al-brooks-course
43B - Trading Tight Bull Channels
Raw transcript and slide notes for 43B - Trading Tight Bull Channels.
Overview
- Slides: 11
- Transcript segments: 363
- 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程
00:05 - 00:10
EN: This is the second of four videos on trading Tight Bull Channels.
ZH: 这是如何交易窄上涨通道的第2节课
Slide 001
Time: 00:13
Bilingual Transcript
00:14 - 00:16
EN: As long as the channel is tight,
ZH: 只要是窄通道，
00:17 - 00:20
EN: the reversal that you see will probably be minor,
ZH: 你看到的任何反转尝试大概率都是小反转
00:20 - 00:23
EN: and if the bull trend resumes again in a Tight Channel,
ZH: 如果上涨趋势恢复，且仍然保持是窄通道
00:23 - 00:27
EN: the next reversal will usually be minor as well.
ZH: 那么下一次反转通常仍然还是小反转
Slide 002
Time: 00:28
Bilingual Transcript
00:35 - 00:37
EN: We have a bull channel, pullback only 1 bar.
ZH: 上涨通道，回调只持续一根K线
00:38 - 00:40
EN: We have an ii, not even pulling back.
ZH: 这里是一个ii结构，甚至没有回调 （注：回调的定义是跌破前一根K线的最低点）
00:40 - 00:42
EN: A brief pullback, not very deep.
ZH: 短暂的回调，幅度不大
00:42 - 00:44
EN: It’s a pretty Tight Bull Channel.
ZH: 这是一个相当窄的上涨通道
00:44 - 00:47
EN: We went sideways, and now we’re resuming up,
ZH: 横盘整理，现在又恢复上涨
00:47 - 00:50
EN: but bad follow-through here and weak follow-through here.
ZH: 但这里的跟随不好，这里的跟随也很弱
00:50 - 00:52
EN: The channel is resuming.
ZH: 窄通道还在继续
00:52 - 00:57
EN: Therefore, chances are the first reversal down will be minor,
ZH: 所以第1次下跌大概率只是小反转
00:57 - 01:05
EN: and that means that you’ll either get a bull flag,
ZH: 也就是说，要么变成牛旗，比如这里或这里； 要么变成震荡区间
01:01 - 01:05
EN: like we had here or here, or a Trading Range.
ZH: 也就是说，要么变成牛旗，比如这里或这里； 要么变成震荡区间
01:05 - 01:09
EN: And if it’s a Trading Range, the market should test back up to the high.
ZH: 如果是震荡区间，市场会回测前期高点
01:10 - 01:14
EN: Therefore, if a trader buys even the worst price, the high close up here,
ZH: 因此，就算不幸追涨在最高点，也就是最高的这个收盘价
01:14 - 01:19
EN: his risk is small if he manages his trade well – which means rely on his stop
ZH: 在正确的管理下也很难亏钱——设置并依赖正确的止损
01:19 - 01:24
EN: - and it’s better if he’s able to buy more lower and then get out breakeven
ZH: ——最好能逢低加仓，然后在初始入场价格离场
01:24 - 01:28
EN: at his first entry and with a profit on his lower entry.
ZH: 初始仓位打平，加仓的部分赚钱
01:34 - 01:41
EN: A Tight Bull Channel rarely will reverse into a bear trend
ZH: 窄上涨通道很少会不经过震荡区间、直接被反转成下降趋势
01:39 - 01:41
EN: without first entering a Trading Range,
ZH: 窄上涨通道很少会不经过震荡区间、直接被反转成下降趋势
01:41 - 01:44
EN: and at this point you don’t know if this is an exhaustive Buy Climax
ZH: 在这个时候，你不知道它是不是竭尽型的抢购高潮
01:44 - 01:46
EN: and the end of the bull trend.
ZH: 上涨趋势是否已经结束
01:46 - 01:49
EN: It’s the biggest bull bar in more than 20 bars.
ZH: 它是过去20根K线中最大的阳线
01:49 - 01:54
EN: Possible Final Flag, Wedge – one, two, and then three
ZH: 它可能是末端楔形牛旗——1，2，然后3
01:54 - 01:55
EN: - so it could be the end of the trend.
ZH: 所以这可能是最后的上涨
01:55 - 01:58
EN: But even if you do get an exhaustive Buy Climax,
ZH: 就算它真的是竭尽型的抢购高潮
01:58 - 02:01
EN: the market usually tests the low of the Buy Climax
ZH: 市场通常会回测抢购高潮起涨点，
02:01 - 02:10
EN: and then enters a Trading Range before the bears are able to get
ZH: 进入震荡区间，然后空头才能形成大反转的结构—— 从上涨趋势反转到下降趋势
02:05 - 02:10
EN: a major reversal of the trend – reversal from a bull trend into a bear trend.
ZH: 进入震荡区间，然后空头才能形成大反转的结构—— 从上涨趋势反转到下降趋势
02:14 - 02:18
EN: We have a Tight Bull Channel here, and a bigger Tight Bull Channel here.
ZH: 这是一个窄上涨通道，这样看是一个更大的窄上涨通道
02:18 - 02:21
EN: The market broke below this bull trend line
ZH: 这条上涨趋势线被跌破了，
02:21 - 02:23
EN: and it broke below that bull trend line.
ZH: 然后这条趋势线也被跌破了
02:29 - 02:32
EN: This is not enough bars for a Major Trend Reversal.
ZH: 在这里，K线数量还不足以形成大反转结构
02:32 - 02:34
EN: Not enough Selling Pressure.
ZH: 也没有足够大的卖压
02:34 - 02:37
EN: About 7 or 8 bars, but none very big,
ZH: 下跌了7~8根K线，但没有大阴线
02:37 - 02:40
EN: and the resumption of the bull trend was only 3 bars.
ZH: 上涨趋势也只恢复了3根K线 （注：结构太小了）
02:40 - 02:45
EN: That’s usually not enough for a reversal from a bull trend into a bear trend,
ZH: 通常这不足以让上涨趋势反转变成下降趋势
02:45 - 02:49
EN: and therefore it’s probably a minor reversal leading to more of a Trading Range.
ZH: 所以这大概率只是小反转，导致市场继续震荡
02:51 - 02:54
EN: Also, not a clear broad Wedge,
ZH: 此外，这不是一个楔形宽通道
02:54 - 02:57
EN: which is another type of top that can lead to a major reversal.
ZH: 所以它不是一个能够形成大反转的顶部结构
02:58 - 03:08
EN: Therefore, the odds that this is a major reversal are maybe 30%
ZH: 因此，市场不经过震荡区间， 直接大反转、进入强下降趋势的概率只有30%
03:03 - 03:08
EN: that this is going to be the start of a bear trend
ZH: 因此，市场不经过震荡区间， 直接大反转、进入强下降趋势的概率只有30%
03:06 - 03:08
EN: without first going into a Trading Range.
ZH: 因此，市场不经过震荡区间， 直接大反转、进入强下降趋势的概率只有30%
03:08 - 03:18
EN: 70% chance that it’s either going to be a bull flag
ZH: 70％的概率，要么它变成牛旗，市场恢复上涨； 或者变成震荡区间，多头能够在初始入场价格离场
03:12 - 03:18
EN: and the trend will resume up, or it’ll be a Trading Range
ZH: 70％的概率，要么它变成牛旗，市场恢复上涨； 或者变成震荡区间，多头能够在初始入场价格离场
03:15 - 03:18
EN: and you’ll be able to get out breakeven at your first entry.
ZH: 70％的概率，要么它变成牛旗，市场恢复上涨； 或者变成震荡区间，多头能够在初始入场价格离场
Slide 003
Time: 03:20
Bilingual Transcript
03:24 - 03:30
EN: Many bulls who buy this close expect either a Trading Range or a bull flag,
ZH: 在它的收盘买入的多头，认为就算下跌， 也只是震荡区间或者牛旗
03:31 - 03:35
EN: and a Trading Range often tests the bottom of the final Buy Climax,
ZH: 而震荡区间通常会去测试抢购高潮的起涨点
03:35 - 03:38
EN: and usually has about 10 bars and two legs down.
ZH: 而且回调至少有两段、10根K线
03:38 - 03:43
EN: Leg 1, pullback, Leg 2, testing the low of the final Buy Climax,
ZH: 1，反弹，2，测试抢购高潮的起涨点
03:43 - 03:46
EN: and now we have a decent looking buy signal bar.
ZH: 现在出现了一个漂亮的做多信号K线
03:46 - 03:49
EN: A lot of bulls will add to their position here,
ZH: 很多多头会在它的上方加仓
03:49 - 03:54
EN: relying on a stop down here below the bottom of the most recent strong leg up.
ZH: 依赖这里的止损——放在最近一个强势波段的起涨点下方
03:54 - 04:00
EN: They’ll add if their second entry
ZH: 如果这里和初始入场价格至少相隔一笔剥头皮的距离， 他们就会加仓
03:57 - 04:00
EN: is at least as big as a scalp below the first entry.
ZH: 如果这里和初始入场价格至少相隔一笔剥头皮的距离， 他们就会加仓
04:01 - 04:03
EN: Their goal is to get out around the first entry,
ZH: 他们的目标是在初始入场价格附近平仓
04:03 - 04:06
EN: breakeven at their first entry, and then with a scalp on their second,
ZH: 这样初始仓位打平，加仓的部分赚钱
04:07 - 04:09
EN: and therefore they want the second entry at least
ZH: 所以加仓的价格，和初始入场价格之间，
04:09 - 04:11
EN: the size of a scalp below the first.
ZH: 至少要隔开一笔剥头皮交易的距离
04:12 - 04:18
EN: For example, they will not add here because getting long here
ZH: 例如，他们不会在这里加仓，因为距离初始入场价格还不到1个点
04:15 - 04:18
EN: is not 1 point below their first entry.
ZH: 例如，他们不会在这里加仓，因为距离初始入场价格还不到1个点
04:19 - 04:22
EN: In the Emini, the minimum scalp size is 1 point,
ZH: 在ES中，剥头皮的最小目标是1个点
04:22 - 04:25
EN: and if you’re looking to add on in a pullback like this,
ZH: 如果你打算在这样的回调中加仓
04:25 - 04:29
EN: you want your second entry to be at least 1 point below the first.
ZH: 至少要比初始入场价格低1个点
04:29 - 04:32
EN: If the bars are big and the range is big,
ZH: 如果K线很大，波动很大
04:32 - 04:35
EN: you might want it 2 or 3 or 4 points below the first.
ZH: 那就应该隔开2、3或4个点
04:39 - 04:42
EN: Get out breakeven when the market gets up here.
ZH: 当市场涨回到这里时离场
04:42 - 04:45
EN: You’re expecting either a bull flag or a Trading Range.
ZH: 你预期这要么是牛旗，要么是震荡区间
04:45 - 04:49
EN: You have a bull flag through here, and at this point it’s a Trading Range
ZH: 一直到这里都可以说是牛旗； 但发展到这里，已经进入震荡区间
04:49 - 04:52
EN: - and if it’s a Trading Range, there’ll be a bear leg and a bull leg.
ZH: 如果确实是震荡区间，那么在下跌波段之后，会有上涨波段
04:52 - 04:56
EN: That means the market should test up near your original entry price
ZH: 也就是说，市场应该会涨回到你的初始入场价格
04:56 - 04:59
EN: and allow you to get out breakeven on your original entry price.
ZH: 让你在初始入场价格附近打平离场
04:59 - 05:03
EN: And if you added on, you would have a profit on your second entry.
ZH: 如果你加仓了，加仓的部分可以赚钱
05:07 - 05:11
EN: At this point it’s a reasonable Lower High Major Trend Reversal.
ZH: 此时这是一个合理高点降低的大反转结构
05:12 - 05:13
EN: We have a slightly Lower High.
ZH: 高点略微降低
05:13 - 05:16
EN: We have the market selling off for about 10 bars.
ZH: 下跌持续了大约10根K线
05:16 - 05:19
EN: We have it resuming up for about 7 or 8 bars.
ZH: 上涨恢复，持续了7根K线
05:19 - 05:22
EN: We have another Buy Climax with bad follow-through,
ZH: 又一个抢购高潮，而且跟随不好
05:22 - 05:27
EN: and you can see when the market got back near the high close, traders took profits.
ZH: 可以看到，当市场回到前期最高收盘价附近时，多头在止盈
05:27 - 05:29
EN: And now we have a bear bar.
ZH: 现在出现了一根阴线
05:29 - 05:36
EN: Therefore, this might be a small
ZH: 所以它是高点降低的双顶大反转结构， 可能会制造更大的第2段下跌
05:31 - 05:36
EN: Double Top Lower High Major Trend Reversal leading to a bigger second leg down.
ZH: 所以它是高点降低的双顶大反转结构， 可能会制造更大的第2段下跌
05:36 - 05:42
EN: So Leg 1, pullback, Leg 2 or Leg 1, Leg 2, Leg 3, Leg 4.
ZH: 所以是1，反弹，2； 甚至可能是1，2，3，4
05:42 - 05:46
EN: It’s reasonable to get out of longs on the reversal down
ZH: 多头在反转下跌时离场是合理的
05:46 - 05:50
EN: because it’s a reasonable sell setup, and bears will take that sell as well,
ZH: 因为这是一个合理的做空机会； 空头也会大量卖出，
05:50 - 05:54
EN: looking for a couple legs down after a Lower High Major Trend Reversal.
ZH: 押注大反转的结构能带来几段下跌
05:54 - 05:57
EN: You can also call it a Double Top Lower High.
ZH: 你可以说它是高点降低的双顶
05:57 - 06:00
EN: This high is slightly above that, but both are below this.
ZH: 这个高点略高于它，但都低于前期最高点
06:04 - 06:11
EN: Remember, every Major Trend Reversal Top
ZH: 每个顶部大反转的结构，都存在某种双顶， 偶尔会看到两个高点完全一样的双顶
06:07 - 06:11
EN: is a type of Double Top, and sometimes it’s a perfect Double Top
ZH: 每个顶部大反转的结构，都存在某种双顶， 偶尔会看到两个高点完全一样的双顶
06:11 - 06:13
EN: - here, looks like it’s a little bit lower.
ZH: ——这里，它看起来稍微低一些
06:13 - 06:14
EN: Sometimes it’s a little bit higher.
ZH: 有时它会略微更高
06:14 - 06:17
EN: They’re all variations of a Double Top.
ZH: 它们都是双顶的变体
06:21 - 06:24
EN: Once you get a strong bear breakout – we have 3 consecutive bear bars,
ZH: 一旦出现强势的空头突破——连续3根阴线
06:24 - 06:28
EN: the bars getting bigger, closes on or near the lows, breakout below
ZH: 体积越来越大，收盘在最低点附近，
06:28 - 06:32
EN: the low of the past 20 bars or so – this is a strong enough selloff
ZH: 跌破过去20根K线的最低点——突破足够强势
06:32 - 06:35
EN: so that the market will probably have a second leg down,
ZH: 很大的概率会有第2段下跌
06:35 - 06:37
EN: and therefore a reversal up will probably fail.
ZH: 因此恢复上涨趋势的尝试很可能会失败
06:37 - 06:39
EN: Traders will sell the close.
ZH: 交易者会在K线收盘卖出
06:39 - 06:43
EN: They’ll sell above this bear bar – it’s a bad buy signal.
ZH: 他们会在这个阴线上方挂限价卖单，因为它不是一个好的做多信号K
06:43 - 06:45
EN: And then we have two or three legs up.
ZH: 然后有两三段的反弹——
06:45 - 06:49
EN: One, pullback, two, pullback, three.
ZH: 1，回调；2，回调；3
06:49 - 06:50
EN: It’s a Wedge Lower High.
ZH: 楔形反弹，形成了更低的高点
06:50 - 06:53
EN: Traders will sell below the low of that bull bar
ZH: 交易者会在那根阳线的低点下方卖出
06:53 - 06:56
EN: or on the close of this bear bar or below its low.
ZH: 在这根阴线的收盘卖出，或在它的低点下方卖出
06:56 - 07:00
EN: It’s the end of the day, so probably not going to fall all that far,
ZH: 即将收盘，所以不太会跌很多
07:00 - 07:01
EN: but it’s a reasonable sell.
ZH: 但这是一个合理的做空入场点
Slide 004
Time: 07:05
Bilingual Transcript
07:09 - 07:11
EN: We have a Tight Trading Range early in the day,
ZH: 开盘之后先是窄震荡区间
07:11 - 07:13
EN: and now we’re getting a bull breakout.
ZH: 然后出现了多头突破
07:13 - 07:17
EN: A decent bull bar closing above the high of the first 10 bars or so,
ZH: 漂亮的大阳线，收盘价高于过去10根K线
07:17 - 07:18
EN: and then we have a follow-through bar.
ZH: 而且还有跟随K线
07:18 - 07:23
EN: Yes, it has a big tail, and that means the breakout is weaker than it could be,
ZH: 尽管它有长上影线，导致没有那么强势
07:23 - 07:24
EN: but it also confirms the breakout.
ZH: 但这仍然是对突破的确认
07:24 - 07:27
EN: Now we have two closes above the opening range.
ZH: 现在有连续两根K线收盘高于开盘的区间了
07:27 - 07:29
EN: The market’s Always In Long.
ZH: 市场处于单边上涨中
07:29 - 07:33
EN: Probably going up for at least a Measured Move,
ZH: 大概率至少会涨到MM目标位，有波段交易的机会
07:31 - 07:33
EN: and probably going up for a swing.
ZH: 大概率至少会涨到MM目标位，有波段交易的机会
07:36 - 07:40
EN: Let’s say you buy the close of that bar or simply buy at the market.
ZH: 假设你在它的收盘买入，或者直接市价买入
07:40 - 07:43
EN: Whenever you have a potential Buy The Close market like this,
ZH: 每当看到潜在的买收盘的上涨趋势——
07:43 - 07:51
EN: a breakout and follow-through, a lot of traders will just hit “Buy the Market”
ZH: 突破且有跟随——很多交易者会在K线收盘时点击“市价买入”
07:48 - 07:51
EN: right before the bar closes or right after it closes.
ZH: 突破且有跟随——很多交易者会在K线收盘时点击“市价买入”
07:55 - 07:58
EN: Because the market’s likely to have at least a second leg up,
ZH: 因为市场大概率至少有第2段上涨
07:59 - 08:08
EN: some traders will 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，押注反转失败； 一些多头会在这根K线的收盘买入，押注反转下跌的尝试会失败
08:01 - 08:08
EN: betting the reversal down will fail, and others will buy the close of this bar,
ZH: 一些多头会在这根K线的低点挂限价买单，押注反转失败； 一些多头会在这根K线的收盘买入，押注反转下跌的尝试会失败
08:05 - 08:08
EN: betting that the reversal down will fail.
ZH: 一些多头会在这根K线的低点挂限价买单，押注反转失败； 一些多头会在这根K线的收盘买入，押注反转下跌的尝试会失败
08:08 - 08:10
EN: This is about a 50% pullback.
ZH: 这里是50％回调
08:10 - 08:13
EN: It’s testing the breakout point, these highs.
ZH: 也是在测试突破点——这些高点
08:13 - 08:20
EN: It’s a reasonable buy, and other traders alternatively
ZH: 所以是合理的买入点； 一些多头会在恢复上涨时买入，尤其是在阳线的上方
08:16 - 08:20
EN: will buy on the reversal up, especially above a bull bar.
ZH: 所以是合理的买入点； 一些多头会在恢复上涨时买入，尤其是在阳线的上方
08:20 - 08:22
EN: We have a bear breakout, terrible follow-through.
ZH: 大阴线，但没有跟随
08:22 - 08:26
EN: The bear breakout or the bear reversal is probably going to fail,
ZH: 所以这次空头突破/空头反转大概率会失败
08:26 - 08:29
EN: and this is probably just a breakout test of the top of the Trading Range,
ZH: 这很可能只是突破区间之后的回测
08:29 - 08:34
EN: and the market will probably go up
ZH: 市场至少会有小的第2段上涨，甚至会有波段
08:31 - 08:34
EN: for at least a small second leg, possibly a swing up.
ZH: 市场至少会有小的第2段上涨，甚至会有波段
08:36 - 08:39
EN: Stop below the bottom of the bull breakout
ZH: 止损放在起涨点下方
08:39 - 08:42
EN: because if this is the start of a swing up on the open,
ZH: 因为如果它真的是上涨波段的开始
08:42 - 08:47
EN: the bulls should not allow the market to fall
ZH: 多头就不应该让趋势的起涨点被跌破
08:44 - 08:47
EN: below the bottom of the start of the bull trend right here.
ZH: 多头就不应该让趋势的起涨点被跌破
08:48 - 08:56
EN: If it falls below that low, then their premise
ZH: 他们的前提是：接下来会有一个持续两三个小时的上涨波段， 如果跌破，就说明前提是错的，所以应该止损离场
08:50 - 08:56
EN: that this is the start of a swing up lasting 2 or 3 hours is wrong,
ZH: 他们的前提是：接下来会有一个持续两三个小时的上涨波段， 如果跌破，就说明前提是错的，所以应该止损离场
08:54 - 08:56
EN: and they should get out and just take the loss.
ZH: 他们的前提是：接下来会有一个持续两三个小时的上涨波段， 如果跌破，就说明前提是错的，所以应该止损离场
Slide 005
Time: 09:00
Bilingual Transcript
09:02 - 09:05
EN: Once you look at a chart and you think the market is Always In Long,
ZH: 当你认为市场处于单边上涨的行情时
09:05 - 09:08
EN: it’s good to buy at least a small position.
ZH: 至少应该小仓位买入
09:08 - 09:11
EN: You know where the stop has to be – here or here.
ZH: 你知道止损必须放在这里或这里
09:11 - 09:15
EN: You just buy at the market or for any reason, like I said
ZH: 直接市价买入，或者用任何方式买入——
09:15 - 09:20
EN: - below the bar, above this bar – and just use the appropriate stop,
ZH: 在K线下方（挂限价买单），在K线上方（挂突破买单）， 设置合理的止损，然后根据自己的承受能力用小仓位交易
09:19 - 09:20
EN: and trade small if you have to.
ZH: 在K线下方（挂限价买单），在K线上方（挂突破买单）， 设置合理的止损，然后根据自己的承受能力用小仓位交易
09:20 - 09:22
EN: But you have to get long.
ZH: 总之必须做多
09:27 - 09:29
EN: Once you have a breakout and then a pullback,
ZH: 一旦开始出现回调
09:30 - 09:34
EN: the breakout phase has ended and the market’s now in the channel phase.
ZH: 说明突破阶段结束，市场现在处于通道阶段
09:39 - 09:43
EN: You’re expecting at least one small leg up, and you have that here.
ZH: 你预期至少有小的第2段上涨，它已经出现了
09:43 - 09:45
EN: But it’s a good enough breakout and follow-through
ZH: 这里的突破和跟随足够好——
09:45 - 09:48
EN: - 3 consecutive bull bars – we’re probably going to go higher.
ZH: 连续3根阳线，大概率会继续上涨
09:48 - 09:50
EN: Maybe a Wedge, one, two, three.
ZH: 可能有第3推——1，2，3
09:50 - 09:52
EN: Maybe a swing up lasting 2 to 3 hours.
ZH: 可能是一个持续两三个小时的波段
09:53 - 10:02
EN: Once you get a breakout on the open and the market’s clearly Always In Long,
ZH: 一旦早盘的突破得到确认，且市场明显处于单边上涨时， 通常上涨波段会持续至少两个小时
09:59 - 10:02
EN: usually the swing up is going to last at least a couple of hours.
ZH: 一旦早盘的突破得到确认，且市场明显处于单边上涨时， 通常上涨波段会持续至少两个小时
10:02 - 10:05
EN: So you don’t want to be too quick to take profits.
ZH: 所以不应该急于止盈
10:10 - 10:12
EN: Another Buy The Close market.
ZH: 又是买收盘的趋势
10:12 - 10:14
EN: If you did not buy here, or if you got out
ZH: 如果你没有在这里买入，或者如果你提前离场了，
10:14 - 10:18
EN: and you did not get long again here, you could simply buy the close.
ZH: 没有在它的上方再次入场， 现在可以直接在它的收盘买入
10:18 - 10:21
EN: Now we have another strong breakout to a new high.
ZH: 新的突破，创新高
10:21 - 10:23
EN: You could put your stop below this low.
ZH: 可以把止损放在这个低点下方
10:23 - 10:29
EN: If you get stopped out and the market reverses up
ZH: 如果止损被打到，但市场很快就从这个低点附近反转上涨， 你可以再次入场
10:26 - 10:29
EN: from around this low, you can buy again.
ZH: 如果止损被打到，但市场很快就从这个低点附近反转上涨， 你可以再次入场
Slide 006
Time: 10:35
Bilingual Transcript
10:38 - 10:44
EN: I always pay attention to whether or not a pullback
ZH: 我总是关注回调的最低点是否和突破点有重合 （注：即关注有没有留下缺口）
10:41 - 10:44
EN: from a breakout falls below the breakout point.
ZH: 我总是关注回调的最低点是否和突破点有重合 （注：即关注有没有留下缺口）
10:44 - 10:46
EN: We have a breakout and we have a pullback from the breakout.
ZH: 突破，回测
10:46 - 10:50
EN: Did this low fall below this high?
ZH: 有没有跌到这个高点的下方？
10:50 - 10:53
EN: We have a breakout above this high right here,
ZH: 突破了这个高点，
10:53 - 10:55
EN: and the pullback fell below this high.
ZH: 但又回调到了它的下方
10:55 - 10:58
EN: We have another breakout, and the pullback fell below this high.
ZH: 再次突破创新高，又回调到了突破点的下方
10:59 - 11:03
EN: That’s a stairs pattern, and that means if the pullbacks are deep enough,
ZH: 这是一个阶梯模式，如果回调足够深
11:03 - 11:08
EN: bears selling at the prior high using wide stops
ZH: 那么空头在前期高点挂单做空，使用宽止损并逢高加仓，就可以赚到钱
11:06 - 11:08
EN: and scaling in higher can make money.
ZH: 那么空头在前期高点挂单做空，使用宽止损并逢高加仓，就可以赚到钱
11:08 - 11:12
EN: It often is a sign that the bull channel is weak
ZH: 这往往说明上涨通道比较弱
11:12 - 11:15
EN: and that it might soon transition into a Trading Range, which it did here.
ZH: 可能很快就会变成震荡区间
11:15 - 11:20
EN: However, if the pullbacks are small, like this and like that,
ZH: 然而，如果回调很小，像这里和这里
11:20 - 11:23
EN: very little overlap, very difficult for the bears to make money.
ZH: 只是略微重叠，空头很难赚到钱
11:23 - 11:26
EN: A bear selling this high probably did not make money.
ZH: 在这个高点挂单卖出的空头大概率是赚不到钱的
11:26 - 11:30
EN: I can’t tell if this fell low enough for them to make a 1 point scalp.
ZH: 这里我看不清楚空头能否赚到1个点的剥头皮——
11:30 - 11:34
EN: If a bear sold this high and sold more at 1 point higher, maybe he made money.
ZH: 如果他在这个高点挂单做空，也许能在上方1个点的地方加仓， （跌回来的时候一起平仓）最终赚到1个点
11:34 - 11:37
EN: But it clearly is very difficult for the bears to make money,
ZH: 但显然空头很难赚钱
11:37 - 11:40
EN: and that means the market’s probably going higher.
ZH: 说明大概率还会上涨
11:41 - 11:45
EN: The bears are not aggressive and the bulls are buying even small pullbacks.
ZH: 空头并不强壮，而多头一看到回调就买入
11:45 - 11:49
EN: The result is that the market probably will have to go higher.
ZH: 这就导致上涨趋势继续
11:51 - 11:54
EN: The market broke above this high, so this is the breakout point.
ZH: 市场突破了这个高点，所以它变成了突破点
11:54 - 11:57
EN: When it broke here above these highs,
ZH: 之前突破了这些高点，
11:57 - 11:59
EN: that was the breakout point for this breakout.
ZH: 所以它们就是这次突破的突破点
11:59 - 12:02
EN: This is the breakout point for that breakout.
ZH: 而它是新的突破点
12:05 - 12:11
EN: And you can see the low of the pullback fell below the high of the breakout point,
ZH: 可以看到，回调的最低点，跌到了突破点的下方
12:11 - 12:14
EN: and therefore this channel is a stairs pattern.
ZH: 因此这是一个阶梯式的通道
12:14 - 12:16
EN: We’re getting overlap instead of gaps.
ZH: K线重叠，没有缺口
12:17 - 12:18
EN: Here we have a gap.
ZH: 这里有一个缺口
12:18 - 12:21
EN: This pullback did not fall below that breakout.
ZH: 这里的回调没有低于突破点
12:21 - 12:26
EN: There’s a gap between this low and that high, and that’s a sign of a strong trend.
ZH: 这个低点和那个高点之间有缺口，这说明趋势很强
12:26 - 12:29
EN: You assume the odds are you’ll get at least a small second leg up.
ZH: 交易者假设至少会有小的第2段上涨
12:30 - 12:35
EN: First leg up, pullback, testing the breakout.
ZH: 第1段上涨，回测突破点，没有跌到突破点下方
12:33 - 12:35
EN: Not falling below the breakout point.
ZH: 第1段上涨，回测突破点，没有跌到突破点下方
12:35 - 12:37
EN: Odds are we’ll get at least a small second leg up.
ZH: 大概率至少会有小的第2段上涨
Slide 007
Time: 12:40
Bilingual Transcript
12:44 - 12:49
EN: When you’re looking at the market anywhere through here, you know it’s a trend.
ZH: 当你看到这样的行情时，你知道这是一个趋势
12:49 - 12:56
EN: When you look at a chart and you know it’s a trend, that means you believe
ZH: 如果你认为市场处于趋势，说明你相信至少有60%的概率会继续上涨
12:53 - 12:56
EN: that there’s a 60% chance the market is going higher.
ZH: 如果你认为市场处于趋势，说明你相信至少有60%的概率会继续上涨
12:56 - 12:59
EN: It never feels like it’s that certain, but the reality is,
ZH: 虽然不可能100%确定，然而，
12:59 - 13:02
EN: if you look at the chart and you say, yeah, that’s a bull trend,
ZH: 如果你看着K线图，认为市场处于上涨趋势
13:02 - 13:06
EN: what you’re saying is you believe there’s at least a 60% chance of it going higher.
ZH: 说明你相信至少有60%的概率会继续上涨
13:07 - 13:11
EN: And as a trader, 60% is as good as it gets.
ZH: 60%的概率对于交易者来说已经足够好
13:11 - 13:13
EN: Therefore, you have to trade.
ZH: 因此你必须交易
13:13 - 13:17
EN: The easiest way to trade is just buy at the market and use the appropriate stop.
ZH: 最简单的入场方式就是市价买入，并且设置正确的止损
13:17 - 13:25
EN: So if you buy anywhere through here, the appropriate stop is down here,
ZH: 如果你在这里的某个地方买入了，合理的止损在最近一个重要低点的下方
13:22 - 13:25
EN: below the most recent major Higher Low.
ZH: 如果你在这里的某个地方买入了，合理的止损在最近一个重要低点的下方
13:30 - 13:34
EN: We’re getting pullbacks, but the pullbacks are small and they’re brief.
ZH: 有很多回调，但又小又短
13:34 - 13:35
EN: Only 1 bar.
ZH: 只有一根K线
13:35 - 13:38
EN: It didn’t even fall below the low of the prior bar.
ZH: 甚至没有跌破前一根K线的低点
13:38 - 13:40
EN: A few bars, but did not fall very many points.
ZH: 几根K线，但跌幅很小
13:40 - 13:44
EN: If you look at a higher timeframe chart, maybe a 30- or a 60-minute chart,
ZH: 如果切换到更高的时间周期，比如30分钟或60分钟图
13:45 - 13:50
EN: instead of getting pullbacks you’ll have a series
ZH: 你几乎看不到回调，只能看到一连串强势的阳线收在最高点附近
13:47 - 13:50
EN: of strong bull bars closing at or near their highs.
ZH: 你几乎看不到回调，只能看到一连串强势的阳线收在最高点附近
13:50 - 13:54
EN: That means this is a breakout on a higher timeframe chart,
ZH: 所以它在更高的时间周期上是一次突破
13:54 - 14:00
EN: and the higher timeframe chart is only a timeframe
ZH: 更高的时间周期指的是比这个周期大一两个级别
13:57 - 14:00
EN: or two higher than the current chart.
ZH: 更高的时间周期指的是比这个周期大一两个级别
14:00 - 14:10
EN: And if you have a breakout on the next higher timeframe
ZH: 如果在更高的时间周期，比如15分钟，30分钟，60分钟的K线图上 市场处于突破阶段，那么你就不应该考虑做空
14:03 - 14:10
EN: or two higher timeframes up, 15-minute, 30-minute, 60-minute,
ZH: 如果在更高的时间周期，比如15分钟，30分钟，60分钟的K线图上 市场处于突破阶段，那么你就不应该考虑做空
14:07 - 14:10
EN: then you should not be thinking about selling.
ZH: 如果在更高的时间周期，比如15分钟，30分钟，60分钟的K线图上 市场处于突破阶段，那么你就不应该考虑做空
14:10 - 14:14
EN: Whenever the market is in a Small Pullback Bull Trend like this,
ZH: 每当市场处于这种回调很小的上涨趋势时
14:14 - 14:18
EN: you know it’s a breakout on the next higher timeframe – 15, 30, 60 minutes.
ZH: 你知道在更高的时间周期——15分钟，30分钟，60分钟——是突破
14:18 - 14:21
EN: And if it’s a breakout on a timeframe not much different from this,
ZH: 如果在稍微大一点的时间周期上是突破阶段
14:21 - 14:23
EN: you can only look to buy.
ZH: 那就只能买入做多
14:30 - 14:37
EN: When you’re in a channel, there are usually gaps
ZH: 在通道中，通常会有缺口或震荡区间， 可以让你以它为依据找到MM目标位
14:33 - 14:37
EN: and Trading Ranges that allow you to project Measured Move targets above.
ZH: 在通道中，通常会有缺口或震荡区间， 可以让你以它为依据找到MM目标位
14:37 - 14:40
EN: It’s not as strong a trend as the breakout phase,
ZH: 它不如突破阶段那么强势
14:40 - 14:45
EN: but it’s still a high probability bet that the market is going higher.
ZH: 但仍然是高胜率的做多机会
14:46 - 14:50
EN: The probability of a lot higher prices is less,
ZH: 不太会有巨大的涨幅
14:50 - 14:54
EN: but there’s also less time pressure because you’re getting pullbacks.
ZH: 但因为有很多回调，所以在时间上没有压力
14:54 - 14:56
EN: It gives you time to think.
ZH: 有充分的时间去思考
14:56 - 15:01
EN: In a strong breakout where you get bull bar,
ZH: 在强势突破阶段，大阳线一根接着一根，你没有时间思考
14:57 - 15:01
EN: bull bar, bull bar, bull bar, bull bar, you don’t have time to think.
ZH: 在强势突破阶段，大阳线一根接着一根，你没有时间思考
15:01 - 15:04
EN: The market just keeps going up and you have to buy.
ZH: 市场不断上涨，你只能去追
15:04 - 15:09
EN: Here, when you get pullbacks, it gives you a little bit more time
ZH: 这里，有回调的时候，给了你更多的时间和机会去逢低买入
15:08 - 15:09
EN: to enter on a pullback.
ZH: 这里，有回调的时候，给了你更多的时间和机会去逢低买入
15:09 - 15:10
EN: You see where the stop has to be.
ZH: 合理的止损位很明显
15:10 - 15:16
EN: The market’s moving up less quickly, and you have more time to analyze what to do.
ZH: 市场涨得没有那么快，你有更多的时间分析应该怎么做
15:25 - 15:28
EN: Whether you’re entering a breakout or a pullback,
ZH: 无论你是在突破时入场，还是在回调时入场
15:28 - 15:33
EN: the risk is going to be the same, or the stop is generally just about as far.
ZH: 止损的位置是一样的，风险不会相差太多
15:33 - 15:36
EN: We’re in a channel, so it doesn’t matter where you enter.
ZH: 目前处于通道，所以不管在哪里入场
15:36 - 15:40
EN: The stop is going to be about as far as it would be in a breakout trade.
ZH: 止损都和突破交易的差不多
15:40 - 15:43
EN: For example, if you buy up here, the stop down here,
ZH: 例如，如果你在这里买入，止损在这里
15:43 - 15:49
EN: you’re risking about as much as a trader who bought the breakout,
ZH: 有的人在突破时追涨，止损在这里， 你们的止损距离差不多远
15:47 - 15:49
EN: buying up here, stop down here.
ZH: 有的人在突破时追涨，止损在这里， 你们的止损距离差不多远
15:49 - 15:54
EN: The reward is usually a little bit less in a channel than in a breakout
ZH: 通道中的利润往往没有突破交易那么多
15:54 - 15:58
EN: because a channel is a weaker trend and there’s less profit remaining.
ZH: 因为通道是相对较弱的趋势，剩余的利润较少
15:58 - 16:02
EN: You’ve already left the breakout phase and now you’re on the channel phase,
ZH: 突破阶段已经结束了，市场现在处于通道阶段
16:02 - 16:05
EN: and the next phase is a Trading Range.
ZH: 下一个阶段是震荡区间
16:06 - 16:14
EN: Once it’s in the channel phase, it’s less likely to extend as far up
ZH: 一旦进入通道阶段，趋势就不像突破阶段那样可以延伸得那么远
16:11 - 16:14
EN: as it would when you’re looking at the breakout phase.
ZH: 一旦进入通道阶段，趋势就不像突破阶段那样可以延伸得那么远
16:14 - 16:17
EN: So there’s a little bit less reward remaining in the trade as well.
ZH: 也就是说，趋势中剩余的利润相对更少一些
Slide 008
Time: 16:20
Bilingual Transcript
16:24 - 16:28
EN: The problem that everyone faces when they’re trading in a channel is that
ZH: 在通道中，每个交易者都会面临的问题是：
16:28 - 16:32
EN: from the market cycle, you know a trend begins with a breakout.
ZH: 根据市场周期，你知道趋势是从突破开始的
16:32 - 16:34
EN: You get a pullback, and then it enters a channel phase,
ZH: 一旦有回调，就进入了通道阶段
16:34 - 16:37
EN: and then eventually it evolves into a Trading Range.
ZH: 最终演变成震荡区间
16:37 - 16:41
EN: The bears tried to bend it over into a Trading Range here; they failed.
ZH: 空头尝试在这里把趋势变成震荡区间，他们失败了
16:41 - 16:42
EN: We got trend resumption up.
ZH: 上涨趋势恢复
16:42 - 16:44
EN: They tried again here and they succeeded,
ZH: 这里空头再次尝试，这次成功了
16:44 - 16:47
EN: and then eventually we got a trend down.
ZH: 然后最终反转成为下降趋势
16:48 - 16:53
EN: To evolve from a trend into a Trading Range,
ZH: 想从趋势演变成震荡区间，需要跌破趋势线
16:51 - 16:53
EN: you need a break below the trend line.
ZH: 想从趋势演变成震荡区间，需要跌破趋势线
16:53 - 16:55
EN: So we have a bull trend line here.
ZH: 这条绿色的上涨趋势线
16:55 - 16:56
EN: It broke below the bull trend line.
ZH: 它被跌破了
16:56 - 16:58
EN: It’s a bull flag here.
ZH: 此时它仍然是牛旗
16:58 - 17:03
EN: Once it gets 10 or 20 bars sideways, then you start to call it a Trading Range.
ZH: 一旦横盘超过10根、20根K线，我就开始称之为震荡区间
17:03 - 17:06
EN: We resumed up, and then here we broke below the trend line.
ZH: 继续上涨，然后大的趋势线也被跌破了
17:06 - 17:10
EN: Not a very strong breakout, but sideways for about 10 bars.
ZH: 没有很强的大阴线，但横盘了大约10根K线
17:10 - 17:12
EN: Probably starting a Trading Range.
ZH: 大概率开始进入震荡区间
17:18 - 17:20
EN: Once you have a bull channel,
ZH: 任何上涨通道
17:20 - 17:23
EN: you have a 75% chance of a bear break below the channel.
ZH: 75%的概率都会向下跌破
17:23 - 17:27
EN: That means a break below the trend line, the bull trend line,
ZH: 也就是说上涨趋势线会被跌破 （注：很多时候是横向的，并不是说一定有下跌的波段）
17:27 - 17:31
EN: and it can come by either a reversal or simply by the market going sideways.
ZH: 它可以是反转下跌，也可以只是横盘
17:31 - 17:34
EN: Here we have a bull channel, a Wedge bull channel.
ZH: 这里有一个楔形的上涨通道
17:34 - 17:37
EN: We broke below the bottom of the channel by going sideways.
ZH: 通过横盘的形式跌破了上涨趋势线
17:37 - 17:40
EN: The bull trend resumed, and now we have a broader bull channel,
ZH: 上涨趋势恢复，现在有一个更宽的上涨通道
17:40 - 17:46
EN: and again we broke below the bottom of the channel (the bull trend line)
ZH: 更大的上涨趋势线也在横盘中被跌破了
17:45 - 17:46
EN: by simply going sideways.
ZH: 更大的上涨趋势线也在横盘中被跌破了
17:46 - 17:55
EN: Only a 25% chance you’ll have a bull channel
ZH: 只有25％的时候，上涨通道会加速上涨、 往上突破通道线、进入更强的上涨趋势
17:50 - 17:55
EN: and then a strong breakout above the top of the channel,
ZH: 只有25％的时候，上涨通道会加速上涨、 往上突破通道线、进入更强的上涨趋势
17:52 - 17:55
EN: leading to an even stronger bull trend.
ZH: 只有25％的时候，上涨通道会加速上涨、 往上突破通道线、进入更强的上涨趋势
Slide 009
Time: 17:58
Bilingual Transcript
18:02 - 18:05
EN: Breakout to a new high, but it pulled back within a bar.
ZH: 突破创新高，但下一根K线就跌回来了
18:05 - 18:08
EN: Breakout to a new high, pulled back within a few bars.
ZH: 突破创新高，几根K线之后又跌回来了
18:08 - 18:11
EN: Breakout to a new high, a pullback again within a few bars.
ZH: 突破创新高，几根K线之后又跌回来了
18:11 - 18:16
EN: Breakout to a new high and then a pullback within a couple bars.
ZH: 突破创新高，两根K线之后就跌回来了
18:17 - 18:25
EN: We’re getting frequent pullbacks, and that is a sign that the trend is weaker
ZH: 回调非常的频繁，这是趋势较弱的信号——比突破阶段弱
18:22 - 18:25
EN: than when it was in the breakout phase.
ZH: 回调非常的频繁，这是趋势较弱的信号——比突破阶段弱
18:28 - 18:32
EN: Traders are disappointed by how the market’s behaving
ZH: 好不容易创新高，但跟随立刻就让多头感到失望
18:31 - 18:32
EN: once it gets to the new high.
ZH: 好不容易创新高，但跟随立刻就让多头感到失望
18:32 - 18:33
EN: We’re breaking out.
ZH: 突破前期高点
18:33 - 18:36
EN: The breakout bar is not very big, has a tail on top,
ZH: 阳线并不是特别大，有上影线
18:36 - 18:39
EN: and then disappointing follow-through – a bear bar.
ZH: 跟随令人失望——是阴线
18:39 - 18:41
EN: We’re breaking out again, not a very big breakout bar,
ZH: 再次突破，不是大阳线
18:41 - 18:44
EN: followed by 3 dojis and a couple bear bars.
ZH: 然后是3个十字星和3根阴线
18:44 - 18:47
EN: We’re breaking out again with okay follow-through,
ZH: 再次突破，跟随还可以
18:47 - 18:49
EN: but overall the bars are fairly small.
ZH: 但总体来看K线体积都很小
18:50 - 18:52
EN: Channels usually evolve into Trading Ranges.
ZH: 通道往往会演变成震荡区间
18:52 - 18:57
EN: You have a bull breakout, pullback – this whole thing is a channel.
ZH: 突破，回调——这整个就是一个通道
18:57 - 19:00
EN: You expect a bear breakout, either by going sideways or down,
ZH: 所以交易者预期会跌破趋势线——横盘或下跌
19:00 - 19:02
EN: and then eventually a Trading Range.
ZH: 最终进入震荡区间
19:02 - 19:06
EN: A Trading Range means it tends to test major Higher Lows, like here,
ZH: 震荡区间意味着它往往会测试前期的重要低点，比如这里
19:06 - 19:09
EN: and possibly all the way down to the bottom of the channel
ZH: 甚至可能一路跌到通道的起点——
19:09 - 19:12
EN: - which it did near the end of the day.
ZH: 在临近收盘前达到了
19:17 - 19:24
EN: The bulls are disappointed by the small breakout bars,
ZH: 多头感到很失望——突破K线的体积不够大、有上影线、 突破之后的跟随都是阴线，
19:20 - 19:24
EN: the tails on tops of the bars, the bear bars after every breakout,
ZH: 多头感到很失望——突破K线的体积不够大、有上影线、 突破之后的跟随都是阴线，
19:27 - 19:31
EN: the lack of very big bull bars, the breakout bars not being all that big.
ZH: 没有非常大的阳线，突破的幅度不够大
19:31 - 19:37
EN: All of that increases the chances that this bull channel will end up
ZH: 这些信号都说明，这个上涨通道更有可能只是震荡区间中的一段上涨，
19:36 - 19:42
EN: being a bull leg in a Trading Range, which means the market
ZH: 这些信号都说明，这个上涨通道更有可能只是震荡区间中的一段上涨， 也就是说，会有某种程度的反转——震荡区间中的下跌波段
19:39 - 19:42
EN: will have some kind of a reversal, a bear leg in the developing Trading Range.
ZH: 也就是说，会有某种程度的反转——震荡区间中的下跌波段
19:42 - 19:44
EN: At this point we’re in a Trading Range.
ZH: 最终变成震荡区间
19:44 - 19:46
EN: We went up, we went down.
ZH: 上涨，下跌
19:46 - 19:49
EN: This is a bear leg in the range, and this is a bull leg in the range
ZH: 这是区间中的下跌波段，这是区间中的上涨波段
19:49 - 19:51
EN: even though it’s also a bull leg in a bull trend.
ZH: 尽管这个波段足够大，可以称之为趋势
19:52 - 19:54
EN: Eventually when you look back,
ZH: 最终回过头来看，
19:54 - 19:57
EN: the Trading Range began somewhere – somewhere down here.
ZH: 你发现很早就有进入震荡区间的迹象了——在这个地方附近
20:01 - 20:04
EN: We have consecutive bull bars, but they’re not particularly big
ZH: 有连续的阳线，但它们并不是特别大
20:05 - 20:08
EN: - again, the sign of a channel and not a strong bull breakout.
ZH: ——再次强调，这是通道的特征，而不是强势突破的特征
20:09 - 20:13
EN: It disappoints the bulls and it makes them quicker to take profits,
ZH: 这让多头感到失望，于是他们更快地止盈
20:13 - 20:18
EN: and it makes them prefer to buy pullbacks instead of buying at prior highs.
ZH: 他们更愿意在回调时逢低买入，而不是在突破时去追涨
20:18 - 20:21
EN: So instead of buying at this high, creating a strong breakout,
ZH: 他们不会在这里追涨，所以无法形成强势的突破
20:21 - 20:25
EN: they’re taking profits, and we’re getting pullbacks at every new high.
ZH: 反而利用创新高的机会来止盈，所以每个新高都很快回调
20:25 - 20:32
EN: We have a bigger breakout here, and it took 20 or 30 bars to get down
ZH: 这里的突破幅度更大，最终也跌破了突破点，但花了二三十根K线
20:30 - 20:32
EN: below the breakout point, but eventually it did.
ZH: 这里的突破幅度更大，最终也跌破了突破点，但花了二三十根K线
20:32 - 20:37
EN: And the bears who sold this high and scaled in higher eventually made money.
ZH: 在这个高点挂单卖出，并逢高加仓的空头，最终能够赚钱
20:37 - 20:41
EN: They get out breakeven on their first sell right here at this high,
ZH: 他们在这个高点离场，初始仓位打平，
20:41 - 20:46
EN: and if they held and used a wide stop, they made money on their higher sell.
ZH: 如果使用宽止损并逢高加仓，加仓的部分能够赚到钱
Slide 010
Time: 20:50
Bilingual Transcript
20:52 - 20:56
EN: It’s a fairly Tight Channel, and therefore it’s a reasonably strong trend.
ZH: 这个通道相当窄，所以是较为强势的上涨趋势 （注：但不如突破那么强）
20:57 - 21:01
EN: Traders will take the same buy setups as they do during the breakout phase.
ZH: 多头会用和突破阶段相同的方式去交易
21:03 - 21:05
EN: There’s a big difference, though:
ZH: 但有一个很大的区别：
21:08 - 21:13
EN: in the breakout phase,
ZH: 在突破阶段，他们愿意在前期高点上方用突破单追涨
21:10 - 21:13
EN: they’re willing to buy at or above the high of the prior bar,
ZH: 在突破阶段，他们愿意在前期高点上方用突破单追涨
21:13 - 21:16
EN: betting that the breakout will succeed,
ZH: 押注突破会成功
21:16 - 21:18
EN: and they’re also willing to buy bull closes.
ZH: 他们也愿意在阳线的收盘买入
21:18 - 21:20
EN: This is a Buy The Close bull trend.
ZH: 这是一个买收盘的上涨趋势
21:26 - 21:30
EN: When the market’s in a channel and they see these disappointing deep pullbacks,
ZH: 而当市场进入通道之后，多头看到了这些令人失望的深度回调
21:30 - 21:37
EN: the bulls are buying the pullbacks, and when it gets to a new high,
ZH: 于是他们开始在回调时逢低买入， 并且在创新高的时候止盈至少一部分仓位
21:34 - 21:37
EN: they’re selling to take profits, or at least partial profits.
ZH: 于是他们开始在回调时逢低买入， 并且在创新高的时候止盈至少一部分仓位
21:38 - 21:42
EN: They are concerned that the rally is probably not all that strong,
ZH: 他们担心上涨趋势没有那么强
21:42 - 21:45
EN: and it can turn into a Trading Range at any point,
ZH: 随时可能就变成震荡区间了
21:45 - 21:49
EN: and therefore they’re taking at least partial profits at prior highs.
ZH: 因此他们在前期高点止盈至少一部分
21:50 - 21:52
EN: And then they buy again on a pullback.
ZH: 然后等回调时再次买入
21:59 - 22:03
EN: Instead of buying the breakout here the way they bought the breakout here
ZH: 他们没有像在突破阶段那样去追涨
22:03 - 22:10
EN: or bought that close here, they’re concerned that this deep pullback means
ZH: 而是担心每次突破之后都可能有深度的回调
22:07 - 22:10
EN: maybe the next breakout will have a deep pullback as well,
ZH: 而是担心每次突破之后都可能有深度的回调
22:10 - 22:14
EN: and therefore they’ll take partial profits at a prior high and above.
ZH: 因此会在突破前期高点时止盈至少一部分
22:19 - 22:26
EN: Whenever the market’s in a Tight Bull Channel
ZH: 当市场处于窄上涨通道，所有的下跌通常都是小反转
Slide 011
Time: 22:20
Bilingual Transcript
22:22 - 22:26
EN: and it tries to reverse, the reversal is usually minor.
ZH: 当市场处于窄上涨通道，所有的下跌通常都是小反转
22:26 - 22:30
EN: If the bull trend resumes, again staying in a Tight Bull Channel,
ZH: 如果上涨趋势恢复，保持在窄通道中运行
22:30 - 22:34
EN: the next reversal will probably be minor as well.
ZH: 下一次下跌大概率也是小反转
22:34 - 22:36
EN: A minor reversal means either a bull flag,
ZH: 小反转的意思是，要么是牛旗，
22:36 - 22:40
EN: which leads to a resumption of the bull trend, or a Trading Range,
ZH: 然后上涨趋势恢复； 或者是震荡区间
22:40 - 22:44
EN: and the reversal down probably will go back up and test the bull trend high.
ZH: 在下跌之后，还会涨回到前期高点附近
22:49 - 22:50
EN: I’m Al Brooks.
ZH: 我是阿尔·布鲁克斯
22:50 - 22:52
EN: Thank you for watching the Brooks Trading Course.
ZH: 感谢观看布鲁克斯交易课程
22:52 - 22:56
EN: This is the second of four videos on trading in Tight Bull Channels.
ZH: 如何交易窄上涨通道的第2节课，就先讲到这里