al-brooks-course
29D - Climaxes
Raw transcript and slide notes for 29D - Climaxes.
Overview
- Slides: 15
- Transcript segments: 538
- 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 - 00:05
EN: Thank you for watching the Brooks Trading Course.
ZH: 欢迎观看布鲁克斯交易课程
00:05 - 00:09
EN: This is the fourth of five videos on climaxes.
ZH: 这是高潮的第4节课
Slide 001
Time: 00:11
Bilingual Transcript
00:12 - 00:15
EN: I’m going to begin by talking about consecutive climaxes,
ZH: 首先我会讲什么是连续的高潮——
00:15 - 00:20
EN: where you have one climax and then you have another climax
ZH: 在反转之前，出现一个又一个的高潮
00:18 - 00:20
EN: before you have a reversal.
ZH: 在反转之前，出现一个又一个的高潮
Slide 002
Time: 00:21
Bilingual Transcript
00:27 - 00:32
EN: It’s important to remember that every trend bar is a breakout and a climax.
ZH: 重点是要知道，每根趋势K线都是突破和高潮
00:32 - 00:35
EN: A climax does not necessarily mean a reversal.
ZH: 但高潮并不一定意味着反转
00:35 - 00:38
EN: A big bull trend bar, a Buy Climax.
ZH: 一根大阳线，是抢购高潮
00:38 - 00:39
EN: Another Buy Climax.
ZH: 又一个抢购高潮
00:39 - 00:40
EN: Another Buy Climax.
ZH: 又一个抢购高潮
00:40 - 00:43
EN: Here, it’s consecutive bull trend bars.
ZH: 连续的阳线
00:43 - 00:45
EN: And then finally, another climax at the top.
ZH: 这是最后一个抢购高潮
00:45 - 00:49
EN: Ultimately, the market pulled back and went sideways for a long,
ZH: 最终，市场开始回调，并且震荡了很久很久
00:49 - 00:52
EN: long time, and then there was a little bit of a reversal.
ZH: 然后反转下跌了一些
00:53 - 00:59
EN: This is a series of Buy Climaxes, and when they occur with very little pullback
ZH: 这是一系列的抢购高潮， 如果每次高潮之后几乎没有什么回调，
00:59 - 01:04
EN: after each climax, the market often forms a Wedge or a Parabolic Wedge.
ZH: 那么市场通常在形成抛物线楔形
01:05 - 01:09
EN: Also, it often moves for a Measured Move.
ZH: 而且，市场通常会到达某个MM目标位
01:11 - 01:14
EN: I have a top here and a pullback, and then I have another climax
ZH: 上涨，回调，然后又一个抢购高潮，
01:14 - 01:18
EN: and a small reversal down, and then another reversal down.
ZH: 然后小幅回调，这里也是小回调
01:18 - 01:20
EN: This is a Parabolic Wedge at this point.
ZH: 此时这是一个抛物线楔形
01:20 - 01:23
EN: Sometimes you get a fourth push, which you have here.
ZH: 有时会有第4推，比如像这里
01:23 - 01:27
EN: Other computers will say, well, this is such a strong breakout,
ZH: 一些电脑程序会这样设置，这个突破非常强势，
01:27 - 01:29
EN: the market is starting the count over again.
ZH: 所以需要重新开始计数
01:29 - 01:32
EN: So this is the first push, not this.
ZH: 所以这是新的第1推，而不是它
01:32 - 01:35
EN: You have a first push, a second push, and a third push.
ZH: 第1推，第2推，第3推
01:35 - 01:41
EN: In any case, whenever you see a series of three
ZH: 总之，每当你在窄通道中看到3个或以上的高潮
01:38 - 01:41
EN: or more climaxes in a very Tight Channel
ZH: 总之，每当你在窄通道中看到3个或以上的高潮
01:41 - 01:45
EN: and then you get a reversal attempt, it is a Parabolic Wedge.
ZH: 然后有尝试反转的行为，那就是抛物线楔形
01:50 - 01:57
EN: A Buy Climax ends when the next bar is either a bear bar,
ZH: 如果出现这样的阴线，或者这样的小K线， 那么一次高潮就结束了
01:55 - 01:57
EN: as it is here, or a small bar here.
ZH: 如果出现这样的阴线，或者这样的小K线， 那么一次高潮就结束了
01:57 - 02:00
EN: Here we have a bigger bull bar compared to this,
ZH: 这里阳线的体积开始变大，
02:00 - 02:02
EN: and then another bigger bull bar.
ZH: 尤其是这根阳线，非常大
02:02 - 02:05
EN: I view these 2 bars as a breakout and therefore a climax.
ZH: 这两根阳线是突破，所以也是抢购高潮
02:05 - 02:11
EN: This bar has a big tail on top, so I think of it as not part of the climax.
ZH: 这根K线顶部的上影线很长，所以不属于高潮的一部分
02:11 - 02:14
EN: This is the Buy Climax, and that’s the bar that ended the climax.
ZH: 这是抢购高潮，而那根K线结束了高潮
02:14 - 02:17
EN: A big bull trend bar here, relatively big,
ZH: 这里有一根大阳线，相对较大
02:17 - 02:20
EN: and then you have a bull trend bar here.
ZH: 这根阳线有上影线
02:20 - 02:24
EN: I would say this is the climax, and that bar means
ZH: 所以这根阳线是抢购高潮
02:24 - 02:26
EN: that the climax ended with this bar.
ZH: 这根阳线是高潮的结束
02:31 - 02:35
EN: Whenever the market’s in a channel, even a very Tight Channel,
ZH: 每当市场处于通道，即使是非常窄的通道，
02:35 - 02:39
EN: there’s a 75% chance that a bull breakout above a bull channel
ZH: 75%的概率，加速突破上涨通道会失败，
02:39 - 02:43
EN: will lead to a reversal and a test of the bottom of the channel.
ZH: 然后会跌回来，测试通道的下沿
02:43 - 02:47
EN: If I were to draw the bottom of the channel, it would be very tight.
ZH: 当然，如果在这里画出通道的下沿，是非常窄的
02:47 - 02:53
EN: It’s not much of an accomplishment for the market to go
ZH: 所以就算跌到通道下沿，也没多少距离
02:51 - 02:53
EN: from the top of the channel to the bottom of the channel.
ZH: 所以就算跌到通道下沿，也没多少距离
02:55 - 03:02
EN: Whenever I see a bull channel, I’m assuming 75% chance the market
ZH: 每当看到上涨通道，我就假设有75%的概率， 通道的下沿会被跌破
03:00 - 03:02
EN: will break below the bottom of the channel.
ZH: 每当看到上涨通道，我就假设有75%的概率， 通道的下沿会被跌破
03:02 - 03:08
EN: So any bull channel, even a very strong one like this
ZH: 所以，任何上涨通道，其实是这么强势的窄通道， 也可以看作是“熊旗”
03:05 - 03:08
EN: and a very Tight Channel, is a bear flag.
ZH: 所以，任何上涨通道，其实是这么强势的窄通道， 也可以看作是“熊旗”
03:08 - 03:13
EN: I say that because I expect a bear breakout 75% of the time.
ZH: 这么说的原因是，75%的时候去实现会被跌破
03:13 - 03:17
EN: Only 25% of the time will the market break strongly above the top of the channel
ZH: 只有25%的概率，市场会加速突破通道上沿
03:17 - 03:21
EN: and then enter another breakout phase – for example, like this.
ZH: 然后进入新的突破阶段——比如类似这样
03:21 - 03:24
EN: Another breakout and then another channel.
ZH: 突破，进入新的通道
03:24 - 03:28
EN: If you have a bull channel, you’re probably going to get a bear breakout
ZH: 大部分上涨通道，大概率会出现空头突破 （注：横向，或向下突破上涨趋势线）
03:28 - 03:31
EN: and not a new breakout and then another bull channel.
ZH: 而不是加速突破，进入新的上涨通道
03:32 - 03:34
EN: The opposite is true for a bear channel.
ZH: 下降通道中也是一样
03:34 - 03:37
EN: Every bear channel – for example, here’s a bear channel
ZH: 每个下降通道——比如，这个下降通道
03:37 - 03:39
EN: - every bear channel is a bull flag.
ZH: ——每个下降通道都可以看作是牛旗
03:39 - 03:43
EN: 75% chance it’ll break above the top of the bear channel.
ZH: 75%的概率会向上突破下降通道
Slide 003
Time: 03:45
Bilingual Transcript
03:49 - 03:52
EN: There are always bears selling at the prior high.
ZH: 总是有空头会在前期的高点挂单做空
03:53 - 03:59
EN: Bears are scaling in to shorts, so they’ll sell
ZH: 空头会分批加仓，所以他们会在这个高点及上方， 挂限价卖单做空
03:56 - 03:59
EN: with a limit order at this high or above the high.
ZH: 空头会分批加仓，所以他们会在这个高点及上方， 挂限价卖单做空
03:59 - 04:00
EN: And the same with here as well.
ZH: 这里也是一样
04:05 - 04:09
EN: These are, for the most part, weak bears trying to pick a top.
ZH: 这些是尝试“摸顶”的空头 （注：摸顶，和抄底相对应，尝试卖在最高点）
04:09 - 04:11
EN: They’re afraid of losing too much money,
ZH: 他们害怕亏钱（所以逢高卖出，押注这是顶部）
04:11 - 04:14
EN: and they believe that if they sell at the high,
ZH: 他们希望自己正好卖在顶部，
04:14 - 04:17
EN: maybe the market will reverse immediately and they’ll have very little risk.
ZH: 也许市场会立刻反转下跌，所以风险很小
04:18 - 04:22
EN: Whenever a trader takes a trade that has very little risk,
ZH: 每当交易者做一笔风险很小的交易时，
04:22 - 04:25
EN: he’s going to lose money the majority of the time.
ZH: 他大多数时间都会亏钱
04:25 - 04:29
EN: Any time you’re trying to create a trade with a very low risk,
ZH: 如果一笔交易的风险非常小，
04:30 - 04:34
EN: you’re trying to create a trade with a very good risk/reward ratio
ZH: 具有非常好的盈亏比，
04:34 - 04:37
EN: that always has to have a low probability.
ZH: 那么代价就是胜率低
04:38 - 04:41
EN: If you take a low risk trade, you’re probably going to lose.
ZH: 所以低风险交易大多数时间会亏损
04:41 - 04:46
EN: And if the risk is too small, the probability of winning is so small,
ZH: 如果风险太小，那么盈利的概率也会非常低，
04:46 - 04:48
EN: it’s not a profitable strategy.
ZH: 这就不是一个盈利的策略
04:49 - 04:53
EN: You have bears selling here, weak bears, and they’re forced to buy.
ZH: 有弱空头在这里卖出，他们被迫买入止损
04:53 - 04:56
EN: They sell above this bar, above that bar,
ZH: 他们在这根K线上方卖出，在那根K线上方卖出
04:56 - 04:58
EN: and they’re forced to buy back their shorts.
ZH: 终于无法继续承受，被迫止损离场
05:01 - 05:06
EN: Strong bears, on the other hand, might be selling this high as well
ZH: 然而，强空头，也许会在这个高点挂单做空，
05:06 - 05:08
EN: or that high as well – probably not this high,
ZH: 可能会在这个高点挂单做空——但这里不会
05:08 - 05:11
EN: but maybe this high when the bars are getting smaller
ZH: 但是这个高点可以，因为K线已经变小
05:11 - 05:16
EN: and we’ve already had two or three Buy Climaxes – one, two, three.
ZH: 而且已经有了3次抢购高潮——1，2，3
05:16 - 05:20
EN: Strong bears will start selling prior highs and they’ll scale in,
ZH: 强空头会开始在前期高点挂单做空，并且打算逢高加仓
05:20 - 05:23
EN: but they’re never going to buy back their shorts.
ZH: 不会轻易回补他们的空头仓位
05:24 - 05:26
EN: They can keep scaling in indefinitely,
ZH: 他们会不断加仓卖出更多 （注：因为有信心这样的上涨无法持续）
05:26 - 05:32
EN: and therefore because they’re never going to be forced
ZH: 所以他们不会被迫回补空头仓位 也不会在轧空行情中被“轧走”
05:29 - 05:32
EN: into buying back their shorts, they’re never going to get squeezed out
ZH: 所以他们不会被迫回补空头仓位 也不会在轧空行情中被“轧走”
05:32 - 05:36
EN: and you’re not going to get a Buy Climax due to strong bears buying.
ZH: 所以抢购高潮不是由于强空头造成的
05:36 - 05:41
EN: When you get a Buy Climax like this, it’s in part due to weak bears buying
ZH: 这样的抢购高潮，其中一个形成原因是弱空头在买入
05:41 - 05:45
EN: - bears selling this high hoping for a top with very little risk,
ZH: ——弱空头在这个高点挂单做空，期望这是顶部，风险很小
05:45 - 05:48
EN: and they have to cover as the market races up.
ZH: 于是他们被迫在市场上涨时买入止损
05:48 - 05:49
EN: And the same here.
ZH: 这里也是一样
05:49 - 05:52
EN: Strong bears are not going to buy back their shorts.
ZH: 而强空头不会买回他们的空头头寸
05:56 - 06:01
EN: Eventually what happens is there are no more bears willing
ZH: 最终，没有空头买入回补了 （注：弱空头已经全部离场，而强空头不会买入）
05:59 - 06:01
EN: to buy back their shorts.
ZH: 最终，没有空头买入回补了 （注：弱空头已经全部离场，而强空头不会买入）
06:01 - 06:03
EN: All you’re left with are the strong bears.
ZH: 剩下的是强空头
06:04 - 06:07
EN: And the strong bulls, they bought down here.
ZH: 还有强多头，他们之前在低位已经买入
06:07 - 06:08
EN: They’re not buying up here.
ZH: 他们不会在这里追涨
06:08 - 06:10
EN: They look at this as a gift.
ZH: 他们把它看作是市场的赠礼
06:10 - 06:14
EN: The market rallied very quickly, very far above their entry price
ZH: 市场非常迅速地上涨，远远超过了他们的入场价格
06:14 - 06:18
EN: - anywhere down in here – and they’re going to start taking profits.
ZH: ——在这里的任何地方——他们会开始止盈
06:18 - 06:20
EN: So the strong bulls are selling.
ZH: 所以强多头在卖出
06:20 - 06:22
EN: The only buyers left are the weak bulls,
ZH: 剩下的唯一买家是弱多头
06:22 - 06:25
EN: the bulls who did not buy this because the stop was too far.
ZH: 弱多头没有在这里买入，因为他们觉得止损太远了
06:25 - 06:29
EN: And then they finally bought here because the stop is closer,
ZH: 他们最终在这里买入，因为有比较近的止损选择
06:29 - 06:33
EN: and there are not enough weak bulls left to lift the market up.
ZH: 但是弱多头没有足够的资金来推动价格上涨
06:33 - 06:36
EN: The strong bulls are selling; the market goes down.
ZH: 而强多头在卖出止盈，所以市场下跌
06:36 - 06:39
EN: The strong bears are selling; the market goes down.
ZH: 强空头在卖出做空，所以市场下跌
06:39 - 06:43
EN: And that’s what happens when you get a series of climaxes.
ZH: 这就是一系列高潮之后所发生的事情
06:43 - 06:47
EN: One, two, three, four consecutive Buy Climaxes.
ZH: 连续1，2，3，4个抢购高潮
06:47 - 06:50
EN: You have to assume the market will soon start to pull back.
ZH: 你必须假设市场很快就会开始回调
06:50 - 06:55
EN: And the strong bulls who sold here are not looking to buy back on the next bar.
ZH: 在这里卖出的强多头不会在下1根K线就立刻再次买入
06:55 - 06:59
EN: They’re concerned that it’s so climactic that it might be a reversal.
ZH: 他们知道这是抢购高潮，可能会有反转
06:59 - 07:03
EN: They’ll wait at least 5 or 10 bars
ZH: 在重新买入之前，他们至少会等待5~10根K线，
07:01 - 07:08
EN: before looking to buy again, and if they’re not convinced
ZH: 在重新买入之前，他们至少会等待5~10根K线， 如果他们担心回调还没有结束，就不会买入
07:05 - 07:08
EN: that the swing down has ended, they’re not going to buy.
ZH: 如果他们担心回调还没有结束，就不会买入
07:08 - 07:10
EN: And that’s what took place here.
ZH: 这就是这里所发生的情况
07:10 - 07:13
EN: 7 or 8 bear bars, the bulls did not buy.
ZH: 7或8根阴线，多头没有买入
07:13 - 07:14
EN: They expect a second leg down.
ZH: 他们预期会有第2段下跌
07:14 - 07:18
EN: Second leg down, but a bear breakout – they expect more down again,
ZH: 第2段下跌，大阴线跌破，所以预期可能还会继续下跌
07:18 - 07:21
EN: so not much buying by the strong bulls either.
ZH: 所以强多头仍然不会买入
Slide 004
Time: 07:25
Bilingual Transcript
07:28 - 07:33
EN: Once you run out of trapped bears and the strong bulls stop buying,
ZH: 一旦被套的弱空头全部离场， 而且强多头停止买入，
07:34 - 07:37
EN: the market has to go lower to find traders willing to buy.
ZH: 市场就必须下跌，才能找到更多愿意买入的人
07:38 - 07:45
EN: Those strong bulls are only going to buy after they see evidence
ZH: 只有看到强空头止盈的证据之后，强多头才会愿意再次买入
07:42 - 07:45
EN: that the strong bears are taking profits.
ZH: 只有看到强空头止盈的证据之后，强多头才会愿意再次买入
07:45 - 07:52
EN: When you get 7 bars down like this, do you think the bears
ZH: 当你看到这样连续7根K线下跌的时候， 你认为空头会买入止盈吗？不会，他们预期会有第2段下跌
07:49 - 07:52
EN: are buying back their shorts? No, they’re expecting a second leg down,
ZH: 你认为空头会买入止盈吗？不会，他们预期会有第2段下跌
07:52 - 07:54
EN: so they’re looking for a rally to sell.
ZH: 所以他们会在反弹时继续卖出做空
07:54 - 07:57
EN: The bulls know that, so the bulls are not eager to buy.
ZH: 多头知道这一点，所以多头不急于买入
07:57 - 07:59
EN: The result is very weak buying.
ZH: 结果就是买盘很弱
07:59 - 08:02
EN: Very small bars, Tight Trading Range.
ZH: 阳线体积很小，窄震荡区间
08:06 - 08:11
EN: Weak bulls are always buying, hoping that they’re buying with very little risk,
ZH: 弱多头总是在买入，因为他们希望自己的风险很小
08:11 - 08:16
EN: but they do not have enough money to create a significant move.
ZH: 但他们没有足够的钱来制造大的波段
08:16 - 08:19
EN: They will not overwhelm the strong bears.
ZH: 他们无法战胜强空头
08:24 - 08:28
EN: In general, whenever you have any significant reversal
ZH: 通常来说，每当出现显著的反转——
Slide 005
Time: 08:25
Bilingual Transcript
08:28 - 08:32
EN: - here we’re talking about consecutive Buy Climaxes and a Parabolic Wedge,
ZH: 这里谈论的是连续的抢购高潮和抛物线楔形，
08:32 - 08:35
EN: and we’re starting to reverse down
ZH: 然后开始反转下跌——
08:35 - 08:39
EN: - the general rule is wait 10 bars and two legs.
ZH: 通用的法则是等待两段10 K
08:39 - 08:43
EN: TBTL, 10 bars and two legs, before looking to buy again
ZH: TBTL，至少10根K线，两段回调，然后再考虑买入
08:43 - 08:47
EN: - because that’s pretty much what the strong bulls will do as well.
ZH: 因为这就是强多头会做的事情
08:48 - 08:51
EN: When the first leg down is reasonably strong like this,
ZH: 当第1段下跌这么强势的时候
08:51 - 08:55
EN: an 8 bar bear Micro Channel, the strong bulls are not going to buy.
ZH: 连续8根阴线的下降微通道，强多头不会买入
08:55 - 09:01
EN: You get some weak bulls buying, you have some strong bears
ZH: 有一些弱多头买入， 有一些强空头部分止盈，所以会有一些反弹
08:59 - 09:01
EN: taking partial profits, and you get a bounce.
ZH: 有一些弱多头买入， 有一些强空头部分止盈，所以会有一些反弹
09:01 - 09:06
EN: But the bulls who did not exit during this selloff will exit on the bounce,
ZH: 之前没有及时离场的多头，会在反弹时离场，
09:06 - 09:12
EN: a 50% pullback, and the bears who did not sell will sell on the bounce as well.
ZH: 这是50%反弹； 而那些还没有入场的空头也会在反弹时开仓做空
09:12 - 09:15
EN: And the result is you get at least one more leg down.
ZH: 这就造成了第2段下跌
09:17 - 09:20
EN: The strong bulls want to wait at least 10 bars and two legs
ZH: 强多头希望至少等待10K、两段
09:20 - 09:24
EN: because that’s typically what follows a series of Buy Climaxes,
ZH: 因为那就是一系列抢购高潮之后最常见的情况
09:25 - 09:28
EN: and if they see 10 bars – at this point they have 10 bars,
ZH: 如果他们看到10根K线——此时已经回调了10根K线
09:28 - 09:31
EN: but they only have one leg, so they’re not going to buy.
ZH: 但只有一段下跌（而且很强），那么他们就不会买入
09:31 - 09:37
EN: At this point they have two legs down
ZH: 这里已经有了两段下跌——1，反弹，2； 而且远远超过了10根K线
09:33 - 09:37
EN: - one, pullback, two – and far more than 10 bars.
ZH: 这里已经有了两段下跌——1，反弹，2； 而且远远超过了10根K线
09:37 - 09:38
EN: They probably have 50 bars.
ZH: 可能有50根K线
09:38 - 09:40
EN: But they have a strong bear breakout.
ZH: 但大阴线强势跌破
09:40 - 09:43
EN: They’re also not going to buy here either.
ZH: 他们也不会在这里买入
09:44 - 09:47
EN: At a minimum, they’re going to wait 10 bars and two legs
ZH: 所以通常情况下，他们至少会等待两段10K （注：着重标记“至少”两个字）
09:47 - 09:50
EN: in general before they’ll think about buying again.
ZH: 然后再考虑是否再次买入
09:53 - 10:02
EN: After 8 bars down like this, the strong bulls believe
ZH: 像这样连续下跌8根K线之后， 强多头知道，若果有任何反弹，空头会卖出更多， 押注第2段下跌
09:56 - 10:02
EN: that the bears will sell more on any bounce, expecting another leg down.
ZH: 强多头知道，若果有任何反弹，空头会卖出更多， 押注第2段下跌
10:05 - 10:09
EN: On the other hand, if the strong bulls think that the selloff is not very good
ZH: 相反，如果强多头认为这次抛售并不强势
10:09 - 10:12
EN: and that there’s not enough selling by the strong bears
ZH: 没有足够多的强空头在卖出
10:12 - 10:16
EN: and the market has had a couple legs down – that’s not the case here
ZH: 而且市场已经有了几段回调——这个案例不是这种情况——
10:16 - 10:20
EN: - the bulls will buy, expecting another leg up.
ZH: 那么多头就会买入，预期上涨趋势恢复
10:24 - 10:28
EN: We have a bull trend bar, and therefore a Buy Climax.
ZH: 上涨趋势K线（阳线），它是抢购高潮
Slide 006
Time: 10:25
Bilingual Transcript
10:32 - 10:37
EN: Here we have a bull trend and we have a bull trend bar, so that’s a Buy Climax.
ZH: 上涨趋势，这根阳线是抢购高潮
10:37 - 10:40
EN: We have a series of bull trend bars here, another Buy Climax.
ZH: 这一系列阳线也是抢购高潮
10:40 - 10:43
EN: 2 big bull trend bars, another bull trend bar.
ZH: 两根大阳线，又一根大阳线
10:43 - 10:47
EN: We have a series of Buy Climaxes, and they are in a channel.
ZH: 这是一系列的抢购高潮，而且它们处在通道中
10:47 - 10:50
EN: I can draw a line above, I can draw a line below.
ZH: 我可以在上方和下方各画一条线
10:50 - 10:53
EN: A bull channel is a bear flag.
ZH: 上涨通道是熊旗
11:00 - 11:04
EN: 25% chance the bulls will get a breakout above the channel
ZH: 25%的概率多头可以加速突破通道
11:04 - 11:07
EN: and then start another market cycle.
ZH: 然后开启新的市场周期
11:07 - 11:09
EN: Bull breakout and then channel up.
ZH: 多头突破，然后在通道中上涨
11:09 - 11:14
EN: 75% chance a bull breakout attempt will fail and the market will break
ZH: 75%的概率多头的突破尝试会失败，
11:14 - 11:17
EN: below the bottom of the channel at least a little bit.
ZH: 然后市场至少会略微跌破通道的下沿
11:17 - 11:24
EN: 75% chance the market will break below the channel
ZH: 75%的概率市场会以横盘或下跌的方式跌破通道
11:20 - 11:24
EN: either by going down or by simply going sideways.
ZH: 75%的概率市场会以横盘或下跌的方式跌破通道
11:28 - 11:33
EN: 25% chance you’ll get a bull breakout and another leg up.
ZH: 25%的概率会加速向上突破，形成新的上涨波段
11:33 - 11:38
EN: If you do get the bull breakout, you have to be thinking
ZH: 如果真的加速向上突破了， 那就必须要考虑MM目标位
11:36 - 11:38
EN: about a possible Measured Move.
ZH: 如果真的加速向上突破了， 那就必须要考虑MM目标位
11:38 - 11:40
EN: A bull channel is a bear flag.
ZH: 上涨通道是熊旗
11:40 - 11:43
EN: If you get a bull breakout above the bear flag,
ZH: 如果熊旗被向上突破，
11:43 - 11:46
EN: you’ll probably rally for a Measured Move up.
ZH: 那就很可能涨到MM目标位
11:48 - 11:49
EN: And that’s what we have.
ZH: 就像这里发生的情况
11:49 - 11:50
EN: We have a bull channel.
ZH: 上涨通道
Slide 007
Time: 11:50
Bilingual Transcript
11:50 - 11:59
EN: The market tried to go sideways or down to break
ZH: 市场尝试以横盘或下跌的方式跌破通道下沿， 然而却加速暴涨，大阳线突破，后续还有跟随
11:54 - 11:59
EN: below the bottom of the channel, and instead we got this:
ZH: 市场尝试以横盘或下跌的方式跌破通道下沿， 然而却加速暴涨，大阳线突破，后续还有跟随
11:57 - 11:59
EN: a big bull breakout and follow-through.
ZH: 市场尝试以横盘或下跌的方式跌破通道下沿， 然而却加速暴涨，大阳线突破，后续还有跟随
11:59 - 12:02
EN: Probably a Measuring Gap – this low and that high.
ZH: 大概率是测量型缺口——这个低点和那个高点之间的缺口
12:02 - 12:05
EN: Traders will look for a Measured Move up,
ZH: 交易者预期时常会涨到MM目标位
12:05 - 12:12
EN: from here or here to here, up to this channel area.
ZH: 从这个，或这个低点，到通道的最高点， 往上翻一倍，在这个区域附近
12:16 - 12:26
EN: Whenever you have a strong breakout – it doesn’t matter,
ZH: 每当出现强势的突破，不论是突破震荡区间还是上涨通道， 市场周期都会重新开始——
12:19 - 12:26
EN: a strong breakout of a Trading Range or a strong breakout
ZH: 每当出现强势的突破，不论是突破震荡区间还是上涨通道， 市场周期都会重新开始——
12:22 - 12:26
EN: above a bull channel – the market cycle begins over again.
ZH: 每当出现强势的突破，不论是突破震荡区间还是上涨通道， 市场周期都会重新开始——
12:26 - 12:30
EN: A breakout and then a channel and then a Trading Range again.
ZH: 突破，然后进入通道，最后变成震荡区间
12:33 - 12:39
EN: We have a breakout and then a small bar, and then another breakout
ZH: 突破，小十字星；再次突破，又是一根小K线； 然后继续突破
12:37 - 12:39
EN: and then a small bar, and then another breakout.
ZH: 突破，小十字星；再次突破，又是一根小K线； 然后继续突破
12:39 - 12:40
EN: This is a Parabolic Wedge Top.
ZH: 这是抛物线楔形顶
12:40 - 12:42
EN: The market tried to reverse down.
ZH: 市场尝试反转下跌 （注：回调测试最近一次抢购高潮的起涨点）
12:42 - 12:47
EN: We broke out again and we went sideways.
ZH: 再次上涨之后，进入震荡区间
12:47 - 12:51
EN: We tried to resume up again, and it’s within a Trading Range.
ZH: 多头尝试继续上涨，但是市场处于震荡区间内
12:51 - 12:52
EN: This is consecutive tops.
ZH: 这是连续的筑顶尝试
12:52 - 12:58
EN: We have a top attempt here and we have another breakout, another top attempt,
ZH: 之前在这里尝试筑顶，但是被再次突破； 这里尝试筑顶，
12:58 - 13:02
EN: and now we have another top attempt, and the result was a Trading Range.
ZH: 现在再次尝试筑顶，变成了震荡区间
13:06 - 13:09
EN: A breakout like this is a low probability event.
ZH: 像这样的突破是低概率事件
13:10 - 13:14
EN: Whenever something is unlikely to happen but does happen,
ZH: 每当某件事情不太可能发生，但是真的发生了，
13:14 - 13:17
EN: both the bulls and the bears are trapped.
ZH: 此时多头和空头都被困住了
13:17 - 13:21
EN: Both thought the market would go sideways to down; instead it went up.
ZH: 双方都认为市场会横盘或下跌；然而，它上涨了
13:21 - 13:26
EN: The bears who were selling prior highs now find themselves in a losing position,
ZH: 那些在前期高点挂单做空的空头，现在处于亏损状态
13:26 - 13:30
EN: and when they see a pair of consecutive bull trend bars like this,
ZH: 当他们看到这样两根连续的大阳线时
13:30 - 13:34
EN: they know we’re probably rallying for a Measured Move up.
ZH: 他们知道大概率会继续上涨到MM目标位
13:34 - 13:37
EN: They’re hoping for any pullback, like this or like this,
ZH: 他们希望有一些回调，比如这样或这样，
13:37 - 13:40
EN: to buy back their shorts, to reduce their loss.
ZH: 让他们能够少亏一些离场
13:42 - 13:46
EN: And because the bears are buying, any small pullback will lead to a rally.
ZH: 因为空头在买入，所以略微回调一点之后就继续上涨
13:46 - 13:48
EN: A pullback leads to a rally.
ZH: 回调之后，继续上涨
13:48 - 13:52
EN: You’ll have bulls who thought this was going to top out,
ZH: 一些多头认为这里可能是顶部
13:52 - 13:55
EN: but then they see this and they say, oh, we’re going higher.
ZH: 但当他们看到这两根大阳线时，他们知道还会继续上涨
13:55 - 13:58
EN: They’re going to look at any pullback as an opportunity
ZH: 所以他们会把回调看作是买入的机会
13:58 - 14:00
EN: to buy for at least a small second leg up.
ZH: 预期至少会有小的第2段上涨
14:00 - 14:04
EN: They’ll buy below this bar, they’ll buy above that bar, second leg up.
ZH: 他们会在这根K线下方买入， 他们会在那根K线上方买入，押注第2段上涨
14:04 - 14:09
EN: Here we now have a Double Bottom bull flag, and they’ll buy above this bar
ZH: 现在这是双底牛旗，他们会在这根K线上方买入
14:09 - 14:14
EN: or they’ll simply buy at that low, looking for at least another leg up.
ZH: 或者他们会直接在那个低点挂单买入， 押注至少还有一段上涨
14:15 - 14:17
EN: Bulls and bears are both buying.
ZH: 多头和空头都在买入
14:17 - 14:22
EN: The probability is after you have a strong breakout like this,
ZH: 所以在这么强势的突破之后，大概率会有第2段上涨
14:20 - 14:22
EN: you’re going to get a second leg up.
ZH: 所以在这么强势的突破之后，大概率会有第2段上涨
14:22 - 14:28
EN: This might be a small second leg – pullback, second leg or pullback, second leg.
ZH: 这可能就是小的第2段上涨——回调，第2段； 或者回调，第2段
14:35 - 14:36
EN: Consecutive Buy Climaxes.
ZH: 连续的抢购高潮
14:36 - 14:40
EN: Here we have four of them – one, two, three, four.
ZH: 这里有4个（抢购高潮）——1，2，3，4
14:40 - 14:45
EN: It’s a type of a Wedge Top, and now we’re getting
ZH: 这是楔形顶，现在楔形顶被向上突破
14:42 - 14:45
EN: a bull breakout above a Wedge Top.
ZH: 这是楔形顶，现在楔形顶被向上突破
14:46 - 14:54
EN: Usually if you get a strong bull breakout above a Wedge Top or above any kind
ZH: 通常，如果楔形顶，或者任何形式的熊旗， 被向上加速突破，市场通常会涨到某个MM目标位
14:50 - 14:54
EN: of a bear flag, the market will rally for some kind of a Measured Move up.
ZH: 通常，如果楔形顶，或者任何形式的熊旗， 被向上加速突破，市场通常会涨到某个MM目标位
14:56 - 14:59
EN: Here’s the top of the bear flag, the top of the Wedge,
ZH: 这里是熊旗的顶部，楔形的顶部
14:59 - 15:01
EN: and this is a Measured Move.
ZH: MM目标位在这里
15:01 - 15:03
EN: And you can see what happened when the market got there.
ZH: 可以看到当市场到达那里时发生了什么
15:03 - 15:07
EN: It pulled back, in part because bulls were taking profits,
ZH: 回调了，其中一个原因是多头卖出止盈
15:07 - 15:11
EN: in part because the bears expected bulls to take profits
ZH: 另一边，空头知道很多多头会在这里止盈
15:11 - 15:14
EN: and the bears started selling as well for a scalp down.
ZH: 所以他们开始做空，至少做一笔剥头皮交易
Slide 008
Time: 15:17
Bilingual Transcript
15:21 - 15:25
EN: 4 bull trend bars, a little climax, a little climax here.
ZH: 4根阳线，小的抢购高潮，这也是一个小高潮
15:25 - 15:27
EN: You can call all of this a Buy Climax.
ZH: 你可以把所有这些都看作是抢购高潮
15:27 - 15:28
EN: A small climax here.
ZH: 这是一个小高潮
15:28 - 15:30
EN: Every trend bar is a climax.
ZH: 每根趋势K线都是一个高潮
15:30 - 15:36
EN: A big bull trend bar, a climax, a trend bar, a climax, a trend bar, a climax.
ZH: 大阳线，高潮；阳线，高潮；阳线，高潮
15:36 - 15:41
EN: At some point there’s no one left to buy at this price at this time,
ZH: 一直涨到某个时刻，没有人愿意在这么高的位置买入了
15:41 - 15:44
EN: and the strong bulls will take profits, the strong bears begin to short.
ZH: 强多头开始卖出止盈，强空头开始卖出做空
15:45 - 15:48
EN: Usually after you get a series of consecutive Buy Climaxes,
ZH: 通常，在你一系列连续的抢购高潮之后
15:48 - 15:55
EN: the market goes sideways, and then it decides
ZH: 市场会横盘震荡一段时间， 然后再决定是继续上涨还是反转下跌
15:51 - 15:55
EN: whether it will resume up or reverse down.
ZH: 市场会横盘震荡一段时间， 然后再决定是继续上涨还是反转下跌
15:59 - 16:01
EN: Consecutive Buy Climaxes.
ZH: 连续的抢购高潮
16:02 - 16:07
EN: You have to assume at some point you’ll get 10 bars, two legs sideways to down.
ZH: 必须假设即将会横盘或下跌至少两段、10根K线
16:07 - 16:09
EN: That’s the minimum objective.
ZH: 这是最低目标
16:09 - 16:10
EN: Here’s one leg.
ZH: 第1段，
16:10 - 16:12
EN: The bull trend resumed.
ZH: 继续上涨
16:12 - 16:13
EN: Second leg.
ZH: 第2段
16:13 - 16:15
EN: So we have two legs sideways here.
ZH: 所以这里有两段横盘
16:15 - 16:19
EN: You could say the Buy Climax ended here and this is one leg down.
ZH: 你也可以说抢购高潮在这里结束， 这是第1段下跌
16:19 - 16:21
EN: You don’t always get a second leg down; maybe we will.
ZH: 然后可能会有第2段下跌
16:26 - 16:29
EN: 20 bar Trading Range after consecutive Buy Climaxes.
ZH: 连续抢购高潮之后，震荡区间持续了20根K线
16:29 - 16:33
EN: This is a Buy Climax as well, and this is a small Buy Climax.
ZH: 这也是一个抢购高潮，这是一个小的抢购高潮
16:34 - 16:37
EN: But we started to go sideways here – small bars,
ZH: 但是横盘从这里就开始了——K线体积变小
16:37 - 16:40
EN: doji bars, prominent tails, small bodies.
ZH: 很多十字星，影线，实体部分很小
16:40 - 16:43
EN: After the market goes sideways for 20 or more bars
ZH: 在市场横盘20根或更多K线之后
16:43 - 16:48
EN: - this is probably 30 bars – the market’s in BreakOut Mode.
ZH: ——这里可能已经有30根K线了—— 市场就进入了突破模式
16:48 - 16:52
EN: There’s about a 50/50 chance that you’ll get a reversal down
ZH: 50%的概率会反转下跌
16:52 - 16:55
EN: and a 50/50 chance you’llget trend resumption up.
ZH: 50%的概率会延续上涨趋势
16:55 - 16:59
EN: For the bulls, they see a Double Bottom bull flag, and for the bears,
ZH: 在多头看来，这是一个双底牛旗；
16:59 - 17:02
EN: they see a Lower High Major Trend Reversal
ZH: 而在空头看来，这是高点降低的大反转机会
17:02 - 17:06
EN: or a Head and Shoulders Top – left shoulder, head, right shoulder.
ZH: 或者是头肩顶——左肩，头，右肩
17:11 - 17:16
EN: The bears do not have consecutive big bear trend bars here or here.
ZH: 空头在这里或这里没有连续的大阴线
17:16 - 17:20
EN: They’re concerned that they are not able to reverse the market.
ZH: 他们担心自己无法让市场反转
17:20 - 17:26
EN: If enough bears believe that they are unable
ZH: 如果有足够的空头认为他们无法制造反转， 空头就会开始买入回补自己的空头仓位
17:23 - 17:26
EN: to turn the market down, they’ll start buying back their shorts.
ZH: 空头就会开始买入回补自己的空头仓位
17:26 - 17:28
EN: At this point it’s still neutral.
ZH: 此时市场仍然是中性的
17:28 - 17:31
EN: We still don’t know if the bears will give up
ZH: 仍然不知道空头是否会放弃，
17:31 - 17:33
EN: and the bulls will buy and we’ll get trend resumption up.
ZH: 多头是否会买入，趋势是否会继续
17:34 - 17:38
EN: Every Trading Range has both a buy signal and a sell signal.
ZH: 每个震荡区间都有做多信号和做空信号
17:39 - 17:40
EN: They’re both equally good.
ZH: 都有足够好的理由
17:40 - 17:46
EN: In general, there’s always a slightly higher probability
ZH: 通常来说，趋势恢复的概率总是略高一些，
17:44 - 17:49
EN: that the trend will resume, but after you get to 20 or 30 bars,
ZH: 通常来说，趋势恢复的概率总是略高一些， 然而在震荡了20~30根K线之后，
17:49 - 17:54
EN: the probability is almost 50/50 for trend resumption up and trend reversal down.
ZH: 趋势恢复上涨，和趋势反转下跌的概率，几乎是50对50
18:00 - 18:03
EN: After a lot of bars, the bulls start getting confident again,
ZH: 在很多K线之后，多头开始再次变得自信，
18:03 - 18:07
EN: and they try hard to get their trend resumption up.
ZH: 他们努力争取让趋势恢复上涨
18:07 - 18:12
EN: At this point it’s still neutral, but you get a bull bar here
ZH: 此时市场仍然是中性的，但是出现了这根阳线，
Slide 009
Time: 18:10
Bilingual Transcript
18:12 - 18:14
EN: and a second bull bar here.
ZH: 第2根阳线
18:14 - 18:16
EN: Traders believe that we’re going up.
ZH: 交易者相信时常会上涨
18:16 - 18:18
EN: We’re going to get trend resumption up.
ZH: 上涨趋势会恢复
18:18 - 18:23
EN: The bears are giving up on these bars,
ZH: 空头在这两根K线放弃、离场， 而多头在积极地买入
18:20 - 18:23
EN: these 2 bars here, and bulls are buying aggressively.
ZH: 空头在这两根K线放弃、离场， 而多头在积极地买入
18:23 - 18:28
EN: You can see the open of this bar is at or above the close of this bar.
ZH: 可以看到这根K线的开盘价略高于前1根K线的收盘价 （注：跳空高开，说明买盘很积极）
18:28 - 18:32
EN: The low of this bar barely dipped below the high of this bar.
ZH: 而且这根K线几乎没什么下影线
18:32 - 18:34
EN: That means bulls are buying aggressively.
ZH: 说明多头正在激进地买入
18:34 - 18:36
EN: The same here and the same here.
ZH: 这里和这里也是一样
18:36 - 18:40
EN: The bears are giving up – these 2 bars signify the bears giving up
ZH: 空头在放弃——这两根K线表示空头在放弃
18:40 - 18:43
EN: - and the bulls are buying aggressively for at least a Measured Move up
ZH: 而多头在积极地买入，目标至少是涨到MM目标位
18:43 - 18:45
EN: based upon the height of the Trading Range.
ZH: 把震荡区间的高度往上翻一倍
18:51 - 18:54
EN: Now we have an even bigger Buy Climax.
ZH: 现在有一个更大的抢购高潮
18:54 - 18:58
EN: Here we have a 4 bull bar Buy Climax.
ZH: 这里有连续4根阳线的抢购高潮
18:58 - 19:02
EN: It’s bigger than this Buy Climax or any of these prior Buy Climaxes.
ZH: 它比这个抢购高潮，比前期所有的这些抢购高潮体积更大
19:03 - 19:10
EN: Whenever you have the biggest Buy Climax occurring 20 or more bars
ZH: 当上涨趋势后期——这里已经持续了100多根K线—— 出现了最大的抢购高潮
19:07 - 19:10
EN: into a trend – here, it’s 100 bars into the trend
ZH: 当上涨趋势后期——这里已经持续了100多根K线—— 出现了最大的抢购高潮
19:10 - 19:13
EN: - chances are it’s going to be an exhaustive end of the trend
ZH: 大概率趋势即将衰竭、结束，
19:13 - 19:18
EN: and not the start of a new, even stronger trend.
ZH: 而不是形成新的、更强的上涨趋势
19:18 - 19:20
EN: This is probably going to be an Exhaustion Gap.
ZH: 它很大的概率是竭尽型缺口
19:20 - 19:22
EN: We have a pullback here, we’re going sideways.
ZH: 回调，略微横盘
19:22 - 19:26
EN: The gap right now is this low and that high.
ZH: 现在缺口是这个这个低点和那个高点（之间的空隙）
19:26 - 19:29
EN: Probably the gap will close, which it did over here.
ZH: 缺口大概率会被填补，就在这里
19:29 - 19:33
EN: Usually the market comes all the way down to the bottom of the Buy Climax.
ZH: 通常市场会一路下跌到抢购高潮的起涨点
19:33 - 19:36
EN: In this particular case, it simply went sideways.
ZH: 在这个案例中，市场只是横盘震荡
19:39 - 19:40
EN: You can draw a channel.
ZH: 你可以画一个通道
19:40 - 19:43
EN: We have a reversal down, a reversal down.
ZH: 下跌，下跌
19:43 - 19:45
EN: That allows us to draw a channel.
ZH: 可以连接它们画通道
19:45 - 19:47
EN: And part of the reason why this went up so quickly
ZH: 市场迅速上涨到这里的一个原因，
19:47 - 19:51
EN: is everyone knew it would get to the top of the channel
ZH: 就是所有人都知道会涨到通道的上沿，
19:51 - 19:53
EN: and everyone knew it would reach a Measured Move
ZH: 每个人都知道它会涨到MM目标位——
19:53 - 19:55
EN: based upon the height of the Trading Range.
ZH: 把震荡区间的高度往上翻一倍
19:55 - 19:57
EN: So we had two magnets here.
ZH: 所以这里有两个磁铁（磁铁就是目标位的意思）
19:57 - 20:01
EN: The bears bought back their shorts early on, all the way up for that matter,
ZH: 空头很快就止损离场了，这也助推了市场上涨
20:01 - 20:05
EN: and they did not want to sell again until the market got to resistance,
ZH: 而且空头在价格达到阻力位之前，不会再次做空
20:05 - 20:07
EN: the top of the channel and the Measured Move target.
ZH: 通道上沿和MM目标位，就是阻力位
20:07 - 20:11
EN: And the bulls were buying aggressively, knowing that bears would not sell.
ZH: 所以多头更加激进地买入，知道空头暂时不会卖出
20:11 - 20:14
EN: But once it got to the target, the bulls stopped buying.
ZH: 然而，一旦到达了目标位，多头就不再买入
20:14 - 20:21
EN: Strong enough breakout, chances are there’ll be
ZH: 足够强势的突破，大概率会有小的第2段上涨， 可能也就是这样了
20:17 - 20:21
EN: at least a small second leg up, but not necessarily more than that.
ZH: 足够强势的突破，大概率会有小的第2段上涨， 可能也就是这样了
20:21 - 20:24
EN: And you can see what happened when the market had that second leg up.
ZH: 可以看到第2段上涨之后发生了什么
20:24 - 20:28
EN: The bears sold aggressively above the channel
ZH: 空头在通道上方和MM目标位上方大量地卖出做空
20:27 - 20:28
EN: and above the Measured Move target,
ZH: 空头在通道上方和MM目标位上方大量地卖出做空
20:28 - 20:32
EN: and the bulls saw this as a great opportunity to take profits.
ZH: 而多头把这看作是一个很好的止盈机会
20:32 - 20:36
EN: Bears and bulls sold, and we went sideways to down.
ZH: 空头和多头都在卖出，所以横盘、下跌
20:41 - 20:43
EN: Strong rally.
ZH: 强势的上涨
20:43 - 20:44
EN: Probably a second leg up.
ZH: 大概率有第2段
20:44 - 20:46
EN: Then we got a second reversal down.
ZH: 然后第2次尝试反转下跌
20:46 - 20:48
EN: First reversal here, this tail,
ZH: 第1次是在这里，它的上影线
20:48 - 20:51
EN: and the second reversal a big tail and a bear body.
ZH: 然后第2次反转，这个上影线，最后收盘是阴线
20:51 - 20:52
EN: A Micro Double Top.
ZH: 这是一个小双顶
20:53 - 20:56
EN: Two attempts to break above resistance, both failed.
ZH: 两次尝试突破阻力，都失败了
20:56 - 20:59
EN: Probably we’ll get at least 10 bars, two legs sideways to down.
ZH: 很大的概率，至少会有10根K线，两段的横盘或下跌
21:03 - 21:05
EN: Bulls exhausted.
ZH: 多头累了
21:05 - 21:11
EN: They want to wait at least 10 bars and two legs
ZH: 再次买入之前， 他们会等待至少两段10K——1，反弹，2
21:07 - 21:11
EN: - one leg, pullback, two legs – before they buy again.
ZH: 再次买入之前， 他们会等待至少两段10K——1，反弹，2
21:11 - 21:14
EN: Just like here, they were exhausted and they waited.
ZH: 就像这里一样，他们已经精疲力尽，所以休息、等待
21:17 - 21:22
EN: Three reversals down, here or here and then here and here.
ZH: 3次反转下跌——这里，这里和这里
21:22 - 21:23
EN: It’s a triangle.
ZH: 这是一个三角形
21:23 - 21:24
EN: BreakOut Mode.
ZH: 突破模式
21:24 - 21:27
EN: And the bulls got a breakout, but look at this breakout.
ZH: 然后向上突破，但是仔细看这个突破
21:27 - 21:31
EN: Does it look like this? No, it’s small bars, doji bars.
ZH: 看起来像它吗？不。 小K线，十字星
21:31 - 21:36
EN: This probably is a bull leg in what will end up in a Trading Range.
ZH: 这个上涨波段大概率会变成震荡区间
21:36 - 21:40
EN: So this probably eventually will trade back down here without going much higher.
ZH: 所以最终涨不了多远，就会再次跌回到这里
Slide 010
Time: 21:45
Bilingual Transcript
21:47 - 21:50
EN: Strongest bull breakout 20 or more bars into a bull trend
ZH: 上涨趋势后期最大的抢购高潮
21:50 - 21:53
EN: - probably an Exhaustion Gap.
ZH: 大概率是竭尽型缺口
21:53 - 21:56
EN: This is about 100 bars into a bull trend.
ZH: 这里已经上涨了100多根K线了
21:56 - 21:59
EN: We have consecutive Buy Climaxes all the way up.
ZH: 而且上涨途中有连续的抢购高潮
21:59 - 22:04
EN: We also have a Wedge Top, three pushes up, a bull breakout above a bull channel.
ZH: 这里也有一个楔形顶，3次向上推动， 然后尝试加速向上突破通道
22:04 - 22:07
EN: Twice trying to break out, both times reversing down.
ZH: 两次尝试突破，但是两次都跌回来了
22:07 - 22:09
EN: This is probably an Exhaustion Gap.
ZH: 这大概率是竭尽型缺口
22:09 - 22:12
EN: The gap initially is this close and that high,
ZH: 缺口一开始是它的收盘到那个高点之间，
22:12 - 22:16
EN: and then this close, and then this close and that high.
ZH: 然后扩大，它的收盘，它的收盘，到那个高点
22:16 - 22:17
EN: Then we get a pullback here.
ZH: 开始回调
22:17 - 22:21
EN: The gap now is this low or that low and this high,
ZH: 缺口缩小，这个低点，这个低点，到那个高点
22:21 - 22:25
EN: and eventually the market fell below the breakout point and the gap closed.
ZH: 最终回调到了突破点的下方——缺口被补掉
22:25 - 22:30
EN: That means this rally became an Exhaustion Gap rather than a Measuring Gap.
ZH: 所以这段上涨变成了竭尽型缺口，而不是测量型缺口
22:36 - 22:38
EN: You had bears selling above bars.
ZH: 有空头在K线上方挂单做空
22:38 - 22:40
EN: They sold above here, they made money.
ZH: 之前在这里上方卖出，赚到钱了
22:40 - 22:43
EN: They sold above here and they panicked.
ZH: 继续在前期高点挂卖单，但是感觉到不妙
22:43 - 22:46
EN: They realized that they were selling into a strong breakout.
ZH: 他们意识到自己在强势突破中做空了
22:46 - 22:49
EN: The weak bears bought back their shorts.
ZH: 弱空头在最高点买入、止损
22:49 - 22:52
EN: You had weak bulls who had been waiting, waiting, waiting for confidence
ZH: 而一些弱多头一直在等待，等待趋势变强的证据，
22:52 - 22:57
EN: that the market was going higher, and they finally buy.
ZH: 现在看起来将要大涨，所以他们最终买入， 结果买在最高点
22:55 - 22:57
EN: They buy at the top.
ZH: 现在看起来将要大涨，所以他们最终买入， 结果买在最高点
22:58 - 23:02
EN: When the weak bears are all gone and they’ve all bought back their shorts
ZH: 弱空头都已经回补了，全都离场了
23:02 - 23:07
EN: and the weak bulls are finally buying near the top, there’s no one left to buy.
ZH: 而弱多头买在高位之后，没有人再愿意买入了
23:07 - 23:15
EN: The strong bulls bought down here, and the strong bears will look
ZH: 强多头之前就买入了，现在卖出止盈； 而强空头看到这是连续的抢购高潮
23:12 - 23:15
EN: at this and say, ah, this is consecutive Buy Climaxes.
ZH: 而强空头看到这是连续的抢购高潮
23:15 - 23:17
EN: We’re at the top of a channel.
ZH: 现在涨到了通道的上沿
23:17 - 23:18
EN: We’re at a Measured Move.
ZH: 而且到了MM目标位
23:18 - 23:22
EN: What a great opportunity to sell, at least for a scalp.
ZH: 这是很好的做空机会，至少可以做一笔剥头皮交易
23:22 - 23:25
EN: The strong bulls are selling to take profits.
ZH: 强多头卖出止盈
23:25 - 23:27
EN: The strong bears are selling for a scalp.
ZH: 强空头卖出做空，做剥头皮交易
23:27 - 23:29
EN: There are no more weak bears left to buy.
ZH: 弱多头不会再买入了
23:29 - 23:32
EN: They’ve already been stopped out as the market rallied.
ZH: 因为他们已经在上涨过程中被迫止损离场
23:32 - 23:36
EN: And the weak bulls, there are not enough of them to make the market go higher.
ZH: 而弱多头买入的资金，不足以推动市场继续上涨
23:41 - 23:43
EN: Bulls see this as a gift.
ZH: 多头把这看作是市场的馈赠
23:43 - 23:46
EN: Strong breakout, they expect at least a little bit more up,
ZH: 强势突破，他们预期至少还会再上涨一些
23:47 - 23:51
EN: but they also see the location.
ZH: 但他们也知道市场所出的位置—— 通道上沿，MM目标位
23:49 - 23:51
EN: Top of a channel, Measured Move.
ZH: 但他们也知道市场所出的位置—— 通道上沿，MM目标位
23:51 - 23:54
EN: As the market’s going up, they sell.
ZH: 随着市场上涨，他们卖出止盈
23:54 - 23:57
EN: The strong bulls sell above this high.
ZH: 而强空头在这个高点上方卖出做空
23:57 - 24:02
EN: The weak bulls are buying above this high, and the strong bears are selling
ZH: 弱多头在这个高点上方买入， 但强空头（和强多头）却在这个高点上方卖出
24:01 - 24:05
EN: above that high as well, and the result was a big reversal bar.
ZH: 弱多头在这个高点上方买入， 但强空头（和强多头）却在这个高点上方卖出 所以造成了这根大的反转阴线
24:05 - 24:10
EN: And it led to 10 bars down and 20 to 30 bars sideways.
ZH: 造成了接下来20~30根K线的下跌、横盘
24:15 - 24:18
EN: Again, the strong bears see the same thing as the bulls,
ZH: 再讲一遍，强空头和强多头看到的价格行为是一样的
24:18 - 24:23
EN: and they see this resistance as a great opportunity to sell,
ZH: 他们都看到了这两个阻力，都知道这是很好的卖出机会
24:23 - 24:26
EN: at least for a scalp, maybe for a swing.
ZH: 至少有剥头皮的机会，甚至可能是波段下跌
24:27 - 24:30
EN: They know this is more likely an exhaustive end of a trend
ZH: 他们知道趋势更有可能衰竭、结束
24:30 - 24:35
EN: instead of a breakout and an acceleration into an even stronger trend.
ZH: 而不是突破成功，变成更强的上涨趋势
Slide 011
Time: 24:38
Bilingual Transcript
24:41 - 24:45
EN: Every trend bar, every series of trend bars, is a breakout and a climax.
ZH: 每根趋势K线，每一系列的趋势K线， 都是突破和高潮
24:45 - 24:48
EN: We have 2 bear bars closing on their lows, good size.
ZH: 两根阴线收在最低，体积足够大
24:48 - 24:49
EN: Sell Climax.
ZH: 抛售高潮
24:49 - 24:51
EN: Small Sell Climax here.
ZH: 小的抛售高潮
24:51 - 24:55
EN: Sell Climax here, little bit here, here, here.
ZH: 这里也是抛售高潮，这也有一些，还有这里、这里
24:55 - 24:59
EN: We have a series of Sell Climaxes without much pullback.
ZH: 一系列的抛售高潮，几乎没有什么反弹
24:59 - 25:02
EN: Usually you run out of traders willing to sell.
ZH: 通常情况下，愿意卖出的交易者会越来越少
25:03 - 25:05
EN: The weak bulls keep buying.
ZH: 弱多头不断地买入
25:05 - 25:09
EN: Buying, buying, buying, and they’re giving up.
ZH: 买，买，买，然后不断止损、止损、止损， 最终他们不敢再买入了（或止损在最低点）
25:07 - 25:09
EN: Giving up, giving up, and at some point they stop buying.
ZH: 买，买，买，然后不断止损、止损、止损， 最终他们不敢再买入了（或止损在最低点）
25:10 - 25:16
EN: And the weak bears, they see the breakout and they say
ZH: 而弱空头认为这个大阴线是很好的做空机会， 于是做空在最低点
25:13 - 25:16
EN: “now’s the time to sell!” and they keep selling at the lows.
ZH: 而弱空头认为这个大阴线是很好的做空机会， 于是做空在最低点
25:17 - 25:20
EN: They are not enough to keep the trend going down.
ZH: 他们（弱多头和弱空头卖出的资金） 不足以让趋势继续下跌
25:21 - 25:24
EN: The strong bulls see the consecutive Sell Climaxes
ZH: 强多头看到了连续的抛售高潮
25:24 - 25:31
EN: and they know the odds are the market will soon go up
ZH: 他们知道市场很快就会反弹， 或者至少震荡两段10K
25:27 - 25:31
EN: or sideways for 10 bars and two legs at a minimum.
ZH: 他们知道市场很快就会反弹， 或者至少震荡两段10K
25:31 - 25:33
EN: And the strong bears, they sold up here.
ZH: 而强空头，他们在高位就做空了
25:34 - 25:37
EN: At some point they start taking profits at prior lows,
ZH: 然后开始在前期的低点止盈
25:37 - 25:40
EN: and you can see we have a breakout below this low,
ZH: 可以看到，跌破这个低点之后，
25:40 - 25:42
EN: but it pulled back above the low.
ZH: 又涨回来了 （注：主要是空头止盈引起的反弹）
25:42 - 25:46
EN: We have a breakout below this low and it pulled back above that breakout point.
ZH: 跌破了这个低点，然后又反弹回来
25:46 - 25:48
EN: The strong bears are starting to take profits.
ZH: 强空头开始止盈
25:48 - 25:52
EN: They know that when you have a series of consecutive Sell Climaxes,
ZH: 他们知道，在一系列连续的抛售高潮之后
25:52 - 25:55
EN: the market’s probably going to go up for at least 10 bars and two legs,
ZH: 市场很可能会上涨至少两段、10K
25:55 - 25:58
EN: and they buy back their shorts, looking to sell higher.
ZH: 所以他们回补、止盈，然后等待在更高价格做空的机会
25:58 - 26:02
EN: If the reversal up is strong enough, they’ll keep waiting to sell again.
ZH: 如果反转上涨足够强势，他们就会继续等待
26:03 - 26:05
EN: And the strong bulls, they’re never going to give up.
ZH: 而强多头永远不会放弃
26:05 - 26:07
EN: They’re buying these lows.
ZH: 他们在这些低点挂单买入
26:07 - 26:09
EN: Every new low, they’re buying more and more and more,
ZH: 他们在每个新低加仓买入更多
26:09 - 26:13
EN: confident that after a series of consecutive Sell Climaxes,
ZH: 因为他们很自信，知道在一系列连续的抛售高潮之后
26:13 - 26:16
EN: we’re going to enter a Trading Range or get a reversal.
ZH: 市场会进入震荡区间，或者反转上涨
26:20 - 26:24
EN: A climax ends when there is some kind of a pause bar.
ZH: 当出现某种暂停K线时，高潮结束
26:24 - 26:26
EN: Here, a doji bar.
ZH: 这里，十字星
26:26 - 26:27
EN: Doji bar.
ZH: 十字星
26:27 - 26:30
EN: Here, a bull bar, a bull bar, a bull bar.
ZH: 这里，阳线，阳线，阳线
26:30 - 26:35
EN: This is the climax, and this bar means that the climax has ended with this bar.
ZH: 这是一个抛售高潮，而它意味着高潮已经在这根K线结束
26:40 - 26:41
EN: Bear channel.
ZH: 下降通道
26:41 - 26:45
EN: I don’t have a channel drawn in there, but a bear channel is a bull flag.
ZH: 我没有把通道线画出来，但要知道下降通道是牛旗
26:45 - 26:50
EN: 25% chance you’ll get a new breakout and then a new market cycle down,
ZH: 25%的概率会加速向下跌破，然后开启新的市场周期——
26:50 - 26:52
EN: a breakout and then another channel down.
ZH: 空头突破，然后进入新的下降通道
26:52 - 26:57
EN: 75% chance you’re going to break above the top of the bear channel.
ZH: 75%的概率通道会被向上突破
26:57 - 26:59
EN: A bear channel is a bull flag.
ZH: 下降通道是牛旗
27:03 - 27:07
EN: A series of Sell Climaxes often ends with some kind of a Wedge
ZH: 一系列的抛售高潮通常以某种楔形结束
27:07 - 27:12
EN: - three pushes down, one, two, three – sometimes a Parabolic Wedge,
ZH: 3次向下的推动——1，2，3—— 有时候是抛物线楔形
27:12 - 27:15
EN: and usually around a Measured Move.
ZH: 通常在某个MM目标位附近停滞 （注：下降趋势在某个支撑停止，MM是其中一种支撑）
27:15 - 27:16
EN: Look to the left.
ZH: 看左边
27:16 - 27:18
EN: Are there any gaps? We have a breakout here.
ZH: 是否有缺口？这里空头突破
27:18 - 27:21
EN: These pullbacks did not go above that breakout point.
ZH: 反弹没有超过那个突破点
27:21 - 27:23
EN: This bar might be a Measuring Gap.
ZH: 所以它可能是测量型缺口
27:26 - 27:28
EN: Maybe from the start of this bear leg,
ZH: 可能从这个下跌波段的起点，
27:28 - 27:30
EN: possibly from the start of the bear trend.
ZH: 甚至从整个下降趋势的起点（往下翻一倍）
27:30 - 27:34
EN: But in any case, this bear leg, it led to a Measured Move down.
ZH: 总之，突破之后跌到了某个MM目标位
27:35 - 27:38
EN: If it fell below that, then I would look at a Measured Move
ZH: 如果继续下俺爹，那么我会测量新的MM目标位——
27:38 - 27:41
EN: based upon the top of the bear trend to this gap.
ZH: 从整个下降趋势的起跌点，到缺口（往下翻一倍）
27:44 - 27:45
EN: Measuring Gap.
ZH: 测量型缺口
27:46 - 27:48
EN: Three pushes down, one, two, three.
ZH: 3次向下推动——1，2，3
27:48 - 27:49
EN: Very big breakout bar.
ZH: 非常大的大阴线
27:50 - 27:53
EN: We tried to bottom here and we got a very big breakout,
ZH: 尝试在这里筑底（3推），但是被大阴线跌破
27:53 - 27:57
EN: possibly three pushes down – one, two, three
ZH: 3次向下的推动——1，2，3
27:57 - 28:00
EN: - to a Wedge Bottom and a Measured Move.
ZH: 在MM目标位附近形成了楔形底
Slide 012
Time: 28:05
Bilingual Transcript
28:08 - 28:13
EN: If the strong bears believe that bulls will only buy lower,
ZH: 如果强空头认为多头暂时不会买入， 就会继续不断地卖出
28:12 - 28:13
EN: the bears will keep selling.
ZH: 如果强空头认为多头暂时不会买入， 就会继续不断地卖出
28:13 - 28:15
EN: They expect another leg down.
ZH: 预期还会有一段下跌
28:15 - 28:19
EN: But they also know eventually the strong bulls will buy,
ZH: 但他们知道，最终强多头会开始买入
28:19 - 28:21
EN: and they’ll keep buying and never stop buying.
ZH: 而且强多头会不断买入，永不放弃
28:25 - 28:28
EN: The weak bulls keep buying and giving up.
ZH: 弱多头一直买入，但是很快就放弃了
28:28 - 28:31
EN: They buy, they give up, they buy, and they give up,
ZH: 买入，止损；买入，止损；
28:31 - 28:34
EN: and they are helping drive the market down.
ZH: 他们的止损卖出，是市场快速下跌的原因之一
28:34 - 28:39
EN: Eventually there will not be enough bulls selling to drive the market down.
ZH: 最终，弱多头止损的卖盘不足以维持下降趋势
28:39 - 28:41
EN: There will not be enough weak bears left selling,
ZH: 而且弱空头做空的资金也不够大
28:41 - 28:45
EN: and the strong bears will stop selling, and they’re only willing to sell higher,
ZH: 同时强空头不再卖出，他们止盈之后， 只愿意等待逢高卖出的机会
28:46 - 28:50
EN: and the strong bulls will take over the market, and that’s what took place here.
ZH: 于是强多头会接管市场，这就是这里所发生的情况
29:00 - 29:02
EN: You can call this a Lower Low Major Trend Reversal.
ZH: 你可以把它看作低点降低的大反转
Slide 013
Time: 29:00
Bilingual Transcript
29:02 - 29:07
EN: We have a bear trend, a weak bull breakout, and a Lower Low.
ZH: 下降趋势，较弱的多头突破，然后低点降低
29:07 - 29:08
EN: It’s a second entry buy.
ZH: 这是第2做多入场点
29:08 - 29:11
EN: First entry did not go very far, and now we have
ZH: 第1入场点没有涨太多
29:11 - 29:13
EN: a second bull bar closing on its high.
ZH: 现在出现了第2根收在最高的阳线
29:13 - 29:20
EN: This is a reasonable buy for the bulls hoping for
ZH: 这是合理的买点，多头预期至少会测试这个高点， 甚至会有几段上涨
29:17 - 29:20
EN: at least a test of this high, maybe a couple legs up.
ZH: 这是合理的买点，多头预期至少会测试这个高点， 甚至会有几段上涨
29:21 - 29:22
EN: You can also call it a Wedge Bottom.
ZH: 也可以把它看作楔形底
29:22 - 29:26
EN: We have a breakout, pullback, second push, pullback, third push.
ZH: 突破，反弹；第2推下跌，反弹；第3推
29:26 - 29:28
EN: It’s a reasonable buy.
ZH: 这是合理的买点
29:33 - 29:40
EN: At this point we have 5 consecutive bull bars, and at this point we have
ZH: 此时已经有连续5根阳线， 到了这里，我看看，连续7根K线上涨，没有阴线
29:38 - 29:40
EN: - what is that, 7 bars without a bear bar?
ZH: 到了这里，我看看，连续7根K线上涨，没有阴线
29:40 - 29:43
EN: Chances are we’re going at least a little bit higher.
ZH: 所以大概率至少还会再上涨一些
29:44 - 29:49
EN: If the bulls think the bears are weak, they’ll keep holding onto their longs.
ZH: 如果多头认为空头很弱，他们就会继续持有
29:49 - 29:53
EN: Once you get 3 or 4 bear bars, especially after a Wedge Bottom
ZH: 出现了连续很多根阳线 尤其是在楔形底和第2做多入场点之后，
29:52 - 29:57
EN: and a second entry buy, the market’s probably transitioning
ZH: 出现了连续很多根阳线 尤其是在楔形底和第2做多入场点之后， 很大的概率，市场至少正在转变为震荡区间
29:55 - 29:57
EN: at least into a Trading Range.
ZH: 很大的概率，市场至少正在转变为震荡区间
29:57 - 30:02
EN: The bulls think the market’s going to go higher
ZH: 在连续3~4根阳线之后，多头认为市场会继续上涨
30:00 - 30:02
EN: after 3 or 4 consecutive bull bars.
ZH: 在连续3~4根阳线之后，多头认为市场会继续上涨
30:02 - 30:04
EN: They’re going to start buying below bars.
ZH: 他们会开始在K线的下方逢低买入 （注：押注空头突破失败）
30:04 - 30:08
EN: They’ll buy below this bar – what is that, a 10 bar bull Micro Channel?
ZH: 他们会在这根K线以下买入， 因为左边是连续10根K线的上涨微通道
30:08 - 30:11
EN: - betting that they’ll get at least a small second leg up.
ZH: 多头押注至少会有小的第2段上涨
30:11 - 30:14
EN: And at this point, the bulls are wondering
ZH: 到了这里，多头开始考虑
30:14 - 30:17
EN: if this is a reasonable Higher Low Major Trend Reversal.
ZH: 这是否是一个合理的低点抬高的大反转机会
30:17 - 30:21
EN: They’ll buy above this bar or above this bar or that bar,
ZH: 他们会在这根K线，或这根K线，或那根K线的上方买入
30:21 - 30:23
EN: betting on a second leg up.
ZH: 押注会有第2段上涨
30:23 - 30:25
EN: Leg 1, pullback, Leg 2.
ZH: 第1段，回调，第2段
30:31 - 30:33
EN: We have 10 bars up without a pullback.
ZH: 连续上涨10根K线没有回调
30:33 - 30:37
EN: That means the bears are not interested in selling at this price.
ZH: 这意味着没有人愿意在这样的低价卖出
30:37 - 30:41
EN: The market has to go higher before it’ll find sellers.
ZH: 市场必须上涨才能找到更多卖家
30:42 - 30:46
EN: At some point the bulls will decide it’s high enough and they’ll take profits,
ZH: 涨到某个时刻，多头会认为已经足够高了，他们会止盈
30:46 - 30:50
EN: and the bears will think that the price is a good value to sell.
ZH: 而空头会认为这个价格是一个很好的做空机会
30:50 - 30:53
EN: But that did not happen on this chart.
ZH: 但这在这张K线图上没有发生（那样的情况）
30:57 - 31:02
EN: At a minimum, after any kind of major reversal or a series of Sell Climaxes,
ZH: 在一系列抛售高潮之后，或者在任何大反转结构之后，
31:02 - 31:06
EN: the market has to go 10 bars, two legs sideways to up
ZH: 最低的目标是横盘或上涨两段10K
31:06 - 31:10
EN: before the bulls will stop buying and before the bears will think about selling.
ZH: 然后多头会考虑止盈，空头考虑再次做空
31:10 - 31:12
EN: It sometimes can go much further.
ZH: 有时候会涨很远（大反转）
31:12 - 31:16
EN: This is about 40 bars up, and we still do not have much selling.
ZH: 这里已经上涨了40根K线，但仍然没有太多卖盘
31:19 - 31:22
EN: The bears usually wait at least 10 bars and two legs before they sell,
ZH: 再次入场做空之前，空头通常会等待至少两段10K
31:22 - 31:26
EN: and if they see the rally being reasonably strong,
ZH: 如果他们发现多头足够强势，
31:26 - 31:27
EN: they’re still not going to sell.
ZH: 那空头就不会做空
31:27 - 31:30
EN: They’ll assume that the market has to go higher.
ZH: 他们知道市场还会继续上涨
Slide 014
Time: 31:35
Bilingual Transcript
31:38 - 31:41
EN: As the market’s going up, 3, 4, 5 consecutive bull bars,
ZH: 在上涨的时候，连续3、4、5根阳线
31:41 - 31:45
EN: traders conclude there’s no one left to sell at this price,
ZH: 交易者知道没有人愿意在这么低的价格迈出了
31:45 - 31:47
EN: and it has to go higher to find sellers.
ZH: 市场必须上涨才能找到更多卖家
31:47 - 31:50
EN: Will there be sellers here? Very Tight Bull Channel.
ZH: 这里会有人愿意卖出吗？很窄的上涨通道
31:50 - 31:54
EN: Probably traders will buy the first reversal back down,
ZH: 大概率多头会在第1次回调的时候买入
31:54 - 31:55
EN: and we’ll probably get a second leg up.
ZH: 然后会有第2段上涨
31:59 - 32:05
EN: There are always bulls buying at prior lows, looking for at least a scalp.
ZH: 总是有多头在前期的低点挂单买入， 希望至少能做一笔剥头皮交易
32:08 - 32:12
EN: A lot of these traders are weak bulls trying to buy and risk very little,
ZH: 这样做的很多都是弱多头，只愿意冒很小的风险
32:12 - 32:15
EN: and eventually they give up and they stop buying.
ZH: 最终放弃，不敢再继续买入
32:16 - 32:18
EN: They buy here and they see the market going down.
ZH: 他们在这里买入，然后看到市场下跌
32:18 - 32:20
EN: They panic and they sell.
ZH: 他们感到恐慌，于是卖出止损
32:20 - 32:23
EN: They buy at this low, and they see it going down more,
ZH: 他们在这个低点挂单买入，然后看到市场继续下跌
32:23 - 32:25
EN: they panic, and they sell.
ZH: 感到恐慌，卖出止损
32:25 - 32:27
EN: There are no more weak bulls left.
ZH: 弱多头都已经离场了
32:27 - 32:28
EN: They stopped buying.
ZH: 他们不再买入
32:28 - 32:31
EN: Eventually what you’re left with are strong bulls.
ZH: 最终，剩下的都是强多头
32:31 - 32:37
EN: Some of them are buying here, and they’re buying more aggressively
ZH: 其中有些人在这里买入之后， 在这些K线下方加仓买入更多，因为有足够的信心
32:35 - 32:37
EN: and more confidently below these bars,
ZH: 其中有些人在这里买入之后， 在这些K线下方加仓买入更多，因为有足够的信心
32:37 - 32:40
EN: and they’re never going to sell out of their longs.
ZH: 而且他们不打算卖出手中的仓位
32:40 - 32:43
EN: They’re confident that the market will eventually reverse
ZH: 他们确信市场最终会反转（至少进入震荡区间）
32:43 - 32:45
EN: and they’ll make a profit.
ZH: 然后他们就可以赚钱、止盈
32:54 - 32:56
EN: I talked about consecutive climaxes.
ZH: 这节课我主要讲了连续的高潮
Slide 015
Time: 32:55
Bilingual Transcript
32:56 - 32:59
EN: Every trend bar is a breakout and a climax.
ZH: 每根趋势K线都是突破和高潮
32:59 - 33:02
EN: If you get a series of them, the market usually gets exhausted
ZH: 在一系列高潮之后，市场通常会疲惫，
33:02 - 33:05
EN: and has to go sideways and often reverses.
ZH: 所以必须横盘整理，甚至反转
33:08 - 33:09
EN: I’m Al Brooks.
ZH: 我是阿尔·布鲁克斯
33:09 - 33:11
EN: Thank you for watching the Brooks Trading Course.
ZH: 感谢观看布鲁克斯交易课程
33:11 - 33:15
EN: This is the fourth of five videos on climaxes.
ZH: 高潮的第4节课，就先讲到这里