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]

好像是勃兰特公司专门编辑的江恩秘笈，全英文的

RESISTANCE LEVELS　阻力水平
Every option makes a top or bottom on some exact mathematical point in proportion to some previous move. The movement of an option between extreme high and extreme low, either in a major or a minor move, is very important and by a proper division of this range of fluctuation, we determine the points where resistance or support will be met on a reverse move, either up or down. By carefully watching these Resistance levels in connection with
your Trend Indicators, you can make a greater success and trade with closer stop loss orders.
每段行情都要创出一些与早先价格变动成精确比例位的顶或者底部。运行于极限高点和极限低点，或者在主要或者次级趋势之间的行情是非常重要的，并且对这个波动区间适当的按比例分割，我们测量可能碰到的反转区以及即将上涨或者下跌区域的阻力或者支撑点位。
结合趋势线指标仔细研究这些阻力水平的相互关系，将止损设定在其附近进行交易，你将获得巨大的成功。

RANGE OF FLUCTUATIONS波动区间
1/8 POINTS　1/8等分
Take the extreme low and extreme high of any important move; subtract the low from the high to get the range; then divide the range of fluctuation by 8 to get the 1/8 points, which are Resistance Levels or buying and selling points. When an option stops around these levels and makes bottom or top on or near them and shows a turn on the Trend Indicator, this is the place
to buy or sell.
任取重要的极限低点和高点；得到从高点减去低点的区间位置；然后将波动区间用8分割得到1/8等分，这就是阻力水平或买卖点。当行情在这些水平位停止运行并创出靠近它们的底或者顶部时，显示出趋势指标中的反转，这就是卖点或者买点。

1/3 and 2/3 POINTS　1/3和2/3等分
After dividing an option by 8 to get the 1/8 points, the next important thing to do is to divide the range of fluctuation by 3 to get 1/3 and 2/3 points. These 1/3 and 2/3 points are very strong, especially if they fall near other Resistance Points of previous moves or when they are divisions of a very wide move.
在通过对行情进行8分法得到1/8等分后，下一个重新的事情就是将波动区间用3分割分别得到1/3和 2/3等分。这些1/3和 2/3的点位非常强的，尤其是他们跌到早先的行情的其它阻力水平附近或者是当他们被非常宽幅的价格移动分割时。

HIGHEST SELLING PRICE　最高售价
Next in importance is the division of the highest price at which Wheat, Corn, or Rye has ever sold and each lower top.
下一个重要的分割就是最高价格，比如小麦、玉米或者黑麦的曾经的售价和每个比较高的顶部。
Divide the highest selling price by 8 to get the 1/8 points and also divide by 3 to get the 1/3 and 2/3 points.
使用8分割最高卖点得到1/8位，同样用3分割得到1/3和2/3位。
This is very important as an option, after breaking the halfway point of the fluctuating range,will often decline to the halfway point of the highest selling price, and will also work on the other Resistance Points in the same way.
在行情突破波动区间的一半后显得极其重要了，通常将会下跌到最高价格的一半位置，并且将同样运行的其它阻力水平位。
When an option is advancing, it will often cross this halfway point of the highest selling point and then advance to the halfway point of the  fluctuation and meet resistance.
当行情上涨时，通常将穿越最高点的一半位置，并且将涨到波动区间的一半位，然后遇到阻力。

MOST IMPORTANT GRAIN MOVEMENTS TO CONSIDER
留意谷物最重要的价格变动
The first and most important point: Consider the Resistance Levels between the extreme high and extreme low during the past 30, 20, 10, 5 and 3 years;
Next important point to consider: Resistance Points or divisions of the highest price at which an option of Wheat, Corn, or Rye has ever sold;
第一个最重要的点位：留心过去30，20,10,5和3年之间极限低点和高点的阻力水平；下一个要留意重要的点位是：阻力区或者小麦、玉米或者黑麦的以往最高价的分割点；
Then consider the fluctuation of each campaign which runs one year or more: Take the range between extreme high and extreme low and divide it into 8 equal parts to get the Resistance Points;
然后留意一年或者多年中行情在每次竟选时的波动情况：选取极限低点和高点之间的区间，并且通过分割成8等分得到阻力点；
Then take a second top or a lower top than the extreme high and divide it by 8 to get the important Resistance Points:
Then take a third or fourth lower top and divide it by 8 to get the Resistance Points;
然后找到第二个顶部或者比极限高点较低的顶部，再分割成8等分得到重要的阻力点；
然后找到第三个或者第四个较低的顶部，继续8分法得到阻力点；
When you come to the last move, which may run several weeks or several months, that is the most important move to watch for your first Resistance Points.
当你继续如此分割到行情的终点时，它可能要运行几周或者几月，这个阻力区对你来说是第一个最值得守候的运动。

顶...............................................................

3q[em02]

提醒：此帖已经太长，所以请其它朋友请勿在此主帖内回复，请开新帖讨论。
ORDER OF RESISTANCE LEVELS 阻力水平的先后顺序
When an option is advancing and crosses the 1/4 point, the next most important point to watch is the halfway (1/2 point) or gravity center, or the average of the move or fluctuation.
当行情上涨并穿越其1/4区间时，下一个最重要的部分就是中点1/2部位，或者其重心，或者其波动的平均水平位。　
Then the next point above the halfway point is the 5/8 point.
The next and strongest point after the halfway point is crossed is the 3/4 point.
再下一个就是中点上的5/8处。
中点被穿过后的下一个和最强区就是3/4处。
Then if the range is very wide between these points, it is important to watch the 7/8 point of the move. This will often mark the top of an advance.
如果在以上部位行情幅度非常大，那么观察它在7/8的变化是很重要的，在上升行情的经常在此做顶。
But in watching these Resistance Points, always watch your Trend Line Indicators, both on the Daily Chart and the 3-day Chart, and if they start making tops or bottoms around these Resistance points, it is safe to sell or buy.
但是在观察这些阻力水平区间时，始终要结合你的趋势线指标、日线图与3日图表，如果行情围绕这些阻力点开始做头或者做底，那么就是安全的做多或者做空位。

THE AVERAGE OR HALFWAY POINT平均价或者中点
Always remember that the 50% reaction or halfway point of the range of fluctuation or of the extreme highest point of an option of any particular move is the most important point for support on the down side or for meeting selling and resistance on the way up. This is the balancing point because it divides the range of fluctuation into two equal parts or divides the highest selling point into two equal parts.
始终记住行情中50%的阻力位，或波动区间的中点，或者走势独特的极限最高点，这些点位在单边的下跌行情作为支撑点，或者作为合适的卖点，或者在更高处的阻力位置就显得非常重要。这是一个将波动区间或者最高点分割成2等分的平衡点。(第一句果直接翻译出来就比较难以理解，所以中间加了逗号来分开）
When an option advances or declines to this halfway point, you should sell or buy with a stop loss order 1, 2, or 3¢ according to whether the option is selling at very high or very low levels.
当行情上涨或者下跌到这个中点时，你将止损设置在1－3美分买或者卖卖，不论行价格是　　的非常高或者非常低。
The wider the range and the longer the time period, the more important is this halfway point when it is reached.
在当行情在更宽的幅度或者更长的时间周期内运行遇到抵抗时，这个中点显得比较重要。
When an option advances to a halfway point and reacts several points from this level, then finally goes thru it, you can expect it to make the next Resistance point indicated on your Resistance Level Card.
当行情上涨到中点遇到这个水平的几个点抵抗，然后最终穿过了它，那么你能在你的阻力水平卡上能预期下一个被指示的阻力点位。
The same applies when an option declines and receives support several times on the halfway point, then breaks thru it. It will then indicate the next Resistance Point on your Resistance Level Card or the next important bottom.

同样适用于下跌行情，当其在中点遇到几次支撑，然后跌破后，在你的阻力水平卡上能预期下一个阻力位或者下一重要的底部。
The greatest indication of strength is when an option holds one or more cents above the halfway point, which shows that buying or support orders were placed above this important Resistance Level.
当行情运行在中点上面1或者更多分时是最强烈的指示，那里显示的买单或者支撑单都设在这个重要的阻力水平上了。
A sign of weakness is when an option advances and fails to reach the   halfway point by one or more cents; then declines and breaks the Trend Line or other Resistance Points.
当行情上涨并未到达中点下1或者更加多分时是一个很弱的信号；然后下跌并跌破趋势线或者其它阻力点。