al-brooks-course
32B - Orders
Raw transcript and slide notes for 32B - Orders.
Overview
- Slides: 15
- Transcript segments: 439
- Status: 自动按 slide 时间线归档；核心概念和长期笔记可以在每个 slide 的
Study Notes下继续整理。
Source Media
Transcript 001
Time: 00:02
Bilingual Transcript
00:02 - 00:03
EN: This is Al Brooks.
ZH: 你好，我是阿尔·布鲁克斯
00:03 - 00:06
EN: Thank you for watching the Brooks Trading Course.
ZH: 欢迎观看布鲁克斯交易课程
00:06 - 00:09
EN: This is the second of three videos on orders.
ZH: 这是订单的第2节课
Slide 001
Time: 00:11
Bilingual Transcript
00:14 - 00:19
EN: I keep making the point that stop orders are better
ZH: 我一直强调，在入场的时候，突破单更适合大多数交易者
00:17 - 00:19
EN: for most traders when you enter trades.
ZH: 我一直强调，在入场的时候，突破单更适合大多数交易者
00:20 - 00:24
EN: Skilled traders will also use market and limit orders to enter trades.
ZH: 水平高的交易者也会使用市价单和限价单入场
00:25 - 00:28
EN: If a Trading Range is pretty tight, it’s a limit order market,
ZH: 如果震荡区间非常窄，那就是一个限价单市场
00:28 - 00:32
EN: and most traders should not trade when the range is tight.
ZH: 大多数交易者不应该在窄区间里面交易
00:32 - 00:37
EN: They should instead look to trade
ZH: 而是应该在合理的波段和趋势中寻找交易机会
00:34 - 00:37
EN: when the market has reasonably good swings or trends.
ZH: 而是应该在合理的波段和趋势中寻找交易机会
Slide 002
Time: 00:39
Bilingual Transcript
00:41 - 00:46
EN: Most traders should enter every trade using a stop order because
ZH: 大多数交易者的每一笔交易，都应该使用突破单入场
00:46 - 00:50
EN: for a stop order to get filled, the market has to be going in your direction,
ZH: 因为突破单成交的前提是，市场必须朝着你的方向移动
00:51 - 00:53
EN: and that slightly increases the chances that you’ll make money.
ZH: 而这就略微增加了你赚钱的概率
00:56 - 01:00
EN: For example, we have a swing up here
ZH: 例如，这里有一个上涨波段； 回调之后，有反转阳线收在高位
00:58 - 01:00
EN: and then a pullback and a bull reversal bar.
ZH: 例如，这里有一个上涨波段； 回调之后，有反转阳线收在高位
01:00 - 01:05
EN: To buy using a stop, you place your stop order just above the high of this bar.
ZH: 入场的时候，应该再这根K线的最高点上方挂突破买单
01:05 - 01:09
EN: If it’s a Forex market, you place the order 1 pip above.
ZH: 如果这是外汇，你把订单挂在最高点上方1个pip
01:09 - 01:15
EN: If it’s a stock or a futures contract, you place the order
ZH: 如果是股票或期货，你把订单挂在最高点上方1个tick
01:12 - 01:15
EN: to buy 1 tick above the high of that bar.
ZH: 如果是股票或期货，你把订单挂在最高点上方1个tick
01:15 - 01:17
EN: You’re buying on a stop.
ZH: 用突破单买入
01:18 - 01:20
EN: This bar is the signal bar.
ZH: 这根阳线是做多信号K线
01:20 - 01:23
EN: If this bar goes above the high of that bar
ZH: 如果这根K线突破了信号K线的高点
01:23 - 01:25
EN: - which it did – it becomes the entry bar.
ZH: ——确实突破了—— 那么它就变成了多头的入场K线
01:26 - 01:29
EN: As soon as the market goes 1 tick above the high of the signal bar,
ZH: 在市场超过信号K线高点1个tick的瞬间，
01:29 - 01:34
EN: your stop order is touched, and that makes it a market order and you get filled
ZH: 你的突破买单被触发，变成市价买单，然后就成交了
01:34 - 01:37
EN: – usually at the stop order price, sometimes a little bit worse.
ZH: 通常就是在突破单的价格成交（信号K上方1个tick）， 有时会稍微差一点（注：在更高的价格买入）
01:37 - 01:39
EN: Rarely better.
ZH: 几乎不会更好（注：不会在更低的价格买入）
01:39 - 01:42
EN: Sometimes it’ll hit the stop and it instantly goes down.
ZH: 除非在碰到突破单之后，市场立刻下跌 （注：那么市价买单就会以更低的价格成交）
01:42 - 01:44
EN: That’s very rare.
ZH: 这种情况非常罕见
01:44 - 01:47
EN: Usually you’re going to get filled at the stop order price.
ZH: 通常都会在突破单得价格成交 （注：前提是这个品种的成交量足够大）
01:47 - 01:51
EN: Maybe 5% of the time, 10% of the time you get filled a little bit worse.
ZH: 可能有5%到10%的时间，你的成交价格会稍微差一点
02:00 - 02:07
EN: I talked earlier about bracket orders, and you should always have
ZH: 上节课我们讲了括号单， 在入场的时候你总是应该附加一组括号单
02:04 - 02:07
EN: a bracket order whenever you enter a trade.
ZH: 上节课我们讲了括号单， 在入场的时候你总是应该附加一组括号单
02:07 - 02:10
EN: As soon as your order to enter gets filled,
ZH: 在你入场订单成交的同时，
02:10 - 02:14
EN: your broker’s software should allow you to program both a protective stop
ZH: 券商的软件就会让你拥有一个保护性止损（突破单），
02:14 - 02:18
EN: and a profit-taking limit order (which I do not show here).
ZH: 以及止盈的限价单（这里我没有显示止盈）
02:18 - 02:20
EN: At a minimum, though, whenever you enter any trade,
ZH: 至少，任何一笔交易开仓之后，
02:20 - 02:23
EN: you should immediately place a protective stop somewhere
ZH: 都应该立刻在某个合理的地方设置好保护性止损
02:23 - 02:28
EN: that makes sense – for example, below the bottom
ZH: 例如，放在信号K线的低点下方， 或者上涨趋势的起涨点下方
02:25 - 02:28
EN: of a signal bar or below the bottom of a bull trend.
ZH: 例如，放在信号K线的低点下方， 或者上涨趋势的起涨点下方
02:33 - 02:38
EN: Most traders should always be going for a reward
ZH: 大多数交易者应该始终追求至少两倍于风险的利润
02:36 - 02:38
EN: that’s equal to at least twice their risk.
ZH: 大多数交易者应该始终追求至少两倍于风险的利润
02:38 - 02:42
EN: If their initial risk is here, a reasonable target is two times
ZH: 如果他们的初始风险在这里，合理的目标是两倍风险距离
02:42 - 02:48
EN: the initial risk, so traders will exit with a limit order at that price.
ZH: 所以交易者会在那个价格挂限价卖单止盈
02:48 - 02:52
EN: And you can see what happened when the market reached two times the risk.
ZH: 可以看到，当市场达到两倍风险时发生了什么
02:52 - 02:54
EN: You buy here, your initial risk is here.
ZH: 你在这里买入，你的初始风险在这里
02:54 - 02:56
EN: One times risk, two times risk.
ZH: 一倍风险，两倍风险
02:56 - 02:58
EN: You can see there was selling.
ZH: 在这里有人卖出
02:59 - 03:02
EN: Most of that selling is from bulls taking profits.
ZH: 大部分卖出是来自多头止盈
03:02 - 03:06
EN: Some of it is from bears who expect the bulls to take profits,
ZH: 一部分是来自空头，他们预期多头会在这里止盈
03:06 - 03:08
EN: and they’re shorting for a scalp.
ZH: 所以做空剥头皮
03:09 - 03:13
EN: In the video on risk, I talk about initial risk versus actual risk,
ZH: 在关于风险的视频中，我会具体讲初始风险与实际风险
03:13 - 03:16
EN: and I’m using initial risk here.
ZH: 这里我用的是初始风险
03:16 - 03:17
EN: You’re initially risking here.
ZH: 你最初的风险是这一段
03:18 - 03:22
EN: If you get filled here above this bar – the market might’ve pulled back here
ZH: 如果你在这根K线上方1个tick买入—— 市场回调到这里，然后上涨
03:22 - 03:27
EN: and went up – your actual risk was only
ZH: 所以你实际上承担的风险只是在那根K线的低点， 比初始风险更小
03:24 - 03:27
EN: to just below the low of that bar, and it’s less.
ZH: 所以你实际上承担的风险只是在那根K线的低点， 比初始风险更小
03:27 - 03:34
EN: However, it’s always reasonable to try to go
ZH: 然而，尝试赚两倍于初始风险的利润，总是合理的做法
03:30 - 03:34
EN: for a reward equal to two times your initial risk.
ZH: 然而，尝试赚两倍于初始风险的利润，总是合理的做法
03:40 - 03:42
EN: Again, beginners should only be entering with stops.
ZH: 再次强调，新手应该只使用突破单入场
03:42 - 03:46
EN: They want to be swept into the trade by the market going their way.
ZH: 在市场朝着他们的方向运行时，被“带上顺风车”
03:46 - 03:49
EN: That makes it easier emotionally.
ZH: 这在情感上更容易接受
03:49 - 03:52
EN: Even if the market’s only going your way 1 tick or 1 pip,
ZH: 即使市场只朝着你的方向移动了1个tick或1个pip
03:52 - 03:57
EN: psychologically it’s easier to manage the trade if the market is going your way.
ZH: 心理上，如果市场朝着你的方向移动， 管理交易的时候会更加容易
Slide 003
Time: 04:00
Bilingual Transcript
04:05 - 04:09
EN: Any time you’re entering with a stop, you’re entering on the breakout
ZH: 当你使用突破单入场的时候， 你就是在突破前1根K线的最高或最低点时入场，
04:09 - 04:12
EN: of the prior bar, betting on a profitable breakout.
ZH: 押注这个突破是成功的
04:12 - 04:14
EN: For example, if you’re buying with a stop
ZH: 例如，如果你用突破买单做多
04:16 - 04:20
EN: - here, you’re buying a breakout above the high of that bar.
ZH: 这里，你是在突破这根K线最高点的时候买入
04:20 - 04:25
EN: If you’re buying above this bar, you’re getting filled once
ZH: 如果你在这根K线上方挂突破买单， 当市场突破它的高点时，你的订单就会成交
04:23 - 04:25
EN: the market breaks above the high of that bar.
ZH: 如果你在这根K线上方挂突破买单， 当市场突破它的高点时，你的订单就会成交
04:25 - 04:28
EN: If you’re selling with a stop, for example below the low of this bar,
ZH: 如果你用突破卖单做空，比如，在这根K线低点下方
04:28 - 04:32
EN: you get filled when the market breaks below the low of the bar.
ZH: 当市场跌破它的低点时，你的订单就会成交
04:32 - 04:34
EN: You’re entering in the direction of a breakout.
ZH: 你是顺着突破的方向入场
04:34 - 04:38
EN: A limit order trader is doing the opposite.
ZH: 限价单则正好相反，稍后会讲到这个
04:37 - 04:38
EN: I’ll talk about that later.
ZH: 限价单则正好相反，稍后会讲到这个
04:41 - 04:44
EN: Stop orders, they’re good during trends.
ZH: 突破单在趋势中的效果很好 （注：因为顺势的突破都是成功的）
04:44 - 04:45
EN: The market’s going up.
ZH: 市场在上涨
04:45 - 04:49
EN: If you buy above a bar, the market has to go up for you to be filled.
ZH: 如果你在K线上方挂突破买单， 市场必须上涨，你才能成交
04:49 - 04:51
EN: That’s the direction the market is heading,
ZH: 那是市场前进的方向
04:51 - 04:54
EN: and there’s a higher probability that you’ll make a profit.
ZH: 所以你有更高的概率可以赚到钱
04:58 - 05:02
EN: When the market starts to go sideways, stop orders are bad.
ZH: 当市场开始横盘整理时，突破单就不好用了
05:02 - 05:05
EN: Selling below this bar, buying above this bar,
ZH: 在这根K线下方卖出，在这根K线上方买入
05:05 - 05:07
EN: buying above that bar, selling below that bar.
ZH: 在那根K线上方买入，在那根K线下方卖出
05:08 - 05:11
EN: In a very tight range like this, it’s a limit order market.
ZH: 这么窄的震荡区间，它是一个限价单市场
05:12 - 05:14
EN: Beginners should only be trading with stop orders,
ZH: 新手应该只用突破单入场
05:14 - 05:18
EN: and that’s the exact wrong way to trade a market in a Tight Trading Range,
ZH: 而这恰恰是窄区间中错误的交易策略
05:18 - 05:21
EN: and therefore beginners should not trade when the market looks like this.
ZH: 因此，在这种行情中新手不应该进行交易
05:21 - 05:23
EN: This is a limit order market.
ZH: 这是一个限价单市场
05:23 - 05:25
EN: Traders buy below bars, looking for scalps.
ZH: 多头在K线下方（挂限价买单）做多，剥头皮赚快钱
05:25 - 05:28
EN: They sell above bars, looking for scalps.
ZH: 空头在K线上方（挂限价卖单）做空，剥头皮赚快钱
05:28 - 05:30
EN: They buy below prior lows looking for scalps,
ZH: 多头在前期下方（挂限价买单）做多，剥头皮赚快钱
05:30 - 05:34
EN: and that is beyond what a beginner should be doing.
ZH: 这超出了新手的能力范围
05:38 - 05:41
EN: Again, entering with stops above this bar, above that bar,
ZH: 再次强调，在这根K线上方、那根K线上方， 用突破买单入场做多
05:41 - 05:44
EN: selling below that bar, buying above this bar
ZH: 在那根K线下方卖出，在这根K线上方买入
05:44 - 05:47
EN: - stop orders are going to lose too often.
ZH: ——窄震荡区间中，用突破单会一直亏钱
05:47 - 05:50
EN: When the range is tight like this, you should not be trading at all,
ZH: 区间这么窄的时候，你根本不应该交易
05:50 - 05:52
EN: and you certainly should not be trading with stop orders.
ZH: 更加不用说用突破单交易了
Slide 004
Time: 05:56
Bilingual Transcript
05:58 - 06:03
EN: Experienced traders enter at the market and they’ll also enter
ZH: 经验丰富的交易者会在市价入场，也会用限价单入场
06:02 - 06:07
EN: with limit orders, and both of those are,
ZH: 经验丰富的交易者会在市价入场，也会用限价单入场 我认为，这两种做法都超出了新手的能力范围
06:05 - 06:07
EN: I think, beyond what a beginner should be doing.
ZH: 我认为，这两种做法都超出了新手的能力范围
06:07 - 06:09
EN: He’ll make too many mistakes and he’ll lose money.
ZH: （如果这么做）新手就会犯太多错误，导致亏损
Slide 005
Time: 06:11
Bilingual Transcript
06:18 - 06:22
EN: If the context is good for a swing up and a bull sees a bull bar
ZH: 如果背景适合上涨的波段， 多头看到一根阳线收在最高，
06:22 - 06:25
EN: closing on its high, a good size body, and then a second one,
ZH: 体积较大，然后又是一根阳线
06:25 - 06:28
EN: bulls will start buying closes, here or here.
ZH: 多头就会开始“买收盘”，在它或它收盘时买入
06:28 - 06:31
EN: As soon as the bar closes, they hit ‘Buy The Close’
ZH: 在K线收盘的瞬间，他们点击“市价买入”
06:31 - 06:32
EN: and they get filled at that price.
ZH: 然后就会在那个价格成交
06:32 - 06:37
EN: They might get filled on this bar, just as it closes
ZH: 如果他们在收盘前点击鼠标，就会在这根K线上成交
06:35 - 06:37
EN: if they enter right before the close.
ZH: 如果他们在收盘前点击鼠标，就会在这根K线上成交
06:37 - 06:41
EN: If they enter at the close, they’ll get filled on the open of the next bar.
ZH: 如果正好在收盘后点击鼠标， 就会在下一根K线开盘的时候成交
06:42 - 06:46
EN: That’s a high probability bet that the market
ZH: 这是高胜率的做法，押注市场至少还会再涨一些
06:45 - 06:46
EN: is going at least a little bit higher.
ZH: 这是高胜率的做法，押注市场至少还会再涨一些
06:46 - 06:50
EN: After a beginner has some experience with stop orders,
ZH: 新手在有了一些突破单的交易经验后，
06:50 - 06:56
EN: he can start experimenting with some market orders – Buy The Close markets,
ZH: 他可以开始尝试市价单—— 强上涨趋势，在收盘时买入做多
06:55 - 06:59
EN: strong bull trends, buying closes, or in a strong bear trend, selling closes.
ZH: 他可以开始尝试市价单—— 强上涨趋势，在收盘时买入做多 强下降趋势，在收盘时卖出做空
07:03 - 07:08
EN: Experienced traders will also enter at the market.
ZH: 如果市场快速移动、有巨大的动能， 并且很可能继续上涨
07:05 - 07:08
EN: If they feel like the market is racing up with a lot of momentum
ZH: 如果市场快速移动、有巨大的动能， 并且很可能继续上涨
07:08 - 07:12
EN: and is likely to go higher, instead of waiting for a pullback,
ZH: 经验丰富的交易者也会市价买入，而不是等待回调
07:12 - 07:15
EN: the trader might simply hit the button to buy the market.
ZH: 他们会直接点击“市价买入”
07:16 - 07:19
EN: For example, if the market’s going up and he hits buy the market,
ZH: 例如，如果市场在上涨，他点击“市价买入”
07:19 - 07:26
EN: it might get filled here, a little bit above the instant
ZH: 买单可能在这里成交， 成交价略微高于点击“市价买入”那一瞬间的价格（点差）
07:22 - 07:26
EN: when he hit the market order, betting that the market would go up
ZH: 买单可能在这里成交， 成交价略微高于点击“市价买入”那一瞬间的价格（点差）
07:26 - 07:30
EN: at least a little bit higher after this much momentum.
ZH: 押注市场动能强劲，至少还会在上涨一些
07:35 - 07:38
EN: Experienced traders will also enter with limit orders,
ZH: 经验丰富的交易者也会使用限价单入场
07:38 - 07:42
EN: betting that reversals will fail, for example.
ZH: 押注空头的反转会失败 （注：在K线下方挂限价买单，押注跌破失败）
07:42 - 07:44
EN: Very strong bull trend, very tight bull trend,
ZH: 非常强的上涨趋势，上涨通道很窄
07:44 - 07:46
EN: a lot of bull bars closing on their highs.
ZH: 很多阳线收在最高
07:46 - 07:48
EN: A weak sell signal bar.
ZH: 这个做空信号K线很弱
07:48 - 07:52
EN: Do you think there’ll be more bears selling with stops below that bar,
ZH: 你认为，会有更多空头在它下方挂突破卖单做空呢？
07:52 - 07:56
EN: or more bulls buying with limit orders at the low of that bar?
ZH: 还是会有更多的多头在它下方挂限价买单做多？
07:56 - 07:59
EN: An experienced bull will place an order to buy at the low of that bar.
ZH: 一个有经验的多头会在这根K线下方挂限价买单
07:59 - 08:01
EN: He’ll get filled here.
ZH: 他会在这里成交
08:01 - 08:03
EN: He’ll put a stop maybe below the bottom of this breakout,
ZH: 然后把止损放在这个突破的起点下方
08:03 - 08:06
EN: probably below the bottom of this bull trend.
ZH: 或者放在这个上涨趋势的起点下方
08:06 - 08:08
EN: The market’s going against him.
ZH: 市场朝着对他不利的方向运行
08:08 - 08:14
EN: It’s falling and it’s a strong bear bar, but he’s confident in his position.
ZH: 市场下跌，并且收了一根大阴线， 但他对自己很有信心，所以继续持有多头仓位
08:12 - 08:14
EN: He’ll hold long.
ZH: 市场下跌，并且收了一根大阴线， 但他对自己很有信心，所以继续持有多头仓位
08:14 - 08:16
EN: He might even add on lower.
ZH: 他甚至可能会在更低的位置加仓
08:16 - 08:20
EN: That is a type of trade that is very difficult for a beginner to do.
ZH: 这种交易方法对新手来说非常困难
08:20 - 08:23
EN: If he buys at the low of this bar and he sees this big bear bar
ZH: 如果他在这根K线的低点买入，然后看到这个大阴线，
08:23 - 08:26
EN: - at one point this was also a big bear bar.
ZH: 这根K线一度也是一根大阴线
08:26 - 08:31
EN: It ended up closing on its high, but at one point
ZH: 尽管它最终收在高点， 但一度看上去像是连续两根大阴线收在最低
08:28 - 08:31
EN: it was a second consecutive big bear bar,
ZH: 尽管它最终收在高点， 但一度看上去像是连续两根大阴线收在最低
08:31 - 08:35
EN: and a beginner would feel too much stress to manage the trade correctly.
ZH: 此时新手会感到压力过大，以至于无法正确地管理交易
08:40 - 08:42
EN: The bars are starting to get small.
ZH: K线开始变小
08:42 - 08:45
EN: We have big up, big down, big up, big down.
ZH: 之前有大涨、大跌、大涨、大跌
08:45 - 08:46
EN: We’re probably going sideways.
ZH: 很可能处于震荡区间
08:47 - 08:49
EN: Expert traders will start selling above bars.
ZH: 高手会开始在K线的上方逢高做空
08:49 - 08:57
EN: After 5 bars down, 4 of them bear bars, bulls will bet the first reversal up
ZH: 连续5根K线下跌，其中4根是阴线， 空头会押注第1次反弹上涨会形成更低的高点， 然后会有第2段下跌
08:54 - 08:57
EN: will form a Lower High and there’ll be a second leg down.
ZH: 空头会押注第1次反弹上涨会形成更低的高点， 然后会有第2段下跌
08:57 - 09:01
EN: Bears will bet that there’ll be sellers above the high
ZH: 押注这根阳线的高点上方会有卖盘
09:01 - 09:04
EN: of this bull bar and a second leg sideways to down.
ZH: 然后有第2段横盘或下跌
09:04 - 09:07
EN: They’ll therefore sell with a limit order at the high of the prior bar
ZH: 因此，他们会在前1根K线的高点挂限价卖单做空
09:07 - 09:10
EN: and possibly add on higher, looking for a scalp.
ZH: 并且计划逢高加仓，做剥头皮交易
09:11 - 09:16
EN: They’re betting that the breakout above the high
ZH: 他们押注对这根阳线高点的突破会失败， 上方会有更多的卖盘
09:13 - 09:16
EN: of this bull bar will fail, there’ll be sellers above,
ZH: 他们押注对这根阳线高点的突破会失败， 上方会有更多的卖盘
09:16 - 09:19
EN: and the market will trade down far enough for a scalp.
ZH: 会有足够的跌幅，至少能做一笔剥头皮交易
09:21 - 09:25
EN: In a Tight Trading Range, limit order bears will sell above bears.
ZH: 在窄震荡区间里面，空头会在K线上方用限价卖单做空
09:25 - 09:29
EN: Limit order bulls will buy below, betting that breakouts will fail.
ZH: 多头逢低用限价买单做多，押注跌破会失败
09:29 - 09:31
EN: They’ll also buy at the prior low.
ZH: 他们也会在前期低点挂单买入
09:32 - 09:36
EN: Again, this is more than what a beginner should be doing.
ZH: 再次强调，这超出了新手的能力范围
09:39 - 09:43
EN: A bull might place an order to buy at the prior low – this low or that low.
ZH: 一个多头可能会在前期低点挂限价买单——这个或那个低点
09:43 - 09:45
EN: He’ll get filled here.
ZH: 他会在这里成交
09:45 - 09:52
EN: Even though it’s a bear bar closing on its low, the bull will bet
ZH: 尽管这是一根收在最低的阴线， 多头仍然押注震荡会继续，而且任何突破的尝试， 不管是向上还是向下，都会失败
09:48 - 09:52
EN: that the Trading Range will continue and that any breakout, down or up,
ZH: 多头仍然押注震荡会继续，而且任何突破的尝试， 不管是向上还是向下，都会失败
09:52 - 09:57
EN: will fail, and therefore buying a bear breakout will lead to a profitable scalp.
ZH: 因此在向下跌破时反向买入，会是一笔盈利的剥头皮交易
Slide 006
Time: 10:00
Bilingual Transcript
10:04 - 10:06
EN: Every time you see a tail on the top of a bar
ZH: 每当你看到K线的顶部或底部有影线的时候
10:06 - 10:09
EN: or on the bottom of the bar, it’s a failed breakout.
ZH: 那就是一次失败的突破
10:10 - 10:14
EN: If the market has a lot of bars with tails and a lot of overlapping bars,
ZH: 如果很多K线都有（明显的）上下影线， 而且很多K线重叠，
10:14 - 10:19
EN: it has a lot of bars that are failing to break out above or below the prior bar,
ZH: 说明很多K线无法突破前1根K线的高点或低点
10:19 - 10:23
EN: and therefore instead of entering with stops betting on successful breakouts,
ZH: 因此，与其使用突破单押注突破成功，
10:23 - 10:28
EN: you have a better chance to make money if you enter with limit orders,
ZH: 不如用限价单入场，押注突破失败， 这样赚钱的概率更高
10:27 - 10:28
EN: betting the breakouts will fail.
ZH: 不如用限价单入场，押注突破失败， 这样赚钱的概率更高
10:29 - 10:32
EN: Again, this is something that only experienced traders should do.
ZH: 再次强调，只有经验丰富的交易者可以这么做
10:36 - 10:40
EN: A market that has lots of reversals is bad for stop orders.
ZH: 来回反转的行情不适合用突破单交易
10:40 - 10:44
EN: If it’s bad for stop orders, a limit order is basically the opposite side
ZH: 如果用突破单会亏钱， 而限价单又等于是突破单的对手盘，
10:43 - 10:46
EN: of a stop order; it’s good for limit orders.
ZH: 如果用突破单会亏钱， 而限价单又等于是突破单的对手盘， 所以限价单可以赚钱
10:49 - 10:51
EN: Big tails on the tops of bars.
ZH: K线顶部的上影线很长
10:51 - 10:52
EN: The breakouts are failing.
ZH: 向上的突破正在失败
10:52 - 10:55
EN: More sellers than buyers as the market’s going up.
ZH: 在市场上涨时，卖盘反而大于买盘
10:58 - 11:02
EN: Therefore, traders will sell breakouts, betting that they’ll fail.
ZH: 因此，交易者会在向上突破时卖出做空， 押注突破会失败
11:02 - 11:06
EN: They’ll either sell the high of the prior bar – for example here,
ZH: 他们要么在前1根K线的高点挂限价卖单——比如这里
11:06 - 11:09
EN: sell the high of this bar, betting the breakout will fail
ZH: 在这根K线的高点挂单做空，押注突破会失败
11:09 - 11:12
EN: - or they’ll sell at the high of a prior high.
ZH: ——或者在前期高点挂单做空
11:13 - 11:15
EN: For example, they’ll place a limit order at this high,
ZH: 例如，他们会在这个高点挂限价卖单
11:15 - 11:17
EN: betting that the breakout above it will fail.
ZH: 押注向上的突破会失败
11:18 - 11:21
EN: Again, limit orders are bets that breakouts fail.
ZH: 再次强调，限价单是在押注突破失败
11:21 - 11:25
EN: Stop orders are orders betting that breakouts succeed.
ZH: 突破单是在押注突破成功
11:25 - 11:27
EN: They’re basically opposite of one another.
ZH: 它们基本上互为对手盘
11:31 - 11:33
EN: Big tails below bars.
ZH: K线底部的下影线很长
11:34 - 11:36
EN: The breakouts are starting to fail.
ZH: 突破失败
11:38 - 11:44
EN: Bulls see that, and they’ll place limit orders
ZH: 多头看到了这一点，于是在前期低点， 以及前1根K线的低点，挂限价买单做多
11:40 - 11:44
EN: to buy at prior lows and at the low of the prior bar.
ZH: 多头看到了这一点，于是在前期低点， 以及前1根K线的低点，挂限价买单做多
11:44 - 11:48
EN: For example, they might buy at the low of this bar or at the low of that bar,
ZH: 例如，他们可能会在这根K线，和那根K线的低点挂单
11:48 - 11:52
EN: or if the market falls below this low, they’ll buy as well.
ZH: 或者如果市场跌破这个低点，他们也会买入
11:53 - 11:55
EN: They’re betting breakouts will fail.
ZH: 他们押注向下的跌破会失败
11:55 - 11:59
EN: Again, stop order traders are selling at that low,
ZH: 突破单交易者在那个低点下方卖出做空，
11:59 - 12:01
EN: betting on a successful breakout.
ZH: 押注突破会成功
12:01 - 12:06
EN: When the market’s in a Trading Range and has a lot of tails
ZH: 当市场处于震荡区间，并且有很多影线和反转的时候， 押注突破成功不是一个好的做法
12:03 - 12:06
EN: and a lot of reversals, that is a bad bet.
ZH: 当市场处于震荡区间，并且有很多影线和反转的时候， 押注突破成功不是一个好的做法
12:06 - 12:10
EN: More likely there’ll be buyers at that low, not sellers,
ZH: 那个低点下方更有可能是买盘，而不是卖盘
12:10 - 12:16
EN: and therefore buying that low has a better chance of making money
ZH: 因此，相比在低点下方卖出做空， 逢低买入更有机会赚钱
12:14 - 12:16
EN: than selling on a stop just below that low.
ZH: 因此，相比在低点下方卖出做空， 逢低买入更有机会赚钱
12:17 - 12:21
EN: This is a limit order market, a Trading Range.
ZH: 这是一个限价单市场，是震荡区间
Slide 007
Time: 12:22
Bilingual Transcript
12:24 - 12:27
EN: Bad for stop orders, good for limit orders,
ZH: 对突破单不利，对限价单有利
12:27 - 12:29
EN: because they are doing opposite things.
ZH: 因为它们二者互为对手盘
12:29 - 12:33
EN: The stop order trader is betting on a successful breakout.
ZH: 突破单押注突破会成功
12:33 - 12:36
EN: The limit order trader is taking the opposite side of that trade.
ZH: 而限价单做的是相反的事情
12:36 - 12:39
EN: He’s betting that the breakout will fail and reverse.
ZH: 他在押注突破会失败、然后反转
12:43 - 12:46
EN: Whenever you look at a chart and you’re not really clear of the direction
ZH: 每当你发现市场没有明显的方向
12:46 - 12:50
EN: - if there are a lot of dojis, a lot of tails, a lot of overlapping bars,
ZH: ——如果有很多十字星，很多影线，很多重叠的K线
12:50 - 12:55
EN: a lot of little reversals – the probability is bad for stop order traders.
ZH: 很多小反转——突破单的胜率就会很低
12:59 - 13:03
EN: Also, if the bars are big, then the risk is big.
ZH: 另外，如果K线很大，那么风险也大
13:03 - 13:04
EN: The stop is going to be far away.
ZH: 因为止损会离得很远
13:04 - 13:07
EN: Your protective stop is going to be far away.
ZH: 你的保护性止损距离很远
13:07 - 13:10
EN: For example, buying above the high of this bar, we have a lot of reversals.
ZH: 例如，在这根K线高点上方买入（止损很远）； 左边有很多反转
13:10 - 13:13
EN: The probability is we’ll get another reversal.
ZH: 大概率会再次反转
13:13 - 13:16
EN: The probability for a stop entry bull is small.
ZH: 用突破单入场的多头胜率很低
13:16 - 13:19
EN: The bar is big, so his risk is big.
ZH: 而且K线很大，所以风险很大
13:19 - 13:23
EN: Therefore, you have a bad risk/reward ratio and a low probability.
ZH: 因此，这么做的胜率很低，盈亏比又很差
13:23 - 13:27
EN: If you’re going to take the trade, it makes more sense to do the opposite
ZH: 如果要交易，显然反着做会更好——
13:27 - 13:31
EN: - to sell at the high of that bar instead
ZH: 在那根K线的高点挂限价卖单做空， 而不是挂突破买单做多
13:29 - 13:31
EN: of buying just above the high of that bar.
ZH: 在那根K线的高点挂限价卖单做空， 而不是挂突破买单做多
13:35 - 13:39
EN: Stop and limit orders are basically the opposite side of the same trade.
ZH: 突破单和限价单基本上是同一笔交易的对手盘
13:43 - 13:47
EN: Very big bull reversal bar, but lots of reversals.
ZH: 非常大的反转大阳线，但是左边有很多反转
13:47 - 13:50
EN: Big up, big down, big up again.
ZH: 大涨，大跌，再次大涨
13:50 - 13:53
EN: Probably Trading Range rather than bull trend,
ZH: 大概率是震荡区间，而不是上涨趋势
13:53 - 13:58
EN: and therefore buying at the high of anything is usually a losing strategy.
ZH: 因此，在高位买入是一个亏损的策略
13:59 - 14:01
EN: It’s a low probability bet.
ZH: 是低胜率的交易
14:02 - 14:06
EN: Experienced traders instead will place a limit order to sell that high,
ZH: 经验丰富的交易者会在那个高点挂限价卖单做空
14:06 - 14:10
EN: betting that instead of a bull trend, the market will go sideways
ZH: 押注市场不会是上涨趋势，而是横盘震荡
14:10 - 14:15
EN: and he’ll make money selling above bars, betting that bull breakouts will fail
ZH: 他通过在K线上方卖出做空赚钱， 押注多头的突破会失败，
14:15 - 14:17
EN: and reverse far enough to make a scalp.
ZH: 押注反转下跌的幅度足够赚一笔剥头皮的利润
14:18 - 14:25
EN: Therefore, probably more sellers at this bar’s high
ZH: 因此，在这根K线高点和高点上方， 大概率有更多的卖盘，而不是买盘
14:23 - 14:25
EN: and above its high than there are buyers.
ZH: 因此，在这根K线高点和高点上方， 大概率有更多的卖盘，而不是买盘
14:25 - 14:27
EN: It’s a limit order market.
ZH: 这是一个限价单市场
Slide 008
Time: 14:30
Bilingual Transcript
14:33 - 14:38
EN: Since 95% of all trades are traded by institutions, you should assume that
ZH: 由于95%的成交量都是由机构提供的， 你应该假设：任何一笔交易，
14:38 - 14:42
EN: for every trade, one institution is buying and another one is selling.
ZH: 都有（至少）一个机构在买入，另一个在卖出
14:42 - 14:46
EN: You also have to assume that both are doing something that is rational.
ZH: 你还必须假设双方都在合理地进行交易
14:47 - 14:50
EN: How can it be rational for one institution to buy
ZH: 一个机构买入，另一个机构卖出，不是矛盾吗？
14:50 - 14:51
EN: and another institution to sell?
ZH: 为什么会合理呢？
14:52 - 14:57
EN: Well, 90% of the bars
ZH: 任何K线图上90%的K线要么处于通道，要么处于震荡区间
14:54 - 14:57
EN: on every chart are either in a channel or a Trading Range,
ZH: 任何K线图上90%的K线要么处于通道，要么处于震荡区间
14:57 - 15:00
EN: and if you manage your trade correctly, scale in,
ZH: 如果正确地管理你的交易，
15:00 - 15:04
EN: you should be able to make money buying or selling at any given moment.
ZH: 你应该可以在任何时候，不管做多还是做空，都赚钱
15:09 - 15:11
EN: One institution is buying above this bar,
ZH: 一个机构在这根K线上方买入，
15:11 - 15:13
EN: betting that the market’s going to go higher,
ZH: 押注市场会继续上涨，
15:13 - 15:17
EN: but that institution may also be willing to scale in lower
ZH: 但这个机构可能也愿意在更低的位置加仓买入更多
15:17 - 15:20
EN: - for example, right here, again entering on a stop,
ZH: ——例如在这里，再次用突破单买入
15:20 - 15:23
EN: betting that this was a rational buy.
ZH: 押注之前这里一个合理的买点
15:23 - 15:25
EN: Therefore, the market should get back to that price.
ZH: 因此，市场应该回到那个价格
15:25 - 15:30
EN: He can get out breakeven at his first buy and with a profit on his second buy.
ZH: 那样他的第1笔仓位就可以打平离场， 加仓的部分盈利
15:33 - 15:35
EN: Another institution will do the opposite.
ZH: 另一个机构会做相反的事情
15:35 - 15:40
EN: He’ll sell this high, betting that the market will turn down
ZH: 他会在这个高点挂单卖出，押注市场会下跌、他可以赚钱
15:39 - 15:40
EN: and he’ll be able to make a profit.
ZH: 他会在这个高点挂单卖出，押注市场会下跌、他可以赚钱
15:40 - 15:43
EN: Another institution will sell this high,
ZH: 另一个机构会在这个高点卖出
15:43 - 15:45
EN: betting that at worst, it’s a Trading Range.
ZH: 押注最差最差，这是一个震荡区间
15:45 - 15:46
EN: It could be a bear trend.
ZH: 也有可能是下降趋势
15:46 - 15:50
EN: And if it’s a Trading Range and rallies, it’ll come back to that price,
ZH: 如果这是震荡区间并反弹，它还会跌回到这个价格
15:50 - 15:53
EN: and if he sells more higher, he can make a profit.
ZH: 如果他在更高的位置卖出更多，他就可以盈利
15:53 - 15:57
EN: You can see the market got down to that price and the market went up.
ZH: 可以看到，市场测试了那个价格，然后上涨
15:57 - 16:01
EN: Part of the reason it went up is bears sold here, they sold more higher,
ZH: 部分原因是有空头在这里卖出， 他们在更高的位置卖出更多
16:01 - 16:05
EN: and they’re buying back their shorts at their original entry price.
ZH: 然后在价格回到初始入场价格的时候一起平仓
Slide 009
Time: 16:10
Bilingual Transcript
16:12 - 16:17
EN: Some bulls will buy below this bar, betting that we have consecutive bull bars,
ZH: 一些多头会在这根K线下方买入，因为左边有连续的阳线
16:17 - 16:20
EN: the reversal down will probably not get very far.
ZH: 所以他们押注反转不会下跌太多
16:20 - 16:30
EN: Here, you have a Wedge, three pushes down
ZH: 这里有一个楔形，3次向下推动——1，2，3； 并且这些是十字星，很长的下影线
16:23 - 16:30
EN: - one, two, and three – and you have dojis.
ZH: 这里有一个楔形，3次向下推动——1，2，3； 并且这些是十字星，很长的下影线
16:28 - 16:30
EN: Tails on the bottom.
ZH: 这里有一个楔形，3次向下推动——1，2，3； 并且这些是十字星，很长的下影线
16:30 - 16:31
EN: Traders are buying lows.
ZH: 所以多头在低点挂单买入
16:31 - 16:36
EN: Some bulls will buy at the low of that bar, betting that it’s a bad bear flag.
ZH: 一些多头会在这根K线的低点挂单买入， 押注这是一个糟糕的熊旗
16:36 - 16:41
EN: It’s a bear trend, but it’s also probably a Trading Range at
ZH: 这是一个下降趋势， 但也可能是上涨趋势起点附近的震荡区间
16:40 - 16:44
EN: or around the bottom of the bull trend, and we keep getting reversals.
ZH: 这是一个下降趋势， 但也可能是上涨趋势起点附近的震荡区间 而且行情来回反转
16:44 - 16:45
EN: Bear bar, bull bar.
ZH: 阴线，阳线
16:45 - 16:46
EN: Selloff, rally.
ZH: 下跌，上涨
16:46 - 16:49
EN: Selloff, probably rally.
ZH: 下跌，很可能再次上涨
16:49 - 16:52
EN: Therefore, bulls will buy at the low of that bar,
ZH: 因此，多头会在它的低点挂单买入
16:52 - 16:56
EN: betting that the bear breakout will fail and that we’ll get a reversal up.
ZH: 押注空头的突破会失败，会再次反转上涨
17:00 - 17:05
EN: Bears, they’ll sell with a stop, betting on a bear breakout.
ZH: 空头，他们用突破单卖出，押注突破成功
17:05 - 17:08
EN: Some will even sell down here, hoping that it’s a bear channel
ZH: 一些人甚至会在这里卖出，押注这是一个下降通道
17:08 - 17:10
EN: that just continues down all day.
ZH: 会下跌一整天
17:10 - 17:15
EN: They’re confident that with a channel this tight, worst case is any rally
ZH: 他们很有信心，因为这么窄的下降通道，
17:15 - 17:19
EN: will be minor and lead to a Trading Range rather than a bull trend.
ZH: 就算有反弹，也都是小反转，会变成震荡区间， 而不是形成上涨趋势
17:20 - 17:22
EN: If they sell here and scale in higher,
ZH: 如果他们在这里卖出做空，并在更高的位置加仓，
17:22 - 17:25
EN: they can avoid a loss and usually make a profit.
ZH: 他们就可以避免亏损，通常还能盈利
17:29 - 17:33
EN: Remember, 10% of the bars on a chart are in a strong breakout
ZH: K线图上只有10%的K线处于强势突破
17:33 - 17:36
EN: and you should only trade in the direction of the breakout.
ZH: 此时你只能顺着突破的方向交易
17:37 - 17:46
EN: 90% of the time there’s always an equally valid Trader’s Equation
ZH: 其余90%的时间里，在管理得当的前提下， 多空双方都能构建出盈利的数学期望
17:42 - 17:46
EN: for the bulls and the bears, if they manage their trades correctly.
ZH: 其余90%的时间里，在管理得当的前提下， 多空双方都能构建出盈利的数学期望
17:51 - 17:55
EN: Again, during a strong breakout like this, it’s better only to sell
ZH: 再次强调，在这样的强势突破中，最好只做空、不做多
17:55 - 18:00
EN: because the first leg down will probably be followed by a second leg down,
ZH: 因为它大概率会有第2段下跌
18:00 - 18:02
EN: and the first reversal up will probably be minor
ZH: 第1次上涨大概率只是小反弹
18:02 - 18:06
EN: - either a bear flag or a bull leg in a Trading Range.
ZH: ——要么是熊旗，要么是震荡区间中的上涨波段
18:06 - 18:10
EN: In either case the market should trade back down.
ZH: 无论是哪种情况，市场都应该再次下跌
Slide 010
Time: 18:12
Bilingual Transcript
18:17 - 18:22
EN: What’s better, a stop order or a limit order? Well, they’re equally effective.
ZH: 突破单和限价单哪个更好？ 答案是，一样好
18:22 - 18:27
EN: At any given instant, the probability
ZH: 在任何给定的时刻，市场上涨或下跌的概率几乎是一样的
18:24 - 18:27
EN: that the market is going up or down is just about the same.
ZH: 在任何给定的时刻，市场上涨或下跌的概率几乎是一样的
18:33 - 18:39
EN: If you look at any chart, a limit order (or a market order)
ZH: 任何K线图上，限价单（或市价单）和突破单的胜率都差不多
18:36 - 18:39
EN: wins about as often as a stop order.
ZH: 任何K线图上，限价单（或市价单）和突破单的胜率都差不多
18:39 - 18:44
EN: Half the time the stop orders are better, half the time limit orders are better.
ZH: 一半时间突破单更好，一半时间限价单更好
18:44 - 18:46
EN: The more the market’s going sideways,
ZH: 市场横盘的时间越久
18:46 - 18:49
EN: the more often a limit order will make money.
ZH: 限价单赚钱的机会越多
18:49 - 18:53
EN: The more the market is trending, the more a stop order will make money.
ZH: 市场的趋势越明显，突破单赚钱的机会越多
18:57 - 19:01
EN: Here, a trader wins selling with a limit order at the high of that bar.
ZH: 这里，交易者通过在K线高点用限价卖单做空赚钱
19:05 - 19:09
EN: And over here we have a failed breakout above this high,
ZH: 这里，突破前期的高点失败
19:09 - 19:11
EN: a little bit of a parabolic Wedge.
ZH: 有点像抛物线楔形
19:11 - 19:13
EN: Three pushes up, one, two, three.
ZH: 3次向上推动——1，2，3
19:13 - 19:15
EN: Two small legs up, one, two.
ZH: 两小段上涨——1，2
19:16 - 19:19
EN: It’s a reasonable short for a stop order trader,
ZH: 这里用突破卖单做空是合理的，
19:19 - 19:22
EN: betting that the reversal down will be profitable.
ZH: 押注反转下跌，做空可以赚到钱
19:27 - 19:30
EN: Beginners should only enter with stop orders.
ZH: 新手应该只使用突破单入场
19:31 - 19:39
EN: Rarely, with some experience, they can begin to enter with market orders
ZH: 等有了一些经验之后，再开始用市价单或限价单入场， 但仅限于顺着强趋势的方向交易
19:36 - 19:39
EN: or limit orders, but only in the direction of strong trends.
ZH: 等有了一些经验之后，再开始用市价单或限价单入场， 但仅限于顺着强趋势的方向交易
19:43 - 19:48
EN: Experienced traders, they use limit orders just as often as stop orders.
ZH: 经验丰富的交易者，他们使用限价单和突破单的频率一样高
19:48 - 19:51
EN: Some traders have a preference for stop orders;
ZH: 有些交易者更喜欢用突破单
19:51 - 19:55
EN: other traders prefer Trading Range scalps and they prefer limit orders.
ZH: 有些交易者更喜欢在震荡区间中用限价单剥头皮
19:55 - 19:58
EN: But in general, expert traders use both.
ZH: 总体而言，优秀交易员两种订单都会用
Slide 011
Time: 20:01
Bilingual Transcript
20:03 - 20:06
EN: A Trading Range is a limit order market.
ZH: 震荡区间是一个限价单市场
20:06 - 20:09
EN: A trending market is a better market for stop orders.
ZH: 而在趋势中更适合用突破单
Slide 012
Time: 20:11
Bilingual Transcript
20:14 - 20:18
EN: A Trading Range is a limit order market, especially if the range is tight,
ZH: 震荡区间是一个限价单市场，尤其是如果区间很窄
20:18 - 20:21
EN: and it’s better to buy low, it’s better to sell high,
ZH: 最好逢低买入、逢高卖出
20:21 - 20:26
EN: it’s better to take quick profits,
ZH: 最好赚快钱离场，押注趋势不会持续太久
20:23 - 20:26
EN: betting that the leg is not going to last very long.
ZH: 最好赚快钱离场，押注趋势不会持续太久
20:27 - 20:29
EN: You buy low, you sell high, you scalp.
ZH: 高抛低吸，剥头皮、赚快钱
20:33 - 20:38
EN: Can you buy here? We have a Wedge bull flag, we have a breakout and a pullback,
ZH: 可以在这里买入吗？楔形牛旗，突破，然后回调
20:39 - 20:42
EN: and here we have another bull breakout and a pullback.
ZH: 这里多头再次（尝试）突破，然后回调
20:43 - 20:51
EN: Can you buy above here? Sure, but if you’re buying near the top
ZH: 可以在它的上方买入吗？ 当然可以，但是，如果你在震荡区间的上沿附近买入， 大概率会遇到反转下跌
20:47 - 20:51
EN: of a Trading Range, the probability is you’re going to get a reversal down.
ZH: 当然可以，但是，如果你在震荡区间的上沿附近买入， 大概率会遇到反转下跌
20:51 - 20:57
EN: To make money, usually you need to have a stop
ZH: 想要赚钱的话，你就需要把止损放的很远， 最好还要逢低加仓
20:54 - 20:57
EN: below and it’s better to scale in lower.
ZH: 想要赚钱的话，你就需要把止损放的很远， 最好还要逢低加仓
20:58 - 21:01
EN: Buying at the top of a Trading Range, your stop is down here,
ZH: 在震荡区间上沿买入，你的止损在这里，
21:01 - 21:06
EN: so the risk is big and the probability is not very high
ZH: 风险很大；而且除非你愿意加仓，否则赚钱的概率也不高
21:04 - 21:06
EN: unless you’re willing to scale in.
ZH: 风险很大；而且除非你愿意加仓，否则赚钱的概率也不高
21:09 - 21:13
EN: Buying up here, your stop is below the bottom
ZH: 在高位买入，你的止损在这里， 在最近一个重要低点的下方
21:11 - 21:13
EN: of the most recent major Higher Low.
ZH: 在高位买入，你的止损在这里， 在最近一个重要低点的下方
21:13 - 21:17
EN: We have a good reversal up here and a slightly new high,
ZH: 这里强势反转上涨，略微创了新高
21:17 - 21:21
EN: and therefore this is a fairly significant Higher Low, a major Higher Low.
ZH: 所以这也是一个比较重要的低点，而且低点抬高了
21:21 - 21:25
EN: If you’re buying up here, then your stop is just below that low.
ZH: 如果你在这里买入，那么你的止损就在那个低点下方
21:27 - 21:31
EN: Buying high means the risk is big – the stop is far below
ZH: 在高位追涨意味着风险很大，因为止损在很下面
21:33 - 21:38
EN: - and buying at the top of a Trading Range means
ZH: 而且在震荡区间的上沿买入，赚钱的胜率低
21:35 - 21:38
EN: that the probability of making money is low,
ZH: 而且在震荡区间的上沿买入，赚钱的胜率低
21:38 - 21:41
EN: unless you’re willing to scale in lower and use wide stops.
ZH: 除非你愿意用很宽的初始止损，并且在更低的位置加仓
21:45 - 21:50
EN: Big risk and low probability means bulls buying with stops
ZH: 高风险、低胜率，所以多头在区间上沿买入会亏损
21:50 - 21:54
EN: at the top will lose money unless they manage their trade correctly.
ZH: 除非他们正确地管理交易 （注：反复强调，宽止损，加仓，不适合新手）
21:56 - 22:03
EN: Instead, bears selling with limit orders, betting that bull flags at the top
ZH: 反过来，空头用限价单卖出， 押注震荡区间上沿的牛旗会失败，
22:01 - 22:05
EN: of the Trading Range will fail, have a much better chance of making money.
ZH: 反过来，空头用限价单卖出， 押注震荡区间上沿的牛旗会失败， 这样做赚钱的机会更大
22:05 - 22:09
EN: Experienced traders would rather be selling above bull flags
ZH: 经验丰富的交易者宁愿在牛旗上方卖出
22:09 - 22:12
EN: at the top of a Trading Range – in other words, entering with limit orders
ZH: 在区间顶部做空——也就是说， 在前一根K线的高点，
22:12 - 22:16
EN: at the high of the prior bar or at this high, at the high of this bar
ZH: 或者在这个高点，这根K线的高点，或者这个高点，
22:16 - 22:20
EN: or at this high – betting that the breakouts will fail and lead
ZH: 挂限价卖单做空，押注多头的突破会失败
22:20 - 22:24
EN: to another leg down in the Trading Range and test near the bottom of the range.
ZH: 押注会再次下跌，重新测试区间的下沿附近
22:28 - 22:30
EN: Trading Range, a limit order market.
ZH: 震荡区间是限价单市场
22:30 - 22:33
EN: It’s better to enter with limit orders selling near the top,
ZH: 最好用限价单在上沿附近卖出
22:33 - 22:34
EN: buying near the bottom.
ZH: 在下沿附近买入
22:35 - 22:38
EN: But again, you only do that once you’re an experienced trader.
ZH: 再次强调，只有在你成为经验丰富的交易者之后才能这么做
Slide 013
Time: 22:40
Bilingual Transcript
22:45 - 22:48
EN: If a bear sells with a stop near the bottom of a range,
ZH: 如果一个空头在区间下沿附近用突破单做空
22:48 - 22:52
EN: there, here, or here, his stop is far away.
ZH: 那里，这里，或这里，他的止损很远
22:52 - 22:53
EN: That means his risk is big.
ZH: 这意味着他的风险很大
22:56 - 23:00
EN: An experienced trader can make money selling low in a Trading Range,
ZH: 想要在震荡区间的底部做空赚钱
23:00 - 23:06
EN: but only if he’s using the appropriate stop
ZH: 必须要用很宽的止损，然后在适当的位置加仓， 在适当的位置离场
23:02 - 23:06
EN: and scaling in and exiting appropriately.
ZH: 必须要用很宽的止损，然后在适当的位置加仓， 在适当的位置离场
23:07 - 23:11
EN: The stop for a bear selling here, it might be at the top of this final leg down.
ZH: 如果在这里做空，止损要放在最近一段下跌的起跌点上方
23:11 - 23:13
EN: It might be at the top of the Trading Range.
ZH: 或者放在整个区间的高点上方
23:13 - 23:17
EN: In any case, selling here, the stop is wide.
ZH: 总之，在这里做空，止损很远，风险很大
23:15 - 23:17
EN: The risk is big.
ZH: 总之，在这里做空，止损很远，风险很大
23:17 - 23:21
EN: Selling below this small bear flag, stop up here.
ZH: 在这个小熊旗下方做空，止损在这里，风险很大
23:20 - 23:21
EN: Big risk.
ZH: 在这个小熊旗下方做空，止损在这里，风险很大
23:21 - 23:23
EN: Strong selloff.
ZH: 强势的抛售
23:23 - 23:24
EN: We have a small bear flag.
ZH: 这里有一个小熊旗
23:24 - 23:29
EN: Selling at the low of that sell signal bar, the risk is very big.
ZH: 在这个做空信号K的低点下方卖出，风险非常大
23:32 - 23:36
EN: Since most Trading Range breakout attempts fail,
ZH: 由于震荡区间中大多数突破的尝试会失败
23:36 - 23:43
EN: selling at the bottom of the range is betting
ZH: 在区间底部做空是押注空头能够成功地跌破—— 但是这大概率是失败的
23:38 - 23:43
EN: on a successful bear breakout of the range – it’s probably going to fail.
ZH: 在区间底部做空是押注空头能够成功地跌破—— 但是这大概率是失败的
23:43 - 23:47
EN: That means the probability of making money selling near the bottom is low.
ZH: 也就是说在区间底部做空赚钱的概率很低
23:51 - 23:53
EN: You have big risk selling at the bottom of a range.
ZH: 在底部做空的风险很大
23:53 - 24:00
EN: The stop is far away and the probability is low, and therefore selling
ZH: 止损很远，概率又低； 因此在区间底部用突破卖单做空很难赚钱
23:57 - 24:00
EN: with stops at the bottom of the range, it’s difficult to make money
ZH: 止损很远，概率又低； 因此在区间底部用突破卖单做空很难赚钱
24:00 - 24:03
EN: unless you use the appropriate stop and scale in higher,
ZH: 除非你愿意用很宽的止损，并且逢高加仓
24:03 - 24:06
EN: and that’s something most traders cannot do.
ZH: 但绝大部分交易者都没有能力这样做
24:08 - 24:10
EN: However, bulls know that.
ZH: 多头知道这一点
24:10 - 24:12
EN: They know the risk for the bears is big.
ZH: 多头知道空头的风险很大
24:12 - 24:15
EN: They know the probability for selling at the bottom is bad.
ZH: 他们知道在底部做空的胜率很低
24:15 - 24:19
EN: And therefore bulls will buy with limit orders below bear flags,
ZH: 因此，多头会在熊旗下方挂限价买单做多
24:19 - 24:25
EN: betting that the bear breakout will fail, reverse up,
ZH: 押注空头突破会失败，然后反转上涨， 涨幅足够让多头赚钱
24:22 - 24:25
EN: and go up high enough for the bulls to make money.
ZH: 押注空头突破会失败，然后反转上涨， 涨幅足够让多头赚钱
24:25 - 24:30
EN: They’ll buy at the low of that bar, get filled here,
ZH: 他们会在那根K线的低点挂限价买单，然后在这里成交， 上涨之后他们就止盈
24:28 - 24:30
EN: and make a profit on the rally.
ZH: 他们会在那根K线的低点挂限价买单，然后在这里成交， 上涨之后他们就止盈
24:30 - 24:36
EN: They’ll place a limit order to buy at the low of this sell signal bar
ZH: 他们会在这个做空信号K线的低点，或那个低点， 挂限价买单做多，押注空头的突破会失败
24:33 - 24:36
EN: or at that low, betting that the bear breakout will fail
ZH: 他们会在这个做空信号K线的低点，或那个低点， 挂限价买单做多，押注空头的突破会失败
24:36 - 24:38
EN: and they can make money on a buy scalp.
ZH: 押注自己可以剥头皮赚快钱
24:38 - 24:42
EN: They’ll buy at the low of this bar, betting the bear breakout will fail.
ZH: 他们会在这根K线的低点挂单买入，押注突破失败
24:42 - 24:45
EN: They’ll buy at the low of the leg down,
ZH: 他们会在前期下跌波段的低点买入
24:45 - 24:48
EN: betting on a reversal instead of a breakout.
ZH: 押注反弹，而不是继续跌破
24:48 - 24:54
EN: Buying with limit orders will make money.
ZH: 在震荡区间底部，用限价买单做多可以赚钱， 用突破卖单追空会亏钱
24:51 - 24:54
EN: Selling with stop orders at the bottom of a range will lose money.
ZH: 在震荡区间底部，用限价买单做多可以赚钱， 用突破卖单追空会亏钱
24:57 - 25:01
EN: If the range is tight, most traders should not trade.
ZH: 如果区间很窄，那么大多数交易者就不应该交易
Slide 014
Time: 25:03
Bilingual Transcript
25:08 - 25:10
EN: Whenever a trend is strong like this,
ZH: 如果趋势这么强，
25:10 - 25:12
EN: it does not matter what type of order that you use.
ZH: 你用什么订单入场都无所谓
25:12 - 25:16
EN: All that matters is that you trade in the direction of the trend.
ZH: 重要的是你要顺着趋势的方向交易
25:16 - 25:19
EN: Here, it’s a strong bear trend, so you should only sell.
ZH: 这是一个强下降趋势，所以你只能做空
25:19 - 25:27
EN: And you can sell with stop orders below bars, you can sell with limit orders
ZH: 你可以在K线下方挂突破卖单， 也可以在K线上方挂限价卖单，也可以市价卖出—— 你可以在任何时候卖出做空
25:22 - 25:27
EN: above or below bars, you can sell with market orders – you can sell at any time.
ZH: 也可以在K线上方挂限价卖单，也可以市价卖出—— 你可以在任何时候卖出做空
25:27 - 25:31
EN: When the market’s in a strong trend, only two things matter.
ZH: 当市场处于强趋势，只有两件事情是重要的——
25:31 - 25:35
EN: You can only trade in the direction of the trend (here, sell),
ZH: 你只能顺着趋势的方向交易（这里就是做空）
25:35 - 25:38
EN: and the other thing is you have to get into the trend.
ZH: 并且你必须参与这个趋势
25:38 - 25:41
EN: You have to sell, and you can do it with any kind of an order
ZH: 你只能做空，可以用任何类型的订单做空——
25:41 - 25:43
EN: - stop order, market order, or limit order.
ZH: 突破卖单、市价卖单或限价卖单
25:47 - 25:54
EN: When a channel down is very tight, the pullbacks are small,
ZH: 下降通道很窄，反弹幅度很小，只持续一两根K线， 所以一些交易者会直接市价卖出
25:50 - 25:54
EN: they only last a bar or two, some traders will sell at the market.
ZH: 下降通道很窄，反弹幅度很小，只持续一两根K线， 所以一些交易者会直接市价卖出
25:58 - 26:02
EN: Also, they’re starting to get strong bear closes – traders will sell the close.
ZH: 另外，空头开始制造强势的阴线—— 所以交易者会在阴线的收盘卖出做空
26:02 - 26:04
EN: As soon as a bar closes, they hit sell the market,
ZH: K线收盘的一瞬间，他们就点击“市价卖出”
26:04 - 26:07
EN: or right before it closes they hit sell the market.
ZH: 或者在收盘的前一秒点击“市价卖出”
26:09 - 26:13
EN: Sometimes as soon as it closes, they place a limit order to sell
ZH: 或者，在收盘的瞬间，他们在收盘价挂限价卖单
26:13 - 26:16
EN: at the close of the bar, hoping to get filled on the next bar.
ZH: 期望在下一根K线的开盘成交
26:16 - 26:19
EN: However, sometimes the next bar does not go above the close
ZH: 然而，有时下一根K线不会高于前1根K线的收盘价
26:19 - 26:22
EN: of the prior bar and your limit order does not get filled.
ZH: 此时你的限价单就无法成交 （注：比如跳空低开，或者完全没有上影线的时候）
26:22 - 26:27
EN: It’s usually better just to sell the market
ZH: 如果你想按照“卖收盘”的方法做空， 最好直接点击“市价卖出”
26:25 - 26:27
EN: when you think it’s a Sell The Close bear trend.
ZH: 如果你想按照“卖收盘”的方法做空， 最好直接点击“市价卖出”
26:31 - 26:35
EN: Any time the market is trying to reverse, bears will sell with limit orders
ZH: 每当市场尝试反转时， 空头会在前1根K线的高点挂限价卖单
26:34 - 26:41
EN: at the high of the prior bar, betting that the reversal will fail
ZH: 每当市场尝试反转时， 空头会在前1根K线的高点挂限价卖单 押注多头的反转会失败、变成熊旗，然后下降趋势继续
26:37 - 26:41
EN: and become a bear flag and the bear trend will resume.
ZH: 押注多头的反转会失败、变成熊旗，然后下降趋势继续
26:48 - 26:51
EN: The bulls tried to get a reversal – well, most reversals fail,
ZH: 多头尝试反转——但是大部分的尝试都会失败
26:51 - 26:53
EN: and the first reversal is usually minor.
ZH: 第一次通常都只是小反转
26:53 - 27:00
EN: Bears will sell the close of a strong bull bar, betting that the reversal up
ZH: 空头会在大阳线的收盘卖出，押注反转失败、下降趋势恢复
26:58 - 27:00
EN: will fail and the bear trend will resume.
ZH: 空头会在大阳线的收盘卖出，押注反转失败、下降趋势恢复
27:05 - 27:09
EN: Bears will also enter with stops below every reversal attempt,
ZH: 空头也会在每次反弹的低点下方挂突破卖单
27:09 - 27:14
EN: thinking that the reversal attempt will be a bear flag
ZH: 押注反弹会变成熊旗，然后市场继续下跌
27:12 - 27:14
EN: and that the market will continue down.
ZH: 押注反弹会变成熊旗，然后市场继续下跌
27:15 - 27:18
EN: They’ll place a stop order to sell just below the low of the prior bar.
ZH: 他们会在前1根K线的低点下方挂突破卖单
Slide 015
Time: 27:22
Bilingual Transcript
27:24 - 27:27
EN: When traders start out, they should only enter with stop orders.
ZH: 当新手刚开始交易的时候，他们应该只使用突破单入场
27:27 - 27:32
EN: In fact, most traders should enter
ZH: 事实上，大多数交易者应该一辈子都只用突破单入场
27:29 - 27:32
EN: with stop orders throughout their trading careers.
ZH: 事实上，大多数交易者应该一辈子都只用突破单入场
27:32 - 27:36
EN: Skilled traders often use market orders and limit orders as well.
ZH: 熟练的交易者也经常使用市价单和限价单
27:37 - 27:39
EN: When the market’s in a very Tight Trading Range,
ZH: 如果市场处于非常窄的震荡区间
27:39 - 27:43
EN: it’s a limit order market and most traders should not trade at all.
ZH: 那这就是一个市价单市场，大多数交易者根本不应该交易
27:43 - 27:46
EN: When the market’s in a strong trend, traders should enter
ZH: 当市场处于强势趋势的时候， 交易者可以用任何订单入场——
27:46 - 27:52
EN: with any kind of an order – a stop order, a market order,
ZH: 突破单、市价单、或限价单—— 重点是要顺着趋势的方向交易
27:49 - 27:52
EN: or a limit order – in the direction of the trend.
ZH: 突破单、市价单、或限价单—— 重点是要顺着趋势的方向交易
27:57 - 27:58
EN: I’m Al Brooks.
ZH: 我是阿尔·布鲁克斯
27:58 - 28:00
EN: Thank you for watching the Brooks Trading Course.
ZH: 感谢观看布鲁克斯交易课程
28:00 - 28:03
EN: This is the second of three videos on orders.
ZH: 订单的第2节课，就先讲到这里