al-brooks-course
32C - Orders
Raw transcript and slide notes for 32C - Orders.
Overview
- Slides: 14
- Transcript segments: 478
- 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 third of three videos on orders.
ZH: 这是订单的第3节课，也是最后1节课
Slide 001
Time: 00:11
Bilingual Transcript
00:14 - 00:21
EN: When you’re deciding what to do with your orders,
ZH: 在做交易的时候，用什么订单，订单挂在哪里， 这些都取决于市场目前的价格行为
00:16 - 00:21
EN: the price action should determine what order you should place
ZH: 在做交易的时候，用什么订单，订单挂在哪里， 这些都取决于市场目前的价格行为
00:19 - 00:21
EN: and where you should place it.
ZH: 在做交易的时候，用什么订单，订单挂在哪里， 这些都取决于市场目前的价格行为
00:22 - 00:28
EN: I want to talk a little bit about limit orders,
ZH: 我也会讲到限价单在顺势和逆势交易中的不同用法
00:24 - 00:28
EN: trading with the trend, and trading against the trend.
ZH: 我也会讲到限价单在顺势和逆势交易中的不同用法
00:29 - 00:35
EN: Also, traders can sometimes enter earlier
ZH: 此外，交易者有时可以在较小的时间周期上提前入场， 这样做可以减小风险
00:32 - 00:35
EN: on a smaller timeframe chart, reducing their risk.
ZH: 此外，交易者有时可以在较小的时间周期上提前入场， 这样做可以减小风险
Slide 002
Time: 00:37
Bilingual Transcript
00:46 - 00:50
EN: When the market has big swings, consecutive trend bars,
ZH: 如果有大的波段，连续的趋势K线，
00:51 - 00:55
EN: not much in terms of tails, not much in terms of reversals,
ZH: 几乎没有影线，几乎没有反转，
00:55 - 00:59
EN: traders can enter with stops or limit orders.
ZH: 交易者可以用突破单或限价单入场
01:02 - 01:03
EN: Strong bear trend.
ZH: 强下降趋势
01:03 - 01:05
EN: You can enter with stops below bars.
ZH: 你可以在K线下方挂突破卖单
01:05 - 01:07
EN: You can sell at the market.
ZH: 你可以市价卖出
01:07 - 01:10
EN: You can sell with limit orders above bars, betting reversals will fail.
ZH: 你可以在K线上方挂限价卖单，押注反弹失败
01:12 - 01:13
EN: Strong bull trend.
ZH: 强上涨趋势
01:13 - 01:17
EN: You can buy with stops above bars – you can buy with stops above bars here.
ZH: 你可以在K线上方挂突破买单—— 你可以在这里用突破单买入
01:17 - 01:21
EN: You can buy with limit orders below bars, betting that reversals will fail.
ZH: 你可以在K线下方挂限价买单，押注反转会失败
01:23 - 01:27
EN: However, when there are lots of reversals every few bars
ZH: 然而，如果你发现每隔几根K线就反转——
01:27 - 01:35
EN: - the market goes the opposite way, every bull bar followed by
ZH: 市场来回反转，每根阳线后面没有好的跟随， 阴线后面也没有好的跟随
01:31 - 01:35
EN: a bad follow-through bar, a series of bear bars with bad follow-through,
ZH: 市场来回反转，每根阳线后面没有好的跟随， 阴线后面也没有好的跟随
01:35 - 01:39
EN: and the market is mostly horizontal and many bars have prominent tails
ZH: 市场主要是在横盘震荡，很多K线都有明显的上下影线
01:39 - 01:42
EN: - you can see almost all bars have fairly prominent tails
ZH: ——可以看到几乎所有的K线都有相当明显的影线
01:42 - 01:45
EN: - this is a bad environment for stop entries.
ZH: 这样的行情就不适合用突破单入场
01:45 - 01:49
EN: Most traders should not trade when the market is starting to look like this.
ZH: 大多数交易者不应该在这种行情中交易
01:51 - 01:54
EN: However, experienced traders will enter with limit orders,
ZH: 然而，有经验的交易者会用限价单入场
01:54 - 01:59
EN: selling above bars, buying below bars, and scaling in lower and scalping.
ZH: 在K线上方做空，在K线下方做多， 并且加仓，做剥头皮交易
02:00 - 02:03
EN: This is a bad environment for stop orders.
ZH: 这种行情不适合用突破单入场
02:03 - 02:06
EN: A stop order is a bet that a trend will continue.
ZH: 突破单是押注趋势会继续
02:06 - 02:10
EN: When the market looks like this, stop orders are going to lose money
ZH: 如果遇到这种行情，突破单就会亏钱
02:10 - 02:12
EN: because the trends keep reversing.
ZH: 因为趋势在不断地反转
02:12 - 02:16
EN: It’s more of a limit order market, betting that breakouts will fail.
ZH: 这更像是一个限价单市场，押注突破会失败
02:16 - 02:18
EN: Selling above bars, betting on a reversal down.
ZH: 在K线上方卖出做空，押注会反转下跌
02:18 - 02:20
EN: Buying below bars, betting on a reversal up.
ZH: 在K线下方买入，押注会反转上涨
02:24 - 02:27
EN: When the market is very tight and arranged like this,
ZH: 如果市场是这样窄幅震荡，
02:27 - 02:29
EN: most traders should not trade.
ZH: 大多数交易者就不应该交易
02:29 - 02:30
EN: They should simply wait.
ZH: 而是应该耐心等待
02:30 - 02:34
EN: Experienced traders will trade with limit orders, and they’ll scalp.
ZH: 有经验的交易者会用限价单做剥头皮交易
Slide 003
Time: 02:38
Bilingual Transcript
02:42 - 02:49
EN: Sometimes when you look at a chart, you’re not sure if it is early
ZH: 如果你在看盘，无法确定现在是震荡区间的早期， 还是弱趋势
02:45 - 02:49
EN: in a Trading Range or if it’s in a weak trend.
ZH: 如果你在看盘，无法确定现在是震荡区间的早期， 还是弱趋势
02:49 - 02:52
EN: When you’re in doubt about what to do, you have three choices.
ZH: 当你不确定应该怎么做的时候，有3种选择
02:52 - 02:56
EN: One is you can wait for a second or third signal with a good signal bar.
ZH: 第一：你可以等待第2甚至第3信号，等一个好的信号K
02:56 - 02:59
EN: Another is you can wait for a strong breakout.
ZH: 第二：你可以等待强势的突破
02:59 - 03:02
EN: Then you have high probability, but your stop is further away.
ZH: 这样胜率就会更高，但止损也会更远
03:02 - 03:05
EN: And third, you can simply wait for a clear signal.
ZH: 第三：等待明确的信号
03:08 - 03:11
EN: For example, do you buy here, betting on a Double Bottom?
ZH: 比如说，是否要在这里买入，押注双底反转？
03:11 - 03:15
EN: Do you buy here, a second entry buy? This is an example of a second entry buy.
ZH: 还是在这个第2做多信号入场？ 这是一个第2做多入场点的例子
03:15 - 03:19
EN: 3 bear bars, a bear trend, low probability buy.
ZH: 连续3根阴线，下降趋势，这是低胜率的买点
03:19 - 03:23
EN: But now we have a second reversal, a second attempted bottom.
ZH: 但是现在是第2次反转、第2次筑底的尝试
03:23 - 03:26
EN: You can call it a Final Flag reversal, a Lower Low.
ZH: 你可以说它是末端旗形反转，低点降低的反转
03:26 - 03:29
EN: We have lots of doji bars, bars with prominent tails,
ZH: 有很多十字星，K线都有明显的影线
03:29 - 03:32
EN: and the market’s going sideways – it’s probably an early Trading Range.
ZH: 市场在横盘——这很可能是震荡区间的早期
03:32 - 03:35
EN: Here, you’re buying a second entry at the bottom of the range.
ZH: 所以这里是区间底部的第2做多入场点
03:35 - 03:38
EN: This is a higher probability buy.
ZH: 这里做多的胜率更高
03:41 - 03:42
EN: Tight Trading Range.
ZH: 窄震荡区间
03:42 - 03:47
EN: If you’re looking to sell, here’s a first entry short.
ZH: 如果你想做空，这根阴线的最低点被跌破， 所以这里是第1做空入场点
03:45 - 03:47
EN: The market fell below this bear bar right here.
ZH: 如果你想做空，这根阴线的最低点被跌破， 所以这里是第1做空入场点
03:48 - 03:51
EN: It fell below this bear bar here, so that’s a second entry,
ZH: 这根阴线的低点被跌破，是第2入场点
03:51 - 03:53
EN: and here’s a third attempt.
ZH: 这里是第3次尝试下跌
03:53 - 03:56
EN: Whenever you have three reversals in a horizontal Trading Range
ZH: 只要在一个横向的震荡区间内看到3次反转，
03:56 - 04:03
EN: - you can call it a Triangle if you want; you can also call it
ZH: 你就可以把它看作三角形； 你也可以说它是第3做空入场点，成功率会更高
03:59 - 04:03
EN: a third entry short – the third entry has a higher probability of success.
ZH: 你就可以把它看作三角形； 你也可以说它是第3做空入场点，成功率会更高
04:05 - 04:07
EN: We’re getting a breakout.
ZH: 再次向上突破
04:07 - 04:10
EN: The first reversal down when this bar fell below that bar,
ZH: 跌破这根K线是第1次反转下跌，
04:10 - 04:15
EN: not a high probability short because we have 5 consecutive bull bars.
ZH: 这里做空的胜率不高，因为左边是连续5根阳线
04:15 - 04:17
EN: We have a lot of Trading Range price action here.
ZH: 这里有很多震荡区间的价格行为
04:17 - 04:20
EN: Most breakouts above Trading Ranges fail.
ZH: 震荡区间中大部分突破的尝试会失败
04:20 - 04:23
EN: It’s higher probability to take a second entry short.
ZH: 第2做空入场点的胜率会更高
04:23 - 04:26
EN: The first entry was this bar falling below that bar.
ZH: 第1入场点是它的低点下方
04:26 - 04:29
EN: Traders would then place a stop order to go short below this bar,
ZH: 然后空头会在这根K线的下方挂突破卖单
04:29 - 04:31
EN: which would be a second entry short.
ZH: 它变成了第2做空入场点（注：在挂单的时候， 并不知道它的低点是否会被跌破，所以是等待触发）
04:36 - 04:38
EN: The market’s in a fairly Tight Bear Channel.
ZH: 然后市场进入了一个很窄的下降通道
04:38 - 04:41
EN: Traders will sell below pullback bars.
ZH: 交易者会在反弹K线的下方做空
04:41 - 04:45
EN: For example, we have a pause bar here, an attempt to reverse.
ZH: 例如，这里有一个暂停K线，尝试向上反转
04:45 - 04:47
EN: This is a strong enough breakout.
ZH: 这是一个足够强的突破
04:47 - 04:49
EN: We’ll probably get at least a little bit more down.
ZH: 大概率至少还会再下跌一些
04:49 - 04:52
EN: Traders would therefore try to sell below the low of this bar.
ZH: 因此，空头会在这根K线的低点下方做空
04:52 - 04:54
EN: These 2 bars have the same low.
ZH: 这两根K线的低点相同
04:54 - 05:02
EN: The trader would get filled on this bar, betting that there would be
ZH: 空头的突破卖单会在这根K线上成交， 他们押注下降趋势恢复，会有足够大的跌幅让他们盈利
04:57 - 05:02
EN: at least enough trend resumption down for a profitable trade.
ZH: 他们押注下降趋势恢复，会有足够大的跌幅让他们盈利
05:03 - 05:10
EN: Even though after the breakout there’s a bull bar,
ZH: 大阴线跌破之后的跟随是阳线，并不好； 但后面又是一根阴线
05:06 - 05:10
EN: bad follow-through, the bar afterwards had a bear bar.
ZH: 大阴线跌破之后的跟随是阳线，并不好； 但后面又是一根阴线
05:10 - 05:15
EN: Sometimes the follow-through occurs on the second bar,
ZH: 有时跟随会出现在突破后的第2根K线上
05:13 - 05:15
EN: not the bar after the bear trend bar.
ZH: 有时跟随会出现在突破后的第2根K线上
05:15 - 05:17
EN: When a channel is tight like this,
ZH: 如果是这么窄的下降通道
05:17 - 05:20
EN: the odds of a reversal up going very far are small.
ZH: 大幅反弹的概率很小
05:20 - 05:26
EN: Most likely any reversal up is going to be a bear flag,
ZH: 任何向上的反转尝试，大概率都会变成熊旗， 或者变成震荡区间
05:24 - 05:26
EN: or possibly a bull leg in what would become a Trading Range.
ZH: 任何向上的反转尝试，大概率都会变成熊旗， 或者变成震荡区间
05:27 - 05:31
EN: If we went up 5 or 10 bars, we probably would come back down and test this area.
ZH: 比如，即使上涨了5~10根K线， 最终也会再次下跌，重新测试这个区域
05:32 - 05:35
EN: So a trader selling here could sell more on a rally,
ZH: 因此，在这里卖出的空头会在反弹时加仓卖出更多
05:35 - 05:38
EN: expecting the market to come back down here.
ZH: 他们预期市场会跌回到这里
05:39 - 05:43
EN: A Tight Bear Channel is unlikely to become a bull trend.
ZH: 窄下降通道不太可能（直接）成为上涨趋势
05:43 - 05:46
EN: The best the bulls usually can get is only a Trading Range.
ZH: 通常多头能得到的最好结果也就是一个震荡区间
05:46 - 05:48
EN: If you sell here, you can sell more higher.
ZH: 如果你在这里卖出，你可以逢高卖出更多
05:48 - 05:51
EN: Trading Range.
ZH: 震荡区间，所以预期会跌回来
05:49 - 05:51
EN: You expect it to come back down.
ZH: 震荡区间，所以预期会跌回来
05:56 - 05:58
EN: Very Tight Bear Channel.
ZH: 非常窄的下降通道
05:58 - 05:59
EN: Strong breakout.
ZH: 强势跌破
05:59 - 06:01
EN: Probably at least a small second leg down.
ZH: 大概率至少会有小的第2段下跌
06:02 - 06:03
EN: This is the second leg down.
ZH: 这是第2段下跌
06:03 - 06:07
EN: Would you buy above this bull bar? Well, I don’t know.
ZH: 是否应该在这根阳线的上方买入？不好说
06:07 - 06:08
EN: You’ve got 2 consecutive bears.
ZH: 左边是连续两根阴线
06:08 - 06:15
EN: Now you have a Micro Double Bottom and a Lower Low.
ZH: 但是现在有一个小双底； 并且这里是一个较大的双底，低点降低的双底
06:12 - 06:15
EN: Basically a Double Bottom, this low and that low,
ZH: 但是现在有一个小双底； 并且这里是一个较大的双底，低点降低的双底
06:15 - 06:17
EN: and this is a Micro Double Bottom.
ZH: 然后这里是一个小双底
06:17 - 06:23
EN: Micro Double Bottom is a type of second entry buy, and therefore it’s reasonable
ZH: 小双底是第2做多入场点，因此在这里买入是合理的
06:23 - 06:28
EN: to buy here, betting on at least a minor reversal – possibly a major reversal.
ZH: 押注至少会有小反转——甚至可能是大反转
06:28 - 06:31
EN: Probably not enough bars for a major reversal.
ZH: 目前没有足够多的K线形成大反转结构
06:31 - 06:36
EN: Probably good enough for a profitable minor reversal up and a profitable buy.
ZH: 但是对于小反转而言，这个买点足够好，有机会赚钱
Slide 004
Time: 06:40
Bilingual Transcript
06:42 - 06:48
EN: Traders can use limit orders when they’re trading in the direction of the trend,
ZH: 交易者可以用限价单做顺势交易，押注反转失败；
06:46 - 06:53
EN: betting on reversals failing, and they can also use limit orders
ZH: 交易者可以用限价单做顺势交易，押注反转失败； 也可以用限价单押注反转成功
06:50 - 06:53
EN: betting on a reversal in a trend.
ZH: 也可以用限价单押注反转成功
Slide 005
Time: 06:54
Bilingual Transcript
06:59 - 07:02
EN: We have a bear trend here, a bull trend here.
ZH: 这里本来是下降趋势，然后变成上涨趋势
07:02 - 07:04
EN: Trends are always trying to reverse.
ZH: 趋势总是在尝试反转
07:10 - 07:13
EN: When the market’s in a reasonably strong trend during a breakout
ZH: 市场在突破阶段处于较强的趋势
07:13 - 07:17
EN: - there’s a breakout here – traders will bet that reversal attempts will fail.
ZH: ——比如这里的多头突破—— 交易者会押注反转失败
07:17 - 07:21
EN: For example, they’ll buy with a limit order at the low of this bar,
ZH: 例如，他们会在这根K线的低点挂限价买单
07:21 - 07:23
EN: betting that there’ll be at least a small second leg up.
ZH: 押注至少会有一个小的第2段上涨
07:24 - 07:27
EN: When the market is starting to look like a Trading Range,
ZH: 当市场开始看起来像是震荡区间的时候，
07:27 - 07:30
EN: traders will bet that breakout attempts will fail.
ZH: 交易者会押注突破失败
07:30 - 07:32
EN: For example, they might sell above the high of this bar,
ZH: 例如，他们可能会在这根K线的高点挂限价卖单做空，
07:32 - 07:38
EN: betting that the first reversal up from a Tight Bear Channel
ZH: 因为这是窄下降通道， 空头押注第1次反转上涨的尝试最多变成震荡区间
07:36 - 07:38
EN: is likely a bull leg in a Trading Range.
ZH: 因为这是窄下降通道， 空头押注第1次反转上涨的尝试最多变成震荡区间
07:38 - 07:42
EN: So they’ll sell at that high, betting that the reversal up will fail.
ZH: 所以他们会在那个高点卖出，押注反转上涨的尝试会失败
07:42 - 07:44
EN: Likewise down here.
ZH: 这里也是一样
07:44 - 07:47
EN: We’re starting to get a lot of doji bars, Trading Range types of bars.
ZH: 开始出现很多十字星、震荡K线
07:47 - 07:51
EN: Traders would look to buy below the low, the prior low,
ZH: 交易者会在这个低点、前期的低点下方挂单买入
07:51 - 07:57
EN: betting that the breakout will fail and that the market will stop being
ZH: 押注向下跌破的尝试会失败， 押注下降趋势会停止，并进入震荡区间
07:54 - 07:57
EN: in a bear trend and start entering a Trading Range.
ZH: 押注向下跌破的尝试会失败， 押注下降趋势会停止，并进入震荡区间
08:03 - 08:06
EN: We have 5 bear bars after a Wedge Top.
ZH: 在楔形顶之后出现了5根阴线
08:06 - 08:07
EN: A second leg down is likely.
ZH: 很可能会有第2段下跌
08:07 - 08:12
EN: Wedge Top, one, two, three.
ZH: 楔形顶——1，2，3； 连续下跌5根K线
08:10 - 08:12
EN: 5 bars down.
ZH: 楔形顶——1，2，3； 连续下跌5根K线
08:12 - 08:16
EN: 2 of them are dojis, but 3 are pretty good bear bars closing on their lows.
ZH: 其中两个是十字星，但另外3根是非常不错的阴线， 全都收在最低
08:16 - 08:18
EN: The market will likely have a second leg down.
ZH: 大概率会有第2段下跌
08:20 - 08:21
EN: This is a bear trend.
ZH: 已经变成了下降趋势
08:21 - 08:24
EN: Traders will bet the reversal up will fail.
ZH: 交易者押注向上的反转会失败
08:24 - 08:28
EN: They’ll place a limit order to sell above the high
ZH: 所以他们在这根K线的高点上方， 或者这根阴线的高点上方挂限价卖单做空
08:26 - 08:28
EN: of this bar or above the high of this bear bar.
ZH: 所以他们在这根K线的高点上方， 或者这根阴线的高点上方挂限价卖单做空
08:28 - 08:35
EN: They’ll get filled here,
ZH: 他们的订单会在这里成交， 止盈目标位则是在下方某个地方（比如MM目标位）
08:32 - 08:35
EN: and then they’ll look to take a profit somewhere down here.
ZH: 他们的订单会在这里成交， 止盈目标位则是在下方某个地方（比如MM目标位）
08:37 - 08:41
EN: We have a reversal up, a second reversal up, and a third reversal up.
ZH: 一次、两次、三次向上翻转
08:41 - 08:45
EN: This is a Wedge Bottom after a fairly weak trend.
ZH: 这是一个弱下降趋势之后的楔形底
08:45 - 08:47
EN: Not much in terms of consecutive bear bars.
ZH: 没有很多连续的大阴线
08:47 - 08:49
EN: We have a bear bar, bull bar.
ZH: 大阴线，大阳线
08:49 - 08:51
EN: Bear bar, doji, 3 bull bars.
ZH: 大阴线，十字星，然后3根阳线
08:51 - 08:54
EN: Bear bar, bear bar with tail, dojis, bull bars.
ZH: 大阴线，下影线很长的阴线，几个十字星，然后阳线
08:54 - 08:56
EN: This is a weak selloff.
ZH: 这个下降趋势比较弱
08:56 - 08:59
EN: Probably a bear leg in what will become a Trading Range.
ZH: 很可能会变成震荡区间
08:59 - 09:02
EN: Traders will look for reasons to buy a reversal up.
ZH: 所以交易者寻找反转上涨的做多机会
09:02 - 09:05
EN: We have a Wedge Bottom and we have a strong bull breakout bar
ZH: 楔形底，非常强势的反转大阳线，
09:05 - 09:11
EN: and a bull follow-through bar – strong enough so that the market
ZH: 后续的跟随也是阳线—— 所以大概率至少会有第2段上涨
09:08 - 09:11
EN: will probably have at least a small second leg up.
ZH: 后续的跟随也是阳线—— 所以大概率至少会有第2段上涨
09:12 - 09:14
EN: Bears will see this as a Double Top.
ZH: 空头会把它看作双顶
09:14 - 09:19
EN: Bulls will correctly decide that it’s more likely
ZH: 而多头（正确地）认为，这根阳线的下方大概率买盘更多
09:17 - 09:19
EN: there’ll be buyers below this bull bar.
ZH: 而多头（正确地）认为，这根阳线的下方大概率买盘更多
09:19 - 09:21
EN: We have a bull breakout bar, a big bull bar.
ZH: 大阳线，强势突破
09:21 - 09:24
EN: We have a follow-through bull body, even though it’s small.
ZH: 跟随K线也是阳线，尽管体积很小
09:24 - 09:25
EN: We have a Wedge Bottom.
ZH: 左边是楔形底
09:25 - 09:27
EN: We have a lot of Trading Range price action.
ZH: 有很多震荡区间的价格行为
09:28 - 09:31
EN: Bulls will place a limit order to buy at the low of this bar.
ZH: 多头会在这根K线的低点挂限价买单
09:31 - 09:32
EN: They’ll get filled here.
ZH: 他们会在这里成交
09:32 - 09:36
EN: They’ll put their stop down here, betting on at least a small second leg up.
ZH: 然后把止损放在这里，押注至少会有小的第2段上涨
09:36 - 09:40
EN: They’re using a limit order to trade in the direction of a bull trend,
ZH: 他们用限价单顺着上涨趋势的方向交易
09:40 - 09:46
EN: just like the bears who sold here were using a limit order
ZH: 就像这里空头用限价卖单，顺着下降趋势做空一样
09:43 - 09:46
EN: to trade in the direction of a bear trend.
ZH: 就像这里空头用限价卖单，顺着下降趋势做空一样
Slide 006
Time: 09:50
Bilingual Transcript
09:52 - 09:58
EN: Traders will also use limit orders to bet that a trend will fail.
ZH: 交易者也会用限价单押注趋势失败，做逆势交易
09:56 - 09:58
EN: They’ll be trading countertrend.
ZH: 交易者也会用限价单押注趋势失败，做逆势交易
10:02 - 10:05
EN: Traders see a reversal down, reversal down,
ZH: 交易者看到反转、反转
10:05 - 10:08
EN: and then a big doji bar at the top of a Wedge channel.
ZH: 然后在楔形通道的上沿出现了一个大的十字星
10:08 - 10:12
EN: Some traders will bet that the breakout above the channel will fail,
ZH: 一些交易者押注向上突破通道的尝试会失败
10:12 - 10:17
EN: and they’ll place a limit order to sell at the high
ZH: 所以他们在这根K线，或这根K线的高点挂限价卖单做空
10:14 - 10:17
EN: of this bar or at the high of this bar.
ZH: 所以他们在这根K线，或这根K线的高点挂限价卖单做空
10:17 - 10:20
EN: If they sold at the high of this bar, their order would not be filled,
ZH: 这根K线高点的限价卖单不会成交
10:20 - 10:27
EN: but if they placed a limit order to sell at the high of this bar,
ZH: 但是这根K线高点的限价卖单，会在这里成交 押注楔形顶之后至少有两段下跌
10:23 - 10:27
EN: they’d be filled right here, betting on at least
ZH: 但是这根K线高点的限价卖单，会在这里成交 押注楔形顶之后至少有两段下跌
10:25 - 10:27
EN: a couple legs down from the Wedge.
ZH: 但是这根K线高点的限价卖单，会在这里成交 押注楔形顶之后至少有两段下跌
10:29 - 10:31
EN: This is betting against a trend.
ZH: 这是逆势交易
10:31 - 10:35
EN: This is using a limit order betting that a trend is about to reverse.
ZH: 用限价卖单押注上涨趋势即将反转
10:42 - 10:46
EN: We have a bear selloff, but we’re getting bad follow-through.
ZH: 空头抛售，但是变得越来越弱 （注：急速变通道，最后变成震荡区间）
10:46 - 10:49
EN: Dojis, prominent tails, sideways bars.
ZH: 很多十字星，有明显的影线，开始重叠、横盘
10:49 - 10:54
EN: The bulls who bought at this low had a bounce, maybe enough for a scalp.
ZH: 在前期低点挂单做多的多头得到了一些反弹， 可能足够赚到剥头皮的利润
10:54 - 10:59
EN: The bulls who bought at this low again probably made enough for a scalp.
ZH: 在这个低点挂单做多的多头又得到了反弹， 足够做一笔剥头皮交易
10:59 - 11:03
EN: Therefore, bulls are assuming the market might be entering a Trading Range
ZH: 因此，多头假设市场正在变成震荡区间
11:03 - 11:07
EN: and they’ll look to buy prior lows, and sometimes they’ll even look
ZH: 他们考虑在前期的低点挂单做多， 甚至考虑在熊旗下方买入
11:06 - 11:07
EN: to buy below a bear flag.
ZH: 他们考虑在前期的低点挂单做多， 甚至考虑在熊旗下方买入
11:07 - 11:12
EN: Here we have a Double Top bear flag and we have
ZH: 这里有一个双顶熊旗，这根阳线不错，这根阳线更好
11:10 - 11:12
EN: a good bull bar here, a better bull bar here.
ZH: 这里有一个双顶熊旗，这根阳线不错，这根阳线更好
11:12 - 11:15
EN: Some bulls will place a limit order to buy at the low of this bar,
ZH: 一些多头会在这根K线的低点挂限价买单做多
11:15 - 11:18
EN: just in case the market does not fall below this low.
ZH: 以防市场不会跌破这个低点
11:18 - 11:21
EN: They’ll place a limit order, they’ll get filled here.
ZH: 他们的限价买单会在这里成交
11:21 - 11:23
EN: It does not matter that it fell a little further.
ZH: 即使市场再下跌一点也没关系
11:23 - 11:27
EN: Some bulls would even buy more at this low, betting that we’re entering
ZH: 一些多头甚至会在这个低点挂单买入更多，
11:27 - 11:33
EN: a Trading Range and we’ll probably get a bounce
ZH: 押注市场正在转变为震荡区间，很可能会有反弹， 反弹幅度至少足够赚到剥头皮的利润
11:30 - 11:33
EN: that’s at least big enough for a profitable scalp.
ZH: 押注市场正在转变为震荡区间，很可能会有反弹， 反弹幅度至少足够赚到剥头皮的利润
11:33 - 11:41
EN: Again, bear trend, but bulls buying either
ZH: 再讲一遍，下降趋势，但多头在前期低点， 或者在低2熊旗下方（用限价买单）买入
11:37 - 11:41
EN: at the prior low or below a Low 2 bear flag.
ZH: 再讲一遍，下降趋势，但多头在前期低点， 或者在低2熊旗下方（用限价买单）买入
11:41 - 11:45
EN: We have a Double Top, therefore it’s a Low 2 – Low 1, Low 2
ZH: 这是一个双顶，所以也是低2——低1，低2
11:45 - 11:48
EN: - they’ll place a limit order to buy at that low for a scalp up,
ZH: 他们会在那个低点挂限价买单做多，做剥头皮
11:48 - 11:52
EN: betting that the bear trend will evolve into a Trading Range
ZH: 押注下降趋势会演变为震荡区间
11:52 - 11:54
EN: and they’ll be able to make a profitable scalp.
ZH: 足够他们赚一笔剥头皮的利润
Slide 007
Time: 12:00
Bilingual Transcript
12:01 - 12:05
EN: We have a strong rally, but it’s about a 50% correction,
ZH: 强势的反弹，但这是大约50%的位置
12:06 - 12:09
EN: and we have a pullback – 3 consecutive bear bars.
ZH: 然后回调——连续3根阴线
12:09 - 12:12
EN: The bulls are trying to resume, but bad follow-through.
ZH: 多头尝试恢复上涨趋势，但没有良好的跟随
12:12 - 12:14
EN: Another bull bar, bad follow-through.
ZH: 又一根阳线，但跟随不好
12:14 - 12:19
EN: Some bears will sell with a limit order at the top of this bear bar,
ZH: 一些空头会在这根阴线的高点挂限价卖单做空
12:19 - 12:23
EN: betting that there’s not enough momentum up for the market to go much higher,
ZH: 押注市场没有足够的动能，不会再涨太多
12:23 - 12:27
EN: and therefore this might be the start of a Trading Range
ZH: 所以这很可能变成震荡区间，而不是上涨趋势
12:25 - 12:27
EN: rather than the start of a bull trend.
ZH: 所以这很可能变成震荡区间，而不是上涨趋势
12:27 - 12:30
EN: They’ll sell with a limit order at the top of this bear bar,
ZH: 他们会在这根阴线的高点挂限价卖单做空，
12:30 - 12:33
EN: betting that maybe it’s a Low 2 short.
ZH: 押注这可能是一个成功的低2做空点
12:33 - 12:37
EN: We have one leg up, reversal, second leg up, trying to get a third leg up.
ZH: 第1段上涨，回调；第2段上涨； 现在尝试第3段上涨
12:37 - 12:42
EN: They’ll bet against a successful bull breakout, and instead a Trading Range.
ZH: 空头押注多头的突破无法成功，会变成震荡区间
12:43 - 12:44
EN: We have an early bull trend.
ZH: （尽管）这可能是上涨趋势的初期
12:44 - 12:48
EN: We have a breakout, a bull flag, a weak breakout of the bull flag.
ZH: 多头突破，牛旗，向上的突破很弱
12:48 - 12:49
EN: Bear bar, bear bar.
ZH: 阴线，阴线
12:49 - 12:53
EN: Traders will place a limit order to go short at the high of this bear bar,
ZH: 所以空头在这根阴线的高点挂限价卖单做空
12:53 - 12:57
EN: and they’ll get filled here, betting that the bull trend will fail.
ZH: 订单会在这里成交，押注上涨趋势失败
12:57 - 13:03
EN: They’re using a limit order to bet against a bull trend
ZH: 他们用限价卖单押注上涨趋势失败， 押注市场进入震荡区间
13:00 - 13:03
EN: and instead bet on a Trading Range.
ZH: 他们用限价卖单押注上涨趋势失败， 押注市场进入震荡区间
13:08 - 13:14
EN: The market is starting to rally.
ZH: 上涨，一系列连续的阳线，但是之前这里有很多大阴线
13:10 - 13:14
EN: We have a series of consecutive bull bars, but we have a lot of bear bars here,
ZH: 上涨，一系列连续的阳线，但是之前这里有很多大阴线
13:14 - 13:17
EN: and this high is a Double Top with this high.
ZH: 而且这个高点和这个高点形成了双顶
13:17 - 13:19
EN: This high is also a Double Top with this high.
ZH: 它和它也是双顶
13:19 - 13:22
EN: It looks like the market’s evolving into a Trading Range.
ZH: 看起来市场正在转变成震荡区间
13:22 - 13:27
EN: Here’s a High 1 buy, but a bear bar, and the market did not go up very far.
ZH: 这是高1做多入场点，但（高1信号K线）是阴线， 没有上涨多少就跌下来了
13:27 - 13:30
EN: Now we have a High 2 buy, but a bear doji.
ZH: 这里是高2，但（高2信号K线）是空头十字星
13:30 - 13:34
EN: Probably not going to be a very profitable buy.
ZH: 做多大概率无法赚到钱
13:34 - 13:36
EN: Some bears will sell at the high of this bar,
ZH: 一些空头会在这根K线的高点（挂限价卖单）卖出
13:36 - 13:39
EN: betting against a successful bull breakout,
ZH: 押注多头突破不会成功
13:39 - 13:42
EN: and instead betting the bull breakout will fail
ZH: 押注多头突破会失败
13:42 - 13:44
EN: and that this will become a Trading Range.
ZH: 押注这会变成震荡区间
13:44 - 13:49
EN: They’re betting against a successful breakout
ZH: 他们押注多头突破不会成功，押注上涨趋势无法继续
13:47 - 13:49
EN: and continuation of this bull trend.
ZH: 他们押注多头突破不会成功，押注上涨趋势无法继续
13:49 - 13:54
EN: They’re trading countertrend with a limit order, selling at the top of a rally.
ZH: 他们用限价卖单进行逆势交易， 在上涨趋势的高位卖出做空
13:59 - 14:02
EN: When the market looks like it might be entering a Trading Range
ZH: 当市场看起来像是要变成震荡区间时——
Slide 008
Time: 14:00
Bilingual Transcript
14:02 - 14:05
EN: - very Tight Bear Channel, first reversal up probably minor,
ZH: 很窄的下降通道，第1次上涨大概率只是小反弹，
14:05 - 14:09
EN: a bull leg in a Trading Range – traders will sell at prior highs.
ZH: 或者只是震荡区间中的一段上涨—— 空头会在前期高点挂单卖出做空
14:09 - 14:10
EN: Here’s a prior high.
ZH: 前期高点在这里
14:10 - 14:13
EN: Traders will place a limit order to sell; they’ll get filled here.
ZH: 空头会在这里挂限价卖单，订单在这里成交
14:13 - 14:16
EN: They’ll put a stop above this bear trend high.
ZH: 然后把止损放在这个下降趋势的起跌点上方
14:16 - 14:18
EN: And the same thing here.
ZH: 这里也是一样
14:18 - 14:19
EN: We have a major high.
ZH: 这是一个重要的高点
14:19 - 14:20
EN: It led to a new low.
ZH: 跌破创新低
14:22 - 14:26
EN: Bears will sell with a limit order at the high of this bar,
ZH: 空头会在这根K线的高点挂限价卖单做空， 订单会在这里成交
14:24 - 14:26
EN: and they’ll get filled here.
ZH: 空头会在这根K线的高点挂限价卖单做空， 订单会在这里成交
14:26 - 14:29
EN: And even here, they’ll sell with a limit order at the high of this bar.
ZH: 甚至在这里，他们会在这根K线的高点挂限价卖单做空
14:29 - 14:30
EN: We have another high here.
ZH: 还有这个高点
14:30 - 14:33
EN: The market’s going above it.
ZH: 当市场上涨的时候，空头会在这里卖出
14:31 - 14:33
EN: They’ll sell here.
ZH: 当市场上涨的时候，空头会在这里卖出
14:33 - 14:37
EN: Different choices, all close together, but all are adequate choices.
ZH: 有很多种做法，它们很接近，都是合理的选择
14:37 - 14:40
EN: Stop above the top of the bear trend, betting that this rally
ZH: 止损放在整个下降趋势的起跌点下方，
14:40 - 14:43
EN: is not strong enough to be the start of a bull trend.
ZH: 押注这段上涨不足以形成大的上涨趋势
14:43 - 14:47
EN: Instead, it’s probably two legs up in a Trading Range – one, pullback, two
ZH: 相反，它可能只是震荡区间中的两段上涨——1，回调，2
14:47 - 14:51
EN: - and that if it’s a leg up in a Trading Range, it’ll be followed by a leg down.
ZH: ——如果它确实只是震荡区间中的上涨波段， 那么接下来会再次下跌
14:51 - 14:55
EN: And the bears therefore are betting against a successful trend,
ZH: 因此，空头押注不会有成功的上涨趋势
14:55 - 15:00
EN: betting in favor of a Trading Range, selling at and above prior highs.
ZH: 押注市场更有可能变成震荡区间， 所以他们在前期的这些高点挂单卖出做空
15:04 - 15:07
EN: We have a bull flag, 4 consecutive bull bars,
ZH: 连续4根阳线之后，回调
15:07 - 15:11
EN: but a bear bar at a prior high and around a 50% pullback.
ZH: 但是在前期高点，以及大约50%反弹的位置出现了阴线
15:11 - 15:14
EN: That’s not a very good-looking bull flag.
ZH: 这不是一个很好的牛旗
15:14 - 15:18
EN: Bears will place a limit order to sell at the high of this buy signal bar
ZH: 空头会在这根做多信号K线的高点挂限价卖单做空——
15:18 - 15:20
EN: - a bear bar and a possible Double Top.
ZH: 因为这是一个潜在的双顶，而且有阴线
15:20 - 15:21
EN: The same true here.
ZH: 这里也是一样
15:21 - 15:24
EN: We’re getting a bull breakout, but again, a bear bar.
ZH: 多头突破到新高，但立刻就是阴线
15:24 - 15:29
EN: This bar has a prominent tail on top
ZH: 在突破前期高点的时候，它的顶部有明显的上影线
15:26 - 15:29
EN: as it’s breaking above this prior Lower High.
ZH: 在突破前期高点的时候，它的顶部有明显的上影线
15:29 - 15:32
EN: It’s a Lower High compared to the top of the bear trend.
ZH: 它和下降趋势的起跌点形成了高点降低的双顶
15:32 - 15:37
EN: Traders expect this is a bad buy signal bar, a bad bull flag.
ZH: 交易者认为这是一个糟糕的做多信号K线， 是一个糟糕的牛旗
15:37 - 15:39
EN: They’ll place a limit order to sell at the high of this bar,
ZH: 他们会在这根K线的高点挂限价卖单做空
15:39 - 15:41
EN: and they’ll get filled right there.
ZH: 然后订单会在这里成交
15:43 - 15:47
EN: The same is true at the bottom of what they think is a Trading Range.
ZH: 如果交易者认为这是震荡区间的下沿， 那么也是一样的做法
15:49 - 15:51
EN: A Double Top bear flag, but bad follow-through,
ZH: 双顶熊旗，但没有良好的跟随
15:51 - 15:54
EN: a lot of prominent tails, a lot of Trading Range price action.
ZH: 很多明显的影线，很多震荡区间的价格行为
15:54 - 15:57
EN: The entire selloff looks like a bear leg in a Trading Range.
ZH: 整段下跌看起来像是震荡区间中的下跌波段
15:57 - 16:02
EN: Traders will begin to buy below bars, betting that bear breakouts will fail.
ZH: 交易者开始在K线下方买入，押注向下跌破的尝试会失败
16:02 - 16:06
EN: They place a limit order to buy at the low
ZH: 他们在这根K线的低点挂限价买单做多， 订单在这里成交
16:04 - 16:06
EN: of this bar and they get filled right here.
ZH: 他们在这根K线的低点挂限价买单做多， 订单在这里成交
16:07 - 16:12
EN: Here we’re getting a bull reversal fairly low down
ZH: 这里多头开始反转上涨， 处于整个大震荡区间的底部附近
16:10 - 16:12
EN: in a possible big Trading Range.
ZH: 这里多头开始反转上涨， 处于整个大震荡区间的底部附近
16:12 - 16:16
EN: Bulls will bet that this Double Top bear flag will fail,
ZH: 多头押注这个双顶熊旗会失败
16:16 - 16:18
EN: this breakout’s strong enough for a second leg up.
ZH: 而且这根大阳线足够强势，所以至少会有第2段上涨
16:18 - 16:21
EN: They’ll place a limit order to buy at the low of this bar.
ZH: 他们会在这根K线的低点挂限价买单做多
16:21 - 16:24
EN: The bears see a Double Top bear flag in a bear trend;
ZH: 在空头的视角里，这是下降趋势中的双顶熊旗
16:24 - 16:29
EN: the bulls see a Wedge Bottom – one, two, three – and a strong reversal up.
ZH: 而多头看到的是楔形底——1，2，3—— 然后强势地反转上涨
16:29 - 16:31
EN: Probably we’ll get a second leg up.
ZH: 很可能会有第2段上涨
16:31 - 16:34
EN: Bulls will place a limit order to buy at the low of this bar,
ZH: 多头会在这根K线的低点挂限价买单做多
16:34 - 16:38
EN: and their order will get filled right here and their stop will be here.
ZH: 他们的订单在这里成交，止损放在这里
16:41 - 16:43
EN: A lot of Trading Range price action.
ZH: 这里有很多震荡区间的价格行为
16:44 - 16:49
EN: Does not look like a strong rally; it lacks consecutive big bull trend bars.
ZH: 看起来不像是强势的上涨，没有连续的大阳线
16:49 - 16:53
EN: Does not look like a strong selloff; it lacks consecutive big bear bars.
ZH: 这里看起来不像是强势的下跌，没有连续的大阴线
16:53 - 16:55
EN: 2 big bear bars here, but a doji here.
ZH: 这里有两根大阴线，但后面是十字星
16:55 - 16:57
EN: Bear bar here, but a doji here.
ZH: 大阴线，又是十字星
16:57 - 16:59
EN: A couple bear bars here, but a tail.
ZH: 这里有几根阴线，但是都有下影线
16:59 - 17:03
EN: Traders will look to buy at a prior low, looking for a scalp up,
ZH: 所以多头想要在前期的低点挂单买入， 押注会有反弹，可以做一笔剥头皮
17:03 - 17:09
EN: and Trading Range price action – they’ll sell at the prior high,
ZH: 这些事震荡区间的价格行为， 所以空头在前期高点挂单卖出做空，押注反转下跌
17:07 - 17:09
EN: betting on a reversal down.
ZH: 这些事震荡区间的价格行为， 所以空头在前期高点挂单卖出做空，押注反转下跌
17:09 - 17:11
EN: So they buy this low.
ZH: 多头在这个低点挂单买入
17:11 - 17:16
EN: They place a limit order as the market is falling,
ZH: 当市场再次下跌，他们在这个低点挂单买入
17:14 - 17:16
EN: they place a limit order to buy this low.
ZH: 当市场再次下跌，他们在这个低点挂单买入
17:16 - 17:20
EN: As the market’s falling again - over here, they’ll place a limit order
ZH: 然后当市场又跌到这里时，他们在这个低点挂单买入，
17:20 - 17:27
EN: to buy this low, each time expecting the breakout to not fall very far
ZH: 押注每次突破都不会下跌太远， 然后会有足够的反弹，让他们可以赚到剥头皮的利润
17:24 - 17:27
EN: and to bounce enough for them to get a scalp.
ZH: 押注每次突破都不会下跌太远， 然后会有足够的反弹，让他们可以赚到剥头皮的利润
17:27 - 17:30
EN: A lot of times they’ll buy this low, they’ll get filled here,
ZH: 很多时候，他们在这个低点挂限价买单， 订单在这里成交
17:30 - 17:37
EN: and they’ll try to buy more down here as long
ZH: 然后他们会逢低加仓， 前提是两笔交易之间至少隔开一笔剥头皮的距离
17:34 - 17:37
EN: as their second entry is at least as big as a scalp.
ZH: 然后他们会逢低加仓， 前提是两笔交易之间至少隔开一笔剥头皮的距离
17:37 - 17:41
EN: If they buy here and they buy more here if it’s the size of a scalp,
ZH: 如果他们在这里买入，然后在这里加仓买入更多， 中间至少隔开一笔剥头皮的距离
17:41 - 17:44
EN: and the market reverses back up to their first entry price,
ZH: 然后市场反弹回到他们第1次入场的价格
17:44 - 17:49
EN: they get out breakeven on their first entry
ZH: 此时他们的初始仓位就可以打平离场， 而加仓的部分就赚到了一笔剥头皮的利润
17:46 - 17:49
EN: and with a scalp profit on their lower entry.
ZH: 此时他们的初始仓位就可以打平离场， 而加仓的部分就赚到了一笔剥头皮的利润
Slide 009
Time: 17:55
Bilingual Transcript
17:56 - 17:58
EN: We have a reversal down, a second reversal down.
ZH: 反转下跌，第2次反转下跌
17:58 - 18:04
EN: A lot of traders will assume the bull bars are not big enough
ZH: 很多交易者认为阳线不够大，不够强势， 无法形成上涨趋势
18:02 - 18:04
EN: and powerful enough to lead to a bull trend.
ZH: 很多交易者认为阳线不够大，不够强势， 无法形成上涨趋势
18:04 - 18:07
EN: We have a tail here, we have 3 bear bars here.
ZH: 这里的上影线很长，然后有连续3根阴线
18:07 - 18:13
EN: They’ll bet that the breakout attempt above the top
ZH: 所以空头押注多头无法成功地加速向上突破这个上涨通道， 押注通道会变成楔形顶、反转下跌
18:10 - 18:13
EN: of this bull channel is likely to fail and lead to a Wedge.
ZH: 所以空头押注多头无法成功地加速向上突破这个上涨通道， 押注通道会变成楔形顶、反转下跌
18:13 - 18:17
EN: They’ll place a limit order to sell at that top of the channel,
ZH: 所以空头在通道的上沿挂限价卖单做空，
18:17 - 18:20
EN: looking for at least a scalp down, maybe a couple legs down.
ZH: 希望至少可以赚到剥头皮的利润， 甚至有两段十K的下跌波段
18:24 - 18:27
EN: Here, we have what looks like a Trading Range.
ZH: 整个背景看起来像是震荡区间
18:27 - 18:28
EN: We have a series of bull bars here,
ZH: 这里有一系列阳线
18:28 - 18:31
EN: but fairly prominent tails below and a little bit above.
ZH: 但是下影线很长，同时也有一点上影线
18:31 - 18:35
EN: Some traders will place a limit order to sell at a Measured Move up.
ZH: 一些交易者会在MM目标位挂限价卖单
18:36 - 18:38
EN: Certainly, the bulls who bought, if they held,
ZH: 当然，对于之前买入的多头而言，
18:38 - 18:47
EN: this is a good location to take profits – near the top of the range,
ZH: 这是一个很好的止盈位置——已经接近区间的顶部， 也许无法成功地突破这个高点
18:42 - 18:47
EN: above this bar, betting that the market will fail in its breakout attempt.
ZH: 这是一个很好的止盈位置——已经接近区间的顶部， 也许无法成功地突破这个高点
18:47 - 18:48
EN: And then you also have a Measured Move up.
ZH: 同时这里也是MM目标位
18:48 - 18:51
EN: We have a breakout, a pullback, and a gap.
ZH: 突破，回调，有缺口
18:51 - 18:54
EN: A little bit of a negative [Body] gap – we fell below that low
ZH: 变成了负缺口（实体缺口）——因为跌破了这个低点
18:54 - 18:56
EN: - but still a potential Measured Move up.
ZH: 但仍然有概率达到MM目标位
18:56 - 19:04
EN: Some traders will place a limit order to sell at that high,
ZH: 一些交易者会在那个高点挂限价卖单， 多头止盈，空头尝试至少做一笔剥头皮
19:00 - 19:04
EN: either to take profits on their longs or to sell at least for a scalp.
ZH: 一些交易者会在那个高点挂限价卖单， 多头止盈，空头尝试至少做一笔剥头皮
19:09 - 19:15
EN: Wedge Bottom, three pushes down – one, two, and now, three.
ZH: 楔形底，3次向下推动——1，2，3
19:15 - 19:17
EN: A lot of Trading Range price action.
ZH: 有很多震荡区间的价格行为
19:17 - 19:20
EN: This is probably a bear leg in what will become a Trading Range.
ZH: 这段下跌大概率即将转变为震荡区间
19:20 - 19:24
EN: Traders will therefore place a limit order at the bottom of this channel,
ZH: 因此，交易者会在这个通道的下沿挂限价买单做多，
19:24 - 19:27
EN: and they’d get filled right here, betting on a couple legs up.
ZH: 订单在这里成交，押注至少有两段上涨
19:30 - 19:33
EN: That’s also a Leg 1, Leg 2 Measured Move.
ZH: 同时这里也是第1段 = 第2段的MM目标位
19:33 - 19:36
EN: Leg 1, pullback, Leg 2.
ZH: 第1段，回调，第2段
19:36 - 19:38
EN: This is the size of this first leg.
ZH: 这是第1段的高度
19:38 - 19:41
EN: Traders expect to see some buying at that price.
ZH: 交易者预期在那个价格会有一些买盘
19:41 - 19:43
EN: That’s an additional reason to buy.
ZH: 这是另一个买入的理由
Slide 010
Time: 19:45
Bilingual Transcript
19:51 - 19:54
EN: Fairly weak bull channel here and here.
ZH: 这里和这里的上涨通道都很弱
19:54 - 19:59
EN: Traders will bet that the breakouts will fail to go far enough up for a scalp,
ZH: 所以交易者押注突破不会走很远， 追涨不足以做剥头皮交易
19:59 - 20:01
EN: and therefore they’ll sell at the high of the prior bar,
ZH: 所以他们选择在前1根K线的高点挂单卖出做空
20:01 - 20:03
EN: especially if the prior bar is a bear bar.
ZH: 尤其是，如果前1根K线是阴线的话
20:06 - 20:13
EN: We have two legs up, possibly a Wedge, and now we have a big doji
ZH: 两段上涨，可能是楔形顶， 然后在通道上沿出现了一个大的十字星
20:11 - 20:13
EN: and a bull bar at the top of the channel.
ZH: 两段上涨，可能是楔形顶， 然后在通道上沿出现了一个大的十字星
20:13 - 20:17
EN: A lot of bears will sell with a limit order
ZH: 很多空头会在这根K线，或那根K线的高点挂限价卖单做空
20:15 - 20:17
EN: at the high of this bar or the high of that bar,
ZH: 很多空头会在这根K线，或那根K线的高点挂限价卖单做空
20:17 - 20:21
EN: betting that the bull breakout above the top of the channel will fail.
ZH: 押注多头无法成功地向上突破这个通道
20:21 - 20:23
EN: Different ways to draw a Wedge here.
ZH: 这里的楔形顶有不同的画法
20:23 - 20:29
EN: First push up, second push up, third push, or first push,
ZH: 1，2，3；或者1，2，3，4
20:26 - 20:29
EN: second push, third push, fourth push.
ZH: 1，2，3；或者1，2，3，4
20:29 - 20:31
EN: Traders will look to sell above bear bars,
ZH: 交易者在阴线的高点上方卖出做空，
20:31 - 20:37
EN: betting that they’re bad buy signal bars at the top
ZH: 押注这是震荡区间的上沿，这段上涨并不强势， 而且这些不是好的做多信号
20:34 - 20:37
EN: of a Trading Range or at the top of a weak rally.
ZH: 押注这是震荡区间的上沿，这段上涨并不强势， 而且这些不是好的做多信号
20:39 - 20:41
EN: Also, they’ll sell at prior highs.
ZH: 他们也会在前期的高点挂单做空
20:41 - 20:45
EN: A good-looking bull bar, possible Double Bottom – we’re down here,
ZH: 尽管这是一根不错的阳线，可能是小双底
20:45 - 20:48
EN: down here – but a lot of Trading Range price action.
ZH: 但是有太多震荡区间的价格行为特征
20:48 - 20:52
EN: Weak rally, bad follow-through here, bad follow-through here.
ZH: 上涨较弱，这里没有良好的跟随，这里也没有
20:52 - 20:54
EN: Bull bar, bad follow-through here.
ZH: 阳线，糟糕的跟随
20:54 - 20:55
EN: Big tails here.
ZH: 影线很长
20:55 - 20:59
EN: Traders will look to sell above bars, betting that they’ll be able
ZH: 所以交易者在K线上方挂单做空，
20:59 - 21:03
EN: to make a profitable scalp and that this rally is not a bull trend.
ZH: 押注这不会变成上涨趋势，他们可以做空剥头皮赚钱
21:03 - 21:06
EN: It’s a bull leg in what will become a Trading Range.
ZH: 押注这只是震荡区间中的上涨波段
21:13 - 21:15
EN: We have a bear channel, bad follow-through.
ZH: 下降通道，空头没有良好的跟随
21:15 - 21:17
EN: Bear bars, bad follow-through.
ZH: 阴线，糟糕的跟随
21:17 - 21:18
EN: Bear bar, bad follow-through.
ZH: 阴线，糟糕的跟随
21:18 - 21:22
EN: It looks like a bear leg in what will become a Trading Range.
ZH: 看起来这段下跌像是会变成震荡区间
21:22 - 21:25
EN: Traders will therefore look to buy, with limit orders,
ZH: 因此，交易者会用限价买单逢低做多
21:25 - 21:28
EN: bear breakout attempts below the bottom of the channel.
ZH: 在下降通道的下沿挂单，押注空头突破失败
21:28 - 21:32
EN: Bear channel, bulls will place a limit order to buy there.
ZH: 下降通道，多头会在那里挂限价买单做多
21:32 - 21:35
EN: We have a bad looking bear flag, a big tail here.
ZH: 这不是一个好的熊旗
21:35 - 21:39
EN: We’re trying to break out here.
ZH: 尽管空头尝试向下跌破， 但这看起来只是震荡区间中的下跌波段
21:37 - 21:39
EN: This looks like a bear leg in a Trading Range.
ZH: 尽管空头尝试向下跌破， 但这看起来只是震荡区间中的下跌波段
21:39 - 21:43
EN: Probably buyers at this low or not far below.
ZH: 在这个低点及下方，大概率会有很多买盘
21:46 - 21:49
EN: We have a bull bar here.
ZH: 这里是熊旗，其中出现了阳线
21:47 - 21:49
EN: It’s a bear flag, but a bull bar.
ZH: 这里是熊旗，其中出现了阳线
21:49 - 21:55
EN: Traders will buy either at the low of this bar
ZH: 交易者会在这根阳线的低点，或者在前期的低点， 挂限价买单做多；然后这里也是一样
21:52 - 21:55
EN: or at this prior low, and the same is true here.
ZH: 交易者会在这根阳线的低点，或者在前期的低点， 挂限价买单做多；然后这里也是一样
21:55 - 21:57
EN: We have a bull bar and a doji bar.
ZH: 阳线，十字星
21:57 - 21:59
EN: Not strong sell signal bars.
ZH: 不是强势的做空信号K线
21:59 - 22:02
EN: Bulls will buy either at that low or at the prior low.
ZH: 多头会在那个低点，或者前期的低点挂单买入
22:02 - 22:04
EN: And the same true here.
ZH: 这里也是一样
22:04 - 22:06
EN: We’re getting a lot of dojis.
ZH: 有很多十字星
22:06 - 22:11
EN: A new low here is possibly a Wedge.
ZH: 这里的新低可能是楔形底的第3推—— 3次向下推动——1，2，3
22:09 - 22:11
EN: Three pushes down, one, two, three.
ZH: 这里的新低可能是楔形底的第3推—— 3次向下推动——1，2，3
22:11 - 22:16
EN: Bulls will buy the new low, betting on a Wedge and at least a small reversal.
ZH: 多头在这个新低买入，押注这是楔形底，至少会有小反弹
Slide 011
Time: 22:20
Bilingual Transcript
22:21 - 22:26
EN: I want to talk a little bit about entering on a smaller timeframe.
ZH: 最后我想讲一下，如何在更小的时间周期提前入场
22:26 - 22:31
EN: If the context is good, you can often enter earlier,
ZH: 如果背景足够好，你通常可以提前入场，来降低自己的风险
22:29 - 22:31
EN: which means your risk is smaller.
ZH: 如果背景足够好，你通常可以提前入场，来降低自己的风险
Slide 012
Time: 22:33
Bilingual Transcript
22:35 - 22:39
EN: This is a 5-minute chart, and we have a very strong bull breakout.
ZH: 这是5分钟图，这里有非常强势的多头突破
22:43 - 22:47
EN: When you see a bull bar, a second big bull bar, traders need to get long.
ZH: 连续两根大阳线，所以交易者想要做多
22:47 - 22:50
EN: However, if they’re buying here or here on the close,
ZH: 然而，如果他们在它或它的收盘买入
22:50 - 22:55
EN: their stop is way down here, and it can be scary to be buying the close
ZH: 他们的止损在最下面，所以在收盘买入， 或者市价买入追涨，
22:54 - 22:57
EN: or buying at the market, and you don’t have enough time to think.
ZH: 他们的止损在最下面，所以在收盘买入， 或者市价买入追涨， 会让人感到害怕，而且你也没有足够的时间思考
22:58 - 23:02
EN: What I typically do is I try to buy at the market
ZH: 通常，当我看到市场像这样强势上涨的时候， 我会直接市价买入
23:00 - 23:02
EN: as the market is rallying strongly like this,
ZH: 通常，当我看到市场像这样强势上涨的时候， 我会直接市价买入
23:02 - 23:04
EN: betting that the momentum up is so strong,
ZH: 因为上涨的动能既然如此强大，
23:04 - 23:08
EN: we should get at least enough follow-through buying for a profitable trade.
ZH: 后续就应该有足够大的涨幅，可以让追涨的多头赚钱
23:09 - 23:11
EN: Let’s say you buy that close.
ZH: 假设你在它的收盘买入
23:11 - 23:13
EN: Your stop is below the low of this bar.
ZH: 你的止损在这根K线的低点下方
23:13 - 23:17
EN: This line is just a little bit below the low of the bull breakout.
ZH: 这条线就在突破起涨点的下方
23:18 - 23:22
EN: 60% chance you’re going to get a Measured Move up from your stop
ZH: 至少60%的概率会涨到MM目标位—— 从你的入场点到止损的距离（往上翻一倍）
23:22 - 23:25
EN: to the entry bar before the market falls down here,
ZH: 而不是先下跌打掉你的止损
23:25 - 23:29
EN: so 60% chance it’s going to go up here before it goes down here.
ZH: 所以有60%的概率你可以赚这么多，而不是亏这么多
23:29 - 23:33
EN: It’s scary to take the buy, but the math is good.
ZH: 在这里追涨很可怕，但是数学上是合理的
23:39 - 23:42
EN: An alternative is to wait for a pullback and buy over here.
ZH: 另一种选择是等待回调，然后在这里买入
23:42 - 23:48
EN: Some traders simply just are unable emotionally to take the buy,
ZH: 很多交易者心理上不敢在这里市价买入， 不敢在它的收盘买入
23:46 - 23:48
EN: buy the market or buy the close.
ZH: 很多交易者心理上不敢在这里市价买入， 不敢在它的收盘买入
23:48 - 23:52
EN: An alternative is to take a look at a smaller timeframe chart.
ZH: 另一种选择是切换到更小的时间周期
23:52 - 23:54
EN: This is a 5-minute chart.
ZH: 左边的是5分钟K线图
23:54 - 23:59
EN: You can look at a 1-minute chart, and this is the same chart,
ZH: 你可以看它的1分钟图，也就是右边这里
23:58 - 23:59
EN: but a 1-minute chart.
ZH: 你可以看它的1分钟图，也就是右边这里
24:04 - 24:09
EN: Instead of buying that close, you might look at this and say,
ZH: 这样就不需要等到在它的收盘追涨了； 你看到1分钟图，然后想到：“这是非常强势的突破
24:07 - 24:09
EN: it’s a pretty strong breakout.
ZH: 这样就不需要等到在它的收盘追涨了； 你看到1分钟图，然后想到：“这是非常强势的突破
24:09 - 24:11
EN: Maybe I’ll buy the close on the 1-minute chart.
ZH: 也许我可以在这根1分钟的阳线收盘买入
24:11 - 24:14
EN: Or we have a bear bar, a small pullback – maybe I’ll buy on a stop
ZH: 或者，这根阴线大概率只是小回调，
24:14 - 24:18
EN: above the high of that bear bar, betting on some follow-through buying.
ZH: 我可以在它的高点上方挂突破买单， 押注会继续上涨
24:18 - 24:23
EN: As soon as I see 3, 4, or 5 consecutive bull bars, especially with 2 or 3
ZH: 一旦我看到3，4，5根连续的阳线，
24:23 - 24:27
EN: of them closing on or near their highs and with the bodies getting pretty big,
ZH: 尤其是有2~3根体积较大的阳线收在高位时，
24:27 - 24:30
EN: the odds are we’re going to go at least a little bit higher,
ZH: 大概率至少还会再上涨一些，
24:30 - 24:32
EN: and therefore I can buy for any reason.
ZH: 所以我可以用任何方法买入
24:38 - 24:40
EN: I can bet that the reversal down will fail.
ZH: 我可以押注向下的反转尝试会失败
24:40 - 24:43
EN: I can buy with a limit order at the low of this bar.
ZH: 我可以在这根K线的低点挂限价买单
24:43 - 24:46
EN: Or I can bet the breakout will fail and buy above the high of this bar
ZH: 或者我可以押注多头的突破会成功， 所以在它的高点上方买入，
24:46 - 24:50
EN: or buy above the high of this bar or buy above the high of this bar.
ZH: 在它的高点上方买入，在它的高点上方买入
24:51 - 24:55
EN: The risk probably is to the bottom of this bull breakout.
ZH: 止损放在这个突破的起涨点下方
24:55 - 24:58
EN: Realistically, most traders would put their stop down here.
ZH: 实际上，大多数交易者都会把止损放在这里
24:58 - 25:03
EN: However, the risk is less than it is over here on the 5-minute chart.
ZH: 这样做，止损比5分钟图（上的止损）要小一些
25:08 - 25:09
EN: Again, you can enter early.
ZH: 下降趋势也是一样，你可以提前入场
25:09 - 25:12
EN: We have a bear trend, strong bear breakout.
ZH: 下降趋势，大阴线向下跌破
Slide 013
Time: 25:10
Bilingual Transcript
25:16 - 25:17
EN: Big, big bear bar.
ZH: 非常大的大阴线
25:17 - 25:19
EN: A lot of traders are very uncomfortable selling the close
ZH: 很多交易者不太敢在它的收盘开仓做空
25:19 - 25:22
EN: or selling the close of the bear follow-through bar.
ZH: 不敢在跟随K线的收盘做空
25:22 - 25:24
EN: It happens very quickly.
ZH: 行情瞬息万变
25:24 - 25:26
EN: Not enough time to think about how to sell.
ZH: 你没有足够的时间思考到底在哪里开仓
25:27 - 25:29
EN: You can sell the close of the breakout bar
ZH: 你可以在突破大阴线的收盘卖出，
25:29 - 25:32
EN: - we have a bear bar for a follow-through bar.
ZH: 跟随的K线也是阴线，所以你也可以在它的收盘卖出
25:31 - 25:32
EN: You could sell the close there.
ZH: 跟随的K线也是阴线，所以你也可以在它的收盘卖出
25:32 - 25:38
EN: You could bet the reversal up will fail and place a limit order
ZH: 你可以押注反弹失败，在这根K线的高点挂限价卖单做空， 订单会在这里成交
25:36 - 25:38
EN: to sell the high of this bar and get filled here.
ZH: 你可以押注反弹失败，在这根K线的高点挂限价卖单做空， 订单会在这里成交
25:42 - 25:46
EN: If you don’t feel comfortable selling the close or selling above a bull bar
ZH: 如果你不敢在它的收盘做空，不想在阳线上方卖出，
25:46 - 25:50
EN: or waiting for a pullback, you can take a look at a 1-minute chart,
ZH: 但又不想等反弹，不妨看一下1分钟K线图
25:50 - 25:52
EN: and sometimes you’ll get an earlier entry.
ZH: 有时你会找到更早的入场点
25:52 - 25:55
EN: This is difficult to do if you’re a beginner,
ZH: 如果你是新手，这很难做到 （注：不同的时间周期会让你感到混乱）
25:55 - 25:57
EN: but experienced traders can do this.
ZH: 但有经验的交易者可以这么做
25:57 - 26:00
EN: Here’s the same chart, but a 1-minute chart.
ZH: 右边是相同的图，只不过是1分钟
26:00 - 26:05
EN: This is exactly this chart, but this is the 5-minute chart,
ZH: 左边的是5分钟图，右边的是1分钟图
26:03 - 26:05
EN: this is the 1-minute chart.
ZH: 左边的是5分钟图，右边的是1分钟图
26:08 - 26:10
EN: 2 big bear bars closing on their lows.
ZH: 连续两根大阴线收在最低
26:10 - 26:13
EN: Some traders will sell at the market here,
ZH: 一些交易者会在市价卖出
26:13 - 26:15
EN: which would be right here on the 5-minute chart.
ZH: 对应到5分钟图上，就是在这里
26:16 - 26:21
EN: As soon as you get 2 very big bars or 3 or 4 reasonably big bear bars,
ZH: 不管是什么时间周期，一旦看到2，3，4根体积较大的阴线，
26:21 - 26:24
EN: traders will look to sell any timeframe.
ZH: 交易者就会开始入场做空
26:24 - 26:28
EN: On the 1-minute chart, you get in a little bit earlier
ZH: 在1分钟K线图，你的入场会比5分钟更早
26:27 - 26:28
EN: than you would on the 5-minute chart.
ZH: 在1分钟K线图，你的入场会比5分钟更早
26:32 - 26:36
EN: You can place a limit order at the high of the prior bar,
ZH: 你可以在前1根K线的高点挂限价卖单， 押注反弹失败；
26:34 - 26:43
EN: betting that the reversal up will fail, or you can place a stop order
ZH: 你可以在前1根K线的高点挂限价卖单， 押注反弹失败； 也可以在反弹K线的下方挂突破卖单， 押注这是熊旗，会继续下跌
26:38 - 26:43
EN: below this pullback, betting that this is a bear flag and will go lower.
ZH: 也可以在反弹K线的下方挂突破卖单， 押注这是熊旗，会继续下跌
26:43 - 26:46
EN: You place a stop order below that bar, you get filled here.
ZH: 可以在那根K线下方挂突破卖单， 订单在这里成交
Slide 014
Time: 26:50
Bilingual Transcript
26:51 - 26:55
EN: The price action determines what kind of order you should use.
ZH: 价格行为决定了你应该使用哪种订单
26:55 - 26:58
EN: Beginners and most traders should only enter with stops.
ZH: 新手和大多数交易者，都应该只用突破单入场
26:58 - 27:01
EN: They can exit with limit orders to take profits,
ZH: 然后可以用限价单止盈离场
27:01 - 27:03
EN: and they always should have a protective stop.
ZH: 而且必须要有保护性的止损单
27:04 - 27:07
EN: Experienced traders will use limit orders either to trade
ZH: 有经验的交易者会使用限价单交易
27:07 - 27:10
EN: in the direction of a trend, betting reversals will fail,
ZH: 可以顺着趋势的方向，押注反转失败；
27:10 - 27:17
EN: or they’ll use countertrend orders, limit orders,
ZH: 也可以用逆势的限价单，押注目前的趋势即将反转， 并变成震荡区间
27:13 - 27:17
EN: betting that the trend is actually a leg in a Trading Range
ZH: 也可以用逆势的限价单，押注目前的趋势即将反转， 并变成震荡区间
27:16 - 27:17
EN: and it will soon reverse.
ZH: 也可以用逆势的限价单，押注目前的趋势即将反转， 并变成震荡区间
27:18 - 27:25
EN: Sometimes when you have a big breakout, it’s scary and difficult
ZH: 有时当你看到一个很大的突破， 可能不敢在当前的时间周期入场追涨/杀跌
27:21 - 27:25
EN: to enter at the market or on the timeframe that you’re looking at.
ZH: 有时当你看到一个很大的突破， 可能不敢在当前的时间周期入场追涨/杀跌
27:25 - 27:28
EN: An alternative is to switch to a smaller timeframe chart
ZH: 一种解决方法是切换到一个更小的时间周期
27:28 - 27:31
EN: and look for an entry on that smaller timeframe chart.
ZH: 然后看在那个周期，是否有提前入场的机会
27:36 - 27:37
EN: I’m Al Brooks.
ZH: 我是阿尔·布鲁克斯
27:37 - 27:40
EN: This is the third of three videos on orders.
ZH: 订单的3节课到这里就全部讲完了
27:40 - 27:42
EN: Thank you for watching the Brooks Trading Course.
ZH: 感谢观看布鲁克斯交易课程