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CHAPTER 9Chapter 11
MASTER EGG COURSE
第九章 禽蛋交易的核心课程
I am sending one copy of the Master Even Square Chart for Eggs showing the squares from 2 to 16 at 30 points per unit. One Daily high and low chart on October Eggs for 1949 delivery beginning November 1, 1948 up to date.Please note the Master Square Chart which starts at 30 and moves on around to where the square ends at 7680. You will find a green ring around 6000 or 60 cents, the extreme high price of December 28, 1920. A ring around 1050 which is closest to the extreme low price of 1037. You will find 15 cents circled in green, this is 1/4 of 60. 20 cents circled in green; this is 1/3 of 60. 30 cents circled in green; this is 1/2 of 60. 45 cents circled in green which is 3/4 of 60. Please note that the small figures beginning at 1 move around the squares, ending at 256 which is the square of 16. These are the figures for timing either in days, weeks or months.
我正在发出一份禽蛋的高级偶数正方图表，显示从2～16的正方形，每格30点。1949年交割的十月禽蛋的日高低点图表从1948年11月1日开始至今。注意这张高级正方图表，它开始于30，并绕到正方形的结束位置7680。你会发现在1920年12月28日最高价6000或60美分有一个绿圈。一个圈在1050，它最接近低点1037。你会发现绿圈的15美分，这是60的1/4。绿圈的20美分，这是60的1/3。绿圈的30美分，这是60的1/2。绿圈的45美分，这是60的3/4。请注意从1开始并沿着正方形运动的小一点的数字，它结束于256，这是16的平方。这些是时间数字，或者是天数、或者是周数，或者是月数。(偶数正方图参见图9-1)
Example: May 3, 1949, October Eggs high 5025. This was on the timing angle of 168, which is 14 years and 169 is the square of 13. Note that the price of 5010 hits the 7/16 point of the circle at 5010, which would make this a resistance and selling level based on the Master Square Chart. See notes and time periods on the right hand of this Master Chart.
例如：1949年5月3日，十月禽蛋高点5025。这是在168°时间角度线上，它是14年，并且169是13的平方。注意价格5010在圆周的7/16，它将使这成为高级正方图表上的一个阻力位和卖点。见这张高级图表右边的注释和时间周期。
I wired Chicago last night that October Eggs was a sure sale today. The reasons were as follows: Based on the angles on the daily high and low chart the angle of 4 x 1, which moves 2- 1/2 points per day from the first top at 4760 made December 6, 1948 crossed at 5020. The 45 degree angle moving up, from the low of 4685 on March 16, 1949 crossed at 5020. The angle of 67-1/2 degrees, which moves up 20 points per day from the low of 4785 on April 18, crossed at 5020 and the angle moving up from 4735 on Feb. 14 crossed at 5005, making 5 important angles coming out at this high point. A sure point for great resistance because the time from the starting of the option was over six months. The time from the first important top on December 6, 1948, was close to 5 months and the angle from this top called the top exactly.
昨天晚上，我打电报给芝加哥，十月禽蛋今天肯定是空头。原因如下：日高低点图表上的4×1线（它从1948年12月6日的第一个高点4760引出，每天变化2½点）经过5020。从1949年3月16日低点4685向上引出的45o线经过5020。从4月18日低点4785开始，每天上涨20点的67½ o线经过5020。从2月14日4735点向上引出的角度线经过5005。形成5条重要的角度线出现在这个高点。一个确定的大阻力位，因为从合约开始的时间超过了6个月。从1948年12月6日第一个重要高点开始的时间接近5个月，始于这个高点的角度线精确地指明这个高点。
Since receiving 1 letter stating that the contracts for Eggs were changed on Feb. 1 and that 1 point now equals $1.44, I did some experimenting to adjust angles to the money value because that is very important. I wanted to get something that would work to an angle of 11-1/4 degrees and by multiplying 144 x 8 it gave 1152 or $11.52 profit on 8 points. This would give an angle of 5 x 4 or about 39 degrees, moving up at the rate of 8 points per day, instead of the 45° angle which moves 10 points per day.
因为收到一封信，通知禽蛋合约在2月1日改变，1个点现在等于1.44美元，我做了一些试验来调整角度线到这个价格，因为这是非常重要的。我想要得到一些可以依照11¼o线运行的东西，通过144×8，就得到1152，即8个点对应11.52美元。这就给出一条5×4角度线，即大约39o，以每天8个点的速度上涨，而不是每天运动10个点的45o线。
Years of this research and experience have proved that the first advance from which a reaction runs more than three days will set an angle for an important top later. This rule works on weekly and monthly charts also. After there is a second or third top and when there is a greater decline from the third top an angle from that bottom must call bottoms and tops of the next advance. You will note that on the greatest decline from Jan. 24 to Feb. 8 the price declined to the angle of 8 x 1 from the extreme low of 4485, and the angle of 2 x 1 from the third top called the second and also the last bottom at 4560. From this low of 4560 we start the angle moving up at the rate of 8 points per day. It calls the low for March 2 next it called the top at 4850 on March 30 from which a two day reaction followed, and finally on May 3 this angle in green crossed the first top angle at 5020, on May 3, 1949.
多年研究和经验已经证明，第一次上涨（从它开始的回调超过3天），将为今后的重要高点设置一条角度线。这项规则在周和月的图表上也是如此。在有了第二个和第三个高点之后，当从第三个高点开始有一个更大的下跌时，从那个底部引出的角度线，必然指明下一次上涨的顶部和底部。你会注意到，从1月24日到2月8日的最大下跌，价格跌至始于低点4485的8×1线，始于第三个高点的2×1线指明了第二个，也是最后一个低点4560。从低点4560，我们引出了以每天8个点速度上涨的角度线。它指明了3月2日的低点，接着指明了3月30日的高点4850，这里随之而来的是2天的回调，最终在1949年5月3日，这条绿色角度线与第一条高点角度线相交于5020。
The market closed at the half-way at the range of the day on May 3. May 4 was a signal day. The opening was at 50 cents; the high was 5005; the low for the day was 4980. The market closed at 4985. This was the first day since April 18 that the market had broken the low of the previous day and closed under. The total time from 4560 to 5025, was 58 market days and in view of the fact that the option is over 6 months old a greater reaction can be expected. The 45 degree angle from the last low of 4795 is the most important one to watch for support and a secondary rally. The decline should run at least five days with not more than one-day rally.
市场收盘于5月3日那天区间的中点。5月4日是一个信号日。开盘在50美分，高点是5005，低点是4980，市场收于4985。这是自从4月18日以来的第一天，市场跌穿前一天低点，并收于其下。从4560～5025总共58个交易日，考虑到合约已经超过6个月，可以预计有更大的回调。始于上次低点4795的45o线是观察支撑和第二次上涨的最重要位置。下跌应该至少5天，期间反弹不超过1天。
Other reasons for the top on May 3 were as follows:
5月3日高点的其它理由如下：
First move up from 4485 to 4760 -- total gain 275 points.
第一次从4485涨到4760——总共增加275点。
First move down 215 points.
第一次下跌215点。
Second move up from 4560 to 4850 -- total gain 290 points.
第二次从4560涨到4850——总共增加290点。
Second move down 4850 to 4775 -- loss 75 points.
第二次从4850跌倒4775——损失75点。
Third move up 4775 to 5025 -- total gain 250 points. This was 25 points less than the first gain and 40 points less than the second gain up.
第三次从4775涨到5025——总共250点。这比第一次涨幅低25点，比第二次涨幅低40点。
The greatest time period from Jan. 24 to Feb. 8 was 11 market days. And the last advance from April 18 was 11 market days, therefore, when the market declines more than 11 days it will over balance the greatest time period. When it declines more than 75 points it will over balance the last price declines or space reversal, and indicate lower prices.
从1月24日～2月8日的最大时间周期是11个交易日。距离4月18日的最后一次上涨是11个交易日。因此，当市场下跌超过11天时，它将超过最大的时间周期。当它下降超过75点时，它将超过上次下跌价格或空间反转，预示着更低的价格。
Study the Master Chart against previous tops and bottoms and you will see how it confirms the geometrical angles on other charts. Example:
研究前期高低点的高级图表，你会明白如何在其他图表上确认几何角度。如：
5010 is opposite 180 degrees from 60 cents. 4890 is on a 45 degree angle from 1050 the extreme low price. 4950 is 180 degrees from 45 cents.
5010距离60美分是180o，4890在始于极低价1050的45o线上。4950距离45美分是180o线。
From 30 cents, which is half of 60, the 45 degree angle crosses at 48 cents. This is why the market made three bottoms around 48 cents on April 13 to 18. The Master Chart shows the same resistance levels and by using the time period with it you will learn the basic mathematical and geometrical law for market movement.
30美分是60美分的一半，始于它的45o线经过48美分。这就是为什么4月13～18日之间，市场在48美分周围形成3个低点。高级图表显示了同样的阻力位，通过对它应用时间周期，你就知道市场运动的基本数学和几何规则。
By going over back records and carefully studying all the important tops and bottoms you will see the working of the law.Since the fluctuation of Eggs on the minimum of 5 points, now equals $7.20 which is two circles of 360 degrees, one-half of this is 360 and makes an angle moving at the rate of 2-1/2 points per day very important. The fluctuations will now work better to the circle of 360 degrees. In a few days I will send you another Master Chart showing each 15 degree angle and the resistance levels which will help you to determine resistance and turning points.
通过回顾历史记录，并仔细研究所有重要的高低点，你会看到法则的作用。因为禽蛋最小5个点的波动，现在等于7.20美元，7.20相当于两个360°圆周，它的一半是720，使得每天以2½点的速率移动的角度线变得非常重要。现在，这个波动更适合360°圆周。几天后，我将发给你另一份显示所有的15°线和阻力位的高级图表，它将帮助你确定阻力位和转折点。
Example: The range in fluctuations and the life of the present option of October Eggs is 4485 low and 5025 high, making a range of 540 points. Subtract 360 from 540 and we have the balance of 180. This means that the market had advanced 1-1/2 circles or cycles and was at 180 degree angle on May 3, 1949. The writer sold October Eggs at 5015 on May 3, 1949.
例如：十月禽蛋的波动区间和当前合约的低点为4485，高点为5025，形成540点的区间。从540减去360，我们就得到余额180点。这表明市场已经上涨了1½圈或者周，同时在1949年5月3日位于180°线上。1949年5月3日，笔者在5015卖出十月禽蛋。
STOP LOSS ORDER -- Following up my wire of last night to sell October Eggs I now advise placing a Stop Loss Order at 5040 and then watch for the opportunity to cover, based on the rules and the angles.
止损单：在昨晚卖出十月禽蛋的电报之后，现在我建议在5040设止损，然后基于规则和角度线，留意平仓的机会。
Please keep me informed when you act on my advice in order that I can wire you when I see a point where you should cover short and buy.
当你按照我的建议行动时，请告知我，以便当我看到一个可以空翻多的点位时，我可以拍电报给你。
[ 本帖最后由 mzyma1355 于 2015-8-20 01:09 编辑 ] |
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