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第二章: 谷物交易技术方法及趋势指标(江恩期货教程中文版)——004 [复制链接]

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只看该作者 10楼 发表于: 2006-08-15
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。
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只看该作者 11楼 发表于: 2006-08-17
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。
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只看该作者 12楼 发表于: 2006-08-17
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。
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只看该作者 13楼 发表于: 2006-08-17
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。
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。
夫天下事,人间情,俯而就者易,仰而求则难!
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只看该作者 14楼 发表于: 2006-08-21
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。
夫天下事,人间情,俯而就者易,仰而求则难!
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只看该作者 15楼 发表于: 2006-09-17
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。
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只看该作者 16楼 发表于: 2006-09-17
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。
夫天下事,人间情,俯而就者易,仰而求则难!
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只看该作者 17楼 发表于: 2006-09-17
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。
夫天下事,人间情,俯而就者易,仰而求则难!
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只看该作者 18楼 发表于: 2006-09-17
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。
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只看该作者 19楼 发表于: 2006-09-19
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。
夫天下事,人间情,俯而就者易,仰而求则难!
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