al-brooks-course
45A - Trading Broad Bull Channels
Raw transcript and slide notes for 45A - Trading Broad Bull Channels.
Overview
- Slides: 21
- Transcript segments: 434
- 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 - 00:10
EN: This is the first of five videos on trading Broad Bull Channels.
ZH: 接下来的5节课，我们来讲如何交易宽上涨通道
Slide 001
Time: 00:11
Bilingual Transcript
00:13 - 00:17
EN: I want to begin by distinguishing a Broad Channel from a Tight Channel.
ZH: 首先我会讲宽通道和窄通道的区别
00:17 - 00:20
EN: Broad Channels have a lot of features of Trading Ranges,
ZH: 宽通道有很多震荡区间的特征
00:20 - 00:25
EN: and they often contain Trading Ranges, and if you’re looking
ZH: 而且它们经常包含震荡区间
00:25 - 00:29
EN: at a 5-minute chart, a Broad Channel sometimes will last for several days.
ZH: 5分钟K线图上的宽通道有时会持续几天
00:29 - 00:37
EN: However, no matter how broad it is, if you look at a higher timeframe chart,
ZH: 然而，无论这个通道多宽， 在更高的时间周期上，它通常是一个窄通道
00:33 - 00:37
EN: it’s usually a Tight Channel on a higher timeframe chart.
ZH: 然而，无论这个通道多宽， 在更高的时间周期上，它通常是一个窄通道
Slide 002
Time: 00:38
Bilingual Transcript
00:41 - 00:44
EN: We have two channels here – on the left, on the right.
ZH: 这里有两个通道
00:44 - 00:49
EN: Very tight, and this one has deeper pullbacks and the pullbacks last more bars.
ZH: 左边的通道很窄； 右边通道的回调更深，而且持续更久
00:49 - 00:50
EN: It’s a Broad Channel.
ZH: 右图是宽通道
00:52 - 00:58
EN: When a channel is very tight like this, it’s very difficult
ZH: 像左边这么窄的上涨通道，做空很难赚钱， 所以你只能做多
00:55 - 00:58
EN: to make money shorting, and you should only buy.
ZH: 像左边这么窄的上涨通道，做空很难赚钱， 所以你只能做多
00:58 - 00:59
EN: You should buy for any reason.
ZH: 用任何方式买入
01:03 - 01:06
EN: You can buy below bars, betting reversals will fail.
ZH: 你可以在K线下方挂限价买单，押注反转会失败
01:06 - 01:10
EN: You can buy strong bear closes, betting bear breakouts will fail.
ZH: 你可以在大阴线的收盘买入，押注空头的突破会失败
01:10 - 01:13
EN: You can buy reversals up from pullbacks.
ZH: 回调之后，可以在恢复上涨时买入
01:13 - 01:14
EN: You can buy at the market.
ZH: 可以直接市价买入
01:14 - 01:15
EN: Doesn’t matter.
ZH: 都可以
01:15 - 01:18
EN: You have to get long because the odds are the market’s going higher,
ZH: 关键是要买入，因为市场更大概率会上涨
01:18 - 01:20
EN: and you can only make money by buying.
ZH: 只有做多才能赚钱
01:23 - 01:28
EN: On the other hand, we have a bull trend, but pullbacks, more bars,
ZH: 右边也是上涨趋势，但回调持续很多根K线
01:28 - 01:37
EN: they’re deeper – here, much deeper – and bears can make money fairly easily,
ZH: 而且幅度很深；这里，深度回调； 做空——无论是用限价单还是突破单——都能较为轻松地赚钱
01:33 - 01:37
EN: both with stop entries and with limit order entries.
ZH: 而且幅度很深；这里，深度回调； 做空——无论是用限价单还是突破单——都能较为轻松地赚钱
01:42 - 01:45
EN: This particular Broad Channel is also a Wedge Top.
ZH: 这个宽通道也是一个楔形顶
01:46 - 01:49
EN: Because it’s still a bull trend, making Higher Highs and Higher Lows,
ZH: 因为它仍然是上涨趋势，高点和低点不断抬高
01:49 - 01:52
EN: bulls can buy for swings or for scalps.
ZH: 所以多头可以买入，做波段、剥头皮都可以
01:52 - 01:54
EN: However, the pullbacks are deep enough
ZH: 然而，回调足够深，
01:54 - 01:57
EN: so bears can make money selling for scalps.
ZH: 空头也可以做空剥头皮赚钱
02:00 - 02:04
EN: Bulls will buy, for example, a reversal up from a 50% pullback
ZH: 多头会买入，比如在50%回调、恢复上涨的时候
02:04 - 02:05
EN: - here, a small High 2 buy.
ZH: 这里，是一个小的高2结构
02:05 - 02:07
EN: High 1, High 2.
ZH: 高1，高2
02:08 - 02:09
EN: Here, a bigger High 2 buy.
ZH: 这里有一个更大的高2结构
02:09 - 02:13
EN: Two legs down, one, pullback, two, and both subdivided.
ZH: 两段下跌——1，反弹，2； 而且每段下跌都可以细分成更小的结构
02:14 - 02:17
EN: One, pullback, two, and you have a bull bar.
ZH: 1，反弹，2，然后有一根阳线 （注：嵌套式的高2结构，加上做多信号K）
Slide 003
Time: 02:20
Bilingual Transcript
02:21 - 02:23
EN: Again, a bull channel,
ZH: 还是这个上涨通道
02:27 - 02:30
EN: and whenever a channel is fairly broad,
ZH: 如果通道很宽
02:31 - 02:34
EN: bulls can buy for swings, but bears can sell for scalps.
ZH: 多头可以买入做波段（或剥头皮）， 但空头也可以做空剥头皮
02:37 - 02:39
EN: I talked about this on the last slide.
ZH: 刚才已经讲到这一点
02:43 - 02:50
EN: Because it’s a bull trend, in general there’s a higher probability
ZH: 因为它是上涨趋势，所以做多仍然有更高的概率可以赚钱
02:47 - 02:50
EN: to make money if you’re looking to buy.
ZH: 因为它是上涨趋势，所以做多仍然有更高的概率可以赚钱
02:50 - 02:53
EN: Also in general, the risk/reward is better.
ZH: 而且通常来说，做多的盈亏比更好
02:54 - 02:58
EN: Whenever you’re scalping, your risk/reward is never particularly good
ZH: 剥头皮交易的（初始）盈亏比通常不会太好
02:58 - 03:05
EN: because you need high probability, and you pay for that high probability
ZH: 因为你需要很高的胜率，而高胜率的代价是盈亏比会变差
03:02 - 03:05
EN: with a worse risk/reward profile.
ZH: 因为你需要很高的胜率，而高胜率的代价是盈亏比会变差
03:10 - 03:14
EN: A Broad Bull Channel has a lot of time in Trading Ranges.
ZH: 宽通道里花了大量的时间震荡
03:14 - 03:19
EN: In fact, a lot of times it’s hard to tell
ZH: 事实上，很多时候分不清它是震荡区间还是宽上涨通道
03:16 - 03:19
EN: whether it’s a Trading Range or a Broad Bull Channel.
ZH: 事实上，很多时候分不清它是震荡区间还是宽上涨通道
03:19 - 03:21
EN: We have a slightly Higher Low.
ZH: 这里低点略微抬高
03:21 - 03:25
EN: We have a Higher Low here, we have a Higher High here, another Higher High here.
ZH: 低点继续抬高； 这里高点抬高、高点抬高
03:25 - 03:30
EN: So in addition to being in a Trading Range, it’s also in a Broad Bull Channel.
ZH: 所以它不只是一个震荡区间，市场也同时处于宽上涨通道中
03:33 - 03:36
EN: Because it’s in a Trading Range, traders can buy low.
ZH: 因为它在震荡区间内，交易者可以逢低买入
03:36 - 03:39
EN: We’re in another Trading Range here, so bulls will buy low,
ZH: 这里也是一个震荡区间，多头会逢低买入
03:39 - 03:41
EN: looking for a reversal up.
ZH: 押注恢复上涨
03:44 - 03:50
EN: And bears will sell high, betting that the market
ZH: 空头会逢高卖出，押注回调幅度足够大，让做空可以赚到钱
03:48 - 03:50
EN: will fall far enough for the bears to make money.
ZH: 空头会逢高卖出，押注回调幅度足够大，让做空可以赚到钱
03:51 - 03:54
EN: Here we have a big High 2 – two legs up, one, pullback, two
ZH: 这里是一个大的高2结构——1，回调，2
03:54 - 03:57
EN: - a Wedge, one, and then a bear bar, two, then a bear bar,
ZH: 然后楔形——1，阴线；2，阴线
03:57 - 04:01
EN: and then three, subdivided into a couple legs and then a bear bar.
ZH: 然后3——其中是两段小的上涨，然后阴线
04:01 - 04:03
EN: So bears might sell that for a scalp.
ZH: 空头会在这根阴线下方做空剥头皮
04:03 - 04:06
EN: A Micro Double Top, sell below the outside bar,
ZH: 小双顶，在吞噬阴线的下方挂突破卖单
04:06 - 04:07
EN: which would be a second entry short.
ZH: 它也是第2做空入场点
04:07 - 04:10
EN: First entry’s below the inside bar here,
ZH: 第1入场点是在这根孕线的下方
04:10 - 04:12
EN: and it’s a failed breakout above this high.
ZH: 这是突破前期高点失败后的做空机会
04:12 - 04:13
EN: Trading Range price action.
ZH: 震荡的价格行为
Slide 004
Time: 04:15
Bilingual Transcript
04:20 - 04:30
EN: Whenever the market’s in a Broad Bull Channel, most of the bars are also
ZH: 当市场处于宽上涨通道时，其中大部分K线也处于震荡区间， 有时整个通道就是大震荡区间的一部分
04:24 - 04:30
EN: in some kind of a Trading Range, and sometimes the entire channel
ZH: 当市场处于宽上涨通道时，其中大部分K线也处于震荡区间， 有时整个通道就是大震荡区间的一部分
04:28 - 04:30
EN: is just part of a big Trading Range.
ZH: 当市场处于宽上涨通道时，其中大部分K线也处于震荡区间， 有时整个通道就是大震荡区间的一部分
04:32 - 04:35
EN: Here, you can look at this as consecutive Trading Ranges
ZH: 这里，你可以把它看作连续的震荡区间
04:35 - 04:38
EN: - a lower range and then a breakout and then an upper range.
ZH: 突破了下面的区间，在上方形成新的区间
04:38 - 04:41
EN: And here, all of this is a Trading Range.
ZH: 右图，所有这些都是一个大的区间
04:41 - 04:46
EN: Turned out we got a bull breakout, but it’s still a Trading Range in addition
ZH: 最终向上突破，但之前这段是一个震荡区间，
04:46 - 04:50
EN: to being a Broad Bull Channel with Higher Lows and Higher Highs.
ZH: 也是一个宽上涨通道——低点和高点都在抬高
04:57 - 05:04
EN: When the market is in a Trading Range, it’s also often either
ZH: 当市场处于震荡区间时，它也经常处于下降或上涨趋势（的早期）
05:01 - 05:04
EN: in a bear trend or in a bull trend.
ZH: 当市场处于震荡区间时，它也经常处于下降或上涨趋势（的早期）
05:04 - 05:07
EN: In this particular case, the market is in a Trading Range,
ZH: 这个特定的案例，市场处于震荡区间
05:07 - 05:09
EN: but additionally it’s in a bull trend.
ZH: 同时也处于上涨趋势
05:09 - 05:12
EN: It’s forming Higher Lows and Higher Highs.
ZH: 低点和高点在不断抬高
05:13 - 05:19
EN: There’s a lot of overlap in the appearance of Broad Channels and Trading Ranges,
ZH: 宽通道和震荡区间有很多相同的特征
05:19 - 05:21
EN: and you trade them very similarly.
ZH: 交易的方式也很接近
05:23 - 05:26
EN: Trading Range, but forming Higher Lows and Higher Highs.
ZH: 低点和高点在不断抬高
05:26 - 05:36
EN: So even though it’s in a Trading Range, traders are aware
ZH: 所以尽管是震荡区间，但交易者也因此意识到， 市场也处于上涨趋势——宽上涨通道
05:30 - 05:36
EN: that it’s forming Higher Lows and Higher Highs,
ZH: 所以尽管是震荡区间，但交易者也因此意识到， 市场也处于上涨趋势——宽上涨通道
05:32 - 05:36
EN: and therefore it’s also in a bull trend, a Broad Bull Channel.
ZH: 所以尽管是震荡区间，但交易者也因此意识到， 市场也处于上涨趋势——宽上涨通道
Slide 005
Time: 05:39
Bilingual Transcript
05:40 - 05:44
EN: This is a 60-minute chart of the Emini,
ZH: 这是ES的60分钟图
05:44 - 05:51
EN: and you can see the market’s making Higher Highs
ZH: 可以看到，高点和低点都在不断抬高， 有时回调持续超过10根K线
05:47 - 05:51
EN: and Higher Lows and the pullbacks sometimes last 10 bars.
ZH: 可以看到，高点和低点都在不断抬高， 有时回调持续超过10根K线
05:51 - 05:53
EN: It’s a Broad Bull Channel.
ZH: 这是一个宽上涨通道
05:53 - 05:58
EN: And the insert is a daily chart of what’s taking place right here,
ZH: 下方的小插图是这段行情的日K线，
05:58 - 06:00
EN: and the channel is pretty tight.
ZH: 通道看上去很窄
06:00 - 06:02
EN: 1 bar pullback, 2 bar pullback,
ZH: 回调只有1根K线，2根K线
06:02 - 06:05
EN: and the market continues up in a fairly Tight Channel.
ZH: 市场在一个窄通道中持续上涨
06:09 - 06:15
EN: When trading, traders should only be looking at
ZH: 在交易的时候，屏幕上有100根K线，最多150根K线，就足够了
06:11 - 06:15
EN: about 100 bars on their screen, maybe 150 bars.
ZH: 在交易的时候，屏幕上有100根K线，最多150根K线，就足够了
06:15 - 06:23
EN: That means that oftentimes there’ll be a Broad Bull Channel
ZH: 所以市场很有可能处于一个大的宽通道，但你没有看到它的全貌
06:19 - 06:23
EN: on the chart that they’re examining, but they won’t see it.
ZH: 所以市场很有可能处于一个大的宽通道，但你没有看到它的全貌
06:23 - 06:25
EN: They’ll only see parts of it.
ZH: 你只看到其中的一部分
06:26 - 06:34
EN: For example, if you’re only looking at this collection of bars,
ZH: 比如，假设你只看这一部分，大约70、80、100根K线， 你会认为市场只是处于震荡区间
06:29 - 06:34
EN: maybe 70, 80, 100 bars, the market’s in a Trading Range.
ZH: 比如，假设你只看这一部分，大约70、80、100根K线， 你会认为市场只是处于震荡区间
06:40 - 06:44
EN: To see a Broad Bull Channel, you normally have to look at 200 bars or more.
ZH: 你通常需要200根或更多的K线，才能发现一个宽上涨通道
06:44 - 06:48
EN: Remember, the legs up and down often are 10 or 20 bars long,
ZH: 因为每个波段通常都至少持续十几二十根K线
06:48 - 06:54
EN: and you usually need three legs before you can conclude
ZH: 通常至少需要3段上涨才能得出市场处于宽上涨通道的结论
06:53 - 06:54
EN: that the market’s in a Broad Bull Channel.
ZH: 通常至少需要3段上涨才能得出市场处于宽上涨通道的结论
06:55 - 07:01
EN: And the result is you usually need at least a couple hundred bars
ZH: 就导致你往往需要两百根K线，才判断出市场处于宽上涨通道
06:58 - 07:01
EN: to be able to conclude that the market is in a Broad Bull Channel.
ZH: 就导致你往往需要两百根K线，才判断出市场处于宽上涨通道
07:01 - 07:09
EN: But when you’re trading, you’re only looking at 100 bars,
ZH: 但在交易的时候，你只看过去的100根K线—— 根据过去的100根K线交易就足够了
07:04 - 07:09
EN: and when you’re trading, you should simply trade the 100 bars
ZH: 但在交易的时候，你只看过去的100根K线—— 根据过去的100根K线交易就足够了
07:08 - 07:09
EN: that are in front of you.
ZH: 但在交易的时候，你只看过去的100根K线—— 根据过去的100根K线交易就足够了
07:09 - 07:12
EN: It’s good to know that the market’s in a Broad Bull Channel
ZH: 尽管知道市场处于宽上涨通道是有帮助的——
07:12 - 07:19
EN: if you’re looking at maybe a collection of bars here,
ZH: 如果你在这段行情中交易， （知道宽上涨通道）会让你更倾向于买入做反转
07:15 - 07:19
EN: because that’ll make you more inclined to buy reversals up.
ZH: 如果你在这段行情中交易， （知道宽上涨通道）会让你更倾向于买入做反转
07:20 - 07:27
EN: If you’re looking at a chart and you’re thinking, “Oh, I’m going to buy here
ZH: 但是你会这样想吗？ “我要在这里买入，然后在所有这些回调的时候坚定持有，
07:24 - 07:27
EN: and I’m just going to hold through all of these selloffs,
ZH: 但是你会这样想吗？ “我要在这里买入，然后在所有这些回调的时候坚定持有，
07:28 - 07:30
EN: taking a chance it’s a Broad Bull Channel,”
ZH: 押注它会是一个宽上涨通道”
07:30 - 07:34
EN: I would not be managing that trade on the 60-minute chart.
ZH: （如果按照坚定持有的方法来做） 我就不会根据60分钟图来管理这笔交易
07:34 - 07:36
EN: I would look at some higher timeframe.
ZH: 而是看更大的时间周期
07:36 - 07:42
EN: For example, if you look at the daily chart, these bars are exactly these bars.
ZH: 比如，在日K线图上——这些K线就是这些K线
07:43 - 07:47
EN: I would buy here – we have a Double Bottom and a bull bar
ZH: 我会在这里买入——双底，在阳线上方买入
07:47 - 07:49
EN: - and this is not enough reason to get out.
ZH: 这根阴线不足以让多头离场
07:49 - 07:51
EN: Neither is this, neither is this.
ZH: 这里、这里，也都不需要离场
07:51 - 07:52
EN: So you can swing up.
ZH: 这样可以拿到上涨的波段
07:52 - 07:59
EN: So if you’re trading the daily chart, you’d be buying somewhere here,
ZH: 所以，如果按照日K线交易，你在某个地方买入之后， 能够在这些回调的时候坚定持有
07:57 - 07:59
EN: and you would hold through the pullbacks.
ZH: 所以，如果按照日K线交易，你在某个地方买入之后， 能够在这些回调的时候坚定持有
07:59 - 08:02
EN: But if you’re going to be trading the 60-minute chart,
ZH: 但如果看60分钟图交易，
08:02 - 08:09
EN: you’re not going to look at this many bars, and you’re not really
ZH: 你不会看这么多K线，你不会很关注市场是否处于宽上涨通道
08:05 - 08:09
EN: going to be paying attention to the fact that it’s in a Broad Bull Channel,
ZH: 你不会看这么多K线，你不会很关注市场是否处于宽上涨通道
08:09 - 08:11
EN: and you’ll be trading legs up and down
ZH: 而是会做上涨和下跌的波段
08:11 - 08:14
EN: - selling when it’s going down and buying when it’s going up.
ZH: ——反转下跌时卖出，反转上涨时买入
08:22 - 08:32
EN: This is this on a daily chart, and if you’re looking simply to buy here
ZH: 它在日K线上是窄通道，如果想在买入之后一直持有，
08:28 - 08:32
EN: or buy here and hold indefinitely and swing it up,
ZH: 它在日K线上是窄通道，如果想在买入之后一直持有，
08:32 - 08:35
EN: I would not trade it that way on the 60-minute chart.
ZH: 就没有必要看60分钟那么小的周期
08:35 - 08:44
EN: On the 60-minute chart there’ll be all kinds of patterns
ZH: 在60分钟的图上，有各种各样的价格行为， 有充分的理由让多头离场，也有很好的做空机会
08:38 - 08:44
EN: that are taking place and plenty of good reasons to exit longs,
ZH: 在60分钟的图上，有各种各样的价格行为， 有充分的理由让多头离场，也有很好的做空机会
08:41 - 08:44
EN: and also pretty good reasons to sell as well.
ZH: 在60分钟的图上，有各种各样的价格行为， 有充分的理由让多头离场，也有很好的做空机会
08:44 - 08:50
EN: And if you’re simply looking to buy and hold
ZH: 如果你只是想要买入以后按照宽通道来坚定持有
08:47 - 08:50
EN: and trade it like swing trading a Broad Bull Channel,
ZH: 如果你只是想要买入以后按照宽通道来坚定持有
08:50 - 08:54
EN: I would not do that based upon the 60-minute chart.
ZH: 那就没必要看60分钟图来交易
08:55 - 08:58
EN: However, it’s reasonable to do it based upon the daily chart.
ZH: 根据日K线交易会更合理
09:02 - 09:08
EN: This is a 240-minute chart, a 4-hour chart of a Broad Bull Channel.
ZH: 这是60分钟图（1小时图）上的宽上涨通道
Slide 006
Time: 09:05
Bilingual Transcript
09:08 - 09:10
EN: A lot of very deep pullbacks.
ZH: 有很多非常深的回调
09:14 - 09:18
EN: Most of the time the market is also in a Trading Range.
ZH: 大多数时间市场也处于震荡区间
09:18 - 09:20
EN: Many different ways to draw Trading Ranges.
ZH: 可以画出很多区间
09:23 - 09:31
EN: Clearly a Trading Range here, and because it’s a Trading Range,
ZH: 这里明显是一个震荡区间， 所以交易者想要低买、高卖，剥头皮赚快钱
09:27 - 09:31
EN: traders will look to buy low, sell high, and take quick profits,
ZH: 这里明显是一个震荡区间， 所以交易者想要低买、高卖，剥头皮赚快钱
09:31 - 09:36
EN: betting that any move down or up is not going to go all that far.
ZH: 押注市场不会涨太多，也不会跌太多
09:39 - 09:41
EN: And through here it’s in a Trading Range as well,
ZH: 在这个时候，市场也是震荡区间
09:41 - 09:45
EN: even though the entire chart ends up as part of a Broad Bull Channel.
ZH: 尽管最终它变成了宽上涨通道的一部分
09:45 - 09:47
EN: You don’t know that in advance.
ZH: 但事先并不知道
09:47 - 09:50
EN: You know that it’s a Trading Range, you know it has Higher Lows
ZH: 它是震荡区间，但你看到了低点在抬高，
09:50 - 09:54
EN: and Higher Highs, and it might be in a Broad Bull Channel – and in fact, it is.
ZH: 高点也在抬高，所以它有可能是宽上涨通道——确实是
09:54 - 09:59
EN: But traders will often trade it simply as Trading Ranges.
ZH: 很多交易者会直接按照震荡区间来交易
09:59 - 10:03
EN: So every leg up and down, they’re looking to take fairly quick profits.
ZH: 每一段上涨和下跌，他们都会快速止盈
10:08 - 10:16
EN: Some Broad Bull Channels are mostly Trading Ranges.
ZH: 有一些宽上涨通道，它们主要由震荡区间构成， 大部分是横向的
10:11 - 10:16
EN: They’re mostly flat like this, and the market has channels like that.
ZH: 有一些宽上涨通道，它们主要由震荡区间构成， 大部分是横向的
10:16 - 10:18
EN: Most traders trade them like Trading Ranges
ZH: 大部分交易者会按照震荡区间来交易
10:18 - 10:23
EN: - buy low, sell high, and scalp – and they’re less willing to swing.
ZH: 低买，高卖，剥头皮；它们不太愿意长期持有
Slide 007
Time: 10:28
Bilingual Transcript
10:29 - 10:34
EN: Again, a 240-minute line chart of a Broad Bull Channel.
ZH: 用60分钟的线形图来显示这个上涨宽通道
10:34 - 10:37
EN: You can see, clearly forming Higher Lows and Higher Highs.
ZH: 可以清楚地看到，低点和高点都在抬高
10:37 - 10:39
EN: It’s clearly in a channel.
ZH: 显然在通道里
10:39 - 10:41
EN: The lines are fairly parallel.
ZH: 通道线近似平行
10:44 - 10:47
EN: When I look at a chart like this, I see it as a Trading Range
ZH: 当我看到这样的行情，我会把它看作是震荡区间
10:47 - 10:54
EN: that’s just tilted up slightly, and you can see that that’s exactly what it is.
ZH: 只不过略微向上倾斜； 如果完全横过来，就是震荡区间
10:54 - 10:58
EN: If I showed you this chart originally, you’d say it’s a Trading Range.
ZH: 如果我一开始就给你看这张图，你会认为它是一个震荡区间
11:03 - 11:06
EN: The broader a channel is, the deeper the pullbacks,
ZH: 通道越宽、回调越深
11:07 - 11:09
EN: the more traders trade it like a Trading Range.
ZH: 就有越多的交易者按照震荡区间来交易
11:12 - 11:14
EN: 2-hour chart of the Emini.
ZH: 这是ES的两小时图
Slide 008
Time: 11:15
Bilingual Transcript
11:15 - 11:18
EN: Obviously trending up – Higher Lows, Higher Highs
ZH: 趋势显然是上涨的——低点抬高，高点抬高
11:18 - 11:20
EN: - but deep pullbacks along the way.
ZH: 但途中有深度的回调
11:26 - 11:29
EN: It’s a bull trend, so traders obviously want to buy,
ZH: 因为是上涨趋势，所以显然可以做多
11:30 - 11:33
EN: and a lot of traders will hold part for a swing trade
ZH: 很多交易者会持有部分头寸做波段交易
11:33 - 11:37
EN: using the most recent major Higher Low for their stop.
ZH: 把止损放在最近一个重要低点的下方
11:37 - 11:42
EN: However, if it has a lot of characteristics of a Broad Bull Channel,
ZH: 然而，如果它有很多宽上涨通道的特征
11:42 - 11:45
EN: traders will also be looking to sell.
ZH: 空头也会找机会做空
11:49 - 11:52
EN: Legs up and legs down, lasting 5 or more bars.
ZH: 上涨波段，也有下跌波段，且至少持续5根K线
11:53 - 11:58
EN: Bull trend, but we have a pullback lasting 5
ZH: 虽然是上涨趋势，但是回调持续超过5根K线，且幅度很深
11:55 - 11:58
EN: or more bars, plus it’s fairly deep.
ZH: 虽然是上涨趋势，但是回调持续超过5根K线，且幅度很深
12:03 - 12:09
EN: The legs up and down are at least three times bigger than the smallest scalp.
ZH: 上涨和下跌波段的幅度，至少是剥头皮最小目标的3倍
12:09 - 12:13
EN: The smallest scalp in the Emini is 1 point, and here we have very deep legs.
ZH: ES中剥头皮的最小目标是1个点，而这里的回调非常深
12:13 - 12:17
EN: This pullback is 20 points, many times bigger than a scalp.
ZH: 回调了20个点，远远超过剥头皮的目标
12:21 - 12:26
EN: The legs are several times bigger than an average bar.
ZH: 波段幅度是K线平均高度的好几倍
12:27 - 12:31
EN: Here, an average bar is about 8 points tall and the leg down
ZH: 这里，K线的平均高度是8个点
12:31 - 12:35
EN: and the leg up both are more than three times the size of that average bar.
ZH: 而上涨和下跌波段的幅度都是它的3倍以上
12:40 - 12:45
EN: Sometimes when you have a Broad Bull Channel, the selloff will be so strong,
ZH: 市场处于宽上涨通道时，偶尔会有非常剧烈的抛售，
Slide 009
Time: 12:40
Bilingual Transcript
12:45 - 12:47
EN: traders will see the market as Always In Short.
ZH: 交易者会暂时按照单边下跌去交易
12:47 - 12:55
EN: Very common in a Broad Bull Channel to have some selloffs that are strong enough
ZH: 这在宽上涨通道中很常见， 有的下跌足够强势，以至于交易者认为市场在单边下跌
12:52 - 12:55
EN: to make traders believe that the market is Always In Short.
ZH: 这在宽上涨通道中很常见， 有的下跌足够强势，以至于交易者认为市场在单边下跌
12:59 - 13:04
EN: Pullbacks often fall more than 50% below the top of the bull leg,
ZH: 回调经常会超过左边上涨波段的50%
13:04 - 13:07
EN: and sometimes they retrace 90%.
ZH: 甚至可能回调90%
13:07 - 13:12
EN: Here, we have a Micro Double Bottom and it’s above the bottom of the bull leg,
ZH: 这里有一个很小的双低，它略微高于整个上涨趋势的起涨点
13:12 - 13:16
EN: and therefore it’s possibly a Higher Low in a bull channel.
ZH: 所以它是上涨通道中抬高的重要低点
13:19 - 13:24
EN: This pullback is 52% of the most recent bull leg.
ZH: 这里回调了左边上涨波段的52%
13:25 - 13:28
EN: Bulls and bears can make money with stops.
ZH: 多头和空头都可以通过突破单入场赚钱
13:29 - 13:34
EN: If a channel is fairly tight, it’s very difficult
ZH: 如果通道很窄，空头就很难用突破卖单赚钱 （注：甚至无法用限价卖单赚钱，就像前几节课讨论的那样）
13:32 - 13:34
EN: for bears to make money selling with stops.
ZH: 如果通道很窄，空头就很难用突破卖单赚钱 （注：甚至无法用限价卖单赚钱，就像前几节课讨论的那样）
13:34 - 13:44
EN: However, when the channel is fairly broad, you can see that stop entry bears
ZH: 然而，如果你发现空头用突破单入场也能赚钱，这表明通道很宽
13:40 - 13:44
EN: can make money, and that is a sign that a channel is fairly broad.
ZH: 然而，如果你发现空头用突破单入场也能赚钱，这表明通道很宽
13:49 - 13:54
EN: I want to talk a little bit more about
ZH: 我想再多讲一讲宽通道中是如何包含震荡区间的
Slide 010
Time: 13:50
Bilingual Transcript
13:51 - 13:54
EN: how Broad Channels contain Trading Ranges.
ZH: 我想再多讲一讲宽通道中是如何包含震荡区间的
Slide 011
Time: 13:56
Bilingual Transcript
13:57 - 13:59
EN: 2-hour chart of the Emini.
ZH: ES的2小时图
14:03 - 14:04
EN: Here’s the breakout point.
ZH: 这是突破点
14:04 - 14:08
EN: The rally broke above that high, and this is the pullback.
ZH: 上涨突破前期高点，然后回调
14:08 - 14:13
EN: There is a lot of overlap between the pullback
ZH: 回调大幅低于突破点，这意味着空头能够赚钱
14:10 - 14:13
EN: and the breakout point, and that means bears can make money.
ZH: 回调大幅低于突破点，这意味着空头能够赚钱
14:13 - 14:18
EN: And you look at every breakout point – we have another breakout
ZH: 如果你观察每个突破点——这里再次突破、回调， 跌回到突破点下方
14:16 - 14:18
EN: and the pullback falls below the breakout point.
ZH: 如果你观察每个突破点——这里再次突破、回调， 跌回到突破点下方
14:21 - 14:24
EN: Another breakout here above this high,
ZH: 再次突破前期高点
14:24 - 14:26
EN: and the pullback fell below the breakout point.
ZH: 又回调到了突破点以下
14:26 - 14:30
EN: We have a gap here, but ultimately it closed over there.
ZH: 这里有一个缺口，但最终在那里也被补掉了
14:34 - 14:41
EN: When there are no gaps, or very few gaps, it means that the bears
ZH: 如果缺口很少，或完全没有缺口， 就说明空头可以在前期高点挂单做空，并且在更高的价格加仓
14:38 - 14:41
EN: can make money selling above prior highs and scaling in,
ZH: 如果缺口很少，或完全没有缺口， 就说明空头可以在前期高点挂单做空，并且在更高的价格加仓
14:41 - 14:46
EN: betting that there’ll soon be a reversal back below their original entry price,
ZH: 押注很快就会回调到他们初始入场价格的下方
14:46 - 14:49
EN: and that will allow them to get out breakeven on their first short
ZH: 让他们的初始仓位可以打平离场
14:49 - 14:51
EN: and with a profit on their higher short.
ZH: 在更高位置加仓做空的部分可以赚钱
14:51 - 14:55
EN: They sell, hoping the market immediately turns down.
ZH: 他们做空之后，当然最好市场立刻下跌
14:55 - 14:58
EN: However, they’re confident that if instead of going down, it goes up,
ZH: 然而，他们很有信心，就算市场先上涨
14:58 - 15:03
EN: they can sell more and it will eventually fall below their first price
ZH: 他们也能够在上方加仓，因为最终会跌回到初始入场价格以下
15:03 - 15:05
EN: and they can get out breakeven on their first
ZH: 让他们的初始仓位可以打平
15:05 - 15:07
EN: and with a profit on their higher short.
ZH: 加仓做空的部分可以赚钱
15:10 - 15:13
EN: Some traders, instead of selling with limit orders at the prior high,
ZH: 一些交易者不会在前期高点挂限价卖单做空
15:13 - 15:18
EN: will wait for the breakout to a new high and then sell below a bear bar
ZH: 而是会等价格突破到新高之后， 在一根阴线的下方用突破卖单入场做空
15:18 - 15:22
EN: - especially if there’s a climax or some kind of a Micro Double Top.
ZH: ——尤其是如果有抢购高潮，或某种小双顶
15:22 - 15:25
EN: Up, pause, top, Double Top here,
ZH: 高潮，暂停，高潮； 这里有双顶
15:26 - 15:29
EN: and we have a small Double Top here, Double Top here.
ZH: 这里有一个小双顶，这里也有双顶
15:33 - 15:39
EN: Broad Bull Channels often have Trading Ranges separated by occasional breakouts
ZH: 宽上涨通道里经常由震荡区间叠加而形成， 区间被偶尔的突破分隔开
15:39 - 15:43
EN: that can be big, and they can lead to Measured Moves.
ZH: 那些突破可能很大，可能会涨到MM目标位
15:45 - 15:50
EN: Here we have a lower Trading Range and part of a Broad Bull Channel.
ZH: 下方的震荡区间是宽上涨通道的一部分
15:50 - 15:51
EN: We have a breakout and a pullback,
ZH: 突破，回调
15:51 - 15:54
EN: and the pullback stayed above the breakout point.
ZH: 回调没有跌破突破点
15:54 - 15:57
EN: We have a gap, so it might result in a Measured Move up.
ZH: 这是一个（潜在的测量型）缺口，可能会涨到上方的MM目标位
16:00 - 16:02
EN: Here’s the size of the bear leg.
ZH: 这是下跌波段的高度
16:02 - 16:06
EN: A Measured Move up from the top of the bear leg took us right here,
ZH: 把它往上翻一倍，MM目标位在这里
16:06 - 16:08
EN: and you can see there’s some profit-taking there.
ZH: 可以看到那里有一些人卖出止盈
16:14 - 16:19
EN: We have a Trading Range, a strong bull breakout that just lasted 1 bar,
ZH: 震荡区间，强势的突破只持续了1根K线
16:19 - 16:20
EN: and then another Trading Range.
ZH: 然后形成另一个震荡区间
16:20 - 16:22
EN: So we have trending Trading Ranges.
ZH: 所以是震荡上行
16:23 - 16:25
EN: 60% of the time if you have trending Trading Ranges
ZH: 60%的时间里，如果是震荡上行——
16:25 - 16:30
EN: - a Trading Range, a brief breakout, and then another Trading Range
ZH: 一个震荡区间，短暂的向上突破，立刻形成另一个震荡区间
16:30 - 16:34
EN: - 60% of the time, you’ll get a reversal below the bottom of the upper range
ZH: 60%的时间里，反转会跌破上方这个区间的底部
16:34 - 16:38
EN: and at least a little into the top of the lower range.
ZH: 并且至少略微跌破下方区间的最高点
16:38 - 16:42
EN: And that means the bears who sold the breakout 60% of the time
ZH: 这意味着60%的时间，在突破时卖出做空的空头 （注：比如在前期高点挂限价卖单）
16:43 - 16:46
EN: can get out avoiding a loss, and if they scale in higher,
ZH: 最终可以避免亏损； 如果他们在上方加仓做空
16:46 - 16:48
EN: they’ll make a profit on their second entry.
ZH: 加仓的部分能够赚钱
Slide 012
Time: 16:51
Bilingual Transcript
16:51 - 16:54
EN: 5-minute chart of the Emini.
ZH: ES的5分钟K线图
16:59 - 17:02
EN: Whenever you have a Broad Bull Channel on a 5-minute chart
ZH: 每当你在5分钟图上看到宽上涨通道
17:02 - 17:05
EN: - in other words, one lasting within a day
ZH: ——持续时间小于一天
17:05 - 17:08
EN: - usually you end up with some kind of a Wedge Top.
ZH: 通常最终会变成某种楔形顶
17:08 - 17:12
EN: Usually it has three pushes up – one, pullback, two, pullback, three.
ZH: 它往往有3次向上的推动——1，回调；2，回调；3
17:12 - 17:18
EN: When traders see that third top, they start thinking
ZH: 当交易者看到第3推时，他们开始把上涨通道看作是楔形顶， 预期会有两段下跌
17:15 - 17:18
EN: that the bull channel is a Wedge, and they look for a couple legs down,
ZH: 当交易者看到第3推时，他们开始把上涨通道看作是楔形顶， 预期会有两段下跌
17:18 - 17:22
EN: especially when the trend began with a spike up, a strong breakout.
ZH: 尤其如果趋势的初期是急速、强势的突破上涨
17:22 - 17:25
EN: So you end up with a Spike and Channel trend.
ZH: 急速变通道的上涨趋势
17:25 - 17:30
EN: A breakout, first push up here or here, a pullback, second push up, pullback.
ZH: 突破，第1推到这里或这里，回调； 第2推，回调
17:30 - 17:33
EN: Traders look to sell the third push up, expecting a deeper pullback
ZH: 交易者在第3推上涨后做空，预期会有更深的回调
17:33 - 17:37
EN: - maybe all the way down to the bottom of the channel,
ZH: 也许会一直跌到通道的起点（第1次回调的最低点）
17:36 - 17:37
EN: the beginning of the channel.
ZH: 也许会一直跌到通道的起点（第1次回调的最低点）
17:37 - 17:41
EN: We have a bull breakout and a pullback.
ZH: 向上突破，然后回调，进一步回调到这里
17:39 - 17:41
EN: More of a pullback here.
ZH: 向上突破，然后回调，进一步回调到这里
17:41 - 17:46
EN: When the market reverses, it often gets down to the start of the channel.
ZH: 当市场最终反转时，它通常会回到通道的起点
17:54 - 17:55
EN: Fairly Broad Bull Channel.
ZH: 相当宽的上涨通道
17:55 - 18:01
EN: Pullback lasting 5 or 10 bars, lasting 10 bars, lasting 5 or 10 bars.
ZH: 回调持续5
10根K线；持续10根K线；持续510根K线
18:02 - 18:07
EN: Now, the bulls who are buying, usually when they see the third leg up,
ZH: 正在买入的多头，通常当他们看到第3段上涨时
18:07 - 18:10
EN: they become hesitant to buy a fourth leg up because they know
ZH: 会变得犹豫，不知道还会不会有第4段上涨
18:10 - 18:15
EN: that it’s more likely the market is either going to be
ZH: 因为他们知道市场更有可能处于震荡区间，或者会有两段下跌
18:13 - 18:15
EN: in a Trading Range or have a couple legs down.
ZH: 因为他们知道市场更有可能处于震荡区间，或者会有两段下跌
18:16 - 18:20
EN: And by the end of the day, especially when you’re getting a lot of dojis,
ZH: 临近收盘，尤其当你看到很多十字星的时候，
18:20 - 18:24
EN: the market probably does not have enough time to get trend resumption up.
ZH: 市场很可能已经没有足够多的时间去恢复上涨趋势
18:30 - 18:41
EN: What often happens in a Broad Bull Channel on a 5-minute chart is
ZH: 在5分钟图上，等交易者发现这是一个宽上涨通道时， 趋势剩余的时间已经不多了
18:34 - 18:41
EN: by the time traders believe it’s a Broad Bull Channel,
ZH: 在5分钟图上，等交易者发现这是一个宽上涨通道时， 趋势剩余的时间已经不多了
18:37 - 18:41
EN: there’s not much time left in the day and there’s not much left to the trend.
ZH: 在5分钟图上，等交易者发现这是一个宽上涨通道时， 趋势剩余的时间已经不多了
18:46 - 18:51
EN: We have a Wedge Top testing the top of the channel – first reversal down.
ZH: 楔形顶，测试了通道的上沿——第1次反转下跌
18:51 - 18:55
EN: We tried to resume up above this bar, and now we have a second reversal down,
ZH: 这根小阳线的上方是高1——尝试恢复上涨， 现在是第2次反转下跌
18:55 - 18:56
EN: and this time with a bear bar.
ZH: 而且有阴线收在最低
18:57 - 19:02
EN: It’s a reasonable stop entry short, maybe for a test all the way down here.
ZH: 在它下方卖出做空是合理的，有机会一直回调到这里
19:02 - 19:06
EN: However, what ended up happening was the market went mostly sideways.
ZH: 然而，最终市场基本只是横盘而已
Slide 013
Time: 19:10
Bilingual Transcript
19:15 - 19:19
EN: Again, whenever you have a fairly Broad Channel on a 5-minute chart,
ZH: 每当在5分钟图上看到非常宽的上涨通道
19:19 - 19:27
EN: it usually is going to form a Wedge Top or a trending Trading Range day
ZH: 它往往会形成一个楔形顶，或者是震荡上涨的一天—— 有两到三个震荡区间（注：震荡、突破；震荡，突破）
19:24 - 19:27
EN: - a series of Trading Ranges, two or three Trading Ranges.
ZH: 它往往会形成一个楔形顶，或者是震荡上涨的一天—— 有两到三个震荡区间（注：震荡、突破；震荡，突破）
19:30 - 19:32
EN: You clearly have a Broad Bull Channel.
ZH: 这显然是一个宽上涨通道
19:32 - 19:34
EN: You don’t really know that for sure until the end of the day.
ZH: 直到收盘才能完全确认这一点
19:34 - 19:37
EN: We have Higher Lows and Higher Highs,
ZH: 低点和高点都在抬高
19:37 - 19:41
EN: and the pullback lasted 20 bars, fairly deep.
ZH: 回调持续了20根K线，幅度很大
19:41 - 19:43
EN: This went down about 10 bars.
ZH: 这里大约下跌了10根K线
19:43 - 19:45
EN: Overall sideways for about 20 bars.
ZH: 整体横盘了大约20根K线
19:50 - 19:54
EN: However, most traders looking at a day like this
ZH: 然而，看到这样的行情，大部分交易者会说： 开盘是一个小的震荡区间
19:52 - 19:54
EN: would say we had an opening Trading Range,
ZH: 然而，看到这样的行情，大部分交易者会说： 开盘是一个小的震荡区间
19:54 - 19:57
EN: a brief breakout, and then an upper range.
ZH: 然后短暂地向上突破，在上方形成了新的区间
19:57 - 20:04
EN: So a trending Trading Range day, and the market failed to break back
ZH: 所以是震荡上涨的一天，市场没能在回调时跌破第一个区间的最高点
20:02 - 20:04
EN: below the top of the lower range.
ZH: 所以是震荡上涨的一天，市场没能在回调时跌破第一个区间的最高点
20:04 - 20:08
EN: So you can see these lows were exactly at that high at the top of the range,
ZH: 可以看到，这些低点刚好没有碰到前一个区间的最高点
20:08 - 20:10
EN: and the bulls got a Micro Double Bottom.
ZH: 多头在这里有一个小双底
20:10 - 20:15
EN: That makes it likely that instead of testing below the top of the lower range,
ZH: 因此价格跌回到前一个区间的概率变低了
20:15 - 20:19
EN: we’re going to get a reversal up and test the top of the upper range.
ZH: 市场更有可能反转上涨，涨回到新区间的顶部
20:19 - 20:23
EN: And here, we ended up breaking above the top of the range at the end of the day.
ZH: 这里，最终在收盘时突破了区间的上沿
20:28 - 20:32
EN: Because it’s a trending Trading Range day, it’s mostly a Trading Range.
ZH: 因为是震荡上涨日，所以它主要是震荡区间
20:32 - 20:35
EN: We have a lower range, a brief breakout, and an upper range,
ZH: 先是下方的区间，然后短暂地向上突破，在上方形成新的区间
20:35 - 20:39
EN: and therefore traders tend to trade it in both directions.
ZH: 因此交易者既会做多，也会做空
20:39 - 20:42
EN: When you have that breakout, chances are you’re going to get a second leg up.
ZH: 当你看到这样的突破，很可能有第2段上涨
20:42 - 20:45
EN: It’s easier to make money looking to buy.
ZH: 此时做多更容易赚钱
20:45 - 20:48
EN: So you buy reversals up from pullbacks.
ZH: 所以在回调后恢复上涨的时候买入
20:48 - 20:53
EN: However, we got a Micro Double Top, and it looks like a trending Trading Range.
ZH: 但是在这里出现了一个小双顶， 看起来像是震荡上涨日
20:53 - 20:56
EN: We have a lower range and then we have a breakout that’s brief,
ZH: 先是下方的区间，然后短暂地向上突破
20:56 - 20:58
EN: and now we have a lot of Trading Range trading.
ZH: 现在又出现了很多震荡交易的特征
20:58 - 21:01
EN: Therefore, this is probably a bull leg in a Trading Range,
ZH: 所以这很可能是震荡区间中的上涨波段
21:01 - 21:04
EN: and traders will look to sell a second reversal down
ZH: 交易者会在第2次反转下跌时做空
21:04 - 21:08
EN: - not expecting a bear trend, but expecting a scalp.
ZH: ——并不预期会有大的下降趋势， 而是想要做一笔剥头皮交易
21:08 - 21:10
EN: You buy low, sell high, and scalp.
ZH: 低买、高卖、剥头皮赚快钱
21:11 - 21:16
EN: Now we’re reversing up, Micro Double Bottom, test of the top of the lower range,
ZH: 反转上涨，小双底，测试了下方区间的顶部
21:16 - 21:19
EN: going higher, and now a very Tight Bull Channel.
ZH: 恢复上涨，进入了很窄的上涨通道
21:19 - 21:22
EN: It looks like it might be Buy The Close for the end of the day.
ZH: 看起来多头会一直买到收盘 （注：日K线级别的“买收盘”）
21:27 - 21:34
EN: Again, by the time traders start to view this as a Broad Bull Channel
ZH: 和刚才一样，等交易者发现它是一个宽上涨通道， 而不仅仅是震荡上涨日的时候，
21:32 - 21:34
EN: instead of a trending Trading Range day,
ZH: 和刚才一样，等交易者发现它是一个宽上涨通道， 而不仅仅是震荡上涨日的时候，
21:34 - 21:36
EN: there are not that many bars left to the day.
ZH: 距离收盘已经没有太多时间了
21:37 - 21:40
EN: So all through here, I would call this a trending Trading Range day
ZH: 一直到这里，我会说今天是震荡上涨日——
21:40 - 21:43
EN: - a lower range, a brief breakout, and an upper range.
ZH: 下区间，向上突破，上区间
21:43 - 21:49
EN: However, at this point you look at it and you say,
ZH: 然而，在这个时候，你看到市场突破，创了新高
21:46 - 21:49
EN: well, we have another new high.
ZH: 然而，在这个时候，你看到市场突破，创了新高
21:49 - 21:52
EN: Maybe in addition to a trending Trading Range day,
ZH: 今天除了是震荡上涨日之外，
21:52 - 21:54
EN: it’s also a Broad Bull Channel.
ZH: 也是一个宽上涨通道
21:54 - 21:56
EN: There’s very little time left to make much money here.
ZH: 由于即将收盘，所以赚不到大的波段了
21:56 - 21:58
EN: You get one more scalp up.
ZH: 但可以买入做一笔剥头皮交易
22:03 - 22:07
EN: I said that when you have a Broad Channel on a 5-minute chart,
ZH: 之前讲到，如果5分钟图是一个宽通道
Slide 014
Time: 22:05
Bilingual Transcript
22:07 - 22:09
EN: the channel often lasts 2 or 3 days.
ZH: 这个通道经常能持续两三天
Slide 015
Time: 22:11
Bilingual Transcript
22:13 - 22:20
EN: This is a 5-minute chart, and I have a bar chart
ZH: 这是5分钟图，为了能展示更多的K线，我切换到了美式K线， 到这里一共是3天的行情
22:16 - 22:20
EN: so that I can show many days, and this is actually 3 days at this point.
ZH: 这是5分钟图，为了能展示更多的K线，我切换到了美式K线， 到这里一共是3天的行情
22:20 - 22:24
EN: We have a bull trend, a Trading Range, and we’re getting trend resumption up,
ZH: 上涨趋势，震荡区间，恢复上涨
22:24 - 22:26
EN: and now we’re getting a reversal down.
ZH: 然后开始反转下跌
22:32 - 22:38
EN: Now, 5-minute charts usually do not have obvious Broad Bull Channels.
ZH: 通常，在5分钟级别看不到明显的宽上涨通道
22:38 - 22:45
EN: One of the reasons for that is you need a lot of bars to know
ZH: 其中一个原因是，你需要很多K线，有时超过100根K线， 才能发觉原来市场处于宽通道
22:42 - 22:45
EN: that the channel is broad, sometimes 100 or more bars.
ZH: 其中一个原因是，你需要很多K线，有时超过100根K线， 才能发觉原来市场处于宽通道
22:45 - 22:49
EN: There are only 81 bars in the day session of the Emini,
ZH: 标普期货的常规时段只有81根5分钟K线
22:49 - 22:52
EN: and that’s often not enough bars for you to see the Broad Bull Channel.
ZH: 往往不足以让你看到宽上涨通道的全貌
22:53 - 23:01
EN: I’m using this bar chart to allow me to put a lot of bars on the chart.
ZH: 这张图上有很多根K线——3天，所以是243根5分钟K线
22:58 - 23:01
EN: Again, this is 3 days, so it’s 243 bars.
ZH: 这张图上有很多根K线——3天，所以是243根5分钟K线
23:01 - 23:03
EN: It may not look like it, but it is.
ZH: 看起来没那么多，但确实有
23:08 - 23:12
EN: At this point we have a bear channel and you can call it an upper Trading Range
ZH: 此时市场处于下降通道， 你可以把它看作大的震荡区间
23:12 - 23:16
EN: – although we have not rallied up, we have not sold off again,
ZH: ——尽管还没有再次上涨、再次下跌
23:16 - 23:19
EN: so we’re not sure that it’s an upper Trading Range.
ZH: 所以并不能确定，但它有可能是新的区间
23:18 - 23:19
EN: But it might be.
ZH: 所以并不能确定，但它有可能是新的区间
23:19 - 23:23
EN: Could be a small spike, pullback, channel, test of the beginning of the channel.
ZH: 急速突破、回调进入通道，然后回测通道的起点
23:23 - 23:24
EN: Looks like it might be forming a Trading Range.
ZH: 看起来像是在形成震荡区间
23:24 - 23:27
EN: Big up, big down, big confusion, and sideways.
ZH: 大涨、大跌、让人感到困惑，然后横盘
23:29 - 23:32
EN: It’s also possible that it’s a Higher Low in what
ZH: 它也有可能是一个抬高的低点
23:32 - 23:34
EN: will end up as a Broad Bull Channel.
ZH: 最终成为宽上涨通道
23:34 - 23:37
EN: We’re getting Higher Highs through here.
ZH: 这里高点在不断抬高
23:37 - 23:41
EN: We’re getting Higher Lows, and possibly another Higher Low.
ZH: 低点也在抬高，它可能是新的重要低点
23:46 - 23:52
EN: Very often when you look at a chart, it has a bull trend,
ZH: 很多时候你会发现这样的行情—— 同时存在上涨趋势、下降趋势和震荡区间
23:50 - 23:52
EN: a bear trend, and a Trading Range all at the same time,
ZH: 很多时候你会发现这样的行情—— 同时存在上涨趋势、下降趋势和震荡区间
23:52 - 23:56
EN: and you don’t know which one will end up taking control.
ZH: 你不知道最终哪个会占据主导
23:56 - 24:00
EN: We’re clearly in a bull trend, and we’re possibly in a Broad Bull Channel,
ZH: 之前是明显的上涨趋势，现在也许是一个很宽的上涨通道
24:00 - 24:03
EN: with this being simply a Higher Low in a Broad Bull Channel
ZH: 它有可能是宽通道中新的抬高的低点
24:03 - 24:06
EN: - and we’re obviously in a bear trend,
ZH: ——市场目前显然也处于下降趋势
24:06 - 24:08
EN: and we don’t know if it’ll continue all the way down.
ZH: 你不知道会不会继续下跌
24:11 - 24:15
EN: And this is what followed over the next week or so.
ZH: 这是接下来几天的行情
24:14 - 24:15
EN: Actually, a couple of weeks.
ZH: 这是接下来几天的行情
24:15 - 24:20
EN: We have another high, a new low, and then another high after that,
ZH: 突破创新高，低点也抬高，然后再次创新高
24:20 - 24:24
EN: and therefore, even though it was in a Trading Range and in a bear trend,
ZH: 所以，尽管市场之前处于震荡区间，也处于下降趋势，
24:24 - 24:28
EN: all of that was part of a large Broad Bull Channel.
ZH: 但那些都只是这个大的宽上涨通道的一部分
Slide 016
Time: 24:30
Bilingual Transcript
24:37 - 24:40
EN: Remember, a Broad Bull Channel has legs that last a lot of bars
ZH: 要知道，宽上涨通道中的波段可以持续很多根K线
24:40 - 24:43
EN: - 5 bars, 10 bars, sometimes 20 or 30 bars.
ZH: ——5，10，有时甚至持续20~30根K线
24:43 - 24:48
EN: Here, this leg lasted – I don’t know what that is, 50 or 60 bars?
ZH: 这里，这段回调持续了大约50~60根K线
24:48 - 24:53
EN: And it’s hard to see it as a channel if you’re just trading the 5-minute chart
ZH: 如果你在5分钟图上交易，就很难按照宽通道来交易
24:53 - 24:55
EN: unless you put up a bar chart that shows a lot of days.
ZH: 除非你像我这样，把几个礼拜的K线全都显示出来
25:01 - 25:02
EN: It does not matter.
ZH: 没有必要这样做
25:02 - 25:06
EN: If you’re a day trader trading the 5-minute chart, you do not need to know
ZH: 如果你在5分钟图上做日内交易
25:06 - 25:10
EN: that this bear trend is part of a Broad Bull Channel.
ZH: 你并不需要知道这个下降趋势只是宽上涨通道的一部分
25:11 - 25:13
EN: You’re going to trade it like a fairly Tight Bear Channel
ZH: 你就按照窄下降通道去交易
25:13 - 25:20
EN: and look mostly to short, even though it ended up
ZH: 日内一直找机会做空即可， 尽管它最终只是一个大的宽上涨通道中的下跌波段
25:16 - 25:20
EN: as a bear leg in what is a large Broad Bull Channel.
ZH: 日内一直找机会做空即可， 尽管它最终只是一个大的宽上涨通道中的下跌波段
25:20 - 25:25
EN: It’s very common that if you look at a lot more days of higher timeframe chart,
ZH: 经常会有这样的情况，如果你看更高的时间周期，看好几天的行情
25:25 - 25:33
EN: it could be a trend in one direction, yet there can be very strong trends
ZH: 可以看到市场总体处于上涨趋势， 但日内有时候会出现非常强的下降趋势
25:30 - 25:33
EN: in the opposite direction within that trend.
ZH: 可以看到市场总体处于上涨趋势， 但日内有时候会出现非常强的下降趋势
25:33 - 25:36
EN: And these bear trends, these bear channels,
ZH: 就比如这样的下降趋势，这样的下降通道
25:36 - 25:39
EN: end up as bull flags leading to trend resumption up.
ZH: 它们最终变成牛旗，趋势恢复上涨
Slide 017
Time: 25:45
Bilingual Transcript
25:46 - 25:55
EN: Broad Channels are much more common on higher timeframe charts
ZH: 在更高的时间周期，比如在60分钟、日K线，周K线和月K线上， 宽通道更常见，比在5分钟图上常见
25:50 - 25:55
EN: than they are on 5-minute charts – for example, 60-minute charts,
ZH: 在更高的时间周期，比如在60分钟、日K线，周K线和月K线上， 宽通道更常见，比在5分钟图上常见
25:53 - 25:55
EN: daily, weekly, and monthly charts.
ZH: 在更高的时间周期，比如在60分钟、日K线，周K线和月K线上， 宽通道更常见，比在5分钟图上常见
26:00 - 26:07
EN: Again, as I said, on a 5-minute chart it often takes several days
ZH: 因为正如之前所说，你需要看好几天的5分钟图， 才能看到明显的宽上涨通道
26:04 - 26:07
EN: before you see the Broad Bull Channel.
ZH: 因为正如之前所说，你需要看好几天的5分钟图， 才能看到明显的宽上涨通道
26:11 - 26:17
EN: Also, Broad Bull Channels often have periods
ZH: 此外，宽上涨通道中经常有一些时段， 市场是暂时处于单边下跌的
26:15 - 26:17
EN: when the market is actually Always In Short.
ZH: 此外，宽上涨通道中经常有一些时段， 市场是暂时处于单边下跌的
26:17 - 26:20
EN: Bear trend here for a day and a half, a bear trend here.
ZH: 这里的下降趋势持续了一天半，这里也持续了很久
26:25 - 26:30
EN: If you’re trading a 5-minute chart, you trade the chart that is in front of you,
ZH: 如果你在5分钟图做日内，只根据眼前的行情交易就可以了
26:30 - 26:34
EN: and if you were trading a 5-minute chart here, you would not be looking at this.
ZH: 如果你在这段时间看5分钟图交易， 没必要看之前那么多根K线
26:34 - 26:38
EN: You would simply be seeing this and you’d concentrate on getting short.
ZH: 根据目前的下降趋势，专注于找做空机会就可以了
26:41 - 26:45
EN: Very strong breakout and we have a Higher Low, pullback,
ZH: 非常强势的突破，回调形成更高的低点
26:45 - 26:47
EN: so a Higher Low Major Trend Reversal.
ZH: 所以是低点抬高的大反转结构
26:47 - 26:50
EN: Even though it’s only 1 bar up, it’s so exceptionally big
ZH: 尽管只是一根大阳线，但因为它太强势了
26:50 - 26:54
EN: that it’s enough to make traders to look to buy a Higher Low.
ZH: 足以让交易者在低点抬高的时候买入做多
26:54 - 26:57
EN: Here we have a Higher Low Major Trend Reversal.
ZH: 所以这是一个低点抬高的大反转机会
27:00 - 27:04
EN: We have a bull trend, a bear breakout, and a Double Top Lower High.
ZH: 上涨趋势，跌破趋势线，恢复上涨后形成高点降低的双顶
27:04 - 27:06
EN: Traders will look to sell.
ZH: 交易者会卖出做空
27:06 - 27:09
EN: We have a bull trend, a bear breakout lasting a lot of bars,
ZH: 上涨趋势，下跌回调了很多根K线
27:09 - 27:12
EN: and then a Higher High with four pushes up,
ZH: 然后4次向上的推动，涨到了新高
27:12 - 27:14
EN: so a type of Wedge Top above this high.
ZH: 所以它是前期高点上方的楔形顶
27:14 - 27:16
EN: Traders will look to sell that as well.
ZH: 交易者也会在这里做空
27:20 - 27:24
EN: This is a Broad Bull Channel lasting about 6 days.
ZH: 这个宽上涨通道持续了大约6天
Slide 018
Time: 27:20
Bilingual Transcript
27:28 - 27:32
EN: If you like to trade patterns that last 3, 4, or 5 days,
ZH: 如果你喜欢做持续3、4、5天的大波段
27:32 - 27:35
EN: it’s probably better not to be looking at a 5-minute chart.
ZH: 那么最好不要看5分钟K线图
27:35 - 27:39
EN: It’s better to be looking at a higher timeframe chart, like a 60-minute chart.
ZH: 最好看更高时间周期的K线图，比如60分钟
27:44 - 27:50
EN: When you see a Broad Bull Channel on the chart in front of you
ZH: 如果你在5分钟图上做日内交易，然后看到一个宽上涨通道
Slide 019
Time: 27:45
Bilingual Transcript
27:48 - 27:50
EN: - for example, if you’re a day trader looking at a 5-minute chart
ZH: 如果你在5分钟图上做日内交易，然后看到一个宽上涨通道
27:51 - 27:57
EN: - if you look at a high enough timeframe chart,
ZH: 这个宽上涨通道在更高的时间周期，往往是一个很窄的上涨通道
27:53 - 27:57
EN: that Broad Bull Channel is usually a fairly Tight Channel.
ZH: 这个宽上涨通道在更高的时间周期，往往是一个很窄的上涨通道
Slide 020
Time: 27:58
Bilingual Transcript
28:04 - 28:06
EN: Let’s take a look at this.
ZH: 来看这个案例
28:06 - 28:09
EN: We have a deep pullback here, 10 bar pullback here.
ZH: 这里有一个深度回调； 这里的回调持续了10根K线
28:09 - 28:14
EN: So this bull leg, even though might be part of a bigger Broad Bull Channel,
ZH: 所以这个上涨波段——它可能处于更大的宽上涨通道——
28:14 - 28:17
EN: it’s a fairly Broad Channel here – especially given this pullback.
ZH: 但它本身也足够宽了，尤其是在这样的回调出现之后
28:21 - 28:24
EN: Traders will buy the reversal up from the Double Bottom.
ZH: 多头会在双底反转上涨的时候买入
28:24 - 28:26
EN: They’ll buy the breakout.
ZH: 他们会在突破时买入
28:29 - 28:33
EN: After each strong breakout to a new high, they’ll trail their stop
ZH: 在每次强势突破创新高之后，他们会抬高止损
28:33 - 28:35
EN: below the most recent major Lower High.
ZH: 移动到最近的重要低点下方
28:35 - 28:39
EN: Here we have a gap up and a rally to a new high, 2 bull bars.
ZH: 这里跳空高开，突破了前期的高点，连续两根阳线
28:39 - 28:41
EN: Therefore this is a major Lower High.
ZH: 所以它变成了新的重要低点
28:41 - 28:46
EN: Bulls who are long or who bought up here will have a stop down here.
ZH: 继续持仓的多头，或者在这里买入的多头， 会把止损放在它的下方
28:50 - 29:00
EN: Traders will hold long until there’s a clear opposite signal
ZH: 多头会一直持有，押注上涨通道还能持续很久， 直到出现明确的反转信号，或者直到止损被打掉
28:54 - 29:00
EN: or until their stop gets hit, betting that the channel up
ZH: 多头会一直持有，押注上涨通道还能持续很久， 直到出现明确的反转信号，或者直到止损被打掉
28:58 - 29:00
EN: will continue for a lot more bars.
ZH: 多头会一直持有，押注上涨通道还能持续很久， 直到出现明确的反转信号，或者直到止损被打掉
Slide 021
Time: 29:05
Bilingual Transcript
29:05 - 29:10
EN: I talked about distinguishing a Broad Bull Channel from a Tight Bull Channel.
ZH: 这节课我讲了宽上涨通道和窄上涨通道的不同之处
29:10 - 29:12
EN: I trade them differently.
ZH: 我用不同的方法去交易它们
29:12 - 29:14
EN: A Tight Channel, it’s usually better only to buy.
ZH: 窄上涨通道，最好只做多、不做空
29:14 - 29:20
EN: If you have a Broad Bull Channel, it’s always good to be buying
ZH: 如果是宽上涨通道，买入做波段或剥头皮，当时好的做法
29:18 - 29:20
EN: for a swing or for scalps.
ZH: 如果是宽上涨通道，买入做波段或剥头皮，当时好的做法
29:20 - 29:25
EN: However, if the legs down are strong enough and last enough bars,
ZH: 然而，如果下跌足够强势，并且持续足够多的K线
29:25 - 29:26
EN: you could also make money selling.
ZH: 做空也可以赚钱
29:26 - 29:32
EN: Since it’s a bull trend, usually it’s better only to be scalping
ZH: 因为毕竟是上涨趋势，逆势做空的话，最好只做剥头皮交易
29:30 - 29:32
EN: if you’re selling against the trend.
ZH: 因为毕竟是上涨趋势，逆势做空的话，最好只做剥头皮交易
29:32 - 29:37
EN: Broad Bull Channels are often indistinguishable from Trading Ranges.
ZH: 宽上涨通道和震荡区间经常难以区分
29:37 - 29:40
EN: Much of the chart is going to be also in a Trading Range.
ZH: 宽通道中的大部分K线往往也处于震荡区间
29:41 - 29:45
EN: And Broad Bull Channels on a 5-minute chart often last several days.
ZH: 5分钟K线图上的宽上涨通道，通常会持续好几天
29:46 - 29:51
EN: However, they’re still often fairly Tight Channels on a higher timeframe chart.
ZH: 然而，它们在更高时间周期的K线图上，仍然是比较窄的通道
29:55 - 29:56
EN: I’m Al Brooks.
ZH: 我是阿尔·布鲁克斯
29:56 - 29:58
EN: Thank you for watching the Brooks Trading Course.
ZH: 感谢观看布鲁克斯交易课程
29:58 - 30:02
EN: This is the first of five videos on trading Broad Bull Channels.
ZH: 如何交易宽上涨通道的第1节课，就先讲到这里