:31
EN: in only a minor leg in a trend or a Trading Range.
ZH: 即使是成功的突破，仍然有可能只是趋势或震荡区间中的一小段
04:31 - 04:35
EN: Here we have a successful breakout, strong breakout,
ZH: 这里，空头成功地突破了，非常强势，
04:35 - 04:39
EN: follow-through bar, and it only led to what became a Trading Range.
ZH: 而且有跟随K线，然而市场之后只是进入了震荡区间
04:39 - 04:42
EN: Big down, big up, big confusion – Trading Range
ZH: 大涨、大跌、大的困惑——震荡区间（的特征）
04:42 - 04:46
EN: - and then BreakOut Mode, either for a reversal or resumption down.
ZH: 也是突破模式，要么反转上涨，要么继续下跌
04:52 - 04:53
EN: A Buy Climax.
ZH: 抢购高潮
04:53 - 04:54
EN: The bulls are becoming aggressive.
ZH: 多头变得激进
04:54 - 05:02
EN: Instead of bears selling at the high, the bears are getting overwhelmed
ZH: 尽管空头在逢高做空，但太多多头愿意追涨， 他们的力量把空头压倒了
04:59 - 05:02
EN: by bulls willing to buy at the high.
ZH: 尽管空头在逢高做空，但太多多头愿意追涨， 他们的力量把空头压倒了
05:02 - 05:04
EN: That’s a sign of strong bulls.
ZH: 这是多头强势的体现
05:04 - 05:07
EN: That trend bar is a sign of the bears giving up.
ZH: 大阳线是空头放弃的信号
05:07 - 05:11
EN: Too many bears buying back shorts, too many bulls buying aggressively.
ZH: 空头回补，而多头积极地买入
05:11 - 05:13
EN: And the same right here as well.
ZH: 这里也是一样
05:13 - 05:15
EN: There are always bears selling at the prior high,
ZH: 总是有空头在前期的高点挂单卖空
05:15 - 05:18
EN: and this bull trend bar shows that those bears were trapped,
ZH: 这根大阳线告诉你，那些空头被套牢了，
05:18 - 05:21
EN: and many of them quickly bought back their shorts.
ZH: 其中很多人迅速止损离场
05:21 - 05:24
EN: Bulls saw that as well, and they bought as well.
ZH: 多头看到这一点之后，也继续买入
05:24 - 05:28
EN: However, whenever you get a big bar late in a trend like that,
ZH: 然而，当你在趋势的后期看到这样的大K线的时候，
05:28 - 05:31
EN: chances are it’s going to lead to a climactic reversal
ZH: 它有可能会导致高潮反转，
05:31 - 05:35
EN: and at least a Trading Range, and maybe an opposite trend.
ZH: 至少是回调、进入震荡区间，甚至可能是相反的趋势
05:40 - 05:41
EN: Sell Climax.
ZH: 抛售高潮
05:41 - 05:46
EN: The bears were very aggressive briefly, but they were overwhelmed
ZH: 空头一度非常激进，但还是被多头压倒了
05:45 - 05:52
EN: by the bulls right here, and this big bull bar after that bear bar
ZH: 空头一度非常激进，但还是被多头压倒了 大阴线之后的大阳线，是空头放弃和多头买入共同造成的结果
05:49 - 05:52
EN: is a combination of the bears giving up and the bulls buying.
ZH: 大阴线之后的大阳线，是空头放弃和多头买入共同造成的结果
05:55 - 05:57
EN: A climax can be as brief as a single bar
ZH: 高潮可以短到只有单独一根K线
05:57 - 06:02
EN: - here’s a single bar Sell Climax; here’s a 3 bear bar Sell Climax.
ZH: 1根阴线的抛售高潮，3根阴线的抛售高潮
06:04 - 06:06
EN: Climaxes can also last for many bars.
ZH: 高潮也可以持续多根K线
06:06 - 06:11
EN: For example, here’s approximately a 7 or 8 bar bull Micro Channel.
ZH: 例如，这里是持续了7~8根K线的上涨微通道
06:11 - 06:13
EN: It would be a breakout on a higher timeframe chart.
ZH: 在更高时间周期的K线图上，它就是一次突破
06:13 - 06:16
EN: On this timeframe, it lasted about 8 bars.
ZH: 在这个时间周期上，它持续了大约8根K线
06:16 - 06:19
EN: And again here, another bull Micro Channel.
ZH: 这里也是一个上涨微通道
06:19 - 06:22
EN: A Buy Climax lasting many bars.
ZH: 是持续了多根K线的抢购高潮
Slide 005
Time: 06:25
Bilingual Transcript
06:27 - 06:31
EN: Whenever there’s a successful breakout, you often get a swing
ZH: 如果突破成功的话，可能是测量型缺口，
06:31 - 06:34
EN: and a Measuring Gap, the start of a new trend.
ZH: 会有波段，甚至是新趋势的开始
06:34 - 06:40
EN: Most breakouts typically fail and represent a climactic end of a trend
ZH: 但大多数的突破通常会失败，代表趋势即将衰竭， 或只是趋势中的一段，
06:38 - 06:46
EN: or a leg in a trend, and therefore, most climaxes end up being Exhaustion Gaps.
ZH: 但大多数的突破通常会失败，代表趋势即将衰竭， 或只是趋势中的一段， 所以大部分高潮最终会成为竭尽型缺口
06:46 - 06:49
EN: We have a gap between the close of this bar and these lows,
ZH: 这根K线的收盘价，和这些低点之间有缺口
06:49 - 06:54
EN: and also the close of this bar and these lows.
ZH: 和这些低点之间也是缺口
06:54 - 06:57
EN: We have another bar in the Sell Climax,
ZH: 又一根大阴线下跌
06:57 - 07:01
EN: so now the gap is between this close and all of those lows.
ZH: 缺口变大，这个收盘价，到前期所有低点之间的距离
07:01 - 07:03
EN: We got a bull reversal here.
ZH: 多头反转上涨
07:03 - 07:06
EN: The bears hope it’s simply a pullback testing the breakout.
ZH: 空头希望这只是突破后的小反弹
07:06 - 07:08
EN: They want the bear trend to resume.
ZH: 他们希望下降趋势继续
07:08 - 07:13
EN: At this point, at the close of this bar, the gap is from the high of this bar
ZH: 在这根K线收盘的时候，缺口是从这根K线的最高点，
07:13 - 07:19
EN: and that low, the first bar of the climax, this low, and any of these lows.
ZH: 到这根阴线的低点，到这个低点，或者任何前期的低点 （之间的距离）
07:19 - 07:24
EN: All of those are gaps, and they all closed with this big reversal up.
ZH: 这些都是缺口，都被这根大阳线填补了
07:25 - 07:33
EN: At that point, once all of those gaps close, you look at this bear breakout,
ZH: 此时，一旦这些缺口都被填补， 你就知道这是竭尽型的抛售高潮
07:30 - 07:33
EN: a Sell Climax, and you call it an exhaustive Sell Climax,
ZH: 此时，一旦这些缺口都被填补， 你就知道这是竭尽型的抛售高潮
07:33 - 07:36
EN: and all of those gaps are Exhaustion Gaps.
ZH: 这些都是竭尽型缺口
07:40 - 07:41
EN: We’re starting to trend down.
ZH: 开始下跌
07:41 - 07:43
EN: We have a 4-bar bear breakout.
ZH: 连续4根阴线的突破
07:43 - 07:48
EN: At this point we don’t know if it’s going to be a Measuring Gap leading
ZH: 此时你不知道它是不是测量型缺口， 会一直跌到MM目标位
07:47 - 07:54
EN: to a Measured Move down or if it’ll fail, the way this one failed,
ZH: 此时你不知道它是不是测量型缺口， 会一直跌到MM目标位 还是会像之前这里一样，突破失败， 然后上涨趋势会从这个低点开始恢复上涨
07:51 - 07:54
EN: and the bull trend will resume up from a Higher Low.
ZH: 还是会像之前这里一样，突破失败， 然后上涨趋势会从这个低点开始恢复上涨
07:54 - 07:58
EN: The bulls tried to resume up here, just like they did over here,
ZH: 多头尝试反转上涨，就像他们在这里做的一样
07:58 - 08:02
EN: and the bears turned it down again, and there’s a gap.
ZH: 但是被空头卖下去了，维持住了这个缺口
08:02 - 08:03
EN: These highs and that low.
ZH: 从这个高点到这个低点
08:03 - 08:06
EN: This is a breakout test of the breakout point.
ZH: 这是反弹回测突破点
08:06 - 08:09
EN: And once it starts to turn down, especially with a couple bear bars,
ZH: 一旦市场开始掉头下跌，尤其是出现了连续的阴线，
08:09 - 08:12
EN: the odds of it falling for a Measured Move go up.
ZH: 跌到MM目标位的概率就增加了
08:12 - 08:19
EN: Initially you’re going to look at the most recent Lower High
ZH: 最初的目标，是从最近一个重要的高点， 到突破点，往下翻一倍
08:16 - 08:19
EN: for the Measured Move projection – this Lower High to the gap.
ZH: 最初的目标，是从最近一个重要的高点， 到突破点，往下翻一倍
08:19 - 08:28
EN: If it falls below this line, traders will then look for a Measured Move
ZH: 如果这个位置被跌破，交易者就会寻找新的MM目标位， 从最高点到缺口，往下翻一倍
08:23 - 08:28
EN: based upon the top of the bear trend to the low of the gap.
ZH: 如果这个位置被跌破，交易者就会寻找新的MM目标位， 从最高点到缺口，往下翻一倍
08:28 - 08:30
EN: The Measured Move down would be here.
ZH: 新的目标位会在这里
08:35 - 08:39
EN: We have a Trading Range and a bear breakout – a very strong bear breakout,
ZH: 震荡区间，非常强势的空头突破，
08:39 - 08:47
EN: but still a breakout, and most breakouts fail, and the gaps close
ZH: 然而大部分的突破会失败，然后缺口被填补， 变成竭尽型缺口
08:45 - 08:47
EN: and then the breakout becomes an Exhaustion Gap.
ZH: 然而大部分的突破会失败，然后缺口被填补， 变成竭尽型缺口
08:47 - 08:51
EN: I would call this series of 3 bars an Exhaustion Gap.
ZH: 我会把这3根阴线看作是竭尽型缺口
08:51 - 08:55
EN: Once this bar went above that low, this low, this low, that low,
ZH: 一旦这根K线高于那个低点，这个低点，这个低点，那个低点
08:55 - 09:00
EN: all the gaps closed, and therefore, this is an Exhaustion Gap.
ZH: 所有的缺口就被填补了，因此，这是一个竭尽型缺口
09:00 - 09:06
EN: I know there’s no actual gap there, but it functions exactly like a gap,
ZH: 尽管不是传统意义上的跳空缺口，但是功能是一样的
09:06 - 09:11
EN: and this reversal up closing the space of the potential gap means
ZH: 这根大阳线反转上涨，把缺口填补了，
09:11 - 09:14
EN: that it’s an exhaustive end of the trend.
ZH: 意味着趋势的衰竭和结束
09:14 - 09:19
EN: That means that the market either goes sideways, or it could reverse,
ZH: 也就是说，市场要么横盘，要么反转
09:19 - 09:22
EN: or after 5 or 10 bars, it could resume down again.
ZH: 或者震荡5~10根K线后，继续下跌，
09:22 - 09:26
EN: It simply means this breakout phase has ended.
ZH: 这个突破阶段已经结束
09:30 - 09:32
EN: We have 3 consecutive bear bars and then a bull bar.
ZH: 连续3根阴线，然后是1根阳线
09:32 - 09:36
EN: At this point the gap is from this close to any of these lows,
ZH: （在第3根阴线收盘的时候）缺口是从它的收盘，到这些低点之间的距离
09:36 - 09:42
EN: or at the close of this bar, it’s from the high of this bar
ZH: 在阳线收盘的时候，缺口缩小， 是从它的最高点，到这些低点之间的距离
09:40 - 09:42
EN: to any of those lows as well.
ZH: 在阳线收盘的时候，缺口缩小， 是从它的最高点，到这些低点之间的距离
09:45 - 09:50
EN: When you have a Sell Climax and you start to get a reversal,
ZH: 当你看到一个抛售高潮，并且市场开始反转上涨，
09:50 - 09:52
EN: the target is the top of the Sell Climax.
ZH: 目标是抛售高潮的起跌点
09:52 - 09:55
EN: The market usually tries to go at least a tiny bit above that high.
ZH: 价格通常会至少略微超过起跌点
09:55 - 09:57
EN: Sometimes it reverses down.
ZH: 然后有时会反转下跌
09:57 - 09:59
EN: Usually it goes sideways at least a little bit.
ZH: 通常至少会横盘一点点
09:59 - 10:05
EN: If it reverses down, the bears see this as a Double Top
ZH: 如果反转下跌，空头会把它看作双顶——这个高点和那个高点
10:03 - 10:05
EN: - this high and that high.
ZH: 如果反转下跌，空头会把它看作双顶——这个高点和那个高点
10:05 - 10:07
EN: They see this as the neckline.
ZH: 他们把这个低点看作颈线
10:07 - 10:12
EN: They look for the bear trend to resume, break below the neckline,
ZH: 他们期待下降趋势继续，可以跌破颈线，并且跌到MM目标位
10:10 - 10:12
EN: and fall for a Measured Move down.
ZH: 他们期待下降趋势继续，可以跌破颈线，并且跌到MM目标位
10:12 - 10:17
EN: The bulls look for the reversal down to fail,
ZH: 多头希望空头失败，他们希望可以向上突破双顶
10:14 - 10:17
EN: and they want a bull breakout above the Double Top
ZH: 多头希望空头失败，他们希望可以向上突破双顶
10:17 - 10:21
EN: and then a Measured Move up from the neckline to the Double Top.
ZH: 然后上涨到反向的MM目标位 （注：把双顶的高度往上翻一倍）
10:23 - 10:26
EN: Whenever you have a climax that reverses,
ZH: 每当你看到高潮之后的反转
10:26 - 10:30
EN: the first target is always the start of the climax.
ZH: 第一个目标位永远是高潮的起点
10:30 - 10:33
EN: In a Sell Climax, it would be the high here.
ZH: 如果是抛售高潮，起跌点就是这个高点
10:33 - 10:41
EN: On a Buy Climax here, if it starts to reverse, the first target is the bottom
ZH: 抢购高潮，如果开始反转下跌，第1个目标就是这里的起涨点， 然后是最下面的起涨点
10:36 - 10:41
EN: of the Buy Climax here, and then possibly all the way down there.
ZH: 抢购高潮，如果开始反转下跌，第1个目标就是这里的起涨点， 然后是最下面的起涨点
10:46 - 10:49
EN: Sometimes when you get that reversal, you get an opposite trend.
ZH: 高潮之后有时会反转成相反的趋势
10:49 - 10:53
EN: Most of the time the market goes sideways for 5 or 10 bars
ZH: 大多数时候市场会横盘5到10根K线
10:53 - 10:57
EN: and then enters BreakOut Mode for either a reversal or a resumption.
ZH: 然后进入突破模式，要么反转，要么继续
Slide 006
Time: 11:00
Bilingual Transcript
11:03 - 11:05
EN: Remember, every trend bar or every series
ZH: 每根趋势K线，每一系列趋势K线，
11:05 - 11:10
EN: of trend bars is a climax, it’s a gap, it’s a breakout.
ZH: 都是高潮，是缺口，也是突破
11:11 - 11:15
EN: I want to talk about Exhaustion Gaps with this next few slides,
ZH: 接下来的几页课件，我想讲一讲竭尽型缺口
11:15 - 11:23
EN: and I want to talk about why the market would ever test the top
ZH: 我会讲到，为什么市场会测试抢购高潮的起涨点， 或者抛售高潮的起跌点
11:20 - 11:23
EN: of a Sell Climax or the bottom of a Buy Climax.
ZH: 我会讲到，为什么市场会测试抢购高潮的起涨点， 或者抛售高潮的起跌点
11:30 - 11:33
EN: If you think about it, a climax is a surprise.
ZH: 可以这样想，高潮是一种意外行情
11:33 - 11:37
EN: Here we have 3 consecutive bear bars, 2 of them closing on their lows.
ZH: 这里有连续3根阴线，其中两根收在最低
11:37 - 11:40
EN: They’re big bars and they’re breaking out.
ZH: 它们的体积很大，正在向下突破
11:40 - 11:41
EN: It’s a surprise.
ZH: 这是一种意外（的行情）
11:41 - 11:44
EN: The market is doing something that was a low probability event.
ZH: 市场在做一件低概率的事情
11:45 - 11:47
EN: Whenever the market does something very different,
ZH: 每当市场在做不寻常的事情的时候，
11:47 - 11:53
EN: traders want to know, will it succeed and lead to a bear trend
ZH: 交易者想要知道，它是否会成功，变成下降趋势，
11:53 - 11:56
EN: or will it fail and reverse, as it did here?
ZH: 还是说它会失败，就像这里一样？
12:04 - 12:06
EN: Therefore, traders want a test.
ZH: 因此，交易者希望测试、确认
12:06 - 12:12
EN: They want the market to go back to the start of the move to see
ZH: 他们希望市场回到起跌点，来观察空头是否会再次在那个价格卖出做空，
12:10 - 12:17
EN: if the bears will sell again at that price and break below the neckline
ZH: 他们希望市场回到起跌点，来观察空头是否会再次在那个价格卖出做空， 市场是否会跌破潜在的双顶颈线，然后一直跌到MM目标位
12:14 - 12:17
EN: of a potential Double Top, fall for a Measured Move down.
ZH: 市场是否会跌破潜在的双顶颈线，然后一直跌到MM目标位
12:17 - 12:23
EN: Or will the bears not sell all that aggressively and then the market will go
ZH: 又或者，空头不会像之前一样积极地卖出，
12:23 - 12:27
EN: in the opposite direction? Will it decide that this is the wrong direction?
ZH: 然后市场往反方向移动？是否市场认为下跌是错误的方向？
12:28 - 12:32
EN: Here we got some selling, but not particularly strong.
ZH: 这里有一些抛售，但不是特别强
12:32 - 12:35
EN: It became a Higher Low and the start of a bull trend.
ZH: 它变成了抬高的低点，以及上涨趋势的开始
12:35 - 12:39
EN: Therefore, this Sell Climax became an exhaustive Sell Climax,
ZH: 因此，这个抛售高潮变成了衰竭型缺口
12:39 - 12:41
EN: an exhaustive end of a bear trend.
ZH: 下降趋势衰竭、结束
12:48 - 12:51
EN: A gap is a space between any two points,
ZH: 缺口是任何两个点之间的空间
12:51 - 12:54
EN: and when I’m talking about potential Exhaustion Gaps,
ZH: 当我讲到潜在的竭尽型缺口时，
12:54 - 12:58
EN: I’m talking about the lowest close of the series of bear bars.
ZH: 我指的是一系列阴线中最低的那个收盘价
12:58 - 13:00
EN: Sometimes the bear breakout is a single bar.
ZH: 有时空头突破只是单独1根K线
13:00 - 13:02
EN: Here it’s 3 bars.
ZH: 这里是3根K线
13:02 - 13:07
EN: I’m interested in the lowest close and then the top of the Sell Climax.
ZH: 我关注的是最低的那个收盘价，然后是抛售高潮的起点
13:08 - 13:12
EN: That is the gap, from this close to that high.
ZH: 从这个收盘价到那个高点（之间的空间），就是缺口
13:12 - 13:14
EN: When you’re talking about potential Exhaustion Gaps,
ZH: 这就是潜在的竭尽型缺口，
13:14 - 13:18
EN: that is the gap – and you can see the market got up to that gap.
ZH: 可以看到，市场填补了那个缺口
13:18 - 13:23
EN: Although it’s hard to see here, it did get a little bit
ZH: 可能这里看的不是特别清楚，但确实略微超过了那个高点
13:21 - 13:23
EN: above the top of that gap.
ZH: 可能这里看的不是特别清楚，但确实略微超过了那个高点
13:23 - 13:27
EN: It typically tries to go 1 tick or 1 pip above the top of the gap.
ZH: 市场通常会超过起跌点至少1个tick或pip
13:27 - 13:31
EN: Sometimes it stops exactly at the gap, sometimes it goes a little bit more.
ZH: 有时会正好停在缺口，有时会超过一点
13:31 - 13:35
EN: At that point traders decide, are we going to reverse?
ZH: 在这个地方，交易者要决定，会反转上涨吗？
13:35 - 13:39
EN: Or will the bears sell again, and will we break below the neckline
ZH: 还是说，空头会再次抛售？
13:39 - 13:42
EN: and fall for a Measured Move down from this potential Double Top?
ZH: 然后跌破颈线，跌到这个潜在双顶的MM目标位？
Slide 007
Time: 13:45
Bilingual Transcript
13:53 - 13:56
EN: Hard to see, but it went a little bit above that high.
ZH: 不是特别清晰，但它稍微超过了那个高点
13:56 - 14:03
EN: Once it did that, this gap between this close
ZH: 一旦收盘价到起跌点之间的缺口被填补， 它就变成了竭尽型缺口
14:00 - 14:03
EN: and that high is now an Exhaustion Gap.
ZH: 一旦收盘价到起跌点之间的缺口被填补， 它就变成了竭尽型缺口
14:03 - 14:07
EN: It’s still possible for the bears to get a Double Top, break below the neckline,
ZH: 空头仍然有可能形成双顶，跌破颈线，
14:07 - 14:11
EN: and fall below for a Measured Move down or the start of a bear trend.
ZH: 然后跌到MM目标位，或者形成大的下降趋势
14:11 - 14:17
EN: However, strong bear trends typically do not retrace
ZH: 然而，真正强势的下降趋势，通常不会反弹到缺口的起点
14:15 - 14:17
EN: all the way back to the top of the gap.
ZH: 然而，真正强势的下降趋势，通常不会反弹到缺口的起点
14:17 - 14:21
EN: Once it goes above the top of a major Higher Low,
ZH: 一旦反弹超过前期某个重要的高点，
14:21 - 14:25
EN: the market then is in a Trading Range and possibly a bull trend.
ZH: 市场就处于震荡区间，甚至是上涨趋势
14:25 - 14:31
EN: If it’s a bear trend, it should not go above the top of a major Lower High.
ZH: 如果是下降趋势，价格就不应该超过重要的高点
14:36 - 14:40
EN: You can see the bears sold again, but we got a reversal up from a Higher Low.
ZH: 尽管空头再次卖出，但是价格从一个更高的低点开始反转上涨
14:41 - 14:48
EN: Once you see the market reverse up and again break above that high,
ZH: 一旦你看到市场向上反转，并再次突破那个高点， 这个双顶就被突破了
14:46 - 14:48
EN: we’re breaking above a Double Top.
ZH: 一旦你看到市场向上反转，并再次突破那个高点， 这个双顶就被突破了
14:48 - 14:51
EN: Instead of the market breaking below the neckline of the Double Top and falling
ZH: 市场没有跌破双顶的颈线，没有跌到向下的MM目标位
14:51 - 14:58
EN: for a Measured Move, you’ve got to be thinking that maybe it’ll go up
ZH: 你就要思考，也许会上涨到反向的MM目标位， 也是基于这个双顶的高度（往上翻一倍）
14:55 - 14:58
EN: for a Measured Move based upon the height of the Double Top.
ZH: 你就要思考，也许会上涨到反向的MM目标位， 也是基于这个双顶的高度（往上翻一倍）
15:00 - 15:02
EN: The neckline of the Double Top, here’s the Double Top,
ZH: 双顶的颈线，这里是双顶，
15:02 - 15:07
EN: here’s the Measured Move up, and you can see there was profit-taking there.
ZH: 这里是上方的MM目标位，可以看到那里有人止盈
Slide 008
Time: 15:10
Bilingual Transcript
15:16 - 15:20
EN: Any bull trend bar, especially a big bull trend bar,
ZH: 任何阳线，尤其是大阳线，
15:20 - 15:22
EN: it’s a breakout, it’s a climax.
ZH: 它是突破，也是抢购高潮
15:23 - 15:27
EN: Any time the market does something big like that, it’s a surprise.
ZH: 每当市场有这么大的移动，这是一种意外行情
15:27 - 15:29
EN: It’s suddenly doing something very different.
ZH: 它突然在做一些不寻常的事情
15:29 - 15:33
EN: We had relatively small bull bars, and now we have a pretty big bull bar.
ZH: 之前的阳线相对较小，但现在这根阳线突然很大
15:33 - 15:39
EN: Traders want to know if the surprise is the start of a move
ZH: 交易者想要知道，这是新趋势的开始，还是旧趋势的衰竭
15:38 - 15:46
EN: or an exhaustive end of a move, and therefore the market often pulls back
ZH: 交易者想要知道，这是新趋势的开始，还是旧趋势的衰竭 所以市场通常会回调到起涨点，看看多头是否会再次买入
15:42 - 15:46
EN: to the beginning of the surprise to see if the buyers will buy again.
ZH: 所以市场通常会回调到起涨点，看看多头是否会再次买入
15:46 - 15:49
EN: Not much buying here, a little bit better here,
ZH: 这里没有太多买入，这里稍微多一些
15:49 - 15:52
EN: but ultimately the bulls did not buy.
ZH: 但最终多头没有买入
15:52 - 15:56
EN: If they did buy, then this could become a Measuring Gap.
ZH: 如果他们大量买入，那么这就会变成一个测量型缺口
15:56 - 16:01
EN: For example, if the pullback did not fall below the top of this bar,
ZH: 例如，如果回调没有跌破这根K线的高点，
16:01 - 16:05
EN: the gap would stay open and traders would look for
ZH: 缺口就保持开放，交易者会预期某种MM目标位，
16:03 - 16:09
EN: some kind of a Measured Move up – maybe from this low to that high,
ZH: 缺口就保持开放，交易者会预期某种MM目标位， 比如从这个低点到那个高点，或者这个低点到那个高点
16:07 - 16:09
EN: possibly from this low to that high.
ZH: 比如从这个低点到那个高点，或者这个低点到那个高点
16:13 - 16:18
EN: The gap is the space between the highest close of the series of bull bars
ZH: 一系列阳线之后最高的收盘价——这里是两根阳线
16:18 - 16:22
EN: - here it’s 2 bull bars – and the bottom of the breakout,
ZH: 到抢购高潮的起涨点，它们之间就是缺口
16:21 - 16:22
EN: the bottom of the Buy Climax.
ZH: 到抢购高潮的起涨点，它们之间就是缺口
16:25 - 16:27
EN: In this particular case there were two choices.
ZH: 在这个特定的案例中，有两个选择
16:27 - 16:32
EN: We have an obvious big bar here and a little bit of follow-through here,
ZH: 一是这根大阳线，和后面的一点点跟随；
16:32 - 16:35
EN: but we also have a 10-bar bull Micro Channel.
ZH: 但是这也是一个持续了10根K线的上涨窄通道
16:35 - 16:41
EN: On a higher timeframe chart, this would be 1 or 2 big bull bars,
ZH: 在更高时间周期的K线图上，这就是1~2根大阳线的突破
16:39 - 16:41
EN: depending on what timeframe you looked at.
ZH: 在更高时间周期的K线图上，这就是1~2根大阳线的突破
16:42 - 16:47
EN: The bottom of this Buy Climax is a gap, potential Exhaustion Gap.
ZH: 到抢购高超的起点，就是潜在的竭尽型缺口
16:47 - 16:49
EN: It got closed.
ZH: 缺口被填补了
16:49 - 16:54
EN: The bottom of this entire bigger Buy Climax is also a potential Exhaustion Gap,
ZH: 这个更大的抢购高潮的起点，也是一个潜在的竭尽型缺口
16:55 - 16:59
EN: from the high close in the Buy Climax to the low of the Buy Climax.
ZH: 从最高的收盘价，到抢购高潮的起涨点
16:59 - 17:01
EN: And you can see that closed as well.
ZH: 可以看到，它也被填补了
17:02 - 17:07
EN: So this series of bars in the bull Micro Channel
ZH: 所以这个上涨微通道中的一系列阳线，就是一系列竭尽型缺口K线
17:05 - 17:07
EN: was a series of Exhaustion Gap bars.
ZH: 所以这个上涨微通道中的一系列阳线，就是一系列竭尽型缺口K线
17:07 - 17:12
EN: It created an Exhaustion Gap, from that close to this low.
ZH: 他制造了一个竭尽型缺口——从它的收盘价到这个低点
17:18 - 17:20
EN: Nested Buy Climax.
ZH: 嵌套式的抢购高潮
17:20 - 17:25
EN: We have 1 or 2 bars in a Buy Climax within a bigger Buy Climax.
ZH: 1~2根大阳线组成的抢购高潮，外面有更大的抢购高潮
17:25 - 17:30
EN: When the market got down to the bottom
ZH: 当价格跌到第1个目标位（最近一次抢购高潮的起点）时 没有太多的买盘
17:27 - 17:30
EN: of the first Buy Climax, not much buying.
ZH: 当价格跌到第1个目标位（最近一次抢购高潮的起点）时 没有太多的买盘
17:31 - 17:37
EN: The market fell further, and when it got down to the bottom
ZH: 市场进一步下跌，跌到了整个抢购高潮的起涨点， 仍然没有什么买盘
17:34 - 17:37
EN: of the bigger Buy Climax, again not much buying.
ZH: 市场进一步下跌，跌到了整个抢购高潮的起涨点， 仍然没有什么买盘
17:37 - 17:49
EN: Therefore, both Buy Climaxes were Exhaustion Gaps – the gap between that close
ZH: 因此，两个抢购高潮都是竭尽型缺口—— 先是这个收盘价到这个低点，然后再到这个低点
17:44 - 17:49
EN: and this low, the gap between that same close and this low.
ZH: 先是这个收盘价到这个低点，然后再到这个低点
Slide 009
Time: 17:55
Bilingual Transcript
17:57 - 18:00
EN: Very strong bear breakout late in a bear trend.
ZH: 下降趋势后期非常大的空头突破
18:00 - 18:02
EN: Very strong bull breakout late in a bull trend.
ZH: 震荡区间中常大的多头突破
18:04 - 18:06
EN: This is the traditional definition of a climax:
ZH: 这是高潮的传统定义：
18:06 - 18:11
EN: that you have a strong surge late in a trend, and then an abrupt,
ZH: 趋势后期出现非常急剧的上涨/下跌，
18:11 - 18:16
EN: unexpected reversal – and unexpected means low probability reversal.
ZH: 然后突然、意外地反转——意外就是低概率的意思
18:16 - 18:24
EN: When you see the bulls try to break to the up side here and fail,
ZH: 多头向上突破失败，市场急剧向下反转
18:20 - 18:24
EN: the market reverses down strongly here and then has a second
ZH: 多头向上突破失败，市场急剧向下反转
18:24 - 18:31
EN: consecutive bear bar, this bar closing below the lows
ZH: 连续第2根阴线，收盘在过去20根K线的下方
18:27 - 18:31
EN: of this 20 bar Trading Range, traders think at that instant
ZH: 连续第2根阴线，收盘在过去20根K线的下方
18:31 - 18:33
EN: the odds are pretty good that we’re going lower.
ZH: 在这个瞬间，交易者认为继续下跌的概率很大
18:33 - 18:37
EN: The bulls tried to break out and failed, and now we have a bear breakout.
ZH: 多头突破失败，现在变成空头突破
18:37 - 18:41
EN: It’s unexpected that you would get another reversal.
ZH: 再次反转，是意料之外的事情
18:42 - 18:48
EN: Therefore, this is an unexpected event, a Sell Climax that led to a reversal.
ZH: 因此，这是一个意外事件——抛售高潮之后的反转
18:48 - 18:51
EN: That’s the traditional definition of a climax.
ZH: 这就是高潮的传统定义
18:51 - 18:53
EN: Here, it went down, it went up.
ZH: 这里，先大跌，再大涨
18:53 - 18:55
EN: That would be a V-bottom.
ZH: 这就是V形反转
18:56 - 18:59
EN: When you get an abrupt reversal at the top, a Buy Climax,
ZH: 抢购高潮，从顶部突然反转下跌
18:59 - 19:02
EN: traders are expecting a Measuring Gap.
ZH: 交易者本来预期这是测量型缺口
19:02 - 19:05
EN: The close of this bar and these highs, maybe a Measured Move up.
ZH: 从大阳线的收盘价，到前期高点之间的缺口， 也许会向上涨到MM目标位
19:05 - 19:07
EN: We’re starting to pull back.
ZH: 市场开始回调
19:07 - 19:10
EN: The bulls are hoping that this would pull back for only a bar or two
ZH: 多头希望回调只持续一两根K线，
19:10 - 19:13
EN: and then resume up and form a gap, maybe from the low of this bar
ZH: 然后继续上涨，维持住缺口——比如从这根K线的低点
19:13 - 19:17
EN: to the high of these breakout points, and then a Measured Move up
ZH: 到前期的突破点之间的缺口，然后上涨到MM目标位
19:17 - 19:21
EN: - first leg up and then gap and then Measured Move up.
ZH: 第1段上涨，制造缺口，然后涨到MM目标位
19:21 - 19:25
EN: Once you get 3 or 4 consecutive bear bars closing on their lows like this,
ZH: 然而，一旦你看到连续3~4根阴线收在最低
19:25 - 19:29
EN: chances are the market is going lower and the market is going to close the gaps.
ZH: 市场继续下跌、补掉缺口的概率就很大了
19:29 - 19:36
EN: At this point, the gap is this low and this high,
ZH: 此时，它的低点到这个高点， 以及到前期这些高点之间，都是缺口
19:33 - 19:36
EN: and this low and these highs as well.
ZH: 此时，它的低点到这个高点， 以及到前期这些高点之间，都是缺口
19:36 - 19:37
EN: They’re all breakout points.
ZH: 它们都是突破点
19:37 - 19:47
EN: And typically, once it starts to reverse, it’s going to fall
ZH: 一旦反转下跌，通常会跌到所有这些突破点的下方， 至少跌到抢购高潮起涨点的下方
19:40 - 19:47
EN: below all of those breakout points, and usually it tests at least
ZH: 一旦反转下跌，通常会跌到所有这些突破点的下方， 至少跌到抢购高潮起涨点的下方
19:44 - 19:47
EN: a little bit below the bottom of the Buy Climax.
ZH: 一旦反转下跌，通常会跌到所有这些突破点的下方， 至少跌到抢购高潮起涨点的下方
19:52 - 19:56
EN: Climax, climactic reversal.
ZH: 高潮、高潮反转，这两个词的意思是一样的
19:54 - 19:56
EN: Two terms for the same thing.
ZH: 高潮、高潮反转，这两个词的意思是一样的
19:56 - 20:02
EN: You get a climax and then a pause, and sometimes you get a reversal,
ZH: 高潮之后，趋势暂停——有时候反转，有时候只是暂停
20:00 - 20:02
EN: sometimes you simply get a pause.
ZH: 高潮之后，趋势暂停——有时候反转，有时候只是暂停
20:02 - 20:07
EN: Here we have a Buy Climax and a pause.
ZH: 这里的抢购高潮之后，只是暂停，而不是反转， 市场随后继续上涨
20:04 - 20:07
EN: Instead of a reversal, we got trend resumption up.
ZH: 这里的抢购高潮之后，只是暂停，而不是反转， 市场随后继续上涨
20:07 - 20:12
EN: We have a second Buy Climax here and a pause, and this time we got a reversal.
ZH: 这里是第2次抢购高潮、暂停，这次反转了 （注：第2段陷阱）
20:16 - 20:22
EN: Down at the low here, we were selling off strongly and we reversed up.
ZH: 之前，恐慌抛售高潮之后反转上涨，而不仅仅是反弹
20:21 - 20:27
EN: Instead of a pullback, there’s no chance to exit without a loss
ZH: 之前，恐慌抛售高潮之后反转上涨，而不仅仅是反弹 如果你是空头，在这里追空，一定是亏损离场的
20:25 - 20:27
EN: if you’re a bear who sold anywhere down here.
ZH: 如果你是空头，在这里追空，一定是亏损离场的
20:27 - 20:29
EN: And the opposite is true here.
ZH: 反过来，在这里，
20:29 - 20:31
EN: If you bought this close, confident that you were going
ZH: 如果你在大阳线的收盘追涨买入，
20:31 - 20:35
EN: to get a Measured Move up, you never got a chance to get out breakeven.
ZH: 确信会继续上涨到MM目标位，之后根本没有打平离场的机会
20:35 - 20:37
EN: You were disappointed by this bear bar.
ZH: 你对这根阴线感到失望
20:37 - 20:41
EN: Maybe you tried to place a limit order to get out of your longs breakeven.
ZH: 也许你会挂限价卖单，尝试打平离场
20:41 - 20:45
EN: It never came back, and you ended up having to chase it down.
ZH: 价格从未能够涨回来，所以你必须在下跌时止损离场
20:46 - 20:49
EN: If you want, you can call that an inverted V-top
ZH: 你可以说它是倒V形顶（注：或者说是A形顶）
20:49 - 20:51
EN: or a V-top and this is a V-bottom.
ZH: 而下面这个是V形底
20:51 - 20:55
EN: I always call it something else, because it is always something else.
ZH: 我平时不说“V形反转”这个词，因为有更好的方法去描述这种行情
Slide 010
Time: 20:55
Bilingual Transcript
20:59 - 21:02
EN: Again, a climax can be a single trend bar like this,
ZH: 再次强调，高潮可以是这样单独1根趋势K线
21:02 - 21:05
EN: or it could be two or more trend bars, like this.
ZH: 也可以是两根以上的趋势K线，比如这里
21:05 - 21:08
EN: It’s an extreme acceleration in the move up or down.
ZH: 它是向上或向下的极端加速移动
21:08 - 21:12
EN: Here we tried to break strongly to the down side, yet we reversed up.
ZH: 这里尝试向下暴跌，但反转上涨
21:12 - 21:16
EN: Here we tried to break strongly to the upside, and we reversed down.
ZH: 这里尝试向上暴涨，然而反转下跌
21:23 - 21:25
EN: This is a Buy Climax.
ZH: 这是抢购高潮
21:25 - 21:28
EN: It’s a bull breakout, a bull reversal,
ZH: 多头突破、反转
21:28 - 21:31
EN: but it’s a strong Buy Climax, and it’s unexpected.
ZH: 它也是剧烈的抢购高潮，属于意外行情
21:31 - 21:33
EN: The odds are we’ll get at least a second leg up.
ZH: 大概率会有第2段上涨
21:37 - 21:39
EN: Here we have another breakout.
ZH: 多头再次向上突破
21:39 - 21:42
EN: It’s probably strong enough to get more up,
ZH: 也许它足够强势，还会再涨一些，
21:42 - 21:50
EN: but once you see the bad follow-through, the bear bar after the bull bar,
ZH: 然而，一旦你看到后续糟糕的跟随， 大阳线后面是阴线收在最低，很多多头会在那根K线下方离场
21:45 - 21:50
EN: the bear bar closing on its low, a lot of bulls will exit below that bar.
ZH: 大阳线后面是阴线收在最低，很多多头会在那根K线下方离场
21:50 - 21:51
EN: A lot of bears will sell.
ZH: 很多空头会卖出做空
21:51 - 21:58
EN: Higher probability, wait until we get 2 or 3 consecutive bear bars
ZH: 如果想要更高的胜率，等看到连续2~3根阴线收在低位之后， 在它们的收盘开仓做空
21:55 - 21:58
EN: closing on their lows and then sell closes.
ZH: 如果想要更高的胜率，等看到连续2~3根阴线收在低位之后， 在它们的收盘开仓做空
22:03 - 22:09
EN: Any unsustainable move late in a trend is a climax.
ZH: 趋势后期不可持续的移动都是高潮
Slide 011
Time: 22:05
Bilingual Transcript
22:09 - 22:15
EN: Once the trend lasts 20 or more bars, if anything is unsustainable
ZH: 如果趋势了持续超过20根K线，再出现不可持续的移动——
22:15 - 22:21
EN: - for example, a very Tight Channel, a Micro Channel,
ZH: 例如，一个非常窄的通道，或者微通道，都有可能是高潮
22:18 - 22:21
EN: a very Tight Channel – it’s probably climactic.
ZH: 例如，一个非常窄的通道，或者微通道，都有可能是高潮
22:21 - 22:27
EN: However, even though this is climactic, it can last a long, long time.
ZH: 然而，尽管这是高潮，它也可以持续很长时间
22:27 - 22:31
EN: The bears tried to reverse it here with an acceleration upward,
ZH: 加速上涨，空头尝试在这里反转，
22:31 - 22:36
EN: and instead of a reversal down, we fell below the bottom
ZH: 然而没有反转下跌——回调到了抢购高潮的起涨点下方，
22:35 - 22:41
EN: of the Buy Climax bar here, went sideways,
ZH: 然而没有反转下跌——回调到了抢购高潮的起涨点下方， 然后横盘，最终在一个非常窄的通道中继续上涨
22:37 - 22:41
EN: and then we rallied again in a very Tight Bull Channel.
ZH: 然后横盘，最终在一个非常窄的通道中继续上涨
22:41 - 22:42
EN: All of this is climactic.
ZH: 所有这些都是高潮
22:42 - 22:47
EN: On a higher timeframe chart, it’s a series of bull trend bars with no pullback.
ZH: 在更高时间周期的K线图上，它是一系列没有回调的阳线
22:49 - 22:52
EN: If the trend continues – this is all climactic.
ZH: 如果趋势继续的话——尽管这些都是高潮
22:52 - 22:53
EN: It’s a Buy Climax.
ZH: 这是抢购高潮
22:53 - 22:56
EN: If the trend is continuing, I call it a breakout.
ZH: 如果趋势还在继续，我就称之为突破
22:56 - 23:04
EN: If the trend pauses or reverses, then I say it’s a climactic breakout
ZH: 如果趋势暂停或反转，那么我就说它是高潮，是失败的突破
23:01 - 23:04
EN: or a climactic move, a failed breakout.
ZH: 如果趋势暂停或反转，那么我就说它是高潮，是失败的突破
23:05 - 23:06
EN: It’s a Buy Climax.
ZH: 这是抢购高潮
23:06 - 23:09
EN: This is all a Buy Climax, and it’s still a Buy Climax.
ZH: 其实这些都是抢购高潮； 抢购高潮仍然在持续
23:09 - 23:15
EN: And then once it starts to do this, traders start to apply
ZH: 然后当趋势停滞时，交易者开始用“趋势在高潮之后衰竭”之类的词去描述
23:12 - 23:15
EN: the term climactic end to the trend or Buy Climax.
ZH: 然后当趋势停滞时，交易者开始用“趋势在高潮之后衰竭”之类的词去描述
23:15 - 23:22
EN: But the entire thing is a Buy Climax, and this entire rally is a Buy Climax
ZH: 但实际上这整个过程都是抢购高潮， 整个上涨趋势都是抢购高潮，只不过持续了很久很久
23:20 - 23:22
EN: that just went on for a long, long time.
ZH: 但实际上这整个过程都是抢购高潮， 整个上涨趋势都是抢购高潮，只不过持续了很久很久
23:26 - 23:28
EN: Every trend bar is a breakout.
ZH: 每根趋势K线都是一次突破
23:28 - 23:30
EN: Every trend bar is a climax.
ZH: 每根趋势K线都是高潮
23:30 - 23:31
EN: I talked about that earlier.
ZH: 之前讲到过这个概念
23:32 - 23:35
EN: All markets are constantly trying to break out.
ZH: 所有市场都在不断尝试突破
23:35 - 23:38
EN: Most breakout attempts are brief and fail.
ZH: 大多数突破的尝试是短暂的，并且会失败
23:38 - 23:41
EN: For example, the bears tried to get a breakout here – brief and failed.
ZH: 例如，这里空头尝试突破——短暂且失败
23:41 - 23:43
EN: The bears tried to get a breakout here.
ZH: 这里空头尝试突破
23:43 - 23:48
EN: They tried to get a bear breakout here, below this bull channel, and it failed.
ZH: 这里他们尝试跌破上涨通道，失败了
23:53 - 23:57
EN: When you get these little bear breakouts, on a smaller timeframe chart
ZH: 这些小的空头突破，在小周期的K线图上，
23:57 - 24:02
EN: they can be dramatic, but on this timeframe, they’re trivial.
ZH: 可能是突然的大跌，但在这个时间周期下，它们是微不足道的
24:07 - 24:11
EN: On a smaller timeframe chart, every one of these breakouts up and down
ZH: 在较小时间周期的K线图上，这些向上、向下的每一次突破
24:11 - 24:15
EN: can look very impressive, but on this timeframe they’re minor
ZH: 可能都是非常巨大的，但是在这个时间周期下，他们并没有那么重要
24:16 - 24:23
EN: - yet we just kept getting climactic moves up and up and up and up,
ZH: 然而，市场不断地上涨、上涨、上涨，然后开始震荡
24:20 - 24:23
EN: and then we started getting them both up and down here.
ZH: 然而，市场不断地上涨、上涨、上涨，然后开始震荡
24:24 - 24:25
EN: The market is sideways, balanced.
ZH: 市场横盘，多空平衡
24:25 - 24:34
EN: After 20 or more bars, the probability of a successful trend resumption up falls
ZH: 持续了20根K线之后，继续上涨和反转下跌的概率变得相同
24:30 - 24:34
EN: to the same as the probability of a trend reversal down.
ZH: 持续了20根K线之后，继续上涨和反转下跌的概率变得相同
24:34 - 24:36
EN: Here, we did get trend resumption up.
ZH: 这里，上涨趋势确实恢复了
Slide 012
Time: 24:40
Bilingual Transcript
24:44 - 24:47
EN: Look at this segment on the 5-minute chart.
ZH: 在5分钟图上看这一段上涨
24:47 - 24:51
EN: This is probably 30 or 40 bars in a very Tight Bull Channel.
ZH: 这是很窄的通道，可能持续了30~40根K线
24:52 - 24:56
EN: A Tight Bull Channel is always a breakout on a higher timeframe chart,
ZH: 窄上涨通道在更高时间周期上，肯定是一次突破
24:56 - 25:00
EN: and therefore it’s always a clear climax on a higher timeframe chart.
ZH: 因此，它在更高时间周期的K线图上是明显的抢购高潮
25:00 - 25:04
EN: For example, this green box is this.
ZH: 小图上的绿色框框，就是它
25:05 - 25:06
EN: This is the 60-minute chart.
ZH: 这是60分钟图
25:06 - 25:08
EN: It’s 3 big bull trend bars.
ZH: 3根大阳线
25:08 - 25:15
EN: Here is the 5-minute chart, and it’s whatever,
ZH: 这是对应的5分钟图， 可能是36根K线组成的上涨窄通道，不断上涨
25:11 - 25:15
EN: 36 consecutive bull bars in a very Tight Channel.
ZH: 这是对应的5分钟图， 可能是36根K线组成的上涨窄通道，不断上涨
25:16 - 25:21
EN: Whenever I see that Tight Channel, I know on the 60-minute chart
ZH: 每当我看到这样的窄通道， 我就知道在60分钟图上有强势的突破
25:19 - 25:21
EN: it’s going to be a strong breakout.
ZH: 每当我看到这样的窄通道， 我就知道在60分钟图上有强势的突破
25:21 - 25:24
EN: Occurring late in a trend – it’s a climax.
ZH: 它发生在趋势的后期，所以是抢购高潮
25:25 - 25:30
EN: Usually eventually it’s going to lead to some pause, some halt to the buying.
ZH: 通常趋势会停滞，买入开始变得犹豫
25:31 - 25:33
EN: Not necessarily a reversal.
ZH: 不一定会反转
Slide 013
Time: 25:35
Bilingual Transcript
25:37 - 25:43
EN: I usually reserve the term “climax” for a breakout that occurs late in a trend,
ZH: 我通常用“高潮”来指代趋势后期（持续超过20根K线）的突破
25:42 - 25:49
EN: after 10 or 20 bars in the trend, but any trend bar or series
ZH: 我通常用“高潮”来指代趋势后期（持续超过20根K线）的突破 但任何趋势K线，或一系列趋势K线，都是突破和高潮
25:46 - 25:49
EN: of trend bars is a breakout and a climax.
ZH: 但任何趋势K线，或一系列趋势K线，都是突破和高潮
25:49 - 25:50
EN: This is a Buy Climax.
ZH: 这是抢购高潮
25:50 - 25:51
EN: This is a Buy Climax.
ZH: 这是抢购高潮
25:51 - 25:53
EN: These 3 bars, Buy Climax.
ZH: 这3根K线是抢购高潮
25:53 - 25:56
EN: These 2 bars, these 3 bars, Buy Climax.
ZH: 这两根K线，这3根K线，都是抢购高潮
25:56 - 25:58
EN: Then Sell Climax, Sell Climax.
ZH: 然后抛售高潮，抛售高潮
25:58 - 26:00
EN: A 3 bar Sell Climax.
ZH: 3根K线的抛售高潮
26:00 - 26:04
EN: A 2 bar Sell Climax, or you can call it a 4 bar Sell Climax.
ZH: 两根K线的抛售高潮，你也可以说这是4根K线的抛售高潮
26:04 - 26:06
EN: Here, a 5 bar Buy Climax.
ZH: 这里，5根K线的抢购高潮
26:08 - 26:12
EN: Usually when I see a breakout early in a trend
ZH: 通常，当我看到趋势早期的突破——
26:12 - 26:16
EN: - this is a possible bull trend – I call it a breakout and not a climax,
ZH: 这是潜在的上涨趋势—— 我称之为突破，而不是高潮
26:16 - 26:21
EN: and I usually refer to a big breakout late in a trend as a climax.
ZH: 我说的高潮通常指趋势后期的大突破
26:21 - 26:27
EN: Here, this would be a Sell Climax, and it’s the biggest bear bar 20
ZH: 这里，它是抛售高潮，因为它是下降趋势20多根K线以来最大的大阴线
26:26 - 26:27
EN: or more bars into the bear trend.
ZH: 这里，它是抛售高潮，因为它是下降趋势20多根K线以来最大的大阴线
26:27 - 26:35
EN: Chances are it’s going to be an Exhaustion Gap and we’re going to trade up
ZH: 它大概率是竭尽型缺口，在短暂的下跌之后， 会反弹到起跌点的上方
26:31 - 26:35
EN: above its high after a brief follow-through selloff.
ZH: 它大概率是竭尽型缺口，在短暂的下跌之后， 会反弹到起跌点的上方
26:40 - 26:42
EN: A bull breakout late in a bull trend.
ZH: 上涨趋势后期的多头突破
26:42 - 26:44
EN: A fairly strong bull breakout.
ZH: 非常强势的上涨
26:44 - 26:50
EN: I would call it a Buy Climax, and I would be thinking
ZH: 我会说它是抢购高潮， 因为我认为它很可能是竭尽型缺口——
26:47 - 26:50
EN: that it might be an Exhaustion Gap
ZH: 我会说它是抢购高潮， 因为我认为它很可能是竭尽型缺口——
26:50 - 26:54
EN: a gap between this close and this high, this high.
ZH: 它的收盘到这些高点之间的缺口
26:54 - 26:56
EN: And then once we start to reverse down,
ZH: 一旦市场开始反转下跌，
26:56 - 27:01
EN: the gap now is this low and this high and that high.
ZH: 缺口就缩小了，现在是这个低点到这个高点，以及那个高点
27:01 - 27:05
EN: And at this point, I’m seeing a strong bull breakout late in a bull trend,
ZH: 在上涨趋势后期，我看到多头再次强势地突破，
27:05 - 27:07
EN: and it’s starting to reverse.
ZH: 但很快反转下跌
27:07 - 27:10
EN: At this point I believe it’s probably going to be an Exhaustion Gap,
ZH: 此时我认为这很可能是竭尽型缺口，
27:10 - 27:14
EN: and that we’ll get a pullback below all of the breakout points,
ZH: 市场会回调到所有突破点的下方，包括这个低点，
27:13 - 27:20
EN: including this low, and we’ll probably test a little bit
ZH: 市场会回调到所有突破点的下方，包括这个低点， 市场至少会回调到抢购高潮的起涨点下方， 然后决定，到底是横盘之后，继续上涨；
27:16 - 27:20
EN: below the bottom of the Buy Climax, and then decide whether to go sideways
ZH: 市场至少会回调到抢购高潮的起涨点下方， 然后决定，到底是横盘之后，继续上涨；
27:20 - 27:26
EN: and resume up or continue down for at least a Measured Move down
ZH: 还是继续下跌，跌到MM目标位——把抢购高潮的高度往下翻一倍
27:24 - 27:26
EN: based upon the height of the Buy Climax.
ZH: 还是继续下跌，跌到MM目标位——把抢购高潮的高度往下翻一倍
27:27 - 27:30
EN: When the market comes down to the bottom of that Buy Climax,
ZH: 当市场跌到抢购高潮的起涨点时，
27:30 - 27:36
EN: it often forms a Double Bottom with that low, rallies, often above this high
ZH: 经常会和它形成双底，然后上涨，突破前期的高点
27:36 - 27:38
EN: - that would be the neckline of the Double Bottom.
ZH: ——它就是这个双底的颈线
27:38 - 27:43
EN: Bottom here, bottom here, break above that point, neckline, Measured Move up.
ZH: 双底，突破颈线，涨到MM目标位
27:44 - 27:46
EN: On the other hand, if it breaks below the Double Bottom
ZH: 然而，如果双底被跌破，就比如这里，
27:46 - 27:52
EN: - which it did – then traders look for a Measured Move down.
ZH: 交易者就会预期反向的MM目标位—— 从颈线到双底，往下翻一倍
27:49 - 27:52
EN: From the neckline to the Double Bottom, Measured Move down.
ZH: 交易者就会预期反向的MM目标位—— 从颈线到双底，往下翻一倍
27:52 - 27:54
EN: We fell more than that.
ZH: 这里的跌幅甚至超过了MM
27:54 - 28:01
EN: I know it never really bottomed here, and I know this is really not a bottom.
ZH: 尽管这里并没有真正的双底，只是一次暂停
27:59 - 28:01
EN: It’s a pause in a rally.
ZH: 尽管这里并没有真正的双底，只是一次暂停
28:01 - 28:03
EN: But it’s a potential Double Bottom.
ZH: 但它是潜在的双底
28:03 - 28:09
EN: Whenever the market rallies in a Buy Climax, its low is often tested over here,
ZH: 每当出现抢购高潮，它的起点通常会被测试，
28:09 - 28:13
EN: and very often it resumes up, forms a Double Bottom.
ZH: 很多时候会尝试再次上涨，形成双底
28:13 - 28:16
EN: Sometimes it only pauses briefly or not at all and continues down.
ZH: 但有时只是短暂止跌、反弹； 甚至没有反弹，直接跌破
28:16 - 28:20
EN: Since there was the possibility of a Double Bottom here,
ZH: 既然这里有形成双底的可能，
28:20 - 28:25
EN: I call it a Double Bottom, even though there was no significant attempt
ZH: 所以我把它看作双底，即使这里并没有明显的形成双底的尝试
28:24 - 28:25
EN: at a Double Bottom in this case.
ZH: 所以我把它看作双底，即使这里并没有明显的形成双底的尝试
28:25 - 28:29
EN: Once we break below this low, I look at it as a failed Double Bottom.
ZH: 一旦跌破这个低点，我就会把它看作一个失败的双底
28:29 - 28:31
EN: I’m looking for a Measured Move down.
ZH: 然后预期反向的MM
28:34 - 28:38
EN: A bear breakout, and therefore it’s a Sell Climax,
ZH: 这个空头突破是抛售高潮，
28:38 - 28:43
EN: and it’s the strongest bear bar,
ZH: 因为它是趋势后期体积最大的大阴线
28:40 - 28:43
EN: the biggest bear bar occurring late in a bear trend.
ZH: 因为它是趋势后期体积最大的大阴线
28:43 - 28:44
EN: Probably an Exhaustion Gap.
ZH: 很可能是竭尽型缺口
28:44 - 28:48
EN: The gap initially is this close and these lows, any of these lows.
ZH: 一开始，缺口是从它的收盘，到这些低点之间
28:48 - 28:49
EN: And then we have another bar.
ZH: 当下一根阴线收盘之后，
28:49 - 28:54
EN: It’s this close and that low, this close and any of these lows.
ZH: 缺口是从它的收盘到这个低点，还有这些低点
28:54 - 28:55
EN: All breakout points.
ZH: 都是突破点
28:55 - 29:03
EN: Once we start to reverse here and then we start to resume back down,
ZH: 这里有一些反弹之后，它的高点到前期低点之间是缺口
28:59 - 29:03
EN: the gap is this high and that low.
ZH: 这里有一些反弹之后，它的高点到前期低点之间是缺口
29:03 - 29:06
EN: It’s possible it’s a Measuring Gap and we’ll fall for a Measured Move down.
ZH: 它有可能是测量型缺口，会跌到下方的MM目标位
29:06 - 29:11
EN: More likely, the biggest bear bar occurring 20 or more bars into a bear trend
ZH: 但下降趋势20多根K线以来最大的大阴线
29:11 - 29:16
EN: - it’s an Exhaustion Gap, and the gap will close
ZH: 更有可能是竭尽型缺口—— 这个低点和那个高点之间的缺口会被填补
29:13 - 29:16
EN: - the gap between this low and that high.
ZH: 更有可能是竭尽型缺口—— 这个低点和那个高点之间的缺口会被填补
29:16 - 29:20
EN: And an Exhaustion Gap, an exhaustive Sell Climax late in a bear trend,
ZH: 竭尽型缺口，下降趋势后期的抛售高潮
29:20 - 29:25
EN: the market usually goes at least a little bit above the top of the Sell Climax
ZH: 通常至少会反弹到抛售高潮的起跌点上方
29:25 - 29:29
EN: and then decides – does it go sideways and then resume down?
ZH: 然后再决定——是横盘之后继续下跌？
29:29 - 29:32
EN: Or does it reverse up for a Measured Move?
ZH: 还是反转上涨，涨到反向的MM目标位？
29:35 - 29:40
EN: When you get a breakout at the start of a trend
ZH: 如果是（潜在）趋势早期的突破， 我不会用“高潮”这个词去描述它
29:37 - 29:40
EN: or the potential start of a trend, I do not use the term “climax.”
ZH: 如果是（潜在）趋势早期的突破， 我不会用“高潮”这个词去描述它
29:40 - 29:42
EN: Instead, I call it a breakout.
ZH: 我直接就用“突破”一词
29:42 - 29:47
EN: I would call these 3 bear bars a bear breakout and this a climax.
ZH: 我会说这3根阴线是（空头）突破， 而左边的3根阳线是抢购高潮
29:47 - 29:50
EN: A breakout late in a trend, I tend to call it a climax.
ZH: 在趋势后期的突破，我倾向于说它是高潮
29:50 - 29:52
EN: It could be a Measuring Gap.
ZH: 当然，它有可能是测量型缺口
29:53 - 29:57
EN: A breakout late in a bear trend – again, it could be a Measuring Gap,
ZH: 下降趋势后期的大阴线——再次强调，它有概率是测量型缺口
29:57 - 30:06
EN: but I suspect the strongest breakout in a bear trend that’s lasted 20
ZH: 然而，它是下降趋势20多根K线以来最大的大阴线， 所以更有可能是衰竭前的抛售高潮
30:02 - 30:06
EN: or more bars, it’s more likely going to be an exhaustive Sell Climax.
ZH: 然而，它是下降趋势20多根K线以来最大的大阴线， 所以更有可能是衰竭前的抛售高潮
30:06 - 30:09
EN: Here, a breakout, the start of a potential bull trend.
ZH: 这里的多头突破，可能是上涨趋势的初期
30:09 - 30:13
EN: Here, a breakout, the start of a potential bear trend.
ZH: 这里的空头突破，可能是下降趋势的初期
30:13 - 30:16
EN: But it’s also a climax and it’s also a series of trend bars.
ZH: 但它也是抛售高潮，是一系列的趋势K线
30:16 - 30:20
EN: Just like this led to a reversal, it’s a breakout,
ZH: 而这里的抛售高潮导致反转，
30:20 - 30:23
EN: a failed breakout, and it’s a series of trend bars.
ZH: 这一系列的阴线是失败的突破
30:23 - 30:25
EN: Every trend bar, every series of trend bars,
ZH: 每一根趋势K线，每一系列趋势K线
30:25 - 30:28
EN: is a breakout and it’s also a climax.
ZH: 都是突破，同时也是高潮
30:28 - 30:30
EN: When it occurs late in a trend, it’s more likely
ZH: 如果它发生在趋势的后期，
30:30 - 30:33
EN: going to be a climactic end of the trend.
ZH: 那么它更有可能是趋势终结前的高潮
30:33 - 30:35
EN: When it occurs early in a potential trend,
ZH: 如果它发生在反转的早期，
30:35 - 30:37
EN: it’s more likely going to be the start of a trend.
ZH: 那么他更有可能是趋势的开始
30:40 - 30:43
EN: Bull breakout, and then it reversed down.
ZH: 多头突破，然后下跌
30:43 - 30:47
EN: And once you get 2 or 3 or 4 bear bars, it’s a bear breakout.
ZH: 一旦出现连续2、3或4根阴线，这就是空头突破
30:48 - 30:50
EN: A bear breakout below this very Tight Channel.
ZH: 跌破了这个窄上涨通道
30:53 - 30:54
EN: A bull breakout.
ZH: 多头突破
30:54 - 30:57
EN: We have 5 consecutive bull bars closing on their highs,
ZH: 连续5根阳线收在高位
30:58 - 31:01
EN: and initially it’s a break above this very Tight Bear Channel,
ZH: 一开始它只是突破了这个小的窄下降通道
31:01 - 31:04
EN: and then ultimately, it’s a break above this channel.
ZH: 最终它突破了整个下降通道
31:10 - 31:14
EN: I’m always looking at support and resistance.
ZH: 我总是在观察支撑和阻力
Slide 014
Time: 31:10
Bilingual Transcript
31:14 - 31:19
EN: Here we have a bull trend, and we have a Buy Climax.
ZH: 上涨趋势，出现抢购高潮——
31:19 - 31:22
EN: The biggest bull bar in the entire bull trend,
ZH: 整个上涨趋势以来体积最大的阳线
31:22 - 31:25
EN: a bull trend that lasted 60 or 70 bars.
ZH: 而趋势已经持续了60~70根K线
31:25 - 31:29
EN: This is probably going to be an Exhaustion Gap
ZH: 这大概率是竭尽型缺口——
31:29 - 31:32
EN: - the gap between this close and this high.
ZH: 这个收盘价和这个高点之间的缺口
31:32 - 31:35
EN: Once you get that bear bar, traders will start to sell.
ZH: 这根阴线一收盘，交易者就会开始卖出
31:35 - 31:39
EN: Bulls will sell out of their longs below this bar.
ZH: 多头卖出离场
31:39 - 31:43
EN: Bears will sell into shorts, expecting at least a test of the bottom of the bar.
ZH: 空头卖出做空，预期至少跌到这根K线的起涨点
31:43 - 31:45
EN: They certainly expect the gap to close.
ZH: 他们肯定会预期缺口被填补
31:46 - 31:48
EN: This is probably going to be an Exhaustion Gap.
ZH: 这大概率是竭尽型缺口
31:48 - 31:53
EN: The biggest bull body occurring 20 or more bars into a bull trend.
ZH: 上涨趋势后期体积最大的大阳线
31:53 - 32:00
EN: It’s higher probability for the bears
ZH: 如果还有其它的理由（比如阻力）， 空头的胜率就会更高
31:56 - 32:00
EN: if there are other reasons to sell (for example, resistance).
ZH: 如果还有其它的理由（比如阻力）， 空头的胜率就会更高
32:01 - 32:05
EN: You can draw a trend channel across the top of this section of bars,
ZH: 你可以在上沿画一条通道线
32:05 - 32:07
EN: and we have a bull breakout.
ZH: 多头尝试加速突破
32:07 - 32:13
EN: 75% chance the breakout will fail and reverse down to the bottom of the channel,
ZH: 75%的概率突破会失败，并至少下跌到通道下沿
32:13 - 32:18
EN: 25% chance it’ll continue up into an even stronger bull trend.
ZH: 25%的概率它会继续上涨，变成更强的上涨趋势
32:18 - 32:20
EN: We’re getting the reversal here.
ZH: 价格反转下跌
32:20 - 32:23
EN: That means the top of the channel is resistance.
ZH: 说明通道上沿有阻力
32:23 - 32:25
EN: A prior high is resistance as well.
ZH: 前期的高点也是阻力
32:25 - 32:28
EN: We broke above it and then we reversed back below it.
ZH: 刚刚突破了它，就跌回来了
32:28 - 32:30
EN: So we’re failing at the prior high.
ZH: 多头突破前期的高点失败
32:30 - 32:31
EN: Here’s another prior high.
ZH: 这里是另一个前期的高点
32:31 - 32:35
EN: We failed with the breakout above that high as well.
ZH: 也没有能够成功突破它
32:38 - 32:39
EN: We have a Double Bottom bull flag.
ZH: 这里有一个双底牛旗
32:39 - 32:42
EN: We have a bull trend, a pullback, a new high.
ZH: 上涨趋势，回调，继续上涨创新高
32:42 - 32:47
EN: Another attempt to reverse down, maybe a Wedge – one, two, three
ZH: 再次下跌，也许是一个楔形顶——1，2，3
32:47 - 32:50
EN: - and instead of breaking below this Lower High,
ZH: 然而没有跌破这个重要的低点，
32:50 - 32:52
EN: we’re forming a Double Bottom and we’re continuing up.
ZH: 而是形成双底之后继续上涨
32:52 - 32:55
EN: We’re breaking above the neckline of the Double Bottom.
ZH: 突破了双底的颈线
32:55 - 32:58
EN: Traders have to be thinking about a potential Measured Move up.
ZH: 交易者必须考虑到上方的MM目标位
32:58 - 33:02
EN: Once it gets there, the bulls take profits and bears start to short.
ZH: 一旦达到那里，多头会止盈，而空头会开始做空
33:03 - 33:06
EN: That means that Measured Move target is resistance.
ZH: 也就是说，那个MM目标位是阻力
33:08 - 33:16
EN: I have a bigger list of what constitutes support
ZH: 在支撑和阻力的章节中（19A~E）， 我有详细列出了各种支撑和阻力
33:12 - 33:16
EN: and resistance in the video on support and resistance.
ZH: 在支撑和阻力的章节中（19A~E）， 我有详细列出了各种支撑和阻力
33:16 - 33:20
EN: The more reasons that there are resistance,
ZH: 它可能是阻力的理由越多，
33:20 - 33:24
EN: the more likely this breakout will be an Exhaustion Gap.
ZH: 这个突破就越有可能是竭尽型缺口
Slide 015
Time: 33:28
Bilingual Transcript
33:28 - 33:32
EN: Market’s in a bull trend and then a Trading Range.
ZH: 市场处于上涨趋势，然后是震荡区间
33:32 - 33:36
EN: This is the top of the range, this is the bottom of the range,
ZH: 这是区间上沿，到区间下沿；尝试向上突破
33:34 - 33:36
EN: and we’re getting a bull breakout.
ZH: 这是区间上沿，到区间下沿；尝试向上突破
33:36 - 33:40
EN: This is a bear channel, bull flag, bull breakout.
ZH: 左边是下降通道，是牛旗
33:40 - 33:44
EN: But whenever you’re getting a rally in a Trading Range,
ZH: 然而在震荡区间中，不管上涨多么强势，
33:44 - 33:51
EN: chances are it’s going to fail and the rally, no matter how strong,
ZH: 大概率都会失败，只是对区间上沿阻力的真空测试
33:47 - 33:51
EN: is simply a buy vacuum test of resistance at the top of the range.
ZH: 大概率都会失败，只是对区间上沿阻力的真空测试
33:51 - 33:55
EN: Here we have a very strong reversal down, but it’s still in the range,
ZH: 非常强势的反转下跌，但目前仍然在区间内
33:55 - 34:00
EN: and chances are it’s going to be a sell vacuum test of the bottom of the range.
ZH: 大概率只是对区间下沿的真空测试
34:00 - 34:04
EN: Here, the bears got follow-through and they got a Measured Move down.
ZH: 这里，空头得到了跟随的卖盘，最终成功跌到了MM目标位
34:08 - 34:13
EN: A series of strong bull bars and then another pair of bull bars.
ZH: 一系列强势的阳线，然后又有两根阳线
34:13 - 34:15
EN: Another big bull bar, another pair of bull bars,
ZH: 大阳线，两根阳线
34:15 - 34:17
EN: and then a series of bull bars here.
ZH: 这里又是一系列阳线
34:17 - 34:25
EN: A series of consecutive Buy Climaxes usually leads to exhaustion
ZH: 一系列连续的抢购高潮，通常会导致趋势衰竭、 进入震荡区间，甚至反转
34:21 - 34:25
EN: and a Trading Range, and sometimes an opposite trend.
ZH: 一系列连续的抢购高潮，通常会导致趋势衰竭、 进入震荡区间，甚至反转
34:25 - 34:26
EN: No more buyers.
ZH: 没有人愿意买入了
34:26 - 34:32
EN: They’re all exhausted, and they’ll wait 5 or 10 more bars
ZH: 多头已经筋疲力尽，至少休息5~10根K线才会再次考虑买入
34:29 - 34:32
EN: before they’ll think about buying again.
ZH: 多头已经筋疲力尽，至少休息5~10根K线才会再次考虑买入
34:32 - 34:34
EN: They’ll wait to see if the bears will be able to reverse the market
ZH: 他们想要观察空头是否能够制造反转，
34:34 - 34:39
EN: or if the bears will be unable to get a strong reversal.
ZH: 又或者，空头无法强势地反转上涨趋势
34:39 - 34:46
EN: You can see the bears got a breakout below a channel,
ZH: 尽管跌破了通道，但没有跟随卖盘，多头看到了，
34:42 - 34:46
EN: but they could not get follow-through, and the bulls see that,
ZH: 尽管跌破了通道，但没有跟随卖盘，多头看到了，
34:46 - 34:49
EN: and then the bulls started buying again, and the bears gave up.
ZH: 于是他们再次买入，空头放弃
34:56 - 35:02
EN: We have a very strong rally up here, but it’s in a Trading Range,
ZH: 非常强势的上涨，然而大背景是震荡区间
35:02 - 35:09
EN: and more likely it’s simply a buy vacuum test of the top of the range,
ZH: 很可能只是区间上沿的真空测试， 会跌回到区间里面
35:07 - 35:09
EN: and you’ll get a reversal down into the range.
ZH: 很可能只是区间上沿的真空测试， 会跌回到区间里面
35:09 - 35:12
EN: Here, we not only got a reversal down into the range,
ZH: 这里，市场不仅仅是跌回到区间里面，
35:12 - 35:17
EN: we got a trend reversal – a Higher High Major Trend Reversal.
ZH: 而是完全地反转了——高点抬高的大反转
35:17 - 35:20
EN: Bull trend, bear break below the bull trend line,
ZH: 上涨趋势，跌破上涨趋势线
35:20 - 35:22
EN: a Trading Range, and then a Higher High.
ZH: 震荡之后，形成了更高的高点
35:28 - 35:31
EN: The market is getting vacuumed up to the top of the range – resistance.
ZH: 价格被“吸”到了区间的顶部——阻力
35:31 - 35:34
EN: The bulls are trying to get the breakout above the range.
ZH: 尝试突破区间
35:34 - 35:38
EN: More likely, the bulls will take profits because in a Trading Range,
ZH: 但更有可能的是，多头会止盈，
35:38 - 35:42
EN: they’re expecting that the breakouts will fail and therefore they’re going
ZH: 因为他们知道震荡区间内大部分突破的尝试都会失败
35:42 - 35:45
EN: to be quick to take profits near the top of the range.
ZH: 所以最好在区间上沿尽快止盈
35:45 - 35:48
EN: The bears also expect the breakout attempts to fail,
ZH: 空头也预期突破会失败
35:48 - 35:51
EN: and they’ll sell at prior highs – at this high, at this high,
ZH: 他们会在前期的高点挂单卖出——在这个高点，这个高点
35:51 - 35:58
EN: at this high and this high, betting that the breakout will fail
ZH: 还有这个高点和这个高点，押注突破会失败， 价格会跌回到这些高点的下方
35:55 - 35:58
EN: and it will come back below all of these highs.
ZH: 还有这个高点和这个高点，押注突破会失败， 价格会跌回到这些高点的下方
Slide 016
Time: 36:01
Bilingual Transcript
36:03 - 36:08
EN: Whenever you get a strong selloff like this that reverses up,
ZH: 如果像这样的暴跌被向上反转，
36:08 - 36:11
EN: it’s usually a sell vacuum test of support.
ZH: 通常代表它是对支撑的真空测试
36:11 - 36:13
EN: Even if you don’t see the support.
ZH: 尽管也许你没有看到支撑在哪里
36:15 - 36:16
EN: Very strong selloff.
ZH: 非常强的抛售
36:16 - 36:22
EN: Another climax, another Sell Climax, another Sell Climax, and then a reversal.
ZH: 抛售高潮，抛售高潮，抛售高潮，然后反转
36:22 - 36:26
EN: This is probably a sell vacuum test of support.
ZH: 这可能是对支撑的真空测试
36:26 - 36:28
EN: For example, it’s testing this prior low.
ZH: 例如，它在测试这个前期的低点
36:36 - 36:43
EN: Some traders would call only these 3 bars
ZH: 一些交易者认为，只有这3根K线是对支撑的真空测试
36:39 - 36:43
EN: as the sell vacuum test of the prior low.
ZH: 一些交易者认为，只有这3根K线是对支撑的真空测试
36:43 - 36:48
EN: I would call the entire selloff as simply a sell vacuum test of support
ZH: 我认为这整个下跌都是对支撑的真空测试
36:48 - 36:51
EN: and the bottom of a developing Trading Range.
ZH: 也是对（正在形成的）震荡区间底部的测试
Slide 017
Time: 36:53
Bilingual Transcript
No transcript segment aligned to this slide.
Slide 018
Time: 36:54
Bilingual Transcript
36:56 - 36:58
EN: A pair of bear bars, a climax.
ZH: 两根阴线，抛售高潮
36:58 - 36:59
EN: Bear bar, climax.
ZH: 阴线，抛售高潮
36:59 - 37:02
EN: Bear bars, climax, climax, climax.
ZH: 阴线，抛售高潮，抛售高潮，抛售高潮
37:02 - 37:07
EN: When you get a selloff that comes in the form of three or four
ZH: 如果你看到连续3~4个，甚至更多抛售高潮的时候，
37:05 - 37:10
EN: or more Sell Climaxes, usually the market will end up exhausted
ZH: 如果你看到连续3~4个，甚至更多抛售高潮的时候， 市场最终会筋疲力尽
37:10 - 37:14
EN: and it will go sideways for 10 bars or so – sometimes 30 or 40 bars,
ZH: 然后横盘大约10根K线——有时甚至是30~40根K线
37:14 - 37:19
EN: as it did here – and then the market either reverses up or resumes down.
ZH: 就比如这里，然后市场要么反转上涨，要么继续下跌
37:20 - 37:23
EN: When you have a lot of consecutive Sell Climaxes
ZH: 如果出现连续的抛售高潮，而且没有什么反弹，
37:23 - 37:26
EN: without much of a pullback, usually the market gets exhausted.
ZH: 下降趋势通常会衰竭
37:26 - 37:28
EN: No more sellers at this price.
ZH: 没人愿意在这么低的价格卖出了
37:28 - 37:30
EN: They’ll wait to see a reversal.
ZH: 空头会观察反弹的力度
37:31 - 37:34
EN: If the bulls are not particularly strong on their reversal,
ZH: 如果多头的反转不是那么强势的话，
37:34 - 37:36
EN: the bears will sell again.
ZH: 空头就会再次入场做空
37:40 - 37:46
EN: Here, we have a single Sell Climax, and it’s a second leg down.
ZH: 这里是单独一个大的抛售高潮，这是第2段下跌
37:46 - 37:47
EN: We have the first leg down.
ZH: 第1段下跌在这里
37:47 - 37:50
EN: The bulls thought it was a bull flag after this breakout.
ZH: 多头认为这是大涨之后的牛旗
37:50 - 37:53
EN: They were expecting a bull breakout.
ZH: 他们在期待下一次突破
37:53 - 37:57
EN: Instead, we’re getting a bear breakout below this bull flag,
ZH: 然而牛旗被向下跌破
37:57 - 37:59
EN: and it’s a single Sell Climax.
ZH: 这是单独一个很大的抛售高潮
37:59 - 38:04
EN: Usually when you get a single Sell Climax and the market finds support
ZH: 通常当你看到单独的抛售高潮，然后市场找到支撑、开始反转上涨，
38:03 - 38:07
EN: and tries to reverse up, it’s simply a sell vacuum test of support.
ZH: 通常当你看到单独的抛售高潮，然后市场找到支撑、开始反转上涨， 这只是对支撑的真空测试
38:07 - 38:12
EN: It’s a sell vacuum test of this area here where the bulls bought earlier.
ZH: 它在测试之前多头大量买入的区域
38:14 - 38:19
EN: Testing the prior low, a possible Double Bottom and possible Trading Range.
ZH: 测试前期的低点，可能会形成双底或震荡区间
38:19 - 38:21
EN: Big up, big down, big confusion.
ZH: 大涨，大跌，大的困惑
38:21 - 38:23
EN: Usually means Trading Range.
ZH: 这是震荡区间的特征
38:26 - 38:28
EN: Here’s the final leg up in the bull trend.
ZH: 这是上涨趋势中的最后一段上涨
38:28 - 38:29
EN: It’s a climax.
ZH: 抢购高潮
38:29 - 38:33
EN: We have 5 consecutive bull bars, pretty strong looking bull bars.
ZH: 连续5根阳线，看上去非常强势
38:33 - 38:37
EN: The market sold off to test the bottom of the Buy Climax.
ZH: 价格下跌，测试了抢购高潮的起涨点
38:37 - 38:40
EN: Instead of bouncing and maybe forming a Double Bottom,
ZH: 没有反弹，没有尝试形成双底
38:40 - 38:42
EN: breaking above this neckline for a Measured Move up,
ZH: 没有突破颈线、涨到MM目标位，
38:42 - 38:44
EN: it broke strongly below the bottom.
ZH: 而是直接向下跌破
38:44 - 38:47
EN: Remember I said earlier, whenever you have a Buy Climax,
ZH: 刚才我讲过，在抢购高潮之后，
38:47 - 38:49
EN: the market often comes down just a little bit below
ZH: 市场通常至少会跌到起涨点的下方，
38:49 - 38:53
EN: and it can reverse up and view this as a Double Bottom.
ZH: 有可能会再次上涨，那么它就可以看作是双底
38:53 - 38:58
EN: We do not have a bottom here, but it could have been,
ZH: 这里本可以形成双底、并且向上突破、涨到MM目标位，
38:56 - 38:58
EN: and we break above the neckline for a Measured Move up
ZH: 这里本可以形成双底、并且向上突破、涨到MM目标位，
38:58 - 39:03
EN: - or we break below the bottom of the Buy Climax and fall
ZH: 也可以跌破抢购高潮的起涨点，跌到反向的MM目标位，就像这里
39:01 - 39:03
EN: for a Measured Move down, which we did here.
ZH: 也可以跌破抢购高潮的起涨点，跌到反向的MM目标位，就像这里
39:03 - 39:11
EN: The more reasons for support, the more likely this
ZH: 这里可能是支撑的理由越多， 就越有可能只是对支撑的真空测试， 越有可能反转上涨
39:07 - 39:11
EN: is simply a sell vacuum test of support and the market will reverse up.
ZH: 就越有可能只是对支撑的真空测试， 越有可能反转上涨
Slide 019
Time: 39:15
Bilingual Transcript
39:16 - 39:19
EN: Weekly chart, daily chart.
ZH: 周K线（左），日K线（右）
39:21 - 39:23
EN: A Buy Climax late in a bull trend.
ZH: 上涨趋势后期的抢购高潮
39:23 - 39:28
EN: Consecutive Buy Climaxes – here, here, here, here.
ZH: 连续的抢购高潮——这里，这里，这里，这里
39:28 - 39:31
EN: Once you get three or four consecutive Buy Climaxes,
ZH: 在连续3~4次抢购高潮之后，
39:31 - 39:35
EN: chances are you’re going to get a pullback and a pause.
ZH: 通常会回调，至少是暂停
39:35 - 39:41
EN: Probably this is going to be an Exhaustion Gap
ZH: 这很可能是竭尽型缺口——它的收盘到这些高点之间
39:39 - 39:43
EN: - a gap between this close and these highs, and then we have a pause bar.
ZH: 这很可能是竭尽型缺口——它的收盘到这些高点之间 然后暂停
39:43 - 39:48
EN: The gap at this point is from this low or that low and these highs.
ZH: 此时，缺口是从这个低点或那个低点， 到前期的这些高点
39:48 - 39:52
EN: Chances are the gap will close, we’ll fall below the breakout point,
ZH: 缺口很可能会被填补，会跌到突破点的下方
39:52 - 39:55
EN: and we’ll fall below the bottom of the Buy Climax.
ZH: 会跌到抢购高潮的起涨点下方
39:55 - 39:58
EN: The bulls are hoping for a Double Bottom, slightly Lower Low Double Bottom.
ZH: 多头希望得到一个低点降低的双底
39:58 - 40:01
EN: They want a break above the neckline for a Measured Move up.
ZH: 他们想要突破颈线，涨到MM目标位
40:01 - 40:04
EN: The bears want a break below the Double Bottom and a Measured Move down.
ZH: 而空头希望跌破双底，跌到反向的MM目标位
40:06 - 40:10
EN: Sideways late in a bull trend after a series of Buy Climaxes.
ZH: 上涨趋势后期，在一系列抢购高潮之后，市场开始横盘
40:10 - 40:14
EN: If you do get a bull breakout, this is probably going to be the final bull flag
ZH: 如果多头再次突破，这很可能就是末端牛旗，
40:14 - 40:18
EN: before the market evolves into a Trading Range.
ZH: 然后市场会进入震荡区间（甚至反转）
40:21 - 40:26
EN: I can draw a bull trend line below and create a parallel,
ZH: 我可以在下面画一条上涨趋势线，然后把平行线拖到上沿
40:26 - 40:30
EN: and you can see the market’s trying to break above the top of the bull channel.
ZH: 可以看到，多头尝试加速突破上涨通道
40:30 - 40:33
EN: 75% chance the breakout will fail,
ZH: 75%的概率突破会失败，
40:33 - 40:35
EN: and we’ll get down to the bottom of the channel.
ZH: 会跌到通道的下沿
40:37 - 40:44
EN: Possibly a Parabolic Wedge – one, two, three
ZH: 可能是抛物线楔形——1，2，3， 这是它可能是阻力位的另一个原因
40:40 - 40:44
EN: - so another reason why this general area is resistance.
ZH: 可能是抛物线楔形——1，2，3， 这是它可能是阻力位的另一个原因
40:46 - 40:50
EN: On the weekly chart – one, two, three
ZH: 在周线图上——1，2，3
40:51 - 40:55
EN: - this area on the daily chart is simply this area on the weekly chart,
ZH: 日K线显示的只是周K线的这个区域
40:55 - 40:59
EN: and there’s a Wedge here, which is this line.
ZH: 周线图上有更大的3推楔形顶
40:59 - 41:00
EN: Parabolic Wedge.
ZH: 抛物线楔形顶
41:00 - 41:04
EN: But there’s also this line, which is this line here.
ZH: 同时还有周K线上的楔形顶（对应的红线）
41:04 - 41:08
EN: So not only is there a Parabolic Wedge on the daily chart
ZH: 所以不仅仅是日K线上的抛物线楔形顶
41:08 - 41:11
EN: - I do not have it drawn in, but it would be here, up here
ZH: 在这里和这里，在区域外面
41:11 - 41:14
EN: - there’s a much larger Wedge on the weekly chart.
ZH: 周K线上有更大的楔形顶
41:14 - 41:18
EN: Again, another reason why this is resistance.
ZH: 这是它可能是阻力的另一个原因
41:20 - 41:23
EN: The bears tried to get a top here.
ZH: 之前空头尝试在这里形成顶部反转
41:23 - 41:24
EN: Instead we get a bull breakout.
ZH: 但是继续向上突破了
41:25 - 41:28
EN: A Double Top, this high, that high, bull breakout, Measured Move up.
ZH: 双顶——这个高点，那个高点，多头突破，MM目标位
41:28 - 41:30
EN: Here’s that Measured Move target.
ZH: MM目标位在这里
41:30 - 41:32
EN: More resistance.
ZH: 又是一个阻力
41:32 - 41:35
EN: The more reasons why this price level is resistance,
ZH: 这个价位是阻力的理由越多
41:35 - 41:39
EN: the more likely this Buy Climax is simply a buy vacuum test of that resistance
ZH: 它就越有可能是对阻力的真空测试
41:39 - 41:43
EN: and an exhaustive end of the move, an exhaustive Buy Climax.
ZH: 越有可能是趋势衰竭前的抢购高潮
Slide 020
Time: 41:47
Bilingual Transcript
41:48 - 41:53
EN: Sell Climaxes end at support, and it’s always good to look for support.
ZH: 抛售高潮总是在支撑位结束， 所以寻找支撑永远是重要的
41:55 - 41:59
EN: We have a Sell Climax, a 1 bar Sell Climax, a 2 bar Sell Climax,
ZH: 抛售高潮，抛售高潮，抛售高潮，
41:59 - 42:03
EN: 2 bar Sell Climax, and a 2 bar Sell Climax.
ZH: 抛售高潮，抛售高潮，
42:03 - 42:05
EN: This is stronger than all of these bars.
ZH: 这里的抛售高潮最强烈
42:05 - 42:09
EN: It’s comparable to the strength here, but it’s a strong Sell Climax,
ZH: 它与这里的强度差不多，总之是很强的抛售高潮
42:09 - 42:12
EN: a strong breakout late in a bear trend.
ZH: 而且发生在趋势的后期
42:12 - 42:15
EN: You have to be thinking that it’s a probable Exhaustion Gap
ZH: 你必须考虑这是竭尽型缺口的可能性
42:15 - 42:18
EN: - a gap initially this close and that low.
ZH: 一开始是它的收盘到那个低点之间的缺口
42:18 - 42:26
EN: Once you get the reversal, the bears are trying to resume down here.
ZH: 开始反弹之后，缺口缩小——这个高点到那个低点； 可以看到，缺口被填补了
42:22 - 42:26
EN: The gap is this high and that low, and you can see the gap closed.
ZH: 开始反弹之后，缺口缩小——这个高点到那个低点； 可以看到，缺口被填补了
42:26 - 42:30
EN: Chances are we’ll get at least to the top
ZH: 所以大概率至少会反弹到起跌点上方， 这里的涨幅远远不止于此
42:28 - 42:30
EN: of the Sell Climax, and we got much more.
ZH: 所以大概率至少会反弹到起跌点上方， 这里的涨幅远远不止于此
42:30 - 42:32
EN: In fact, we got more than a Measured Move up,
ZH: 事实上，涨幅甚至超过了MM目标位——
42:32 - 42:39
EN: from the neckline of the potential Double Top
ZH: 这是一个潜在的双顶，把双顶的高度往上翻一倍
42:35 - 42:39
EN: - potential Double Top this high and then here or here
ZH: 这是一个潜在的双顶，把双顶的高度往上翻一倍
42:40 - 42:42
EN: - and we broke above it and went for a Measured Move up.
ZH: 多头突破了颈线，然后涨到了MM目标位
42:44 - 42:46
EN: Consecutive Sell Climaxes.
ZH: 连续的抛售高潮
42:46 - 42:49
EN: Traders have to be ready for a possible reversal,
ZH: 交易者必须为反转做好准备
42:49 - 42:51
EN: and you look for other reasons as well.
ZH: 同时也要寻找其它理由 （注：这里可能是支撑的理由）
42:52 - 42:54
EN: Horizontal trading late in a bear trend.
ZH: 在下降趋势后期的横盘
42:54 - 42:58
EN: If you’ve got a bear breakout, a probable final bear flag.
ZH: 如果继续跌破，它就有可能是末端熊旗
42:58 - 43:00
EN: And then we have a break below a Trading Range,
ZH: 之前是一个大的震荡区间，向下跌破，
43:00 - 43:04
EN: so traders will look for a reversal around a Measured Move down.
ZH: 所以交易者预期市场会在MM目标位附近反转
43:06 - 43:07
EN: Double Top here.
ZH: 这里有一个双顶
43:08 - 43:10
EN: Fell below that neckline more than a Measured Move down,
ZH: 跌破颈线之后，跌幅超过了这个双顶的MM目标位
43:10 - 43:12
EN: which would’ve been here.
ZH: 大概是在这里（注：尽管之后跌了更多， 但在这个MM有很多空头止盈，造成了反弹）
43:12 - 43:15
EN: Traders then look at a Measured Move based upon the entire Trading Range
ZH: 然后交易者把整个震荡区间的高度往下翻一倍作为新的MM目标位
43:15 - 43:18
EN: - neckline, and here’s the Measured Move target.
ZH: 也就是这个MM目标位
43:21 - 43:24
EN: Sell Climax, Leg 1, pullback, Leg 2.
ZH: 抛售高潮，第1段，反弹，第2段 （注：第1段 = 第2段的MM目标位）
43:24 - 43:27
EN: Another reason why there could be some profit-taking there.
ZH: 这是另一个会有空头止盈的原因
43:29 - 43:32
EN: Three pushes down, so a Wedge, and we got a reversal up.
ZH: 3次向下推动，楔形底，反转上涨
43:32 - 43:37
EN: Another reason why this is probably going to be an exhaustive end
ZH: 又一个它可能是抛售高潮的原因
43:37 - 43:44
EN: of the bear trend, and that the market will then either reverse
ZH: 然后市场要么进入震荡区间，要么反转成上涨趋势
43:41 - 43:44
EN: into a bull trend or evolve into a Trading Range.
ZH: 然后市场要么进入震荡区间，要么反转成上涨趋势
Slide 021
Time: 43:50
Bilingual Transcript
43:50 - 43:54
EN: I talked about what I mean by “climax” in this video.
ZH: 这节课我主要讲了“高潮”的定义
43:54 - 44:01
EN: A climax is simply a breakout, a trend bar,
ZH: 高潮就是指趋势后期的突破和大的趋势K线，或者一系列趋势K线
43:57 - 44:01
EN: or a series of trend bars occurring late in a trend.
ZH: 高潮就是指趋势后期的突破和大的趋势K线，或者一系列趋势K线
44:04 - 44:06
EN: This is Al Brooks.
ZH: 我是阿尔·布鲁克斯
44:06 - 44:08
EN: Thank you for watching the Brooks Trading Course.
ZH: 感谢观看布鲁克斯交易课程
44:08 - 44:12
EN: This is the first of five videos on climaxes.
ZH: 高潮的第1节课，就先讲到这里