给joy111的《W.d. Gann Master Commodities Course(pdf)》

liuweikkk

19:顶或底的三分法...............................9
20: 二日图中的急速调整...........................9
重要的开收盘价格
规则21: 日线顶部信号 .............................9
22: 日线底部信号..................................9
23: 收在顶部或底部和开在高点或者低点............10
24: 急速下跌或者拉升后的　整时间......................10
25: 连续数天收在同一水平....................................10
26: 收盘在同一水平附近的三次顶部或底部 ...............10
空间图表––活跃市场中的高级规则........................11
　　小时图表 ..............................................11
三日图表或者主要趋势指示........................11
如何制作除了三日图外的图表.................................12
趋势改变的迹象 ....................................12
规则#27: 突破顶部与底部的三日图 ............................12
28: 三日图中的第一次反弹或者回调 ............................12
29: 三日图的第三次运行 ..............................13
如何将趋势线指标和三日图结运用 ..................13
阻力级别 ...............................................13
波动区间............................................14
最高卖价 .............................................14
留意谷物最重要的价格变动..........................14
阻级别顺序......................................15
中间平均点位 ....................................15
突破主要中间价位后的下一个阻力位........................15
接近同一水平的阻力点 ................................16
如何分辨阻力级别 .................................16
12的倍数............................................16
无效的市场运行...........................................17
周高低点图表 ....................................................17
三周运行图表..................................................18
7到10周的移动 .....................................18
如何确定顶点和趋势的变化？..............................19
4条规则:
规则#1:时间规则...................................19
2: 顶与底的波动.................................19
3: 空间与价格变动..........................19
4: 阻力级别..................................20
平均价格变动..................................20
谷物何时处于最强和最弱位....................20
例子：五月黑麦................................... 20-21
价格与时间波动对比................................ 22-23

liuweikkk

小麦、玉米、黑麦、燕麦的技术方法和趋势指导

必要的资金
The first and most important thing to know when you start to trade is the amount of capital required that will enable you to continue to trade 1, 2, 3, 5 or 20 years and never lose your capital. If you always have capital to start trading again, you can recoup losses and make money, but if you risk all of your capital on one or two trades and lose it, then the chances are against you. "Safety first" is the rule to apply.
在开始交易前，首要的事情是必须确定你有一定能维持1年、2年、3年、5年或者20年交易的必要的奖金，并且决不让他亏损。如果你总有资金一不断交易，你就能弥补损失而赚钱，但如果你想冒险在一两次交易中投入所有的资金而亏损，那么赢利的机会就与你擦肩而过。“安全第一”是你必须要记住的规则。
The unit of trading in Wheat on the Chicago Board of Trade is 5,000 bushels, altho you can trade in job lots of 1,000 bushels. When Wheat is selling between 50 and 75¢ per bushel, you need a capital of $750 to trade in 5,000 bushels. Your stop loss orders should be 1 to 2¢ per bushel under a daily bottom or under the Trend Line bottom, according to the rules.
CBOT小麦的交易单位是5000蒲式耳，然而你也能交易1000蒲式耳的小单。当小麦卖价在50－75美分/蒲式耳，保证金将是750美元/5000蒲式耳。按规则止损应设在日线底部1-2美分/蒲式耳处或在趋势线下面。

If your average risk is 1½¢ per bushel or $75 on each 5,000 bushels, you could lose 10 consecutive times before your capital of $750 would be wiped out. This has never happened and never will happen if you trade according to the rules and buy and sell on Trend Line bottoms and tops and on double or triple bottoms and tops. It is seldom that you will ever have three consecutive losses. However, should you have three consecutive losses, which would reduce your capital 200 to $250, then try to make your next trade of 5,000 bushels where your risk will only be 1¢ per bushel.

如果你冒平均每次1.5美分/蒲式耳或75美元/5000蒲式耳的险，你的750美元连续亏损10次才能暴仓。但是这是决不会发生而且从来没有出现的，前提是你必须依照在趋势线的顶部与底部和双或者三重顶底进行买卖规则。很少会出现连续三次的亏损的。然而你可能会连续三次亏损造成资金缩水200－250美元，那么就要尝试下次在交易/5000蒲式耳时只能冒仅亏损1美分/蒲式耳的风险。
If you have three trades that show a total loss of 5¢ per bushel and then you get a market running and make 10¢ per bushel, you are 5¢ per bushel ahead. Of course, many times in very active markets, with wide range, you will start a pyramid which will result in profits of 50¢ per bushel or even $1 per bushel before your pyramid is closed out. The main thing to do is to always go with the trend and never buck the trend, regardless of how much capital you have.

如果你三次交易总共损失5美分/蒲式耳，然后你在后市交易中赚了10美分/蒲式耳，除去前面的亏损，你赚了5美分/蒲式耳。当然，在一个大多数是非常活跃而大幅波动的市场中，加码操作将比未加码操作多赚50美分/蒲式耳或者1美元/蒲式耳。所以最重要的事情就是不管你有多少资金你总是要跟随趋势决不背离趋势。


When Wheat is selling between 75¢ and $1, then you should have a capital of $1,000 to trade in 5,000-bushel lots. When Wheat is selling between $1.00 and $1.50 per bushel, your capital should be $1,500. When Wheat is selling between $1.50 and $2.00, your capital should be $2,000.00 for each 5,000-bushel lot.
当小麦卖价在75美分－1美元/蒲式耳之间时，你应该有1,000美元操作5,000多蒲式耳。当价格在1－1.5美元/蒲式耳之间时，保证金需要1,500美元。在1.5－2美元时，需要2,000美元才能操作5,000多蒲式耳。

11-23-2006 07:12 shy
CORN  AND  RYE: Your capital for trading in these grains when they are selling  between 25 and 40¢ per bushel should be $500. When they are selling between 40 and 75¢ per bushel, your capital should be $750. When they are selling between $1.00 and $1.75 per bushel, the capital required is $2,000. However, brokers may require more margin at the higher price levels.
玉米和黑麦：当玉米和黑麦的卖价在25－40美分/蒲式耳之间时，保证金需要500美元。当在40－75美分/蒲式耳时，需要750美元，当在1－1.75美元/蒲式耳时，需要2000美元。当价格在更高的水平时，经纪人商要求你的帐面上有更多的保证金。
KIND OF CHARTS YOU SHOULD KEEP
整理保存各类型的图表
You should always keep up a daily high and low chart with opening and closing on it and　keep your Trend Line on this Daily Chart.
你应该始终保存含有每日开收盘价的日图表，并且画上趋势线。
You should also keep up a 3-day Chart separately, and a Weekly high and low chart.
Your should have a monthly chart going back 15 to 20 years so you will know where the important tops and bottoms are, where old Resistance Levels have been made. This is often very helpful.
同样也要保存的个别的三日图表、周日高低点图表。还要有包含有过去15－20年的月图表，这样你才能知道行情重要的顶部与底部，以及历史的重要的阻力水平。这些对你研判行情是非常有帮助的。

[本帖最后由 mzyma1355 于 2008-1-18 17:12 编辑 ]

liuweikkk

CHART FOR THE TREND LINE INDICATOR
图表上的趋势线指示

Keep up a daily high and low chart on two of the active options and mark the opening and closing prices on this chart.
在一张具有两个活跃行情的日高低点图表上标记上开盘与收盘价格。
The Trend Indicator or Trend Line is obtained by following the daily moves. As long as the option is advancing and making higher bottoms and higher tops, the Indicator or Trend Line moves up each day to the highest price and continues to move up as long as the market makes higher tops and higher bottoms.
通过跟随每日价格移动来获取趋势指标或趋势线。只要选择的行情一直持续并且创出更高的底部和更高的顶部，趋势指标或趋势线每天提高到最高的价格并且只要市场继续移动创出更高的顶和更高底部。
The first day that the option reverses and makes a lower bottom by 1/4¢ or more, you move the Trend Line down to that bottom. Then, if on the following day the option moves down to a lower bottom, you move the Trend Line to the low of that day and continue to move it down as long as it makes lower bottoms.
如果首日选择的行情反向运行并且创出0.25美分或更低的一个稍低的底部，就将趋势线移动到那底部下面。那么，如果在第二天选择点移动到较低的底部下面，你移动趋势线到那天低点的并且继续向下移动它，只要它创出较低的底部。
Then, the first day that the option records a higher bottom and a higher top, you move the Trend Line up again to the top of that day.
This Trend Lime simply follows the swings of an option.
那么，第一天选择点记录更高的底部和更高的顶，你移动趋势线再到那天的顶上面。
趋势完全紧密跟随一个选择点的摆动。( Lime,为石灰黏鸟胶的意思，对不上号，不知如何译，引申为紧密？）

11-23-2006 07:13 shy
NEW HIGH AND NEW LOW THE SAME DAY
日内新高和新低
If an option makes a higher top in the early part of the day than the previous day, then before the market closes, goes down and makes a lower bottom than the previous day, you move the Trend Line up to the higher top reached in the early party of the day, then move it down to the bottom made later in the day.
The idea of the Trend Indicator is to show each higher top and lower bottom so that you will always know where an option starts down from the last top or starts up from the last bottom
如果在选择点的当天早盘创出一个比上一交易日更高的顶部，那么在收盘前继续下跌，创出比上一交易日更低的底部，就要将趋势线延伸移动的当天的早盘部分，然后再移动的当天的后面的底部
趋势指标的概念是展现出每一个更高的顶和较低的底部，以便你总能分辨从行情是如何从最后的顶部下跌或者从最后的底部开始上涨到你的起始选择点。

11-23-2006 07:13 shy
WITHIN DAY 日内行情
By a "within day" I mean a day when an option makes a higher bottom but does not make a higher top than a previous day; in other words, it remains within the range of the previous day.
我定义在一天内的波动为“即日行情”，当选择点创出一个比上一交易日更高的底部但是未创出更高的顶部；换句话说，他是持续上一个交易日的行情。（这段不一定准确）
If an option is declining and only rallies one day, making a higher bottom but not making a higher top, then breaks to new lows, I do not consider it important or advisable to move the Trend Line up; neither would I move the stop loss order down above this "within day" top unless it was after a prolonged decline in a fast-moving market.
如果一个选择点正在下跌并且只反弹一天，行情做出更高的底部但未做出更高的顶部，然后突破到新低，我认为其不重要或向上移动趋势线是不可取的；也不我将止损移动向上移动的日内顶部，除非它出现在一个快速移动的下跌延长市场内。
Apply this same rule when an option is advancing and makes a lower top but not a lower bottom the same day, remaining within the range of the previous day; then if it advances to higher levels the following day, the Trend Line should not be moved down and stop loss orders should not be moved up under this bottom unless there has been a prolonged advance in a fast-moving market.
当一个选择点正在上涨时使用同样的规则，市场做出较低的顶但并非是当日的较低的底部，在上一交易日的范围内波动；那么如果它在第二天创出一个更主的级别，那么趋势线就不要移动并且不用提高止损，除非市场快速移动并且上涨延长。
Within moves last sometimes as much as 2 or 3 days, that is, remaining 2 or 3 days on a side move without breaking the bottom of a previous active day or crossing the top of that day.
日内行情有时会持续2或3天，那就意味着，在未突破先前的活跃行情日的底部或穿过那天的顶部时，行情将待续盘整2或3天。
When a change occurs after a move of this kind, go with it. If it breaks the bottom after a series of within days, go short. If it crosses the top after a series of within days, consider the trend up and go long.
当在这类的行情以后发生变化时，伴随它的是。如果它突然连续数天突破底部，并且如果连续数天穿过顶部，可以认为趋势向上为长期多头市场。

[本帖最后由 mzyma1355 于 2008-1-18 17:11 编辑 ]

liuweikkk

HOW TO USE STOP LOSS ORDERS
如何止损
With this Method you must always use a stop loss order 1, 2, or 3¢ below the bottom or above the tops made by the Trend Indicator.
你必须要根据趋势指示在行情的底部下或者顶部上1,2或者3美分处进行止损。
Remember that stops are placed above or below the top of bottom on the Trend Line
Indicator, and NOT placed above or below the high and low for the day, except when you are applying the 7 to 10-day Rule and following a pyramiding move up or down, or where there is a Signal Top or Bottom day, when you place stop loss orders above the top of the signal day or below the bottom of the signal day.
牢记止损位置要根据趋势线指标设定在行情底部上面或者顶部下面，不要设在当日的高点上和低点下，除非当你应用7－10天的规则和跟随金字塔式交易上下移动或者在顶底日出现信号，这时你才将止损设定在信号日的顶部或者信号日的底部。
When the market is moving slowly, you can use 1¢ stop loss orders with greater success and larger profits, but when an option fluctuates rapidly the move will often go 1½¢ over a top or under a bottom and not go 2¢, therefore a 2¢ stop loss order will not be caught as often. A stop loss order 3¢ under a Trend Line Bottom or over a Trend Line top will be caught less frequently than a 1 or 2¢ stop loss orders. However, as a general rule, I only advocate using 3¢ stop loss orders in very active markets.
When Wheat is selling at very high prices, then you have to put your stop loss orders further away, but in most cases I never advise using a stop loss order more than 3¢ per bushel away.
当市场运行迟缓时，你可以大量使用1美分的止损成功来获得更大的利润，但是当一个选择区域快速波动时，行情会经常在1.5美分顶上或底下盘整，但不会超过2美分，因此2美分的止损点位将不会被套。止损在在趋势线底部下或趋势线顶上3美分处的被套机会将少于在1或者2美分处。然而，按惯例，我仅仅倡导在很活跃的市场上使用3美分止损。
当小麦价格卖价很高时，你必然将止损设得更远一些，但是在大多数情况下，我从来不建议止损超过3美分/蒲式耳处。
However, after Wheat has had a big advance or a big decline and you have big profits, then you can either follow up with stop loss orders 1¢ under each day’s bottom or above the top, or 3¢ per bushel below or above each day’s bottom or top, or follow down with a stop loss order 5¢ above [below?] the low level of each day or 5¢ per bushel under [above?] the top of each day until your stop is caught. Never risk 5¢ per bushel on any one trade to start with, only when you have big profits can you afford to have your stop loss order 5¢ per bushel away.
然而，在小麦已经经历过一次大牛市或大熊市并且你已大赚后，那时你可以跟随上涨行情将止损在每天的底或者顶部1美分处，或者跟随下跌行情将止损设在3美分/蒲式耳处，直到你设定的止损有效。从来不要在任何一次交易中冒超过5美分/蒲式耳的风险，只有当您已有大赢利时才能承受得起5美分/蒲式耳的止损位。
1/2-POINT MOVES AND STOPS
0.5美分的行情预示和止损
After Wheat has made a series of bottoms or tops around the same level and becomes very　active, then it is just as well to move your stop loss order up 1/2¢ under the series of bottoms or place your stop 1/2¢ above the series of tops. As a rule, when it breaks 1/2¢ under or crosses 1/2¢ over, it indicates a further move in that direction.
小麦结束在连续的同一底或者顶部盘整后将变得非常活跃，那么你最好将止损提高到同级底部的0.5美分下面或者顶部的0.5美分上面。作为一条规则，当它向下突破或者向上突破0.5美分时，预示行情要向那个方向更进一步发展。

WHEN NOT TO TRADE
何时空仓休息？
Never trade in any option after delivery day. In other words, on April 30 always get out of May Wheat and do not trade during May. Never trade in July during the month of July; nor in September option during the month of September; nor in December option during the month of December. It never pays to trade when you can be called on any minute for delivery.
Keep your trades in the distant options.
决不在交割后做任何交易。换句话说，总是要在5月小麦的交割日4月30日后出来，并且在5月期间别做交易。在7月期间从来不做7月合约; 也不在在9月期间的9月合约；不在12月期间做12月的。交割现货会让你无利可赚。（结合上下文应该是这个意思）
坚持你的换远月合约选择。

TRADING INSTRUCTIONS
交易指令
BUYING AND SELLING POINTS　
买点和卖点
Rule 1 –TRADING ON TREND LINE INDICATIONS ONLY
规则1: 只根据趋势指示交易
The simplest and easiest rule to use is to buy 10,000 bushels, 5,000 bushels, or any other unit that you start trading in, and place a stop loss order 1¢ under the last Trend Line bottom; then follow up with a stop loss order 1¢ under the last Trend Line bottom and never use any other indication to sell out until the Trend Line breaks 1¢ under the previous Trend Line bottom, where your stop is caught. Then reverse, selling 10,000 bushels or whatever your unit is and following that down with a stop loss order 1¢ above each Trend Line top until your stop loss order is caught. Then reverse and go long again.
应用最简单和最容易的规则就是是买10,000蒲式耳，5,000个蒲式耳，或任何另外的单位开始交易。将止损单设定在最后的趋势线底部下，然后跟随趋势将止损设定在最后那根趋势线底部1美分处，此过过程中不要参照其它的任何指示，直到趋势线突破前一个防止被套的趋势线底部。反之亦然。

liuweikkk

Remember, always allow your Trend Indicator to be your guide and when it turns down,follow it and do not expect a change until the Trend Indicator shows it. That is what your Trend Indicator is for – to keep you with the trend of the market, and when it changes, you must change and reverse your position accordingly.
记住，总是任由你的趋势指示作为你的指南并且当它反转时，跟随它并且不期待有改变直到趋势指标发出信号。更确切地说，你要一直坚持跟随市场的趋势，当它变化时，你必须因此改变角色。
This rule will make the cautious investor or trader a very large percentage of profits each year if he trades when the market is active. The higher price at which an option is selling, the more money this rule will make.
这条规则在行情活跃时将使那些谨慎的投资者或商人每年获得巨大的利润。在其中一个选择点卖出的更高的价格，这条规能使其赚更多的钱。

Rule 2 –BUYING AT DOUBLE OR TRIPLE BOTTOMS
规则2: 在双底或者三重底买入
Buy against double or triple bottoms and protect with stop loss order 1, 2, or 3¢ away
according to the price and activity. When an option makes the same price level a few days apart, it makes what we call a double bottom on the Trend Indicator. A triple bottom is when an option makes bottom around the same level of prices the third time. A second or third bottom can be slightly higher or lower than the previous bottom, but remember this rule:
在双底或者三重底买入，并根据价格与行情的活跃程度将止损设在1,2或者3美分处。当一段行情相隔数天处于同一价格水平时，在趋势指示上我们把它叫双底。三重底是指出现第3次同一价格水平的底部区域。第二个或第三个底部比先前底部稍微更高或较低一些，除了记得这条规则外：
When you buy at the time an option reaches the third bottom, you should never risk more than 1¢, for when the third bottom is broken, especially if this bottom is around the same level, and your stop is caught, it will indicate that the main trend has changes and you should double up and go short.
当在行情到达第三个底部时你已经买入，你决不要冒险多于1美分的风险, 因为当第3个底部被击穿时，尤其是如果这底部是附近同一价格水平，并且你的止损已经有效成交，预示主要趋势已经变化，并且你应该加倍做多并且做短。（这里应该是这个意思？）
Always reverse position when the trend changes. If you are long of the market and your stop is caught, you must go short. If you are short of the market and the trend changes and your stop is caught, you must go long or buy an equal amount.
当趋势改变时总是向相反的方向。如果做多市场，并且你的止损被成交，你必须做短线。如果你做空市场并且趋势已改变和你的止损成交，你必须做长线或买相等的数量合约。
The safest buying point is when an option makes a triple bottom near the same level,
protected with a stop loss order not more than 1¢ under the lowest level of the triple bottom.
当在同样的水平附近一个选择做3重底部时买入是最安全的，同时在3重底最低的价格下用超过1美分的止损单来进行保护。

Rule 3 –SELLING AT DOUBLE OR TRIPLE TOPS
This rule is just the reverse of Rule 2. Sell against double or triple tops with stop loss order 1,2, or 3 points above the top, but on a third top never use more than a 1¢ stop loss order because, as a general rule, when an option reaches the same price level the fourth time, it goes thru and goes higher. Therefore, it is always a sure indication when it goes above the third top, you can buy it for higher prices.
这条规则正好与规则2相反。对两重或3重顶部止损在1，2, 3美分，但是在第个3顶上不要超过1美分止损，因为在一般情况下，当一个交易第四次到达同样的价格时，它会突破前顶并且走得更高。因此，当它走到第3个顶上面时总是发出一个明确的信号，你可以以更高的价格买入。
The safest selling point is when an option makes a triple top near the same level, protected with a stop loss order not more than 1¢ above the highest level of the triple top.
当在同样的价格水平附近一个行情做3重顶时是最安全卖出点，同时在更高的3重顶处用一个不超过1美分的止损单来保护。

Rule 4 –FOURTH TIME AT THE SAME LEVEL
规则4–第四次到达同样的价格水平
Triple bottoms are the strongest and triple tops the strongest, but it is very important to watch an option when it reaches the same level the fourth time as it nearly always goes thru.Therefore it is safe to reverse position and pyramid when an option goes thru a triple top or crosses the same price level the fourth time.
3重底部与3重顶部的力量是最强壮有，但是注意当一个行情第四次到达与差不多它同样的水平时是很重要的。当行情第4次通过3重顶或者到达同级水平时，趋势倒置而呈金字塔，因此显得更加安全。
Reverse the rule on the down side. Where triple bottoms are made close together, when an option goes to this level the fourth time, it nearly always goes thru. herefore, when triple bottoms are broken, reverse, sell out all longs and go short, always going with the trend and never against it.
在底部时反过来运用此规则。当行情第4次突破第三个底部跌到相同水平时，长线卖出或者做短，总是跟随趋势而不是逆势。

[本帖最后由 mzyma1355 于 2008-1-18 17:13 编辑 ]

liuweikkk

Rule 5 –ASCENDING OR RISING BOTTOMS AFTER A TRIPLE BOTTOM
规则5–上涨或者从三重底回调的底部
After an option makes a third or triple bottom, then has a rally and from this rally reacts again,making a fourth bottom higher than the previous bottoms, it is a sign of strong support and  indication of higher prices. Then if the fifth bottom is higher, it is a still stronger indication that a greater advance will take place.
在一个行情已经出现第3个底或3重底，然后将反弹并从这反弹点再次下跌，走出第4个比先前底部高一些的底部，它是一个强支撑的信号预示后市价格走高，如果第5个底部是比先前底更高的，它依然是一个预示后市是更大牛市的强烈信号。

Rule 6 –DESCENDING OR LOWER TOPS AFTER A TRIPLE TOP
规则6:下跌或者从三重顶反弹后的顶部
After a triple top, watch the fourth top or the first rally after an option breaks away from the triple top. If this fourth top is lower than the previous tops, it is a sign of weakness and lower prices. Then after a decline, if the next top of a rally, which would be the firth top counting from the first, is still lower, it is a sign of extreme weakness and indicates much lower prices.
在3重顶后，观察第4个顶或在已经远远突破第三个顶后第一个反弹区。如果这第4个顶低于先前的顶，它是弱势信号并预示后市价格会更加走低。如果在一次下跌后，形成从第一个顶部算起的反弹顶部，预示后市将继续下跌，行情将会向更低的价格迈进。

Rule 7 –7 TO 10-DAY RULE FOR AN ACTIVE, FAST-MOVING MARKET
在快速活跃的市场中运用7－10日规则
When an option of grain is very active, declining fast and making lower tops and lower bottoms each day, after is has declined 7 days or more, you should make your stop loss order 1¢ above each day’s top, and when your stops are caught, reverse position and buy, placing stop loss order 1¢ under the previous day’s bottom.
当谷物行情非常活跃时，价格每天在快速下跌中形成更低的顶部和底部，当他已经下跌7天或者更多天后你的止损应该设定在每天的顶部1美分上面，当止损位被吃掉后，马上反手买进，将止损设定在上个交易日底部下面1美分处。
When an option is very active and advancing fast, after it has advanced 7 to 10 days or more without breaking a previous day’s bottom, you should follow your purchase up with a stop loss order 1¢ under each day’s low until the stop is caught. Then reverse and go short, placing a stop loss order 1¢ above the previous day’s top.
在行情非常活跃并快速上涨时期，价格已经上涨7－10天或者更长时间未破前期底部，你就要跟随行情将止损提高到每天的底部，直到他被吃掉。然后反手短线操作，将止损设定在上个交易日顶部上面1美分处。
But do not consider that the main trend has changed up or down until an option crosses a Trend Line top or breaks under the last Trend Line bottom.
在此过程直到行情穿过趋势线顶部或者跌破最后的底部趋势线才可认为主要趋势已经改变。

PYRAMIDING　Rule 8 –HOW TO PYRAMID
何时加码（金字塔式交易）规则8: 金字塔式交易方法
Much larger profits can be made pyramiding, and it is just as safe to pyramid if you adhere strictly to the rules.
当积累了大量的利润后正好适合连续投机，如果你严格坚持用规则实行金字塔式加码是非常安全的
If you are trading in 5,000 bushels and using a capital of $750 to $1,000 after you buy or sell the first 5,000 bushels, when the market moves 5¢ in your favor or when you have $250 profit, buy or sell 5,000 bushels more so long as the Trend Indicator shows that the main trend is still up or down. Continue to buy or sell 5,000 bushels more every time the market moves 5¢ in your favor, always placing a stop loss order not more than 1¢ below the Trend Line bottom or 1¢ below each day’s lowest, if you are long, and not more than 1¢ above Trend line top or 1¢ above each day’s highest if you are short. If you have pyramided until you h ave 25,000 bushels, then you should have an order in to sell 30,000 bushels on stop, which would put you short 5,000 bushels to start a new deal. Pyramid again in the same way or as long as
the market moves in your favor.
如果你用$750到to $1,000进行首次的5,000蒲式耳买卖，当市场在你的预料中移动了5美分，或者当你有了$250的利润，始终随着上涨或者下跌趋势的指示进行5,000蒲式耳的长线买卖。当市场每次按你的意愿移动5美分时，你就继续进行5,000蒲式耳或者更多的买卖。如果你长线操作，总是将止损设定在不要超过趋势线底部1美分或者每天的是最低点上面1美分处，，如果短线，则不要超过趋势线顶部或者每天最高点1美分处。直到你已经有了25,000蒲式耳，你才能进行金字塔式加码，那么你应该有一个设定在30,000蒲式耳处止损的命令，它适合你进行新的5,000蒲式耳短线交易。只要市场在按你的意愿不断运行用同样的方法再次加码。
But remember that when an option selling between 60¢ to $1.00 per bushel has moved 15 to 25¢ in your favor, you must watch for a change in trend and be careful about buying or selling another lot on which you would have to take a loss.
但是当卖价在60美分到1美元/蒲式耳之间时已经按你的意愿运行了15到25美分，你就要仔细观察趋势的演变，并且在你已经赔过一两次钱后就要小心买卖了。

[本帖最后由 mzyma1355 于 2008-1-18 17:13 编辑 ]

liuweikkk

Rule 9 –THE RUN OR PYRAMIDING MOVE
规则9: 运用移动加码
The big money in pyramiding is made in the run between accumulation and distribution.
在金字塔中赚钱的大量的金钱是通过成功的积累与合理分配的。
Pyramids should be started after double or triple bottoms. Then, when you get into this run,buy every 5¢ up, protecting with a stop loss order 1¢ under each day’s bottom or 1¢ under the last Trend Line bottom. By following up with a stop loss order 1¢ under the Trend Line bottom, you not get out until the main trend has changed. But in fast-moving markets, after you have bought the 5th or 6th lot, then it is safest to keep your stop loss orders 1¢ under each day’s bottom, because in active fast-moving markets at high levels, an option often declines 10 to 12¢ in two days without breaking the Trend Line bottom or without declining and moving the 3-day Chart down. If you use your rule for determining the top day, then you can get out before the trend changes or even before the option breaks the bottom of a previous day.
在双底或3重底的底部以后开始金字塔加码。然后当你实施这一方案后，每天涨5美分就买进，止损设在每天底部的1美分下面或者最后那根趋势线下面。通过设定在趋势下底部1美分的止损单跟随趋势直到他改变才出来。但是在一个快速变化的市场中，你已经进行了第5次或者第6次以上的买单位，那么最安全的就保持你设定在每天底部1美分下的止损。因为在一个已经在高位快速移动和活跃的市场中，行情通常会出现一个两天内不会跌破趋势线底部的10到12美分回调，或者回落到三日图下面。如果你运用确定顶部日期的规则，那么你能在趋势改变前或者行情恰好在破前期底部前跑掉。

Rule 10 –PYRAMIDING ON TREND LINE INDICATIONS ONLY
仅根据趋势线指示加码
The pyramiding plan is simple and easy to use. You simply use Rule 1 to make your first trade, buying the first lot after the Trend Line Indicator shows up trend by crossing a Trend Line top by 1¢, then use Rule 9 for buying the second lot after the option breaks out of a trading range, but, remember, never buy the second lot until the option crosses the highest top
of the trading range.
加码计划实施起来是非常简单容易。你只用规则1就能完成你的首笔交易。在上穿一条趋势线顶部1美分的上涨行情中买进第一份合约；然后在行情突破趋势线区域用规则9买进第二份。但是请记住：在交易过程中决不在行情突破最高顶部时买进第二份。
In a declining market, sell the first lot after the Trend Line shows down trend by breaking a Trend Line bottom by 1¢; then use Rule 9 for selling the second lot after the option breaks out of a trading range, only selling the second lot when the option breaks the lowest bottom of the trading range.
在熊市中，在下穿一条趋势线底部1美分的下跌行情中卖出第一份合约；然后在行情突破趋势线区域用规则9卖出第二份。只在行情突破最低的底部时买进第二份。

Rule 11 – SAFEST PYRAMIDING RULE
最安全的加码规则
One of the safest rules to use for pyramiding when an option is at extremely high levels or extremely low levels is to start with 5,000 bushels and when the market moves 5¢ in your favor, buy another 5,000 bushels; then when it moves 5¢ more, buy or sell 5,000 bushels; then
on the next 5¢ move in your favor, buy or sell 5,000 bushels. Continue to follow the market up or down with this amount until there is a change in the main trend.
最安全的规则的之一是当行情走到非常高或者非常低的级别时开始用5,000蒲式耳加码和当市场在你的意愿下移动5美分时买另一份5,000蒲式耳；当价格变动5美分多时，买或卖5,000蒲式耳；在下一个有利于你的5美分变动时，买或卖5,000蒲式耳；在牛市或者熊市中用这样的量来跟随市场，直到大势改变。

Rule 12 –FAST MARKET AND WIDE FLUCTUATIONS
快速和剧烈波动的市场
In fast-moving markets, like 1915 to 1917, and 1929, 1933, 1945 and 1946, when you pyramid and have very large profits, you should follow down with a stop loss order about 7 to 10¢ away from the market. Then, after a severe decline reduce stop loss orders, placing them about 3 to 5¢ above the low level, because when a market is moving as fast as this, you should not wait for the Trend Indicator to show a change in trend by crossing a Trend Line
top or even a previous day’s top before changing position; also apply the rules for determining bottom by Signal Day and Opening and Closing Prices.
Reverse this rule in an advancing market.
在一个快速移动的市场中，如1915到1917年,1929、1933年, 1945、1946年，当你已经加码并获巨利后，你就将止损位调到市场正常位7－10美分下面，在一轮暴跌后恢复到原来的止损标准，将其放在低级水平线上3－5美分处，因为当市场象这样剧烈波动时，你就不能再等他穿过顶部趋势线或者与之相等的前期顶部来给你指示趋势已经了；同样，在通过转势日（Signal Day，这样翻译准确些）与开盘价和收盘价确定的底部位应用这条规则。
在牛市中反转这条规则即可。

liuweikkk

规则13: 何时不能加码
Never buy a second lot for a pyramid when an option is near a double top or sell a second lot when an option is near a double bottom.
决不在双顶和双底附近进行二次加码。
Safety is the first consideration in starting or continuing a pyramiding campaign in an option of grain. Mistakes are made by buying or selling a second lot too near the accumulation or the distribution point(成交密集区？). After a big run up or down, you must always wait for a definite change in trend before starting to pyramid.
在刚开始或者准备持续加码时首先要将资金安全放在第一位。在交易密集区附近进行第二波买或卖单是错误的行为。在开始加码前你始终要等待在一轮大涨或大跌后明确的趋势改变。
An option often holds for several days or weeks in a range or 10 to 12¢, moving up and down,not crossing the highest top or breaking the last bottom made. When it does get out of this range, crossing the highest top or breaking the lowest bottom, it indicates a bigger move and you should start to pyramid, buying the second lot after it makes a new high or selling when it breaks to a new low.
行情经常保持在几天或者几周盘整在10－12美分内上下波动，他不会突破顶部的最高点或者跌破底部最低点。当行情超过一旦突破这两个上下区间时，这就预示着一轮大的行情出现，你应马上加码。在一轮新高或者新低后，接着进行第二波加码。
The Wheat market has peculiar and unusual moves. It often has straight moves up or down with very small reactions, often only a 2-day rally or a 2-day reaction until the long trend has run out. After these long periods of advances or declines, then Wheat will go thru a narrow trading range for days, weeks or months. While it is in this trading range, whether it is
accumulating or distributing, then you must trade against the bottoms and tops and wait until it breaks out of the trading range up or down before starting a new pyramid. You have to trade for small profits when Wheat is in these narrow ranges.
小麦市场则有自身的特殊和与众不同的波动行情。它只要有很小的反应就经常笔直的涨或者跌，经常是回调2天或反弹2天直到长趋势结束。在长期上涨或者长期下跌后，小麦将持续数日、周、月的窄幅震荡。当它在这个范围内交易时，无论他如何密集成交，在一轮新的加码前，你必须根据顶部与底部等待直到他突破交易区的后继续上涨或者下跌。
当小麦在这些狭窄的范围波动时。你可以在小赚一些。（此段不满意如何翻译against the bottoms and tops如何理解？逆势？）

HOW TO DETERMINE CHANGE IN TREND 如何确定趋势的改变
Rule 14 –MINOR TREND INDICATOR
规则14:次级趋势指示
In a declining market, never consider the minor trend has turned up until the trend changes on the Trend Line Chart. To change the trend on the Trend Indicator, an option must advance 1 or more cents above the last top on the Trend Indicator, according to the activity and price of the option, whether you are using 1, 2, or 3¢ stop loss orders above the previous top.
在一个下跌市场中，在趋势线图表上未显示趋势已经改变前决不认为次级趋势已经向上。在趋势指标中显示如果趋势将发生变化，那么对应行情就必须涨过最后的顶部上面1美分甚至更多。根据行情价格与活跃程度的变化，在上一顶部的1、2或者3美分处灵活设定止损位。
In an advancing market, never consider that the minor trend has turned down until an option breaks 1 or more cents under the last bottom on the Trend Indicator or Trend Line Chart.
在一个上涨市场中，在趋势线图表或趋势指标中未显示趋势已经改变前决不认为次级趋势已经向下。除非行情已经突破最底部价格1美分甚至更多。
Remember that breaking one cent under a daily bottom or going one cent over a daily top does not change the trend.
记住：当行情只是跌破每日的底部下面一美分或者上涨超过每日顶部上面一美分不是趋势改变的信号。

Rule 15 –MAIN TREND INDICATOR主要趋势指示
After a prolonged advance, never consider that the main trend has changed until a bottom made by the 3-day chart has been broken.
在一轮延长的上涨后，除非跌破3日图表上一个底部否则决不认为主趋势已经改变。
After a prolonged decline, never consider that the main trend has changed until a top made by the 3-day Chart has been crossed.
在一轮延长的下跌后，在未上穿过3日图表上的一个顶部前决不认为主趋势已经改变。

Rule 16 –BREAKAWAY POINTS
平仓位置
Watch the point and price where the last move starts up from and when that price is broken,consider that the main trend is changing to the down side.
When an option is in strong position at high levels, watch the last bottom or starting point of the last move to new highs. When this level is broken it is an indication that the main trend is turning down.
观察在最后阶段行情开始位置和价格上涨变化，当这个价格被有效突破后，可以认为主趋势正向下发生改变。
当行情位于高位的强势区时，观察最后的底部或者从开始上涨到创出新高这段价格变化，当这个价格水平被突破时，那就是主趋势反转的信号。
Watch the point and price where the last move starts down from and when that price is crossed, consider that the main trend is changing to the up side.
观察在最后阶段行情开始位置和价格下跌变化，当这个价格被有效上穿后，可以认为主趋势正向上发生改变。
When an option is in a weak position at low levels and slowly working lower, making lower tops and lower bottoms, it is important to watch the last top or the point where an option breaks away from and makes new lows and never decide that the main trend has turned until the option begins to cross some of these levels from which it broke away.
当行情位于低位水平弱势区并且以较低的价格缓慢变动，不断创出一个较低的顶部和底部时，这时观察行情最后创出新低的价格或位置的变化显得极其重要，在行情未突破并开始穿过一些水平线前绝不认为主趋势已经反转。

[本帖最后由 mzyma1355 于 2008-1-18 07:37 编辑 ]

liuweikkk

Rule 17 –SECOND AND THIRD HIGHER BOTTOMS AND LOWER TOPS
第二个和第三个更高的底部及更低的顶部.
Watch the second and third higher bottoms. When an option breaks a second higher bottom,consider the main trend has changed to the down side.
Watch the second and third lower tops. When an option crosses the third lower top, consider the trend has turned up, at least temporarily, and go with it.
观察第二个和第三个更高的底部。当行情跌破第二个更高的底部时，可以判断主趋势已经向下边改变了。
观察第二个和第三个更低的顶部。当行情跌破第三个更低的顶部时，认为主趋势已经掉头向上了，至少暂时要顺应这段趋势。

Rule 18 –SECTIONS OF A MOVE
分段运行的市场
It is important to study the different sections or moves that an option makes between the first low level and the first, second, third, fourth, or fifth tops of a move. After an option has had several moves up and reacted, when it is near the end of the move, the gains over the last previous top will be less and the run from the last bottom to the last top will be less than in the early stages of the movement, an indication that the move has run out and that a culmination is near. Then apply your other rules and watch the Trend Indicator and 3-day Chart for a reversal in trend.
在研究行情在不同的段（浪）内或者在第一个低级水平线与第1、2、3、4或者第5个顶部之间的运行情况中发现其非常重要。在行情已向上运行几段并背离后，当其即将结束运行时，在最末段的前期顶部上的资金增益将会是比较少；从最后的底部运行到最后的底部的资金增益也比从早期阶段的少，迹象表明行情运行已经结束，并且已经接近了顶部。然后应用其它规则并在趋势指标和三日图表上趋势的反转。
In a declining market, apply the same rule. When the declines or sections of a move become shorter, it indicates that the selling pressure is waning.
在熊市中应用同样的规则。当下跌或者分段运行变得越来越短时，预示空头力量减弱。

Rule 19 –3 FULL-CENT INDICATION AT BOTTOM OR TOP
顶底处的完整3美分
In very weak markets watch for the first advance of 3 full-cents from any low level and in very strong markets for the first reaction of 3 full-cents which will indicate a change in the minor trend.
在非常弱势的市场中留意来自任何的低水平级别的第一个3美分上涨和在非常强势的市场中整个第一个3美分反弹，这将预示次级趋势的改变。　
By 3 full-cents I mean, for example, from 60 low, a rally to 63 would be 3 full cents. If this low was 59½¢, we would not count 3 full cents until the option rallied to 63.
完整3美分法的意思是：例如，从低点60美分，反弹到63需要完整的3美分。如果低点在59.5美分，在其未反弹到63美分前我们认为不是完整3美分法。
Reverse this rule when an option is advancing. Suppose it advances to 50-7/8 and has not had a 3 full-cent reaction for some time; then if it declines to 47, I would consider it a 3 full-cent reaction and an indication that the minor trend was reversing. In this case, if the option only declined to 47½ or even to 47¼, we would not count it a full 3-cent reaction, because full points are based on even figures.
在牛市中反转这条规则。假定有时已经上涨了50－7/8美分却还未回调完整的3美分；那么如果下跌到47美分，我认为它是完整3美分的回调，并且趋势显示次级趋势正在反转中。在本例中，如果行情只跌到47.5或者甚至到47.25，我们不计入完整3美分回调，因为全部的点位是基于准确的数字。
（even figures在这里应该是精确的：（在数量，程度或数目上精确的，恰好的，整的；精确的，不一定正确，有待方家认证，读者请注意这一点。）

Rule 20 –SHARP 2-DAY SIGNAL MOVE2天中的急剧行情信号　
After a prolonged decline an option often has a sharp 2-day rally, making a very wide range in price, then moves in this same range for several days or weeks without getting higher than the top of the 2-day rally or without breaking the previous bottom. This shows support or accumulation. Then when the top of the 2-day rally is crossed, it is an indication that you
should buy a second lot to start a pyramid.
经过长期的下跌后，行情经常出现连续2天的强烈的巨幅反弹，然后是在这2天反弹的顶部与前期底部的区间盘整几天或者数周，这就是一种支撑与密集区的表现。当这2天反弹的顶被突破后，这就预示着你可以进行第二张单的加码。
Apply the same rule after a sharp 2-day decline, which does not change the main trend because the option does not decline into the 3rd day, but later when the bottom of this sharp 2-day decline is broken, it is an indication that the main trend has turned down and you can start to pyramid again.
在2天的剧烈回调中应用同样的规则，当行情第三天未跌破时，主趋势不会改变，但是假如这2天的剧烈回调的底部最后却被击穿，这就预示主趋势将反转，你就要再次进行加码了。

[本帖最后由 跳跳雨 于 2008-1-18 14:29 编辑 ]

liuweikkk

IMPORTANCE OF OPENING AND CLOSING PRICES
重要的开盘与收盘
Rule 21 –SIGNAL TOP DAY　日线顶部信号
The opening and closing prices are very important when an option is very active and reaches extreme high and low.
当行情非常活跃和达到极限的高点与低点时，开盘价与收盘价这时就显得极其重要了。
On the day that extreme high price of a move is reached after a big advance, if option closes near the low of the day or closes below the halfway point of the day’s range or closes below the opening, it indicates that the selling is better than the buying and that the option is getting ready to turn the trend down, at least temporarily. When there is a move of this kind, you should sell out and go short without waiting, placing a stop loss order on the shorts 1¢ above the final day’s high.
在一轮大牛市结束到达极限高点价格的那天，如果当天开盘价接近收盘价，或者收盘价低于当天中价（应该是最高一最低的一半），或者收在开盘价下面，那么预示卖者多于买者，至少行情准备转势了。当这种情况出现时，你就要毫不犹豫卖出并且短线操作，止损定在那天最高点上1美分处。

Rule 22 –SIGNAL BOTTOM DAY 日线上的底部信号
On the day that an option has a sharp break after a prolonged decline, if it closes higher than the opening or above the halfway point or better still if it closes at the extreme high, after making a wide range and going lower than the previous day, it is an indication that the buying is better than the selling and that the trend is getting ready to turn up or that a bigger rally may be expected. Therefore you should cover shorts and buy without waiting for the option to make a higher top than a previous day or without waiting until the trend turns up by crossing a Trend Line top.
在一轮长期下跌市中出现一个剧烈下跌的时候，如果当天收盘价高于开盘价，或者收盘价高于当天中价，或者收在最高价上面，在进行宽幅震荡后价格比前几天收低，那么预示买者多卖者，行情准备转势向上或者将会迎来一轮预期的强烈的反弹。所以你要短线出仓，马上短线买进，等待行情走到比前期顶部更高的位置或者直到穿越趋势线顶部。

Rule 23 –CLOSING NEARER THE TOP OR BOTTOM AND OPENING LOWER OR
HIGHER　收盘价在顶部或底部附近和开盘价在较低点或者较高点

If an option has a big advance and closes near the top or at the exact top, then the next morning opens 1 to 2¢ lower, it is a sign of weakness and an indication that the option is going lower, especially if it fails to cross the high of the previous day.
如果行情在一轮大涨后收在接近或相等的顶部价格处，那么第二天早盘低开1－2美分，
那就证明后市较弱并且将一走低，特别是在未突破前期高点时尤其明显。
When an option is declining and closes near the lowers levels of the day, then next morning opens 1 to 2¢ higher and never breaks the opening price and closes near the highest level of the day, it is a sure sign of good support and indicates that the option is going higher. If the option opens higher after closing weak and holds until 11 o’clock the same day without
breaking the opening, it is a sign of higher prices and you should buy.
当在下跌行情中，收盘接近前期的较低的水平级而第二天早盘高开1－2美分，直到收盘未跌破开盘价并收在当天最高点，那就确认是个强支撑并且预示后市一路走高。如果行情高开后，直到当天上午11点未破开盘价并以弱势收盘，那么后面将会走到一个比较高的价格，你应该买进。

Rule 24 –A NARROW DAY AFTER A SHARPER DECLINE OR A SHARP ADVANCE
急速下跌或者拉升后的短期调整
After an option has been declining for some time and has a sharp break, closing weak or near the low level, if on the following day the range is very narrow and the option goes only slightly lower and closes about the same level, it is an indication that the move has a run out and your stop loss order should be moved down 1¢ above the top of the narrow day.
行情在下跌一段时间并且已经急速下跌后，收盘疲软或收在低级水平附近，如果在下一天行情幅度非常狭窄，同时在较低位行情波动变得极其微小且收盘在同一水平，那就预示市场调整结束，你的止损应该下移到短期顶部上面1美分处。［这个narrow day如何翻译困扰了我两天多的时间，造成脑子短路，查了网上都没有，最后突然来了灵感才翻译成短期。有时就是因为中间的一段话，或者词组翻译不准确，就严重影响了进度。］
After an option has been advancing for some time and had a sharp advance, closing strong or near the high level, if on the following day the range is very narrow, it is an indication that a culmination is near and your stop loss order should be moved up 1¢ under the bottom of the narrow day.
行情在上涨一段时间并且已经急速拉升后，收盘强劲或收在高级水平附近，如果在下一天行情波动幅度非常狭窄，那就预示市场接近顶点，你的止损应该上移到短期底部下面的1美分处。

[本帖最后由 mzyma1355 于 2008-1-18 07:37 编辑 ]

liuweikkk

Rule 25 –CLOSING AT THE SAME LEVELS FOR A SERIES OF DAYS
连续数天收在同一水平
Watch the closing price of an option after a prolonged decline or a prolonged advance.
注意一轮持久上涨或者持久下跌后的收盘价。
If an option closes for a series of days around the same level, it is an indication that it is receiving support or meeting resistance around this level. Then the first day that it closes above or below this series of closings, it will be an indication of a change in trend and you should go with it.
如果行情连续数天收在同一水平周围，那就预示行情在这一级水平的遇到支撑或者强大的阻力。然后在首日收盘在这几天收盘价上面或者下面，那就暗示趋势将改变，你应该随之而上。

跳跳雨

这是黑水兄译的,可惜没译完.

K兄,发文时在图示处打上勾,在文中就不会有字母变成小图标了.

liuweikkk

原帖由 跳跳雨 于 2007-7-12 15:13 发表


K兄,发文时在图示处打上勾,在文中就不会有字母变成小图标了.

又学一招

鸿蒙道人

向老师学习,谢谢老师.

mzyma1355

原帖由 跳跳雨 于 2007-7-12 15:13 发表
这是黑水兄译的,可惜没译完.

K兄,发文时在图示处打上勾,在文中就不会有字母变成小图标了.

学习一下。

OldZ

谢谢楼主提供

kop123

真好 I like

transit2563

向黑水兄弟致意
3q

transit2563

k兄
請問你是用何種軟體翻譯的
翻的不錯
謝謝

zlmm

用的是黑水牌软件翻译的.呵呵.这个是黑水兄翻译的

jqbudd

谢谢！！！！！

hope7199

学习中 谢谢！知识是宝贵的。

kincash

这本书是无价之宝

wyw787

连续数天收在同一水平
Watch the closing price of an option after a prolonged decline or a prolonged advance.
注意一轮持久上涨或者持久下跌后的收盘价。
If an option closes for a series of days around the same level, it is an indication that it is receiving support or meeting resistance around this level. Then the first day that it closes above or below this series of closings, it will be an indication of a change in trend and you should go with it.
如果行情连续数天收在同一水平周围，那就预示行情在这一级水平的遇到支撑或者强大的阻力。然后在首日收盘在这几天收盘价上面或者下面，那就暗示趋势将改变，你应该随之而上。

LAOER00

感谢

zm3333

无价之宝，先收起来再看

logoslogos

刚得到此书时,基本不分昼夜,呵呵,真有欲罢不能感觉!

logoslogos

无价之宝不分昼夜 try to study thoroughly

601988

经典好书，好好学习。谢谢

lqz888

楼主的无私分享，好人有好报。谢谢！