al-brooks-course
38B - Trading MTR Tops
Raw transcript and slide notes for 38B - Trading MTR Tops.
Overview
- Slides: 13
- Transcript segments: 357
- 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: I’m 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
00:05 - 00:11
EN: This is the second of four videos on trading Major Trend Reversal Tops.
ZH: 这是顶部大反转结构的第2节课
Slide 001
Time: 00:13
Bilingual Transcript
00:15 - 00:19
EN: Whenever you’re in any trade, you always have to have a plan to take profits.
ZH: 任何一笔交易都需要有止盈的计划
Slide 002
Time: 00:20
Bilingual Transcript
00:25 - 00:28
EN: Major top, so expect two legs sideways to down
ZH: 既然是大反转的顶部，那么就要预期有两段下跌（至少横盘）
00:28 - 00:31
EN: to some kind of a support level – maybe this Higher Low,
ZH: 跌到某个支撑位——比如这个重要的低点，
00:31 - 00:35
EN: maybe here, maybe all the way to the bottom of this Wedge.
ZH: 比如这里，或者一直跌到楔形通道的起点
00:40 - 00:45
EN: Plenty of room for a profit if we get down to the most recent major Higher Low.
ZH: 如果能一直跌到这个重要的低点，就有很大的利润空间
00:45 - 00:47
EN: Major because it led to a new high
ZH: 这个低点很重要，因为它的后面突破创新高了
00:47 - 00:51
EN: and it had a lot of decent bull bars on the way up.
ZH: 并且在上涨过程中有很多不错的阳线
00:51 - 00:56
EN: It’s still a bull trend as long as it stays
ZH: 只要不跌破这个重要的低点，上涨趋势就仍然成立
00:53 - 00:56
EN: above the most recent major Higher Low.
ZH: 只要不跌破这个重要的低点，上涨趋势就仍然成立
00:56 - 01:00
EN: However, at this point – a bear breakout, decent follow-through, Wedge Top
ZH: 然而，在这里——空头突破，良好的跟随，左边是楔形顶
01:00 - 01:05
EN: - the market’s probably Always In Short and we’ll probably get
ZH: 市场可能已经处于单边下跌，而且至少会有小的第2段下跌
01:03 - 01:05
EN: at least a small second leg down.
ZH: 市场可能已经处于单边下跌，而且至少会有小的第2段下跌
01:05 - 01:07
EN: This might be the second leg, this might be the second leg,
ZH: 第2段下跌可能是这个，也可能是这个
01:07 - 01:13
EN: or this could be the first leg and then a Triangle, and then a second leg.
ZH: 或者在第1段之后，是三角形盘整，然后是大的第2段
01:13 - 01:16
EN: You don’t know for sure until you see it play out.
ZH: 直到行情走出来之前，都很难确定 （注：交易的不确定性）
01:19 - 01:24
EN: A Trading Range, around a 50% pullback after a Wedge Top.
ZH: （红色框框）震荡区间，位于50%回调附近
01:24 - 01:29
EN: That is common, but it’s still reasonable to hold short.
ZH: 这很常见，但空头继续持有是合理的
01:33 - 01:37
EN: Part of the reason for this Trading Range is the bears who sold
ZH: 价格在这里止跌的一个原因是，
01:37 - 01:42
EN: below this bear bar had a risk here, and one times their Actual Risk was here.
ZH: 空头在这根阴线下方卖出，止损在上方， 他们的一倍初始止损正好在这里
01:42 - 01:45
EN: Some of the bears took profit at one times Actual Risk
ZH: 一些空头会在1倍止损的地方止盈
01:45 - 01:47
EN: because they were disappointed by these bull bars.
ZH: 因为他们对这些阳线感到失望
01:47 - 01:51
EN: They were afraid that instead of a reversal into a bear trend,
ZH: 他们担心，可能无法变成下降趋势
01:51 - 01:54
EN: it might simply be a bear leg into a Trading Range.
ZH: 而是这个下跌波段会变成震荡区间
01:56 - 02:00
EN: It’s reasonable to take your profits
ZH: 把目标设置位初始风险的两倍，在这里，也是合理的
01:58 - 02:00
EN: at two times Initial Risk, which would be down here.
ZH: 把目标设置位初始风险的两倍，在这里，也是合理的
02:00 - 02:03
EN: Two times Actual Risk, I don’t have it drawn in.
ZH: 而两倍实际风险，我没有画出来
02:03 - 02:05
EN: You sell below this bar, you get filled here.
ZH: 突破卖单挂在它的下方，在这里成交
02:05 - 02:08
EN: Your Actual Risk is to just above this high,
ZH: 实际风险就是到这个高点
02:08 - 02:11
EN: and this is probably around two times Actual Risk.
ZH: 所以两倍实际风险大约在这个位置
02:15 - 02:17
EN: It’s reasonable to get out here.
ZH: 在这里（蓝色框框）离场是合理的
02:17 - 02:20
EN: We have an attempt to reverse back up,
ZH: 这里有一些反弹
02:20 - 02:22
EN: probably a second leg down from this bear breakout.
ZH: 但是空头突破之后，大概率至少有小的第2段下跌
02:22 - 02:24
EN: Well, this is a second leg down.
ZH: 这可能就是第2段下跌
02:24 - 02:26
EN: It’s reasonable to get out above this bull bar.
ZH: 在这个阳线上方离场是合理的
02:26 - 02:29
EN: Here we have a failed breakout below this small Double Bottom,
ZH: 这里尝试跌破小双底，失败
02:29 - 02:31
EN: and we have a Micro Double Bottom
ZH: 又形成了一个小双底
02:31 - 02:34
EN: - also reasonable to get out above this bull bar.
ZH: 所以在这根阳线上方离场也是合理的
02:34 - 02:36
EN: Even though it’s only one times your Initial Risk
ZH: 尽管此时利润只有一倍初始风险
02:36 - 02:39
EN: and you really wanted two times, it’s reasonable to get out.
ZH: 而你非常想要赚到两倍，但在这里离场是合理的
02:39 - 02:42
EN: You can stay short, keeping your stop up here,
ZH: 你可也可继续持有，止损就放在上方
02:42 - 02:44
EN: maybe above the top of this bull bar.
ZH: 或者放在这根阳线的上方
02:50 - 02:58
EN: But if you stay short after the market is trying to reverse up like this,
ZH: 如果你选择在反转上涨时继续持有空单， 那么就要依赖合理的止损
02:54 - 02:58
EN: you have to keep your stop at the appropriate place.
ZH: 如果你选择在反转上涨时继续持有空单， 那么就要依赖合理的止损
02:58 - 03:02
EN: Don’t panic out, and just rely on your stop.
ZH: 在上涨时不要恐慌离场，而是依赖止损
03:04 - 03:07
EN: Also, whenever you have a Wedge Top and you get a reversal,
ZH: 另外，当楔形顶反转下跌的时候，
Slide 003
Time: 03:05
Bilingual Transcript
03:07 - 03:12
EN: the reversal usually lasts about half as many bars as there were in the Wedge.
ZH: 反转持续的K线数量，大约是楔形中K线数量的一半
03:12 - 03:17
EN: Here’s how many bars in the Wedge, and this is not quite half,
ZH: 楔形持续了这么多K线，现在还不到它的一般
03:17 - 03:19
EN: and therefore we still might get more down.
ZH: 所以仍然有可能还会下跌
03:19 - 03:23
EN: This might simply be a Triangle pullback after the first leg down.
ZH: 这可能只是第1段下跌后的一个三角形横盘，
03:23 - 03:26
EN: First leg down and then Triangle pullback,
ZH: 第1段下跌，三角形横盘，
03:26 - 03:28
EN: and then we might get a second leg down.
ZH: 然后可能有大的第2段下跌
03:38 - 03:42
EN: Remember, most Major Trend Reversals only have
ZH: 切记，大多数大反转结构只有40%的概率可以赚到波段
03:42 - 03:53
EN: about a 40% chance of a swing profit, and it’s always reasonable
ZH: 而在支撑位挂限价买单止盈一部分，永远都是合理的做法
03:48 - 03:53
EN: to take partial profits using limit orders at support,
ZH: 而在支撑位挂限价买单止盈一部分，永远都是合理的做法
03:53 - 03:56
EN: and one support would be two times Actual Risk.
ZH: 两倍实际风险就是其中一个支撑位
03:57 - 04:02
EN: Again, Actual Risk is from your entry price to above the high of the pullback,
ZH: 从入场价，到反弹的最高点，就是实际风险
04:02 - 04:05
EN: and this would be around two times Actual Risk.
ZH: 两倍实际风险大约是在这里
04:11 - 04:15
EN: You sell below this bar, you get filled here, this pink line.
ZH: 你在这根K线下方挂突破卖单，在这里成交
04:15 - 04:19
EN: Your Actual Risk is to 1 tick above the high of this pullback bar.
ZH: 你的实际风险是到反弹最高点的上方1个tick
04:19 - 04:22
EN: If you had a stop there – you don’t know that in advance,
ZH: 如果你把止损放在那里——当然，入场的时候你并不知道
04:22 - 04:27
EN: but if your stop actually was there, that was the total amount
ZH: 但假设你真的把止损放在那里（就刚好不会被止损）
04:27 - 04:30
EN: that you actually risked, from your entry price to that pink line.
ZH: 那就是你实际上承担的风险，从入场价到粉色线
04:30 - 04:32
EN: And two times Actual Risk is right here.
ZH: 两倍实际风险就在这里
04:32 - 04:37
EN: Your Actual Risk was only 7 ticks, and two times Actual Risk is 14 ticks,
ZH: 你的实际风险只有7 ticks，两倍实际风险就是14 ticks
04:37 - 04:41
EN: and as long as it fell 15 or more ticks from your entry,
ZH: 只要市场从你的入场价下跌15 ticks
04:41 - 04:44
EN: you could exit at two times Actual Risk.
ZH: 你在两倍实际风险处的限价买单就可以确保成交、止盈离场
04:44 - 04:47
EN: And therefore, taking partial or full profits right here
ZH: 因此，在这里止盈部分或全部仓位，
04:47 - 04:52
EN: makes sense mathematically, and that’s part of the reason
ZH: 在数学上是合理的，这也是价格在这里反弹的原因之一
04:50 - 04:52
EN: why we’re reversing here.
ZH: 在数学上是合理的，这也是价格在这里反弹的原因之一
04:52 - 04:55
EN: Bears taking partial or full profits.
ZH: 空头在这里止盈部分或全部
04:58 - 04:59
EN: But look what happened.
ZH: 但看看后面发生了什么
05:00 - 05:05
EN: The bears who held short relied on their stop, and they sat through all of this,
ZH: 一些空头依赖他们的初始止损，经历了所有的这些反弹
Slide 004
Time: 05:00
Bilingual Transcript
05:05 - 05:10
EN: got a windfall profit all the way down to the bottom of the chart.
ZH: 市场意外地暴跌到了底部，他们从中赚到了很多钱
05:12 - 05:16
EN: If you did get out for any reason, you have to be looking to sell again.
ZH: 不管你因为什么原因离场了，你必须寻找再次入场的机会
05:16 - 05:20
EN: You could sell on this strong bear reversal – 2 big bear bars
ZH: 比如在强势下跌时卖出——两根大阴线
05:20 - 05:23
EN: - or you could wait until the close of this bar.
ZH: 或者可以等到这根K线的收盘再卖出
05:23 - 05:26
EN: At that point the odds are high that we’ll go at least a little bit lower.
ZH: 此时，至少再下跌一些的概率很高
05:36 - 05:39
EN: Whenever you have a Wedge Top, you’re looking for two legs down,
ZH: 当看到楔形顶的时候，我预期会有两段下跌
05:39 - 05:41
EN: and if the legs look too small,
ZH: 如果某一段看起来太小
05:41 - 05:45
EN: then they’re probably simply part of a bigger first leg.
ZH: 那么它可能只是大的第一段中的一部分
05:46 - 05:50
EN: Then you look for a bigger second leg down, and therefore it is reasonable
ZH: 然后你等待更大的第2段下跌， 所以即使看到了一些强势的反弹
05:50 - 05:54
EN: to hold short even after these strong reversal attempts.
ZH: 空头继续持有也是合理的
05:54 - 05:58
EN: Whenever you have a Higher High Major Trend Reversal – in this case, a Wedge
ZH: 每当看到一个高点抬高的大反转——这个案例中，是楔形顶
05:58 - 06:04
EN: - you always have to be thinking that it probably will be followed
ZH: 你总是要考虑到，后面很快会出现高点降低的大反转结构 （注：高点最后一次抬高，然后开始降低）
06:01 - 06:04
EN: by a Lower High Major Trend Reversal attempt.
ZH: 你总是要考虑到，后面很快会出现高点降低的大反转结构 （注：高点最后一次抬高，然后开始降低）
06:04 - 06:07
EN: We tried to get a Double Top bear flag here.
ZH: 这里尝试形成双顶熊旗
06:07 - 06:08
EN: Double Top Lower High.
ZH: 在前期高点的下方，双顶熊旗
06:08 - 06:09
EN: Did not work.
ZH: 没有继续下跌
06:09 - 06:12
EN: Then we have another attempt at a Double Top
ZH: 再次尝试形成双顶熊旗
06:12 - 06:15
EN: or an Expanding Triangle Top for a Lower High.
ZH: 或者说，在前期高点的下方，形成了扩张三角形的顶部
06:15 - 06:18
EN: Okay signal bar, but we went above it.
ZH: 这个做空信号K还可以，但是超过了它
06:18 - 06:22
EN: Not really good stop entry selling, unless you’re going to use a stop up here.
ZH: 此时用突破卖单入场，并不是特别好的机会， 除非你愿意把止损放在这里
06:24 - 06:27
EN: Tight Trading Range, 30 bars sideways.
ZH: 窄震荡区间，横盘了30根K线
06:27 - 06:31
EN: Nothing is clear until you get a couple strong breakout bars.
ZH: 在这些大阴线向下跌破之前，一切都不清晰
06:31 - 06:34
EN: If you sell at this point, higher probability.
ZH: 如果你在这里卖出做空，胜率更高
06:34 - 06:39
EN: Stop further away, less profit remaining in the trade,
ZH: 但止损也更远，剩余的利润更少
06:39 - 06:42
EN: but reasonable to sell if you can react quickly.
ZH: 但如果你的反应很快，卖出做空是合理的
06:42 - 06:45
EN: One of the problems is if the market’s in a very tight range like this
ZH: 其中一个问题是，如果市场处于这么窄的震荡区间内，
06:45 - 06:50
EN: for 20 bars, it’s easy to not be ready to trade,
ZH: 超过20根K线，此时很多人并没有做好时刻交易的准备
06:51 - 06:54
EN: and therefore when you get this breakout, it’s hard to sell.
ZH: 突破突然出现的时候，来不及做决定去开仓做空
06:54 - 06:57
EN: But with experience, you can do that.
ZH: 有了更多经验之后，就可以做到这一点
07:06 - 07:09
EN: Whenever you do get a Lower High Major Trend Reversal
ZH: 先是高点抬高的大反转结构（高点最后一次抬高）
07:09 - 07:12
EN: after a Higher High Major Trend Reversal,
ZH: 再是高点降低的大反转（高点第一次降低）
07:12 - 07:14
EN: it often is basically a Tight Trading Range.
ZH: 基本上都是窄震荡区间
07:15 - 07:17
EN: But within it, there’s often some kind of a pattern,
ZH: 在这个窄区间里，通常有某种结构
07:17 - 07:20
EN: like an Expanding Triangle or a Double Top.
ZH: 比如扩张三角形，或者双顶
07:20 - 07:24
EN: A Double Top here, a bear reversal, and then a small Wedge rally.
ZH: 这里有一个小双顶，下跌，然后楔形的反弹上涨
07:25 - 07:30
EN: If you’re prepared for a bigger second leg down, you can be selling.
ZH: 如果你准备好了迎接更大的第2段下跌，那么就可以卖出做空
07:34 - 07:39
EN: Expanding Triangle, and you could sell below this bar and put a stop up here.
ZH: 扩张三角形，你可以在这根K线下方卖出， 然后把止损放在这里
07:40 - 07:44
EN: If I sold below this, I would probably keep my stop up here.
ZH: 如果是我，我会把止损放在这里
07:44 - 07:47
EN: You’ve got 2 bull bars, a decent size bull bar.
ZH: 两根阳线，其中它的体积很大
07:47 - 07:49
EN: Might go a little bit higher.
ZH: 可能还会再涨一下
07:49 - 07:51
EN: You’re betting on a Lower High Major Trend Reversal
ZH: 你押注的是高点降低的大反转
07:51 - 07:53
EN: and a second leg down after the Wedge.
ZH: 也是楔形顶之后的第2段下跌
07:54 - 07:56
EN: I think the best stop is up here.
ZH: 我认为最好的止损选择是在这里
08:01 - 08:04
EN: A small Wedge Lower High after a bear reversal.
ZH: 楔形反弹，高点降低
08:06 - 08:10
EN: If you want, you can call it a nested Head and Shoulders Top
ZH: 你可以把它看作是嵌套式的头肩顶
08:10 - 08:17
EN: - left shoulder, head, right shoulder, and the right shoulder subdivided
ZH: ——大的左肩、头、右肩； 右肩再细分成更小的头肩顶——左肩，
08:14 - 08:17
EN: into a smaller Head and Shoulders Top – left shoulder
ZH: ——大的左肩、头、右肩； 右肩再细分成更小的头肩顶——左肩，
08:17 - 08:22
EN: and then a small Double Top for the head and then a small right shoulder.
ZH: 头是一个小双顶，然后是一个小的右肩
08:23 - 08:24
EN: Tight Trading Range.
ZH: 窄震荡区间
08:24 - 08:26
EN: You can see all kinds of patterns.
ZH: 你可以看到各种各样的结构
08:26 - 08:28
EN: You can see buy patterns and sell patterns.
ZH: 你可以同时看到做多和做空的机会
08:28 - 08:36
EN: But it’s reasonable to take the short because there’s at least a 40% chance
ZH: 做空是合理的，因为在楔形顶之后， 至少有40%的概率会有下跌波段
08:33 - 08:36
EN: you’re going to get the bear breakout after the Wedge Top.
ZH: 做空是合理的，因为在楔形顶之后， 至少有40%的概率会有下跌波段
08:36 - 08:40
EN: There’s a 40% chance you’re going to get bull trend resumption up,
ZH: 有40%的概率上涨趋势会恢复
08:41 - 08:47
EN: and then 20% chance you may just stay sideways for a lot of bars,
ZH: 然后有20%的概率，会继续一直横盘下去， 也许一直震荡到收盘
08:45 - 08:47
EN: maybe to the end of the session.
ZH: 然后有20%的概率，会继续一直横盘下去， 也许一直震荡到收盘
08:51 - 08:54
EN: Again, if you’re quick to understand what’s going on,
ZH: 如果你的反应很快，意识到发生了什么
08:54 - 08:57
EN: you just sell the close or simply sell at the market.
ZH: 你可以在阴线的收盘卖出，或者直接市价卖出
08:57 - 09:01
EN: A lot of times you don’t have time to sell the close exactly,
ZH: 很多时候没有时间精确地在收盘价挂限价卖单
09:01 - 09:07
EN: so when the bar is about to close or as soon as it closes
ZH: 所以可以在K线收盘的瞬间，点击“市价卖出”
09:04 - 09:07
EN: or right after it closes, you just hit “Sell the Market.”
ZH: 所以可以在K线收盘的瞬间，点击“市价卖出”
09:13 - 09:14
EN: The bulls are giving up.
ZH: 多头放弃了
09:14 - 09:15
EN: The bears are getting aggressive.
ZH: 空头变得更激进
09:15 - 09:19
EN: You don’t want to be looking to buy for at least several bars.
ZH: 至少在几根K线内，你不应该考虑买入
Slide 005
Time: 09:25
Bilingual Transcript
09:27 - 09:30
EN: Whenever the risk is small – for example, if you sell below this bear bar
ZH: 每当风险很小——例如，如果你在这根阴线下方卖出，
09:30 - 09:35
EN: and put your stop above the high of that bar, you have low probability.
ZH: 然后把止损放在那根K线的高点上方——胜率就比较低
09:35 - 09:37
EN: In general, whenever you have a small risk,
ZH: 通常来说，每当风险很小的时候，
09:37 - 09:41
EN: it’s a mistake to put your stop right above the top of the signal bar.
ZH: 把止损直接放在信号K线的外面不是太好
09:41 - 09:44
EN: It’s better to use a wider stop, Measured Move up.
ZH: 最好使用更宽的止损，比如放在MM目标位的外面
09:44 - 09:46
EN: Or look to the left for some alternative stop.
ZH: 或者看左边，寻找其它的止损选择
09:46 - 09:49
EN: Since we have a Wedge Top and two legs down are likely,
ZH: 由于这是一个楔形顶，并且可能有两段下跌
09:49 - 09:52
EN: it’s reasonable to put your stop here.
ZH: 所以把止损放在这里是合理的
09:52 - 09:56
EN: Also, the swing bears who sold up here and are holding short
ZH: 此外，在这里卖出，并且选择继续持有的空头，
09:57 - 10:01
EN: do not have a reason yet to use a tighter stop.
ZH: 目前还不能收窄他们的止损
10:01 - 10:04
EN: If there’s a strong bear breakout, then they can lower their stop.
ZH: 如果强势跌破创新低，他们就可以把止损向下移动
10:04 - 10:09
EN: But all through here, the correct stop for the bears is still up here.
ZH: 但在这里，空头最好的止损仍然在它的上方
10:16 - 10:20
EN: If you did sell below this bear bar and you get stopped out,
ZH: 如果你在这根阴线下方卖出做空， 然后（止损设置得很小）被止损了
10:20 - 10:24
EN: you’ve got to look to sell again – for example, on the outside down
ZH: 你就必须寻找再次入场的机会—— 比如，在看到这根吞噬大阴线之后
10:24 - 10:26
EN: because at that point we have a Micro Double Top,
ZH: 因为这里形成了一个小双顶
10:26 - 10:27
EN: or on the close of this bear bar.
ZH: 可以在它的收盘再次卖出
10:29 - 10:34
EN: Any time any stop is hit, there’s a 50% chance
ZH: 任何时候，任何止损被打掉，
10:34 - 10:36
EN: that the bull breakout will continue higher
ZH: 有50%的概率会继续向上突破、上涨
10:37 - 10:41
EN: and 50% chance the breakout will fail and reverse back down.
ZH: 50%的概率突破是失败的，会反转下跌
Slide 006
Time: 10:45
Bilingual Transcript
10:48 - 10:52
EN: It’s very common for the market to have strong moves in the wrong direction.
ZH: 市场经常会朝着错误的方向强势移动
10:52 - 10:57
EN: In other words, they appear to be going one way, that attempt fails,
ZH: 换句话说，它们看似在一个方向上快速前进， 但突破的尝试失败
10:57 - 10:59
EN: and then you have an even stronger move in the opposite direction.
ZH: 然后在相反的方向上出现了更强势的移动
11:00 - 11:03
EN: Here you have a strong bear breakout, bad follow-through,
ZH: 这里有强势的空头突破，但跟随不好
11:03 - 11:05
EN: and we got a reversal back up.
ZH: 然后反转上涨
11:14 - 11:18
EN: Experienced bears, instead of getting stopped out here, they’ll sell.
ZH: 有经验的空头，不会把止损放在这里，而是会逢高做空
11:18 - 11:21
EN: They see that people made money selling at this high.
ZH: 他们看到在这个高点挂限价卖单的空头赚到钱了
11:21 - 11:23
EN: They made money selling at this high.
ZH: 在这个高点挂限价卖单的空头也赚到钱了
11:23 - 11:27
EN: They’ll be selling at this high, putting a stop above here.
ZH: 所以空头会在这个高点卖出，把止损放在上方
11:27 - 11:34
EN: This is the most recent major top, and therefore bears selling
ZH: 这是最近的重要高点，所以不管在哪里做空， 空头都会把止损放在这里
11:31 - 11:34
EN: for any reason would put their stop up here.
ZH: 这是最近的重要高点，所以不管在哪里做空， 空头都会把止损放在这里
11:39 - 11:43
EN: Again, half the time if a stop gets hit, the breakout will fail.
ZH: 再讲一遍，止损被打掉时，50%的时候突破会失败
11:43 - 11:47
EN: It’s simply the market probing, testing the strength of the bulls and the bears.
ZH: 这只是市场在探测，测试多头和空头的力量
11:53 - 11:56
EN: Either you get a bull breakout and the bears give up,
ZH: 要么多头突破，空头放弃
Slide 007
Time: 11:55
Bilingual Transcript
11:56 - 11:59
EN: or you get a bear reversal and the bulls give up.
ZH: 要么空头反转，多头放弃
11:59 - 12:01
EN: In this case, the bulls gave up.
ZH: 在这个案例中，多头放弃了
12:07 - 12:13
EN: As I said, you could put your stop above the high of this pair of bear bars.
ZH: 刚才也讲过，只有弱空头会把止损放在这两根阴线的上方
12:12 - 12:13
EN: Weak bears will do that.
ZH: 刚才也讲过，只有弱空头会把止损放在这两根阴线的上方
12:13 - 12:15
EN: Strong bears will keep their stop up here,
ZH: 强空头会把止损放在这里
12:16 - 12:18
EN: and strong bears will be selling above bars.
ZH: 强空头会在K线上方挂限价卖单（逢高卖出）
12:18 - 12:20
EN: They sold at this high right here.
ZH: 他们在这个高点挂限价卖单
12:20 - 12:24
EN: They sold above this high right here, and strong bears will sell
ZH: 他们在这个高点上方卖出，
12:24 - 12:27
EN: with limit orders at this high as well and put their stop right here.
ZH: 强空头也会把限价卖单挂在这个高点的上方， 然后把止损放在这里
12:29 - 12:33
EN: Weak bulls will be buying these breakouts, hoping that the Trading Range
ZH: 弱多头会在这里去追涨，
12:33 - 12:38
EN: will convert into a bull trend, and that’s usually the worst thing to do
ZH: 希望震荡区间能变回上涨趋势， 而这通常是最糟糕的做法——
12:38 - 12:41
EN: - selling at the bottom, buying at the top.
ZH: 在区间的下沿卖出，上沿买入
12:41 - 12:43
EN: Strong traders do the opposite.
ZH: 高手则是会反过来做
12:43 - 12:45
EN: They buy at the bottom and they sell at the top.
ZH: 他们在下沿买入，在上沿卖出
12:57 - 13:02
EN: There are simply not enough bulls to get the bull trend to resume,
ZH: 多头的力量不足以恢复上涨趋势
13:02 - 13:04
EN: and the bulls are giving up and the bears are winning.
ZH: 多头放弃了，空头乘胜追击
13:05 - 13:10
EN: And then this strong breakout is a sign that the bulls are finally giving up.
ZH: 大阴线向下跌破，这是多头最终放弃的信号
13:10 - 13:14
EN: This is a Give-up Bar – a big bear trend bar, consecutive bear trend bars,
ZH: 这是放弃K线——大阴线，连续的阴线
13:14 - 13:19
EN: and you can see when this bar opened, it opened below the close of that bar.
ZH: 你可以看到，这根阴线的开盘价，低于前一根阴线的收盘价
13:19 - 13:22
EN: Traders were selling – as soon as the bar closed, they sold.
ZH: 说明交易者在激进地卖出——K线收盘的瞬间，他们就卖出
13:22 - 13:23
EN: Same here.
ZH: 还有这里
13:23 - 13:26
EN: The open of this bar is below the close of this bar.
ZH: 这根K线的开盘价，低于这根K线的收盘价
13:26 - 13:27
EN: Aggressive selling.
ZH: 疯狂地卖出
13:28 - 13:32
EN: Bears are selling to get short, bulls are selling to give up.
ZH: 空头卖出做空，多头卖出放弃
Slide 008
Time: 13:35
Bilingual Transcript
13:42 - 13:46
EN: If you did hold for a Leg 1, pullback, Leg 2, and now we’re at the bottom
ZH: 如果你真的坚定持有了第1段、反弹、第2段， 现在处于整个上涨趋势的起涨点
13:46 - 13:54
EN: of the entire bull trend and we’re getting a reasonably strong reversal up
ZH: 此时价格大幅反弹，而且出现了小双底—— 这根K线下跌，然后上涨；
13:51 - 13:54
EN: and a Micro Double Bottom – we went down on this bar and then up,
ZH: 此时价格大幅反弹，而且出现了小双底—— 这根K线下跌，然后上涨；
13:54 - 13:58
EN: down on this bar, up again, and a pretty good bull reversal bar
ZH: 这根K线下跌、再次上涨； 而且有非常不错的反转大阳线
13:58 - 14:01
EN: - it could be simply a two-legged move in a big Trading Range.
ZH: 这可能是震荡区间中的两段下跌
14:01 - 14:03
EN: Leg 1, pullback, Leg 2.
ZH: 第1段，反弹，第2段
14:03 - 14:05
EN: This could be a large 2nd Leg Trap.
ZH: 这可能是一个大的第2段陷阱
14:05 - 14:08
EN: It’s reasonable to get out above the high of this bar.
ZH: 在这根K线的高点上方离场是合理的
14:08 - 14:13
EN: Even though it’s probably a minor reversal, it could lead to an abrupt reversal.
ZH: 即使它大概率是小反转， 但在震荡区间中，反转往往是非常突然的
14:13 - 14:15
EN: We were in a Tight Trading Range here,
ZH: 之前这里是窄震荡区间
14:15 - 14:18
EN: so some strong bulls will buy at the prior low.
ZH: 所以一些强多头会在前期低点挂单买入
14:18 - 14:20
EN: They’ll buy at this low, get filled here for a scalp.
ZH: 他们会在这个低点挂限价买单，在这里成交， 然后尝试做剥头皮交易
14:20 - 14:23
EN: They’ll buy at this low, they get filled here.
ZH: 他们会在这个低点挂单，在这里成交
14:23 - 14:27
EN: And they’ll buy at this low and they get filled here, and they do not panic out.
ZH: 他们会在这个低点挂单，在这里成交，而且不会惊慌出局
14:27 - 14:31
EN: Some bulls will hold short, and then when there’s a strong bull bar,
ZH: 一些多头会坚定持有，然后当出现一根强势的大阳线时
14:31 - 14:35
EN: they’ll buy more above the high of this bar, expecting the market to come back
ZH: 他们会在这根K线的高点上方买入更多
14:35 - 14:38
EN: to their original entry price – which it ultimately did.
ZH: 期待市场回到他们的初始入场价——最终确实回来了
14:40 - 14:45
EN: If you sold here and you took profits here, you made about 8 points.
ZH: 如果你在这里卖出，并在这里止盈，赚了大约8个点
14:50 - 14:54
EN: Can you wait to take profits? If you do, at this point I think
ZH: 可以等一等再止盈吗？
14:54 - 15:00
EN: you have consecutive good bull bars, you have a reversal up
ZH: 这个时候，有连续的大阳线，从震荡区间的底部开始反转上涨
14:58 - 15:00
EN: from the bottom of a possible Trading Range.
ZH: 这个时候，有连续的大阳线，从震荡区间的底部开始反转上涨
15:01 - 15:04
EN: It’s reasonable to exit there, or even exit here.
ZH: 在这里离场是合理的，甚至在那里离场
15:05 - 15:08
EN: If you did not get out here, I think you have to get out here,
ZH: 如果你没有在这里离场，那么在这里就一定要离场
15:08 - 15:10
EN: and certainly no worse than here.
ZH: 等到这里再走就更差一些
15:10 - 15:12
EN: We have a bull bar, a bull follow-through bar.
ZH: 阳线，跟随也是阳线
15:12 - 15:16
EN: Even though it’s a doji, you have to have a reason to get out.
ZH: 尽管它是十字星，也足以成为空头离场的理由
15:16 - 15:19
EN: And the market is probably Always In Long at this point.
ZH: 市场在此时可能已经进入了单边上涨
15:19 - 15:21
EN: I think it’s almost certainly Always In Long at this point.
ZH: 而到了这个时候，可以肯定是单边上涨
15:21 - 15:24
EN: That means we’re probably going at least a little bit higher,
ZH: 也就是说至少还会再涨一些
15:24 - 15:28
EN: and you don’t want to take a chance
ZH: 而你肯定不愿意把所有的利润都还回去
15:26 - 15:28
EN: that you’re going to give back all of your profits.
ZH: 而你肯定不愿意把所有的利润都还回去
15:28 - 15:30
EN: This is probably the best exit.
ZH: 这可能是最好的离场点
15:31 - 15:33
EN: We’re reversing up from the bottom of the chart,
ZH: 价格从底部开始反转上涨
15:33 - 15:38
EN: possibly the bottom of a Trading Range, and Trading Ranges often have two legs
ZH: 这可能是震荡区间的底部， 而且震荡区间内经常会出现两段式的趋势
15:38 - 15:42
EN: - one, pullback, two – and the second leg is often very strong,
ZH: ——1，反弹，2——而且第2段总是看上去非常强势
15:42 - 15:49
EN: making traders believe the Trading Range is converting
ZH: 诱使交易者相信震荡区间正在转变成下降趋势， 但事实上，这很可能是第2段陷阱
15:45 - 15:49
EN: into a bear trend when in fact it could simply be a 2nd Leg Trap.
ZH: 诱使交易者相信震荡区间正在转变成下降趋势， 但事实上，这很可能是第2段陷阱
15:50 - 15:56
EN: A very strong 2nd leg, trapping traders
ZH: 非常强势的第2段下跌，诱使交易者在底部卖出， 结果市场立刻反转上涨
15:53 - 15:56
EN: into selling at the bottom, and then the market reverses up.
ZH: 非常强势的第2段下跌，诱使交易者在底部卖出， 结果市场立刻反转上涨
15:56 - 15:58
EN: You have to be prepared for that.
ZH: 你必须考虑到这种情况
15:59 - 16:01
EN: If you have a big windfall profit like this,
ZH: 如果意外地大赚了，
16:01 - 16:03
EN: you have to take at least partial profits.
ZH: 最好至少止盈一部分
16:03 - 16:06
EN: I would get out of everything above a good bull bar,
ZH: 我会在一个好的阳线上方全部离场
16:06 - 16:08
EN: Micro Double Bottom, failed breakout.
ZH: 小双底，跌破前期低点失败
Slide 009
Time: 16:10
Bilingual Transcript
16:14 - 16:18
EN: Bull trend, bear breakout, Higher High Major Trend Reversal.
ZH: 上涨趋势，空头突破，高点抬高的大反转
16:19 - 16:22
EN: We have a 20 or 30 bar very Tight Channel.
ZH: 窄通道持续了20~30根K线
16:22 - 16:28
EN: This is probably a minor reversal, which means the best the bears
ZH: 这大概率只是小反转， 也就是说，最多变成震荡区间，而不是下降趋势
16:25 - 16:28
EN: probably get is a Trading Range and not a bear trend.
ZH: 这大概率只是小反转， 也就是说，最多变成震荡区间，而不是下降趋势
16:37 - 16:44
EN: It’s pretty common when you take a short
ZH: 在入场之后，市场回到你的入场价，这是很常见的
16:41 - 16:44
EN: to have the market come all the way back to your entry price.
ZH: 在入场之后，市场回到你的入场价，这是很常见的
16:44 - 16:47
EN: Part of the reason for that is the bulls will look at this and say,
ZH: 其中一个原因是，多头会想：
16:47 - 16:49
EN: “Eh, it’s a minor reversal.
ZH: “额，这大概率只是小反转
16:49 - 16:53
EN: I’m going to buy the low of that bar and put my stop down here,
ZH: 我要在这个低点挂限价买单，止损放在前期的起涨点下方
16:53 - 16:56
EN: betting that the reversal will not get down here
ZH: 押注不会一直下跌到这里
16:56 - 17:00
EN: and I can buy more lower if it goes down, and I can get out breakeven
ZH: 我在下跌时逢低加仓，最后可以在初始入场点全部离场
17:00 - 17:03
EN: because it’s probably going to reverse up and form a Trading Range.”
ZH: 因为它大概率会反转上涨，变成震荡区间。”
17:04 - 17:07
EN: If a bull buys here and it goes right up, he makes his profit.
ZH: 假设一个多头在这里买入了，如果市场直接上涨， 他就可以止盈赚快钱
17:07 - 17:10
EN: If he buys here and puts his stop down here, he can buy more lower,
ZH: 如果他在这里买入，把止损放在下方，然后逢低买入更多
17:10 - 17:14
EN: betting that it’ll come back and test his original entry price.
ZH: 押注市场会涨回来测试他的初始入场价格
17:16 - 17:25
EN: Very common for the first reversal up to go up to the low
ZH: 所以价格经常会反弹回到做空信号K的最低点， 比你的做空入场点高1个tick
17:21 - 17:25
EN: of the sell signal bar, which is 1 tick above your entry price.
ZH: 所以价格经常会反弹回到做空信号K的最低点， 比你的做空入场点高1个tick
17:25 - 17:26
EN: You enter 1 tick below that bar.
ZH: 因为你的突破卖单挂在它最低点的下方1个tick
17:26 - 17:33
EN: It’s very common for the pullback to hit your entry price
ZH: 如果你把止损移动到入场价，就很容易在市场反弹的时候被打掉
17:30 - 17:33
EN: and stop you out if you have a breakeven stop.
ZH: 如果你把止损移动到入场价，就很容易在市场反弹的时候被打掉
17:34 - 17:37
EN: Strong bears, if they’re expecting a Major Trend Reversal,
ZH: 强空头，如果他们期待大反转
17:37 - 17:41
EN: they’ll rely on their stop above the top of the bear trend,
ZH: 他们会把止损保留在起跌点的上方
17:41 - 17:51
EN: allowing for the possibility that this is simply a test of the breakout price,
ZH: 接受市场对入场价格的测试， 而弱空头把止损移动到入场价，会被打掉、离场
17:47 - 17:51
EN: a test of the entry price, trapping weak bears out.
ZH: 接受市场对入场价格的测试， 而弱空头把止损移动到入场价，会被打掉、离场
17:58 - 18:03
EN: However, if you see a strong reversal like this, a strong bar like this,
ZH: 然而，如果你看到这么强势的大阳线，大阳线
18:03 - 18:10
EN: and now we’re getting a third reversal up – we’re still forming a Higher Low
ZH: 现在第3次反转上涨——高点仍然在抬高，可能是宽通道 ——最好在这里离场
18:07 - 18:10
EN: in a Broad Bull Channel – you have to get out.
ZH: 现在第3次反转上涨——高点仍然在抬高，可能是宽通道 ——最好在这里离场
18:10 - 18:12
EN: You could get out above this bull bar.
ZH: 你可以在这根阳线上方离场（挂突破卖单）
18:12 - 18:14
EN: It did not go above this bull bar.
ZH: 但下一根K线没有向上突破（突破卖单不会被触发）
18:14 - 18:19
EN: But now we’re getting another reversal attempt, so had you shorted this hoping
ZH: 但是现在又出现了反转上涨的尝试， 如果你做空了，希望有下跌的波段，
18:18 - 18:23
EN: for a swing down, you have to get out on some kind of reversal.
ZH: 但是现在又出现了反转上涨的尝试， 如果你做空了，希望有下跌的波段， 你必须在某种反转上涨时离场
18:23 - 18:26
EN: Here you’ve got a third push up, a small Expanding Triangle.
ZH: 这里有3次推动，小的扩张三角形
18:26 - 18:28
EN: Here you have a bull bar.
ZH: 出现了一根阳线
18:28 - 18:33
EN: I would definitely get out above that bull bar
ZH: 我肯定会在它的上方离场—— 如果没有在这里或这里就离场的话
18:30 - 18:33
EN: if I did not get out above here or above here,
ZH: 我肯定会在它的上方离场—— 如果没有在这里或这里就离场的话
18:34 - 18:39
EN: because this is probably a minor reversal, not a major reversal.
ZH: 因为这更有可能是小反转，而不是大反转
18:39 - 18:43
EN: There are too many bars up since the first bear break below a trend line,
ZH: 自从第1次跌破趋势线以来，上涨了太多K线了
18:43 - 18:46
EN: and therefore you have to start the process over again.
ZH: 所以必须重新开始这个过程（先小反转，再大反转）
18:52 - 18:55
EN: Whenever the market comes up and hits a breakeven stop
ZH: 当市场反弹，回测入场价，
18:55 - 18:58
EN: and then the bear trend resumes like this,
ZH: 然后再次下跌
18:58 - 19:01
EN: you never want it to get back to the breakeven stop a second time.
ZH: 最好不要再次回测入场价
19:01 - 19:05
EN: If it does get there, you’re usually going to get higher prices.
ZH: 如果第2次回测，通常代表市场会继续上涨
Slide 010
Time: 19:10
Bilingual Transcript
19:14 - 19:18
EN: We have a gap up and a bull trend, and we’re working higher.
ZH: 上涨趋势，跳空高开，继续上涨
19:19 - 19:22
EN: We have a new high here, a first reversal down,
ZH: 这里是新的高点，第1次反转下跌
19:22 - 19:24
EN: and now we’re getting a second reversal down.
ZH: 现在是第2次反转下跌
19:31 - 19:33
EN: You can argue Wedge Top – one, two, three.
ZH: 你可以说它是楔形顶——1，2，3
19:34 - 19:37
EN: However, look at the channel, this rally.
ZH: 但是，仔细看这个上涨通道
19:38 - 19:40
EN: How much Selling Pressure is there?
ZH: 有没有卖压？？
19:40 - 19:45
EN: We’ve got 3 bars here, 3 bars here, 3 bars in the pullback here.
ZH: 这里有3根K线，这里有3根K线，这里回调了3根K线
19:45 - 19:49
EN: But how deep are the pullbacks? How big are the bear bars?
ZH: 但回调深不深？阴线大不大？
19:49 - 19:50
EN: The pullbacks are very small.
ZH: 回调幅度非常小
19:50 - 19:54
EN: This is a Small Pullback Bull Trend, and selling reversals
ZH: 这是一个回调很小的上涨趋势
19:54 - 20:00
EN: from a new high probably will result in a minor reversal
ZH: 从新高下跌回调，更有可能只是小反转，然后上涨趋势恢复
19:59 - 20:00
EN: and a resumption of the bull trend.
ZH: 从新高下跌回调，更有可能只是小反转，然后上涨趋势恢复
20:06 - 20:09
EN: Bull trends are always forming Wedge Tops.
ZH: 在上涨趋势中，总是在形成楔形顶
20:10 - 20:12
EN: Bear trends are always forming Wedge Bottoms.
ZH: 下降趋势中，总是在形成楔形底
20:13 - 20:14
EN: 80% of them fail.
ZH: 其中80%的反转尝试是失败的
20:21 - 20:24
EN: Weak sell setup, certainly for a stop entry short,
ZH: 这不是做空的好机会，尤其不适合用突破卖单入场
20:24 - 20:26
EN: and therefore it’s a bad sell.
ZH: 所以做空是糟糕的
20:26 - 20:29
EN: Better to wait for a stronger sell setup.
ZH: 最好等待更好的做空机会
20:29 - 20:34
EN: Almost certainly there are more buyers below this sell signal bar than sellers,
ZH: 几乎可以肯定，在这个做空信号K线的下方， 有更多人买入，而不是卖出
20:34 - 20:35
EN: and we’re probably going higher.
ZH: 所以大概率会继续上涨
20:36 - 20:38
EN: They bought at the low of this bar, made money,
ZH: 多头在这根K线的低点买入，赚钱了
20:38 - 20:40
EN: even though it pulled back a few bars.
ZH: 尽管先有一些回调
20:40 - 20:43
EN: They bought at the low of these bars and made money,
ZH: 多头在这些K线的低点买入，赚钱了
20:43 - 20:45
EN: even though it pulled back a few bars.
ZH: 尽管先回调了几根K线
20:45 - 20:47
EN: And that’s probably true here as well.
ZH: 这里大概率会发生一样的事情
20:47 - 20:50
EN: They’ll buy below that bar, buy below this bar,
ZH: 他们会在那根K线下方买入，在这根K线下方买入
20:50 - 20:53
EN: betting that the bear reversal attempts will fail,
ZH: 押注空头反转下跌的尝试会失败
20:53 - 20:56
EN: and the bull channel will continue higher.
ZH: 押注上涨通道会继续
Slide 011
Time: 21:00
Bilingual Transcript
21:02 - 21:06
EN: We have a bull trend, a Buy Climax, and a couple legs sideways.
ZH: 上涨趋势，抢购高潮，横盘了一会儿
21:06 - 21:07
EN: Maybe a Triangle.
ZH: 可以看作是三角形
21:07 - 21:14
EN: Three pushes down – one, pullback, two, pullback,
ZH: 3次向下的推动——1，反弹；2，反弹；3，反弹； 尝试恢复上涨
21:10 - 21:14
EN: three, pullback, and tried to resume up.
ZH: 3次向下的推动——1，反弹；2，反弹；3，反弹； 尝试恢复上涨
21:14 - 21:18
EN: Now we have a small Double Top Higher High Major Trend Reversal
ZH: 现在有一个小双顶，高点抬高的大反转
21:18 - 21:23
EN: and a second entry sell – first entry, second entry, even a third entry sell.
ZH: 而且是第2做空入场点——低1，低2，它甚至已经是低3
21:29 - 21:33
EN: Now, is this a good Major Trend Reversal setup?
ZH: 这是一个好的大反转机会吗？
21:34 - 21:37
EN: You could say, “Well Al, it broke below the bull trend line.
ZH: 你可能想说：“老师，它（横向）跌破了上涨趋势线
21:37 - 21:39
EN: It went sideways about 5 or 10 bars.”
ZH: 横盘了10根K线左右”
21:39 - 21:42
EN: Yes, but how close did it get to the Moving Average?
ZH: 确实。但是，它跌破均线了吗？
21:42 - 21:45
EN: Where are the consecutive big bars? We have a pair
ZH: 连续的大阴线在哪里？
21:45 - 21:50
EN: of consecutive big bars here, but this is probably a pause
ZH: 这里有两根阴线，但更有可能只是抢购高潮之后的暂停
21:50 - 21:52
EN: after a Buy Climax, and now we have trend resumption up.
ZH: 然后趋势恢复上涨
21:52 - 21:54
EN: Not much Selling Pressure at all.
ZH: 根本就看不到卖压
22:01 - 22:05
EN: The pullbacks are small, lasting 1 bar, lasting 2 or 3 bars,
ZH: 回调很小，只持续1根K线，只有两三根K线
22:05 - 22:07
EN: and they’re not falling very far at all.
ZH: 并没有下跌很多
22:07 - 22:10
EN: This is a Small Pullback Bull Trend,
ZH: 这是一个回调很小的上涨趋势
22:10 - 22:13
EN: and on a higher timeframe chart it’s a bull breakout.
ZH: 在更高的时间周期上，它就是突破
22:13 - 22:16
EN: On a higher timeframe chart, this looks like this,
ZH: 在更高的时间周期上，它看起来就像是这样的连续阳线
22:17 - 22:20
EN: and it’s a low probability bet when you’re looking to sell.
ZH: 所以做空是低胜率的做法
22:20 - 22:24
EN: Calling this a Higher High Major Trend Reversal is a mistake.
ZH: 不应该把它看作是高点抬高的大反转
22:24 - 22:26
EN: It’s not a major reversal.
ZH: 因为根本就不会大反转
22:26 - 22:31
EN: It’s a minor reversal, and a minor reversal
ZH: 最多只是小反转，而小反转通常会变成牛旗或震荡区间
22:28 - 22:31
EN: usually becomes a bull flag or a Trading Range.
ZH: 最多只是小反转，而小反转通常会变成牛旗或震荡区间
22:31 - 22:34
EN: A minor reversal, you get trend resumption up.
ZH: 小反转，趋势恢复上涨
22:34 - 22:36
EN: Minor reversal, trend resumption up.
ZH: 小反转，趋势恢复上涨
22:36 - 22:38
EN: Minor reversal, trend resumption up.
ZH: 小反转，趋势恢复上涨
22:38 - 22:41
EN: It’s much more likely than trend reversal down.
ZH: （继续上涨的）可能性远大于反转下跌
22:46 - 22:48
EN: The market has not touched the Moving Average in 20,
ZH: 至少有 30~40根K线没有碰到过EMA20了，
22:48 - 22:52
EN: 30, 40 bars, so a 20-gap bar buy setup.
ZH: 所以等待回调到EMA之后买入的机会
22:52 - 22:57
EN: Probably bulls will buy the first touch of the Moving Average.
ZH: 多头会在首次碰到均线时买入
22:57 - 23:01
EN: A weak sell setup, and therefore better only to look to buy.
ZH: 这不是一个好的做空机会，因此最好只做多、不做空
Slide 012
Time: 23:05
Bilingual Transcript
23:06 - 23:08
EN: And you can see when it got down to the Moving Average,
ZH: 可以看到，当下跌碰到均线的时候
23:08 - 23:11
EN: you had 4 consecutive bear bars all closing below their midpoints,
ZH: ——有连续4根阴线，都收在一半以下
23:12 - 23:14
EN: but there were buyers at the Moving Average,
ZH: 但很多人在均线挂单买入
23:14 - 23:17
EN: and now we have a High 2 bull flag at the Moving Average.
ZH: 在均线出现了双底熊旗
23:17 - 23:20
EN: These are buy setups, not sell setups.
ZH: 这些都是做多的机会，不是做空机会
23:27 - 23:29
EN: Also, we have a negative [Body] gap.
ZH: 另外，还存在实体缺口
23:29 - 23:33
EN: This low barely pulled back below this breakout point,
ZH: 这个低点只是刚好回调到突破点的下方 （注：但K线的实体部分没有碰到）
23:33 - 23:37
EN: and a negative [body] gap, common in Small Pullback Bull Trends.
ZH: 而实体缺口在回调很小的上涨趋势中是很常见的
23:37 - 23:41
EN: Traders will buy the resumption up looking for some kind of a Measured Move up.
ZH: 多头会买入，押注上涨趋势恢复，期待涨到某个MM目标位
Slide 013
Time: 23:45
Bilingual Transcript
23:46 - 23:53
EN: Whenever you take any trade, you should always have some idea of
ZH: 做任何一笔交易的时候，都应该有止盈的目标位， 应该考虑到，在什么情况下应该止盈离场
23:50 - 23:53
EN: where you’ll take profits and under what circumstances you’ll take profits.
ZH: 做任何一笔交易的时候，都应该有止盈的目标位， 应该考虑到，在什么情况下应该止盈离场
23:53 - 23:55
EN: You always need a plan.
ZH: 一定要有一个计划
23:59 - 24:00
EN: I’m Al Brooks.
ZH: 我是阿尔·布鲁克斯
24:00 - 24:02
EN: Thank you for watching the Brooks Trading Course.
ZH: 感谢观看布鲁克斯交易课
24:02 - 24:08
EN: This is the second of four videos on trading Major Trend Reversal Tops.
ZH: 顶部大反转结构的第2节课，就先讲到这里