al-brooks-course
48B - Trading the Open
Raw transcript and slide notes for 48B - Trading the Open.
Overview
- Slides: 13
- Transcript segments: 475
- Status: 自动按 slide 时间线归档；核心概念和长期笔记可以在每个 slide 的
Study Notes下继续整理。
Source Media
Transcript 001
Time: 00:02
Bilingual Transcript
00:02 - 00:03
EN: This is Al Brooks.
ZH: 你好，我是阿尔·布鲁克斯
00:03 - 00:06
EN: Thank you for watching the Brooks Trading Course.
ZH: 欢迎观看布鲁克斯交易课程
00:06 - 00:09
EN: This is the second of six videos on trading the open.
ZH: 这是早盘的第2节课
Slide 001
Time: 00:12
Bilingual Transcript
00:13 - 00:18
EN: Why trade the open? Because it has a high probability of having a swing trade,
ZH: 为什么早盘很重要？因为它有很大的概率会出现波段机会
00:18 - 00:20
EN: where a trader can make at least 4 points.
ZH: 让交易者可以至少赚4个点 （注：指的是2018年的标普股指期货）
00:21 - 00:26
EN: I want to talk a little bit about some common patterns
ZH: 这节课我主要想讲解一些常见的早盘模式
00:24 - 00:26
EN: that traders should look for on the open.
ZH: 这节课我主要想讲解一些常见的早盘模式
00:27 - 00:32
EN: For all traders, stop orders in general are better than limit and market orders.
ZH: 对交易者而言，用突破单入场通常比限价单和市价单更好
00:32 - 00:36
EN: For beginners, traders should only trade with stop orders.
ZH: 对于新手交易者而言，他们应该只用突破单入场
00:37 - 00:40
EN: I want to talk a little bit about the most important rule in trading,
ZH: 我会讲到交易中最重要的一条规则：
00:40 - 00:44
EN: and that is that traders have to be prepared for anything.
ZH: 交易者要做好任何事都有可能发生的准备
Slide 002
Time: 00:46
Bilingual Transcript
00:50 - 00:55
EN: Everybody should be looking for swing trades, and they’re usually easiest
ZH: 每个人都应该寻找波段交易的机会， 通常在早盘最容易找到，
00:54 - 01:01
EN: to find in the open because there’s a high chance
ZH: 每个人都应该寻找波段交易的机会， 通常在早盘最容易找到， 头两个小时有很高的概率会形成波段
00:57 - 01:01
EN: of a swing trade occurring sometime in the first hour or two.
ZH: 头两个小时有很高的概率会形成波段
01:08 - 01:12
EN: We have a pair of bull bars, each closing on their highs after a gap down.
ZH: 大幅跳空低开之后，连续两根阳线收在最高
01:12 - 01:14
EN: Here’s the average price.
ZH: 平均价格在这里（注：即均线）
01:14 - 01:17
EN: Traders will buy the close of that second bull bar,
ZH: 多头会在第2根阳线的收盘买入
01:17 - 01:19
EN: betting that it might be the beginning of a swing up.
ZH: 押注这可能是波段上涨的开始
01:23 - 01:25
EN: Parabolic Wedge Top.
ZH: 抛物线楔形顶
01:25 - 01:28
EN: Traders will sell, hoping for a swing down.
ZH: 交易者卖出做空，预期会有下跌波段
01:32 - 01:36
EN: We have a Double Top, both with good sell signal bars,
ZH: 双顶，两个高点都有很好的做空信号K
01:36 - 01:40
EN: and now we have consecutive bear bars closing on their lows,
ZH: 现在有连续的阴线收在最低
01:40 - 01:42
EN: a second entry sell below that bar.
ZH: 那根阴线的下方是第2做空入场点
01:42 - 01:45
EN: Traders will either sell below that bar
ZH: 空头会在它的下方挂突破卖单做空
01:45 - 01:48
EN: or they’ll sell a close or they’ll sell below a pullback.
ZH: 或者在它的收盘做空，或者在反弹时做空
01:48 - 01:52
EN: This bull bar is a pullback from these consecutive bear bars.
ZH: 这根阳线只是连续阴线下跌之后的反弹
01:56 - 01:57
EN: We have a Double Bottom.
ZH: 这里形成了双底
01:57 - 02:00
EN: We have a minor reversal and now a Double Bottom.
ZH: 之前是小反转，现在形成了双底
02:00 - 02:02
EN: Traders will buy back their shorts.
ZH: 空头会在这里买入回补
02:02 - 02:06
EN: Aggressive bulls might buy looking for at least a trade up.
ZH: 激进的多头会买入做多，预期至少有一些反弹
02:12 - 02:15
EN: The market rallied strongly, sold off strongly,
ZH: 市场大涨、大跌
02:15 - 02:17
EN: and now has a good bull bar closing on its high.
ZH: 现在有一根阳线收在最高
02:17 - 02:19
EN: The bulls are hoping for a Double Bottom.
ZH: 多头押注这是一个双底
02:19 - 02:22
EN: They’ll buy above that bull bar for a swing up.
ZH: 他们会在那根阳线的上方买入，做波段交易
02:23 - 02:28
EN: Remember, a strong move on the open – 50% chance it’s going to reverse,
ZH: 开盘的强趋势有50%的概率会被反转，
02:28 - 02:31
EN: and if you get a good reversal bar like this,
ZH: 如果看到这样一根漂亮的反转K线——
02:31 - 02:36
EN: a bull inside bar closing on its high, it’s a reliable buy for a trade up.
ZH: 多头孕线收在最高——它是一个可靠的买入信号
02:39 - 02:43
EN: Now we have a Double Top here and here, below the Moving Average,
ZH: 现在，它和它形成了双顶，位于均线下方
02:43 - 02:47
EN: and a Micro Double Top with a bear bar closing on its low.
ZH: 同时这里有一个小双顶，阴线收在最低
02:47 - 02:50
EN: The bulls who bought will get out below that bear bar
ZH: 如果多头没有在反弹到均线的时候止盈
02:50 - 02:53
EN: if they did not already take profits up near the Moving Average.
ZH: 那么他们会在那根阴线下方卖出离场
02:58 - 03:01
EN: Reversal down, reversal down, reversal down.
ZH: 反转下跌，反转下跌，反转下跌
03:01 - 03:04
EN: Trading Range, Higher Low, Lower High here.
ZH: 震荡区间，但是低点抬高，高点降低 （注：收敛三角形，突破模式）
03:05 - 03:07
EN: Decent sell signal bar here at the Moving Average.
ZH: 在均线这里出现了一个不错的做空信号K
03:07 - 03:10
EN: Reasonable sell looking for a swing down.
ZH: 卖出做空押注下跌波段是合理的
03:15 - 03:17
EN: Big gap up above the Moving Average.
ZH: 大幅跳空高开，离均线很远
03:17 - 03:19
EN: Two legs down – one, pullback, two.
ZH: 两段下跌——1，反弹，2
03:20 - 03:22
EN: It subdivided into a Wedge.
ZH: 也可以细分成3推楔形
03:22 - 03:27
EN: We rallied, we bounced, and we’re trying to bounce
ZH: 上涨，上涨，第3次上涨—— 在均线获得支撑，有一根不错的阳线
03:25 - 03:27
EN: above the Moving Average for a good bull bar.
ZH: 上涨，上涨，第3次上涨—— 在均线获得支撑，有一根不错的阳线
03:27 - 03:29
EN: A reasonable buy for possible low of the day.
ZH: 在这里买入、押注今天的低点已经出现，是合理的
03:30 - 03:34
EN: It was the low for the next several hours, but not the low of the day.
ZH: 它确实成为了接下来几个小时的最低点， 但尾盘被跌破了
03:38 - 03:42
EN: A pair of bear bars reversing down, reversing down at the high of the day.
ZH: 两根阴线反转下跌，从今天的高点附近反转下跌
03:42 - 03:45
EN: Reasonable to exit longs at that point.
ZH: 多头在这里离场是合理的
03:51 - 03:52
EN: We’re below the Moving Average.
ZH: 现在价格低于均线
03:52 - 03:55
EN: Probably gap down, and now we have a Double Top.
ZH: 大幅跳空低开，现在形成了双顶
03:55 - 03:58
EN: Slightly Higher High Double Top below the Moving Average,
ZH: 高点略微抬高的双顶，价格被均线压制
03:58 - 04:00
EN: with a bear bar closing on its low.
ZH: 有阴线收在最低
04:00 - 04:03
EN: A reasonable short for a possible swing down.
ZH: 做空押注下跌波段是合理的
04:11 - 04:13
EN: Later in the day we got a Wedge Bottom.
ZH: 在下午的时候形成了楔形底
04:13 - 04:16
EN: Reversed up, reversed up, reversed up.
ZH: 尝试上涨、上涨、上涨
04:16 - 04:17
EN: It’s nested.
ZH: 嵌套式楔形
04:17 - 04:20
EN: There’s a smaller Wedge here – up, up, up.
ZH: 里面有一个更小的楔形——1，2，3
04:20 - 04:25
EN: Reasonable to get out of shorts and bulls will look to buy for a reversal up.
ZH: 空头回补离场，多头买入押注反转上涨，是合理的
Slide 003
Time: 04:29
Bilingual Transcript
04:30 - 04:33
EN: I think the next few charts are important.
ZH: 接下来的几个案例非常重要
04:33 - 04:35
EN: I want you to pay pretty close attention to them.
ZH: 我希望你能仔细观察
04:37 - 04:38
EN: We sold off and rallied.
ZH: 先下跌，再上涨
04:39 - 04:41
EN: It created a tail on the bottom of the bar.
ZH: 因此当天日K线的底部有下影线
04:42 - 04:44
EN: We rallied a little bit on the open and sold off,
ZH: 开盘上涨了一点点，然后下跌
04:44 - 04:46
EN: created a tail on the top of the bar.
ZH: 因此当天日K线有一点点上影线
04:48 - 04:53
EN: This is a 5-minute chart and this is a daily chart.
ZH: 这是5分钟K线图，这是当天的日K线
04:59 - 05:08
EN: 90% of the time if you have a bull day on the daily chart,
ZH: 如果某一天的日K线是阳线， 90%的概率，下影线是由于早盘下跌然后反转上涨形成的
05:04 - 05:08
EN: this tail is caused by an early selloff and a reversal up,
ZH: 90%的概率，下影线是由于早盘下跌然后反转上涨形成的
05:09 - 05:14
EN: and a top tail is usually caused by some late profit-taking, end of the day.
ZH: 上影线通常是由尾盘止盈回落形成的
05:16 - 05:20
EN: Here’s the open of the day, low of the day, and this tail on the bottom
ZH: 这是当天的开盘价，当天的最低价，
05:20 - 05:23
EN: of the bull day was caused by this early selloff.
ZH: 它的下影线是由于早盘下跌而形成的
05:26 - 05:27
EN: There’s the close.
ZH: 收盘价在那里
05:27 - 05:30
EN: This tail on top was caused by this late selloff.
ZH: 上影线是由于尾盘回落而形成的
05:38 - 05:44
EN: Only 10% of the time when you have a bull day like this
ZH: 如果日K线是这样的大阳线， 只有10%的时候下影线不是由于早盘下跌形成的
05:41 - 05:44
EN: is the tail caused by a late selloff.
ZH: 如果日K线是这样的大阳线， 只有10%的时候下影线不是由于早盘下跌形成的
05:44 - 05:48
EN: Here’s the open of the day and here’s the low of the day.
ZH: 这是当天的开盘价，这是当天的最低价
05:48 - 05:51
EN: It occurred late in the day, and that’s only 10% of the time.
ZH: 下跌发生在下午，这种情况只占10%
05:51 - 05:58
EN: 90% of the time during a bull trend day on the daily chart,
ZH: 如果是上涨趋势日， 90%的下影线都是由早盘下跌并反转上涨而形成的
05:55 - 05:58
EN: you’ll have an early selloff and an early reversal up.
ZH: 如果是上涨趋势日， 90%的下影线都是由早盘下跌并反转上涨而形成的
06:03 - 06:04
EN: Trading Range day.
ZH: 震荡区间日
06:04 - 06:07
EN: Here’s the open, there’s the low.
ZH: 这是开盘价，这是最低价
06:07 - 06:09
EN: Here’s the open, here’s the high.
ZH: 这是开盘价，这是最高价
06:10 - 06:11
EN: Big tail on the bottom.
ZH: 有很长的下影线
06:11 - 06:16
EN: Here’s the high, here’s the close.
ZH: 这是最高价，这是收盘价——也就是实体部分的上沿
06:14 - 06:16
EN: That’s the top of this white box.
ZH: 这是最高价，这是收盘价——也就是实体部分的上沿
06:17 - 06:20
EN: When you look at this bar on the daily chart,
ZH: 当你在日K线上看到这样的K线（注：十字星）
06:20 - 06:27
EN: you don’t know that the bottom tail was formed early in the day
ZH: 你无法判断它的上、下影线是在什么时候形成的
06:24 - 06:27
EN: and the top tail came after the bottom tail.
ZH: 你无法判断它的上、下影线是在什么时候形成的
06:28 - 06:32
EN: But you know that one of the tails are probably formed early in the day.
ZH: 但你知道其中一根影线大概率是在早盘形成的
06:32 - 06:34
EN: You can say, “Al, it’s a bull body.
ZH: 有人可能想问：“老师，它毕竟是一根阳线，
06:34 - 06:39
EN: Doesn’t that mean that the day sold off and then rallied?” No, not at all.
ZH: 是否代表当天是先上涨、再下跌的？” 不，完全不对
06:39 - 06:41
EN: In fact, that’s not what happened here.
ZH: 比如这一天就不是这样
06:41 - 06:45
EN: We sold off, rallied, and then sold off again.
ZH: 先下跌，再上涨，然后再跌回来
06:50 - 06:52
EN: Here’s a bear day.
ZH: 这一天是下降趋势日
06:52 - 06:58
EN: 90% of the time that tail is caused by a small rally early
ZH: 90%的时候，这个上影线是由于开盘上涨， 然后反转下跌而形成的
06:56 - 06:58
EN: in the day that reversed down,
ZH: 90%的时候，这个上影线是由于开盘上涨， 然后反转下跌而形成的
07:05 - 07:13
EN: and 90% of the days
ZH: 同样，这样的下跌日，90%的时候， 下影线是由于尾盘的小反弹而形成的
07:07 - 07:13
EN: - bear day here – that little tail on the bottom is
ZH: 同样，这样的下跌日，90%的时候， 下影线是由于尾盘的小反弹而形成的
07:10 - 07:13
EN: caused by a little reversal up at the end of the day.
ZH: 同样，这样的下跌日，90%的时候， 下影线是由于尾盘的小反弹而形成的
07:13 - 07:16
EN: We reversed up and sold off, but closed above the low.
ZH: 反弹，再次下跌，最终收盘价低于开盘价
07:22 - 07:30
EN: 10% of the time when you have a bear day like this, that tail on top,
ZH: 如果日K线是这样的阴线， 只有10%的时候上影线不是在早盘形成的
07:27 - 07:30
EN: instead of coming early, comes later in the day.
ZH: 如果日K线是这样的阴线， 只有10%的时候上影线不是在早盘形成的
07:30 - 07:34
EN: We had a high late in the day, late in the session,
ZH: 当天的最高点是在下午形成的
07:34 - 07:36
EN: and then a reversal down late in the day,
ZH: 然后一路跌到收盘
07:37 - 07:39
EN: and that big tail came late in the day.
ZH: 所以这个上影线是在尾盘形成的
07:44 - 07:48
EN: I want to talk a little bit about very common patterns
ZH: 接下来我想讲一讲早盘常见的模式
Slide 004
Time: 07:45
Bilingual Transcript
07:47 - 07:48
EN: that traders see on the open.
ZH: 接下来我想讲一讲早盘常见的模式
Slide 005
Time: 07:49
Bilingual Transcript
07:54 - 07:58
EN: The three most common patterns – here we have a trend from the open bull trend.
ZH: 三种最常见的模式——这一天一开盘就进入了上涨趋势
07:58 - 08:00
EN: Began with the very first bar.
ZH: 从第1根K线开始
08:00 - 08:02
EN: Sometimes it begins with the second or third bar.
ZH: 有时候从第2、第3根K线开始
08:06 - 08:11
EN: We have a gap up here, and on the third bar
ZH: 这一天跳空高开，从开盘第3根K线开始，就进入了下降趋势
08:09 - 08:11
EN: we began a trend from the open bear trend.
ZH: 这一天跳空高开，从开盘第3根K线开始，就进入了下降趋势
08:16 - 08:20
EN: It’s also a Double Top Lower High Major Trend Reversal.
ZH: 这也是低于前期高点的双顶大反转——
08:20 - 08:23
EN: Bull trend, bear breakout, and a Lower High Major Trend Reversal.
ZH: 上涨趋势，向下跌破，高点降低的大反转
08:23 - 08:25
EN: That’s also a Double Top bear flag.
ZH: 这是一个双顶熊旗
08:29 - 08:31
EN: Now, you can get a trend from the open.
ZH: 所以，第一种就是一开盘就形成的趋势
08:31 - 08:33
EN: Here we got it up, here we got it down.
ZH: 这一天是开盘上涨，这一天是开盘下跌
08:33 - 08:38
EN: You can also have a BreakOut Mode open – in other words,
ZH: 第2种是突破模式——开盘先震荡，然后再突破
08:36 - 08:38
EN: an early Trading Range and then a breakout.
ZH: 第2种是突破模式——开盘先震荡，然后再突破
08:40 - 08:48
EN: A standard BreakOut Mode pattern means there’s a new low of the day
ZH: 标准的突破模式的定义是：跌破第1根K线的最低点，反转上涨； 突破第1根K线的最高点，反转下跌（注：顺序不重要）
08:44 - 08:48
EN: that reverses up, a new high of the day that reverses down.
ZH: 标准的突破模式的定义是：跌破第1根K线的最低点，反转上涨； 突破第1根K线的最高点，反转下跌（注：顺序不重要）
08:48 - 08:51
EN: Theoretically traders will buy a breakout above the top
ZH: 理论上，如果再向上突破，交易者就会买入做多
08:51 - 08:54
EN: and sell a breakout below the bottom.
ZH: 如果再向下跌破，交易者就会卖出做空
08:55 - 08:56
EN: Here we got a breakout above the top
ZH: 这一天向上突破了
08:56 - 08:59
EN: and the market continued up for the rest of the day.
ZH: 然后就一直上涨到收盘
08:59 - 09:02
EN: This pullback never fell below the low of the day.
ZH: 这里的回调并没有跌破早盘的最低点 （注：没有打掉多头的止损）
09:05 - 09:10
EN: Higher Low Major Trend Reversal.
ZH: 如果左边是下降趋势的话，那么这里就是低点抬高的大反转
09:08 - 09:10
EN: That’s assuming there was a bear trend before this.
ZH: 如果左边是下降趋势的话，那么这里就是低点抬高的大反转
09:11 - 09:17
EN: If not, you can simply call it a deep pullback
ZH: 如果左边不是下降趋势，那么它就只是突破开盘区间后的深度回调
09:14 - 09:17
EN: from this bull breakout above the early Trading Range.
ZH: 如果左边不是下降趋势，那么它就只是突破开盘区间后的深度回调
09:21 - 09:25
EN: BreakOut Mode.
ZH: 突破模式指的是： 向上、向下突破第1根K线，但是都失败、反转回来
09:22 - 09:25
EN: After the first bar there’s a reversal down and a reversal up.
ZH: 突破模式指的是： 向上、向下突破第1根K线，但是都失败、反转回来
09:26 - 09:30
EN: Usually for BreakOut Mode, I want the pattern to last at least 10 bars.
ZH: 通常，我希望突破模式的震荡结构至少有10根K线
09:30 - 09:35
EN: So for me, it would be a reversal up and then a reversal down here,
ZH: 反转上涨在这里，反转下跌在这里 （注：如果选择第4根K线作为反转下跌，那么整个结构就太小了）
09:35 - 09:39
EN: and traders would sell below the low or buy above the high.
ZH: 接下来，交易者会在跌破时做空，或在突破时做多
09:43 - 09:44
EN: You can also call this a Double Top.
ZH: 也可以把它看作是双顶
09:44 - 09:49
EN: Whenever there’s a Trading Range, there’s always going to be
ZH: 震荡区间里总是存在双顶和双底的结构
09:47 - 09:49
EN: a Double Top and a Double Bottom.
ZH: 震荡区间里总是存在双顶和双底的结构
09:54 - 09:57
EN: The third type of pattern is an opening reversal.
ZH: 第3种模式是早盘反转
09:58 - 10:01
EN: You can get a trend from the open, up or down;
ZH: 第1种模式：一开盘就形成上涨或下降趋势
10:01 - 10:05
EN: you can get an early Trading Range with a breakout up or down;
ZH: 第2种模式：开盘震荡，然后向上或向下突破
10:05 - 10:10
EN: or you can get an opening reversal, where the market goes one way
ZH: 第3种模式：开盘先有一个趋势，然后很快反转进入另一个方向
10:08 - 10:10
EN: and then reverses and goes the other way.
ZH: 第3种模式：开盘先有一个趋势，然后很快反转进入另一个方向
10:19 - 10:21
EN: We have a gap up above the Moving Average
ZH: 这一天跳空高开，价格高于均线
10:21 - 10:23
EN: and then a pullback to the Moving Average.
ZH: 开盘后价格回调到均线
10:23 - 10:28
EN: The bears were hoping for a trend from the open bear trend like this.
ZH: 空头希望今天一开盘就能形成下降趋势，就像这一天
10:28 - 10:30
EN: Instead, we reversed up on the open.
ZH: 然而，价格反转上涨了
10:30 - 10:34
EN: Now we’re into the day, maybe a little bit more,
ZH: 现在是开盘后一个小时左右，所以是早盘的反转
10:32 - 10:34
EN: and this is an opening reversal.
ZH: 现在是开盘后一个小时左右，所以是早盘的反转
10:34 - 10:35
EN: A Wedge bull flag.
ZH: 楔形牛旗
10:36 - 10:39
EN: It led for a little swing up for the next several hours.
ZH: 接下来的几个小时有一个小的上涨波段
10:43 - 10:44
EN: Here’s the Moving Average.
ZH: 均线在这里
10:44 - 10:49
EN: We gapped down below the Moving Average and we got a Double Top bear flag,
ZH: 今天跳空低开，然后形成双顶熊旗
10:49 - 10:52
EN: an opening reversal down from below the Moving Average.
ZH: 上涨到均线附近之后反转下跌
10:52 - 10:54
EN: Here, an opening reversal up.
ZH: 这一天是早盘反转上涨
10:54 - 10:56
EN: Here, an opening reversal down.
ZH: 这一天是早盘反转下跌
10:57 - 10:58
EN: You can call it a Low 2.
ZH: 这里是低2做空入场点
10:58 - 11:00
EN: You can call it a small Double Top.
ZH: 可以把它看作是一个小的双顶
Slide 006
Time: 11:05
Bilingual Transcript
11:08 - 11:09
EN: Here’s the Moving Average.
ZH: 均线在这里
11:09 - 11:11
EN: We gapped down.
ZH: 跳空低开
11:11 - 11:15
EN: This is a High 1 buy, a failed breakout below the Moving Average.
ZH: 第1根阳线的上方是高1做多入场点， 从均线下方反转上涨
11:15 - 11:17
EN: We don’t see what yesterday looked like,
ZH: 我们看不到昨天的行情
11:17 - 11:21
EN: but this might also be a reversal up from below yesterday’s low.
ZH: 但它有可能是从昨天低点附近反转上涨的
11:25 - 11:26
EN: This is hard to see.
ZH: 这里图比较小
11:26 - 11:29
EN: The second bar traded below the first bar – that’s a Low 1
ZH: 第2根K线曾经跌破第1根K线的低点，所以是低1
11:30 - 11:33
EN: - and then the fourth bar traded below the third bar, and that’s a Low 2.
ZH: 然后，第4根K线跌破第3根K线的低点，是低2
11:33 - 11:37
EN: Micro Double Top and a Low 2 and then a bear trend.
ZH: 小双顶、低2，反转进入下降趋势
11:37 - 11:43
EN: I’m mentioning this because some traders like to count bars
ZH: 特地标注出来是因为有些交易者喜欢数K线、数反转、数回调
11:41 - 11:43
EN: and count reversals and count pullbacks.
ZH: 特地标注出来是因为有些交易者喜欢数K线、数反转、数回调
11:50 - 11:51
EN: Micro Double Top.
ZH: 小双顶
11:51 - 11:54
EN: The market went up and down on the first bar,
ZH: 第1根K线上涨、下跌
11:54 - 11:57
EN: up on the second bar, and down on the third bar.
ZH: 第2根K线上涨，第3根K线下跌
12:02 - 12:04
EN: Micro Double Bottom.
ZH: 小双底
12:04 - 12:08
EN: We went above the first bar, we sold off, and then we went above the third bar.
ZH: 向上突破了第1根K线，回落； 然后又突破了第3根K线的高点
12:08 - 12:13
EN: So small Double Bottom with the low of the first bar
ZH: 所以第1根K线的低点和第3根K线的低点组成了小双底
12:11 - 12:13
EN: and the low of the third bar.
ZH: 所以第1根K线的低点和第3根K线的低点组成了小双底
12:13 - 12:16
EN: A lot of traders will buy that as a second entry buy.
ZH: 一些多头会买入，把它看作是第2做多入场点
12:18 - 12:21
EN: Another Double Bottom here and another Double Bottom here.
ZH: 这里也是双底，这里也是双底
12:21 - 12:24
EN: Traders will look to buy reversals up from the Double Bottom.
ZH: 价格从双底反转上涨的时候，交易者会买入做多
12:28 - 12:30
EN: We don’t know what the bars to the left look like here,
ZH: 我们看不到更左边的行情
12:30 - 12:36
EN: but if it was a bear trend, this would be
ZH: 但如果左边是下降趋势的话， 这就是低点抬高的双底大反转
12:33 - 12:36
EN: a Double Bottom Higher Low Major Trend Reversal
ZH: 但如果左边是下降趋势的话， 这就是低点抬高的双底大反转
12:36 - 12:38
EN: and a reasonable buy for a swing up.
ZH: 买入做多押注上涨波段是合理的
12:41 - 12:44
EN: If you want, you can also call it a Triangle.
ZH: 也可以把它看作是一个三角形
12:44 - 12:46
EN: We have a Higher Low here compared to this.
ZH: 这个低点高于开盘的最低点
12:46 - 12:50
EN: We have a slightly Lower High here, maybe a Double Top.
ZH: 上方的高点略微降低，也可以看作是双顶
12:50 - 12:51
EN: Doesn’t matter what you call it.
ZH: 这个结构到底叫什么并不重要
12:51 - 12:54
EN: It’s a three-legged move, a very tight range.
ZH: 在很窄的范围内有3段走势
12:54 - 12:59
EN: It’s BreakOut Mode whether you call it a Triangle
ZH: 不论称之为三角形还是窄震荡区间，它都是一个突破模式
12:57 - 12:59
EN: or simply a Tight Trading Range.
ZH: 不论称之为三角形还是窄震荡区间，它都是一个突破模式
13:02 - 13:04
EN: Below the Moving Average.
ZH: 价格低于均线
13:04 - 13:06
EN: We have a Double Top below the Moving Average,
ZH: 在均线下方形成双顶
13:06 - 13:09
EN: so Low 1, Low 2, Micro Double Top.
ZH: 低1，低2，小双顶
13:09 - 13:12
EN: You can call this Low 1 and below there, Low 2.
ZH: 可以把它看作是低1，然后它的下方是低2
13:14 - 13:16
EN: Every Double Top is a Low 2.
ZH: 所有的双顶都是低2
13:16 - 13:21
EN: In this one, the second high subdivided into a smaller Low 1, Low 2.
ZH: 在这个双顶中，右边的高点可以细分成更小的低1、低2结构
13:27 - 13:28
EN: A third little reversal down.
ZH: 第3次向下推动
13:28 - 13:31
EN: If you want, you can call it a Triangle.
ZH: 可以把它看作是三角形
13:31 - 13:35
EN: Every Low 3 you can think of as a Triangle or a Wedge.
ZH: 任何低3都可以看作是三角形或楔形底
13:40 - 13:41
EN: A bigger Triangle.
ZH: 更大的三角形
13:41 - 13:43
EN: Lower High, Higher Low.
ZH: 高点降低，低点抬高
13:43 - 13:46
EN: Does not matter that this high is above that high.
ZH: 尽管这个高点比它略微高一些
13:46 - 13:49
EN: It’s still basically a Triangle.
ZH: 总体上仍然是一个三角形
13:49 - 13:50
EN: BreakOut Mode.
ZH: 所以是突破模式
13:54 - 13:56
EN: First reversal up, High 1.
ZH: 第1次反转上涨，高1
13:56 - 13:57
EN: Second one, High 2.
ZH: 第2次反转上涨，高2
13:57 - 13:58
EN: Third one, High 3.
ZH: 第3次反转上涨，高3
13:58 - 14:01
EN: All three failed, so failed Wedge Bottom.
ZH: 全都反转失败，所以是失败的楔形底
14:02 - 14:06
EN: The breakout below the Wedge Bottom failed and the market reversed up.
ZH: 尝试加速跌破楔形底，也失败了，价格反转上涨
14:06 - 14:08
EN: That happens 50% of the time.
ZH: 50%的时候会发生这种情况——
14:08 - 14:10
EN: You have a Wedge Bottom and a bear breakout,
ZH: 楔形底被加速跌破
14:10 - 14:13
EN: 50% of the time the bear breakout will fail.
ZH: 50%的时候跌破会失败
14:19 - 14:23
EN: If a trader was long looking for an early low of the day,
ZH: 如果一个多头在这里做多，押注楔形底就是今天的最低点
14:24 - 14:28
EN: he would exit probably below the low of the Wedge
ZH: 他会在跌破的时候止损离场
14:28 - 14:31
EN: and then consider buying again if the bear breakout failed.
ZH: 在看到空头突破失败之后，会考虑再次买入
14:35 - 14:38
EN: Wedge rally – one, pullback, two, pullback, three,
ZH: 楔形上涨——1，回调；2，回调；3
14:38 - 14:42
EN: so a Low 3 short in a bear trend.
ZH: 所以是下降趋势中的低3做空入场点 （注：大幅跳空低开，所以是下降趋势，均线明显向下）
14:42 - 14:43
EN: We’re below the Moving Average.
ZH: 价格低于均线
14:44 - 14:45
EN: Reasonable short.
ZH: 做空是合理的
Slide 007
Time: 14:49
Bilingual Transcript
14:50 - 14:53
EN: I want to say a few things about stop and limit orders here.
ZH: 这里我想提一下突破单和限价单
14:53 - 14:57
EN: I talk more about it in the videos on scalping.
ZH: 在讲剥头皮的视频中我有更详细的讲解
Slide 008
Time: 14:57
Bilingual Transcript
15:05 - 15:10
EN: We have Trading Ranges here and here, but they’re different.
ZH: 左右两张图都是震荡区间，但它们是有区别的
15:10 - 15:15
EN: This one is broad, has Micro Channels – a series of bars here,
ZH: 左边的区间很宽，其中有微通道—— 这里连续上涨了4根K线没有回调；
15:14 - 15:22
EN: 4 bars without a pullback and then another series of 6 bars here
ZH: 左边的区间很宽，其中有微通道—— 这里连续上涨了4根K线没有回调； 一开始连续上涨了6根K线没有回调， 然后连续下跌4根K线没有反弹
15:18 - 15:22
EN: without a pullback, and then here we have 4 bars down without a pullback.
ZH: 一开始连续上涨了6根K线没有回调， 然后连续下跌4根K线没有反弹
15:22 - 15:24
EN: A lot of the bodies are big.
ZH: 很多体积很大的K线
15:24 - 15:27
EN: Not much overlap between the bars.
ZH: 相邻的K线没有太多重叠
15:28 - 15:32
EN: When a market looks like this, you can trade with both stops and limit orders.
ZH: 遇到这样的行情，用突破单或限价单入场都可以
15:36 - 15:40
EN: Traders like to buy low with stops betting on a swing up.
ZH: 在底部看到做多信号，多头用突破单买入，押注上涨波段
15:44 - 15:46
EN: They’ll also buy with limit orders.
ZH: 他们也会用限价单买入
15:46 - 15:48
EN: For example, when a bar is closing strongly,
ZH: 例如，看到这根强势的阳线即将收盘
15:48 - 15:53
EN: they’ll buy just before the bar closes
ZH: 多头会在它收盘的瞬间买入，订单会在下一根K线的开盘成交
15:50 - 15:53
EN: or just after the bar closes and get filled on the next bar.
ZH: 多头会在它收盘的瞬间买入，订单会在下一根K线的开盘成交
15:53 - 15:57
EN: If they see a selloff down to a support, like a prior low,
ZH: 如果看到价格下跌到支撑位，比如前期低点
15:57 - 16:01
EN: and then there’s a bad sell signal bar, like a bar with a bull body or a doji,
ZH: 然后出现了一个糟糕的做空信号K，比如阳线或者十字星
16:01 - 16:03
EN: chances are there’ll be buyers below the bar.
ZH: 那么下方大概率会有很多买盘
16:03 - 16:05
EN: So they’ll place a limit order to buy at that low
ZH: 于是多头会在它的低点挂限价买单
16:05 - 16:07
EN: and get filled on the next bar.
ZH: 订单在下一根K线成交
16:08 - 16:09
EN: Same here.
ZH: 这里也是一样
16:09 - 16:12
EN: 3 consecutive bull bars closing at or near their highs.
ZH: 连续三根阳线收在高位
16:12 - 16:16
EN: Chances are a reversal down will fail
ZH: 反转下跌的尝试大概率会失败
16:16 - 16:18
EN: and the bulls will get at least one more leg up.
ZH: 至少还有一段上涨
16:18 - 16:20
EN: They’ll place a limit order to buy at the low of the bar,
ZH: 所以多头会在前一根K线的低点挂限价买单
16:20 - 16:27
EN: betting against a reversal down and betting that the bears
ZH: 押注不会反转下跌，押注做空的空头会被套牢， 押注至少还有一段上涨
16:24 - 16:27
EN: will get trapped and we’ll get at least one more leg up.
ZH: 押注不会反转下跌，押注做空的空头会被套牢， 押注至少还有一段上涨
16:29 - 16:31
EN: Opposite is true for the bears.
ZH: 对空头来说也是一样的
16:31 - 16:34
EN: A second entry short, first below this, second below that.
ZH: 第2做空入场点，它的下方是低1，它的下方是低2
16:35 - 16:37
EN: We have two legs up – one, pullback, two.
ZH: 这里有两段上涨——1，回调，2
16:37 - 16:40
EN: A big bar, possibly a climactic end of the move.
ZH: 很大的大阳线，可能是震荡区间中的抢购高潮
16:40 - 16:43
EN: They’ll sell on the reversal down.
ZH: 空头会在反转下跌时卖出做空
16:43 - 16:45
EN: Here we have a Double Top bear flag.
ZH: 这里有一个双顶熊旗
16:45 - 16:48
EN: Even with a bull bar, they’ll sell looking for
ZH: 尽管这是一根阳线，空头也会卖出做空
16:48 - 16:50
EN: a second leg down after a Buy Climax.
ZH: 押注抢购高潮之后的反转会有第2段下跌
16:50 - 16:56
EN: One, pullback, two, and the first leg down subdivided.
ZH: 1，反弹，2；其中第1段下跌可以细分成更小的两段下跌
16:56 - 16:58
EN: Here, a Low 2 bear flag.
ZH: 这里是低2熊旗
16:58 - 17:01
EN: Low 1, Low 2, bear bar at the Moving Average.
ZH: 低1，低2，这个做空信号阴线正好处于均线下方
17:01 - 17:04
EN: They’ll sell with a stop order betting
ZH: 空头会在它的下方挂突破卖单入场
17:04 - 17:06
EN: that this is now a bear swing, maybe a bear trend.
ZH: 押注下跌波段会继续，甚至发展成下降趋势
17:09 - 17:10
EN: Limit orders.
ZH: 紫色的是限价卖单
17:11 - 17:15
EN: Strong reversal, they’ll sell the close looking for
ZH: 强势的反转下跌，空头会在它的收盘卖出做空， 押注至少还会再下跌一些
17:14 - 17:15
EN: at least a little bit more down.
ZH: 强势的反转下跌，空头会在它的收盘卖出做空， 押注至少还会再下跌一些
17:15 - 17:18
EN: 3 consecutive bear bars after a Buy Climax.
ZH: 抢购高潮之后，连续3根阴线
17:18 - 17:22
EN: They expect at least a small second leg down, maybe a big second leg down.
ZH: 空头押注至少会有小的第2段下跌， 甚至可能发展成大的第2段下跌
17:22 - 17:25
EN: They’ll sell above a bull reversal here.
ZH: 他们会在反弹阳线的收盘卖出
17:25 - 17:28
EN: Here we have a High 2 buy, but a Tight Channel.
ZH: 这里对多头来说是高2做多入场点， 但下降通道太窄了
17:28 - 17:32
EN: Only 1 bull bar in the past 7 bars, and a bear body here.
ZH: 过去7根K线里只有一根阳线
17:32 - 17:34
EN: They’ll sell with a limit order there.
ZH: 所以空头会在它的高点挂限价卖单
17:34 - 17:39
EN: Strong bear breakout, follow-through, they’ll sell closes
ZH: 大阴线跌破，还有跟随， 空头会在大阴线的收盘，或跟随K线的收盘卖出做空
17:37 - 17:39
EN: of the strong bear breakout or the follow-through bar.
ZH: 大阴线跌破，还有跟随， 空头会在大阴线的收盘，或跟随K线的收盘卖出做空
17:40 - 17:45
EN: Then here, we have a good sell signal bar for a Low 2
ZH: 然后这里，有很好的低2做空信号K
17:45 - 17:49
EN: and then a good reversal bar, reversing this rally, closing on its low.
ZH: 接着有大阴线收在最低，完全反转了左边的反弹
17:49 - 17:53
EN: They’ll look for maybe a breakout and a Measured Move down.
ZH: 空头押注会继续向下跌破，并跌到MM目标位
17:53 - 17:54
EN: They will sell the close.
ZH: 他们会在它的收盘卖出做空
17:54 - 17:58
EN: When you’re selling the close, selling at the market,
ZH: 在K线的收盘用市价卖出，和用限价单卖出是差不多的
17:56 - 17:58
EN: it’s the same as selling with a limit order.
ZH: 在K线的收盘用市价卖出，和用限价单卖出是差不多的
17:58 - 18:01
EN: Some traders simply hit “Sell the Market.”
ZH: 一些交易者会直接点击“市价卖出”
18:01 - 18:08
EN: Other traders will place a limit order as the market is closing to sell
ZH: 一些交易者会在K线收盘前几秒挂限价卖单， 因为收盘价很可能就在这里
18:05 - 18:08
EN: at a certain price where they think the close will be,
ZH: 一些交易者会在K线收盘前几秒挂限价卖单， 因为收盘价很可能就在这里
18:08 - 18:12
EN: or they’ll place a limit order as soon as the bar closes to sell
ZH: 或者K线一收盘，就在收盘价挂限价卖单，
18:12 - 18:20
EN: at the close of this bar, and then they get filled on the open of this bar
ZH: 如果下一根K线不是直接下跌的话， 订单就会在它的开盘成交
18:16 - 18:20
EN: if this bar trades above that close, which is where their limit order is.
ZH: 如果下一根K线不是直接下跌的话， 订单就会在它的开盘成交
18:26 - 18:29
EN: Compare this with what you see here.
ZH: 把左右两个区间做比较
18:30 - 18:35
EN: Here, tails are prominent, reversals are coming every 1 or 2 or 3 bars,
ZH: 右图，影线很长，每一两根K线就有反转
18:35 - 18:37
EN: and there is a lot of overlap.
ZH: 而且K线都重叠在一起
18:37 - 18:41
EN: The market spends a lot of time in small, Tight Trading Ranges,
ZH: 市场一直在很小、很窄的区间里震荡
18:41 - 18:44
EN: and the entire chart is in a Tight Trading Range.
ZH: 这整张图就是一个窄震荡区间
18:51 - 18:57
EN: If you’re an extreme scalper – which very few people are
ZH: 如果你是一个极致的剥头皮交易者—— 很少人能做到，因为需要非常快的反应速度和执行力
18:54 - 18:57
EN: - you’re capable of making very quick decisions.
ZH: 如果你是一个极致的剥头皮交易者—— 很少人能做到，因为需要非常快的反应速度和执行力
18:57 - 19:03
EN: You can enter with limit orders, buying below bars here, buying below bars here,
ZH: 你可以用限价单入场，比如在它的下方用限价单买入， 在它的下方用限价单买入
19:03 - 19:08
EN: scaling in, using wide stops, and scalping, and doing the opposite above bars.
ZH: 加仓，使用宽止损，做剥头皮交易； 然后在区间上沿做空
19:08 - 19:14
EN: You sell above bars, you sell more higher, you sell above bad bull flags,
ZH: 在K线上方卖出做空，在上方加仓做空，在牛旗上方做空
19:14 - 19:17
EN: betting on reversals instead of on breakouts.
ZH: 押注价格会反转下跌，而不是向上突破
19:17 - 19:24
EN: In other words, you’re betting that every attempt
ZH: 也就是说，你押注所有进入趋势的尝试都会失败， 押注震荡区间会继续
19:20 - 19:24
EN: to become a trend will fail and the Trading Range will continue.
ZH: 也就是说，你押注所有进入趋势的尝试都会失败， 押注震荡区间会继续
19:27 - 19:32
EN: You sell at prior highs, you sell above bad looking buy setups.
ZH: 在前期高点挂单做空，在糟糕的做多信号K上方挂单做空
19:33 - 19:35
EN: Buying above a bear bar like that
ZH: 在阴线的上方挂单做空
19:35 - 19:38
EN: after a Tight Trading Range like this, probably sellers above.
ZH: 在这样的窄震荡区间里，上方大概率卖盘会更多
19:38 - 19:40
EN: Here we have a pair of bear bars.
ZH: 这里有两根阴线
19:40 - 19:41
EN: You’ll sell.
ZH: 在它的上方挂单卖出
19:41 - 19:42
EN: You’ll sell more higher.
ZH: 在更高的价格加仓做空
19:44 - 19:46
EN: You’ll buy with limit orders.
ZH: 用限价买单逢低做多
19:46 - 19:48
EN: You’ll buy below bars.
ZH: 在K线下方买入——大阴线，但是有下影线
19:47 - 19:48
EN: Big bar with a tail.
ZH: 在K线下方买入——大阴线，但是有下影线
19:49 - 19:53
EN: You’ll buy strong bear closes in the bottom half of the developing range,
ZH: 看到有大阴线跌到区间底部，在它的收盘买入做多
19:53 - 19:57
EN: betting that you’ll get a reversal instead of the start of a bear trend.
ZH: 押注价格反转上涨，而不是进入下降趋势
19:57 - 20:00
EN: You’ll buy new lows, you’ll scale in lower.
ZH: 在跌到新低的时候买入，并且在更低的价格加仓
20:02 - 20:05
EN: The bulls, they will scale in higher.
ZH: 而空头会在更高的价格加仓做空
20:06 - 20:12
EN: The bears who are selling, if they sell here
ZH: 如果空头在这里做空了，价格没有直接下跌， 那么他们就会在更高的价格加仓做空
20:08 - 20:12
EN: and it does not go down immediately, they’ll sell more higher.
ZH: 如果空头在这里做空了，价格没有直接下跌， 那么他们就会在更高的价格加仓做空
Slide 009
Time: 20:15
Bilingual Transcript
20:19 - 20:28
EN: When the market has trending type behavior like this, you can patiently wait
ZH: 如果宽区间中存在趋势的价格行为 交易者应该耐心地等待反转结构和好的信号K线， 然后用突破单入场
20:23 - 20:28
EN: for a pattern and for a good signal bar before entering with a stop.
ZH: 交易者应该耐心地等待反转结构和好的信号K线， 然后用突破单入场
20:34 - 20:39
EN: We have a Micro Double Bottom – down, down again – at a prior low.
ZH: 这里有一个小双底——下跌，再次下跌——位于前期低点
20:39 - 20:41
EN: Probable Trading Range.
ZH: 潜在的震荡区间
20:41 - 20:43
EN: Big up, big down means big confusion.
ZH: 大涨、大跌，意味着存在困惑
20:43 - 20:45
EN: Usually means a Trading Range.
ZH: 通常是震荡区间的特征
20:45 - 20:50
EN: Therefore traders will look to buy low, sell high,
ZH: 因此交易者会低买、高卖、剥头皮赚快钱
20:47 - 20:50
EN: and take quick profits (scalp).
ZH: 因此交易者会低买、高卖、剥头皮赚快钱
20:50 - 20:54
EN: If a leg down is strong, a lot of traders will wait for a Micro Double Bottom
ZH: 如果下跌非常强势，很多交易者会等待小双底的结构，
20:54 - 20:58
EN: or a second entry buy, especially above a good buy signal bar.
ZH: 或者等第2做多入场点，尤其是在漂亮的阳线上方
21:03 - 21:05
EN: The opposite is true at the top.
ZH: 在区间上沿也是一样
21:05 - 21:08
EN: Traders will look to sell on a reversal down from a prior high,
ZH: 空头在价格从前期高点附近反转下跌的时候做空
21:08 - 21:11
EN: especially after two legs up – one, pullback, two
ZH: 尤其如果是两段上涨——1，回调，2 （注：因为第2段陷阱在区间中很常见）
21:11 - 21:15
EN: - and especially if there is a Buy Climax, an unusually big bull bar.
ZH: 尤其如果有抢购高潮的话——异常巨大的大阳线
21:15 - 21:19
EN: For example, this is the biggest bull bar in about 20 bars.
ZH: 例如，它是过去20根K线中体积最大的阳线
21:23 - 21:27
EN: About 10% of the days look like this all day.
ZH: 只有10%的交易日，一整天都是这样的窄震荡区间
21:27 - 21:32
EN: So couple days a month, the market’s in a Tight Trading Range all day
ZH: 每个月有那么两三天，一整天都是窄震荡区间
21:32 - 21:36
EN: and there are very few good stop entry buys or sells.
ZH: 没有什么用突破单做多或做空的机会
21:38 - 21:42
EN: Stop entry traders simply wait for the rare opportunity to sell
ZH: 用突破单入场的交易者，需要耐心等待时机，
21:42 - 21:47
EN: with a stop on a reversal down from the top or on a reversal up from the bottom.
ZH: 当价格从上沿反转下跌时用突破卖单做空， 从下沿反转上涨时用突破买单做多
21:47 - 21:51
EN: Here, there’s no great looking stop entry buy.
ZH: 这里都没有什么好的突破单做多机会
21:52 - 21:54
EN: They also wait to see if there’s a strong breakout.
ZH: 他们也会等待，看是否会有强势的突破
21:54 - 21:57
EN: Maybe the Tight Trading Range will become a strong trend,
ZH: 如果窄震荡区间被突破进入趋势
21:57 - 22:00
EN: and then they can start trading with stop entries again
ZH: 他们就可以再次用突破单入场交易了
22:00 - 22:03
EN: - for example, buying pullbacks if there’s a strong bull breakout
ZH: 例如，如果强势向上突破，他们就可以在回调时买入 （注：比如高1、高2入场点）
22:03 - 22:06
EN: and selling pullbacks from a strong bear breakout.
ZH: 如果强势向下跌破，他们就可以在反弹时卖出做空 （注：比如低1、低2入场点）
22:12 - 22:19
EN: When there are no good stop entries, traders will often buy
ZH: 如果没有好的突破单入场点， 交易者就在连续阳线的收盘买入
22:16 - 22:19
EN: on the close of consecutive bull bars,
ZH: 如果没有好的突破单入场点， 交易者就在连续阳线的收盘买入
22:19 - 22:21
EN: betting that the market will have at least a small second leg up.
ZH: 押注至少会有小的第2段上涨
22:21 - 22:23
EN: That’s true here as well.
ZH: 这里也是一样
22:23 - 22:26
EN: 2 big bull bars closing on their highs, not much overlap.
ZH: 两根大阳线收在最高，没有什么重叠
22:27 - 22:30
EN: 2 big bull bars closing on their highs, not much overlap.
ZH: 两根大阳线收在最高，没有什么重叠
22:30 - 22:34
EN: Odds are the bulls will get at least a small second leg up.
ZH: 大概率至少会有小的第2段上涨
22:37 - 22:40
EN: If they take the buy and they’re disappointed by the follow-through
ZH: 如果多头在这里追涨，但是对后续的跟随感到失望
22:40 - 22:45
EN: - here a doji and then another doji and another doji – they’ll be getting out.
ZH: ——这里，连续三个十字星——多头会失望离场
22:45 - 22:48
EN: Most of the bulls were getting out here or here,
ZH: 大多数多头会在这里或这里离场
22:48 - 22:50
EN: and the ones who did not gave up here.
ZH: 没有提前离场的，最终在这里放弃
22:50 - 22:54
EN: This is a pair of Give-up Bars, and it represents the bulls giving up.
ZH: 这两根是放弃K线，代表多头放弃离场了
22:58 - 23:01
EN: Here we have a pair of consecutive bear bars.
ZH: 这里有连续两根阴线
23:01 - 23:06
EN: This bar breaking below the low of the range has a fairly prominent tail.
ZH: 它跌破了前期的低点，但下影线很明显
23:06 - 23:08
EN: Not good for the bears.
ZH: 说明空头并不是特别强势
23:08 - 23:11
EN: Closed below the range, which is good, but look at the next bar.
ZH: 收盘在前期低点下方，还不错，但是看下一根K线
23:11 - 23:13
EN: There’s no follow-through.
ZH: 没有跟随
23:13 - 23:15
EN: The market immediately reverses.
ZH: 市场立刻反转上涨
23:15 - 23:18
EN: Much more common in a Trading Range than in a trend.
ZH: 这在震荡区间中很常见
23:22 - 23:26
EN: Some bulls will buy the close of the bear breakout bar,
ZH: 一些多头会在跌破阴线的收盘买入
23:26 - 23:31
EN: betting on a continuation of the Tight Trading Range,
ZH: 押注震荡区间会继续，而不是变成下降趋势
23:29 - 23:31
EN: instead of the start of a bear trend.
ZH: 押注震荡区间会继续，而不是变成下降趋势
Slide 010
Time: 23:35
Bilingual Transcript
23:37 - 23:39
EN: Here’s the average price.
ZH: 均线在这里
23:39 - 23:42
EN: This is a big gap down from yesterday’s close
ZH: 所以今天是大幅跳空低开
23:42 - 23:44
EN: and the market’s reversing up on the second bar.
ZH: 市场在第2根K线反转上涨
23:44 - 23:46
EN: Bull bar closing on its high.
ZH: 阳线收在最高
23:46 - 23:49
EN: A lot of bulls will buy on a stop just above that high
ZH: 很多多头会在它的上方挂突破买单，
23:49 - 23:52
EN: and get filled here, above the high of that bar.
ZH: 订单会在这里成交，就在它的上方
23:55 - 24:02
EN: Now we have a strong rally, but it’s stalling right
ZH: 价格强势反弹，但是在均线遇到压力、停滞了， 现在是第2次反转下跌（注：低2）
23:59 - 24:02
EN: below the Moving Average, and we have a second reversal down.
ZH: 价格强势反弹，但是在均线遇到压力、停滞了， 现在是第2次反转下跌（注：低2）
24:02 - 24:08
EN: Traders recognized this as a potential opening reversal
ZH: 交易者发现这有可能会是早盘反转， 它也许就是今天的最高点
24:06 - 24:08
EN: and possible high of the day.
ZH: 交易者发现这有可能会是早盘反转， 它也许就是今天的最高点
24:09 - 24:13
EN: Because this rally is strong, many traders will not take the first entry.
ZH: 因为开盘的反弹很强势，所以很多交易者不会在第1次下跌时做空
24:13 - 24:17
EN: However, they will take the second entry below this bar and get filled here.
ZH: 他们会在低2做空入场点卖出，突破卖单在这里成交
24:21 - 24:22
EN: Now we have a Double Bottom.
ZH: 现在有一个双底
24:22 - 24:25
EN: This low is slightly below that low.
ZH: 这个低点略微更低一些
24:25 - 24:28
EN: We broke below yesterday’s low and we’re getting a Double Bottom reversal up,
ZH: 在昨天的低点下方，形成了双底并反转上涨
24:29 - 24:31
EN: and then we have a Micro Double Bottom as well
ZH: 同时这里也有一个小双底——
24:31 - 24:38
EN: - down and then a bull bar up, another bear bar down,
ZH: 下跌，这根阳线上涨； 再次下跌，再次上涨，阳线收在最高
24:34 - 24:38
EN: and going up again, this bull bar closing on or near its high.
ZH: 下跌，这根阳线上涨； 再次下跌，再次上涨，阳线收在最高
24:38 - 24:39
EN: A reasonable buy.
ZH: 合理的买入点
24:39 - 24:41
EN: An ioi as well.
ZH: 也是ioi结构 （注：ioi，内-外-内）
24:41 - 24:49
EN: Outside bar, which means this is an inside bar compared to this bar,
ZH: 吞噬阴线，左边的十字星在它的内部， 右边的阳线也在它内部，所以是ioi
24:46 - 24:49
EN: and then another inside bar – ioi.
ZH: 吞噬阴线，左边的十字星在它的内部， 右边的阳线也在它内部，所以是ioi
24:49 - 24:51
EN: Inside, outside, inside.
ZH: 内-外-内
24:51 - 24:55
EN: A reasonable buy setup at the bottom of possibly a Trading Range,
ZH: 潜在的震荡区间，在底部做多是合理的
24:55 - 24:56
EN: possibly the low of the day.
ZH: 这可能是今天的最低点
25:01 - 25:03
EN: We have a Parabolic Wedge.
ZH: 抛物线楔形顶
25:03 - 25:12
EN: We have a Tight Bull Channel with three pushes up – one, pullback,
ZH: 窄上涨通道中的第3推——1，回调，2，回调，3； 阴线收在一半以下
25:06 - 25:12
EN: two, pullback, three – and a bear bar closing below its midpoint.
ZH: 窄上涨通道中的第3推——1，回调，2，回调，3； 阴线收在一半以下
25:12 - 25:14
EN: Possible failed breakout here.
ZH: 突破很可能是失败的
25:15 - 25:18
EN: We have big up, big down, and now big up again.
ZH: 大涨、大跌，现在再次大涨
25:18 - 25:19
EN: A lot of confusion.
ZH: 让人感到很困惑
25:19 - 25:21
EN: Usually means a Trading Range.
ZH: 这通常是震荡区间的特征
25:23 - 25:27
EN: Double Top Lower High.
ZH: 高点降低，双顶熊旗
25:25 - 25:27
EN: Bear flag.
ZH: 高点降低，双顶熊旗
25:27 - 25:30
EN: We’re starting to reverse down, and we’re pulling back to a Double Top.
ZH: 价格开始反转下跌，反弹形成双顶
25:30 - 25:33
EN: Might break below the neckline and fall for a Measured Move.
ZH: 可能会跌破颈线，并继续跌到MM目标位
25:37 - 25:39
EN: Wedge bear flag.
ZH: 楔形熊旗
25:39 - 25:41
EN: We rallied on this bar.
ZH: 这根K线上涨
25:42 - 25:49
EN: It’s only a doji, but it did go down and up, and then we went down again
ZH: 虽然是十字星，但它确实先下跌、再上涨； 再次下跌创新低，第2次反弹；现在是第3次上涨
25:46 - 25:49
EN: to a new low and we rallied a second time, and now a third time,
ZH: 虽然是十字星，但它确实先下跌、再上涨； 再次下跌创新低，第2次反弹；现在是第3次上涨
25:49 - 25:53
EN: and we’re failing at the Moving Average with a bear bar closing on its low.
ZH: 在均线遇到了阻力，出现了收在最低的阴线
25:53 - 25:58
EN: About a 50% pullback of this selloff – a reasonable Wedge bear flag.
ZH: 也是左边下跌波段的50%反弹，因此看作楔形熊旗是合理的
26:03 - 26:05
EN: We have a Double Bottom and a breakout.
ZH: 双底，尝试向下跌破
26:05 - 26:08
EN: Whenever there’s a Double Bottom and a breakout, you have three pushes down.
ZH: 每当双底向下跌破失败，就有3推结构了
26:08 - 26:12
EN: We went down, we went up, we went down, we went up.
ZH: 下跌，上涨；下跌，上涨
26:12 - 26:15
EN: We’re going down; traders will look for it to reverse up.
ZH: 第3次下跌，多头押注价格会反转上涨
26:15 - 26:19
EN: I know it doesn’t look like a Wedge, but it functions like a Wedge,
ZH: 尽管看上去没有楔形的形状，但它和楔形底的功能是一样的
26:19 - 26:21
EN: and computers will trade it like a Wedge.
ZH: 电脑程序会按照楔形底来交易它
26:26 - 26:34
EN: Consecutive strong bull bars closing on or near their highs
ZH: 有连续大阳线收在高位——楔形底之后，低点也抬高了
26:30 - 26:34
EN: after a Wedge Bottom, and then a Higher Low after the Wedge Bottom.
ZH: 有连续大阳线收在高位——楔形底之后，低点也抬高了
26:34 - 26:39
EN: Reasonable to buy, betting that the day might become a trend day
ZH: 买入追涨是合理的，押注今天会进入上涨趋势， 尽管早盘是一个震荡区间
26:37 - 26:39
EN: even though we’re having a Trading Range here.
ZH: 买入追涨是合理的，押注今天会进入上涨趋势， 尽管早盘是一个震荡区间
26:39 - 26:42
EN: Lots of reversals, lots of sideways bars.
ZH: 一直来回反转，很多横盘震荡的K线
26:47 - 26:53
EN: Most important rule: be prepared for anything
ZH: 最重要的规则：准备好应对任何行情， 不管看到什么都不要感到意外
Slide 011
Time: 26:50
Bilingual Transcript
26:51 - 26:53
EN: and do not be surprised by anything.
ZH: 最重要的规则：准备好应对任何行情， 不管看到什么都不要感到意外
Slide 012
Time: 26:54
Bilingual Transcript
27:00 - 27:05
EN: The open often has big moves that immediately reverse.
ZH: 开盘经常会有很大的K线，然后立刻反转
27:05 - 27:10
EN: They might seem too big and irrational for beginners to trade,
ZH: 对于新手而言，波动太大了，行情好像很不理性，无法交易
27:10 - 27:12
EN: but you have to remember what the market is doing.
ZH: 但你要理解市场到底在做什么
27:12 - 27:15
EN: It’s trying to find out what it should do.
ZH: 市场在寻找方向
27:15 - 27:22
EN: Should it trend up, should it trend down? It often has to test up or down,
ZH: 应该上涨还是下跌？市场往往需要上下测试， 有时测试一两次，有时测试三次
27:19 - 27:22
EN: sometimes once or twice, sometimes three times,
ZH: 应该上涨还是下跌？市场往往需要上下测试， 有时测试一两次，有时测试三次
27:22 - 27:25
EN: before traders become confident of the direction.
ZH: 然后交易者才对趋势产生信心
27:26 - 27:30
EN: Very common to see a Double Bottom and a Double Top on the open,
ZH: 早盘经常会看到双底和双顶
27:30 - 27:35
EN: and then the market decides whether to have a trend up or a trend down.
ZH: 然后市场才决定到底是上涨还是下跌
27:41 - 27:46
EN: As a trader, you’re not really going to care if the market is going up or down.
ZH: 专业的交易员不会在乎那么多，而是根据系统进行交易
27:46 - 27:53
EN: You buy because you might be buying the low of the day
ZH: 买入做多，因为这有可能是今天的最低点， 市场有可能会一直上涨，突破所有的阻力
27:49 - 27:53
EN: and the market could rally a long way, going above all resistance.
ZH: 买入做多，因为这有可能是今天的最低点， 市场有可能会一直上涨，突破所有的阻力
27:59 - 28:02
EN: The opposite’s true near the top.
ZH: 在上沿也是一样
28:02 - 28:05
EN: They’ll sell taking a chance that this is going to be the high of the day.
ZH: 他们卖出做空，押注这是当天的最高点
28:05 - 28:06
EN: It was not.
ZH: 但它不是
28:06 - 28:10
EN: Here’s another opportunity to sell, betting that we’ve begun a swing down.
ZH: 这里又有一个做空的机会，空头押注这是下跌波段的开始
28:10 - 28:16
EN: If it does trend, it could fall below all support and go a long way.
ZH: 如果真的形成下降趋势，市场可能会跌破所有的支撑位
28:16 - 28:22
EN: Sometimes you have to take multiple entries
ZH: 做波段交易的时候，有时你需要多次尝试， 才能最终赚到波段利润
28:18 - 28:22
EN: as a swing trader before you get a good swing.
ZH: 做波段交易的时候，有时你需要多次尝试， 才能最终赚到波段利润
28:22 - 28:25
EN: This went up probably far enough for a small swing trade,
ZH: 这里的涨幅足够赚到一个小波段
28:25 - 28:29
EN: and then from this reversal down, it swung down for about 30 bars.
ZH: 然后从这里反转下跌，下跌波段持续了大约30根K线
28:29 - 28:33
EN: If this was a 5-minute chart, that would represent over 2 hours of selling.
ZH: 这是5分钟K线图，所以下跌持续了两个多小时
28:37 - 28:41
EN: It’s really important never to have an opinion about what the market should do
ZH: 真正关键的是：永远不要觉得市场应该怎么走，或者不应该怎么走
28:41 - 28:48
EN: or what it cannot do, because on the open you often will see
ZH: 因为在开盘的时候，你经常会看到很强的趋势被瞬间反转
28:45 - 28:48
EN: very strong legs up that immediately reverse.
ZH: 因为在开盘的时候，你经常会看到很强的趋势被瞬间反转
28:48 - 28:52
EN: In fact, any time on the open you see a very strong move up or down,
ZH: 任何时候，不管开盘的上涨或下跌看起来多么强势
28:52 - 28:58
EN: you have to assume that there’s a 50% chance
ZH: 你必须要假设，有50%的概率趋势会反转，事实就是这样
28:55 - 28:58
EN: it’s going to reverse, and that is true.
ZH: 你必须要假设，有50%的概率趋势会反转，事实就是这样
28:58 - 29:00
EN: That is absolutely true.
ZH: 确实是真的
29:06 - 29:12
EN: You simply have to trade what’s in front of you
ZH: 根据眼前的价格行为交易就可以了， 不需要纠结市场为什么会这样做
29:09 - 29:12
EN: and do not worry about understanding why it’s doing it.
ZH: 根据眼前的价格行为交易就可以了， 不需要纠结市场为什么会这样做
29:12 - 29:17
EN: Don’t turn on the news to find out why the market’s going up
ZH: 不要上网查新闻去寻找市场为什么上涨或下跌的理由
29:15 - 29:17
EN: or why the market’s going down.
ZH: 不要上网查新闻去寻找市场为什么上涨或下跌的理由
29:17 - 29:22
EN: It’s simply deciding on the direction of the day
ZH: 市场只是在决定当天的方向，或者接下来几个小时的方向
29:20 - 29:22
EN: or the direction of the next couple of hours.
ZH: 市场只是在决定当天的方向，或者接下来几个小时的方向
29:22 - 29:28
EN: A lot of times the initial direction is wrong, and then the next direction
ZH: 很多时候一开始的方向是错的， 下一个方向也是错的，再下一个方向还是错的
29:27 - 29:28
EN: is wrong and the next direction is wrong.
ZH: 很多时候一开始的方向是错的， 下一个方向也是错的，再下一个方向还是错的
29:29 - 29:33
EN: Sometimes it takes a while for it to decide on the direction of the first swing,
ZH: 市场需要一些时间来决定第1个趋势的方向
29:33 - 29:37
EN: and on some days it never really has much of a swing at all.
ZH: 有的交易日根本没有趋势
Slide 013
Time: 29:40
Bilingual Transcript
29:42 - 29:49
EN: Why trade the open? Because it has the highest probability
ZH: 为什么要在早盘交易？因为出现波段机会的概率最高， 出现赚钱机会的概率最高
29:45 - 29:49
EN: of having a swing trade, the highest probability of making money.
ZH: 为什么要在早盘交易？因为出现波段机会的概率最高， 出现赚钱机会的概率最高
29:49 - 29:53
EN: I talked a little bit about common patterns that traders see.
ZH: 这节课我也讲到了一些早盘的常见模式
29:53 - 29:56
EN: About 10% of the time the day will have a trend from the open bull trend
ZH: 10%的交易日，一开盘就进入上涨或下降趋势，
29:56 - 30:03
EN: or a trend from the open bear trend, and then the day often
ZH: 通常开盘的前6-12根K线都是震荡区间
30:00 - 30:03
EN: has some kind of a Trading Range early in the day.
ZH: 通常开盘的前6-12根K线都是震荡区间
30:03 - 30:10
EN: That often sets up a BreakOut Mode pattern, where there is a reversal up
ZH: 经常会出现突破模式：（以第1根K线的最高、最低点为范围） 从新低反转上涨，从新高反转下跌
30:07 - 30:10
EN: from a new low, reversal down from a new high.
ZH: 经常会出现突破模式：（以第1根K线的最高、最低点为范围） 从新低反转上涨，从新高反转下跌
30:10 - 30:15
EN: Either can occur first, and then traders
ZH: 向上向下突破的顺序不重要， 交易者会在突破开盘区间的时候去做顺势交易
30:12 - 30:15
EN: look for a breakout of that opening range.
ZH: 向上向下突破的顺序不重要， 交易者会在突破开盘区间的时候去做顺势交易
30:16 - 30:23
EN: Then traders also look for Double Bottoms, Double Tops,
ZH: 交易者也会在早盘寻找双底、双顶、楔形底和楔形顶的反转机会
30:20 - 30:23
EN: Wedge Bottoms, and Wedge Tops on the open.
ZH: 交易者也会在早盘寻找双底、双顶、楔形底和楔形顶的反转机会
30:23 - 30:27
EN: For most traders, they should be entering with stop orders all the time.
ZH: 对大部分交易者而言，他们应该只用突破单入场
30:27 - 30:31
EN: As you gain experience, you can enter with market orders and limit orders.
ZH: 经验丰富了以后，可以使用市价单和限价单入场
30:32 - 30:36
EN: Most important rule is you have to be prepared for anything.
ZH: 最重要的规则是：必须做好任何事都可能会发生的准备
30:36 - 30:41
EN: 50% of the time, any strong move up or down on the open will reverse.
ZH: 不管开盘的上涨或下跌多么强势，50%的时候都会被反转
30:45 - 30:46
EN: I’m Al Brooks.
ZH: 我是阿尔·布鲁克斯
30:46 - 30:48
EN: Thank you for watching the Brooks Trading Course.
ZH: 感谢观看布鲁克斯交易课程
30:48 - 30:51
EN: This is the second of six videos on trading the open.
ZH: 早盘的第2节课，就先讲到这里