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]

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。

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。

谢谢,黑兄辛苦了.

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。