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]

NEXT RESISTANCE LEVELS
AFTER THE MAIN HALFWAY POINT HAS BEEN BROKEN
突破重要中点后的下一个阻力水平
The next Resistance Level to watch after the main halfway point has been broken is the next halfway point of some previous move. By main halfway point I mean, the halfway point of the extreme fluctuating range of a grain option.
重要中点被突破后要留意的下一个阻力水平位正是一些前期运行过的下一个中点。我说的主要中点是指谷物走势中的极限波动范围的中点。
Another very important Resistance Level after the main halfway point is crossed is the halfway point of 1/2 of the highest selling price. This is a stronger support level than the halfway point of the minor fluctuating moves because it cuts the highest selling price in half, and is a strong buying or selling point until it is crossed by 1, 2, or 3 cents, according to the price of the option, whether it is very high-priced, medium or low-priced.
重要中点被穿越后另外一个非常重要的阻力水平是最点卖价的中点的1/2处。这是一个比次级波动的中点还强大的支撑位，之所以强大是因为它是将最高点从中分割开，在其未被突破1,2或3分前，无论价格是多高，多低或者中间位，都一直是强壮的买卖点。

RESISTANCE POINTS NEAR SAME LEVELS 接近同一水平的阻力点
When two halfway points or any other two Resistance Points, either in the range of fluctuation or the division of the highest selling price, occur near the same level, you should add these two points together and divide by 2, as the halfway point between these two points will often be a support point on a decline or a selling point on a rally.
当两个中点或者波动区间内任意的其它两个阻力点，或者最高点的分割点，在同一水平出现时，你就要将其加一起并且再重新用2来分割，这两个阻力点的中点经常被作为下跌中支撑点或者反弹中的卖点。

HOW TO LOOK UP RESISTANCE LEVELS 如何查寻阻力级别
When you find an important Resistance Level or the strongest one – the halfway point – at a certain level, look to see if any other Resistance Level, whether it be 1/8, 1/4, 3/8, 5/8 or 2/3- point, falls around this same price.
当你发现重要的阻力水平或在某一水平中最强壮的中点， 注意观察其它任意的阻力水平( 不论它是1/8，1/4，3/8，5/8或2/3-分割点)是否也在这同样的价格附近回落。
You may find 3 or 4 Resistance Levels within a range around the same price. The more you find, the stronger resistance the option will meet when it reaches this level.
在相同价格的范围内你可以发现3或4个这样的阻力水平。大多数情况下，当行情到达这水平时你将会发现其会遇到的更强烈的抵抗。
Then take the highest Resistance Level around this same price and the lowest, and add them together to get the average point of resistance.
然后选择围绕这相同价格的最高与最低的阻力水平，并并他们加在一起求出阻力的平均点位。
Watch the activity of the option when it reaches these Resistance Levels. If it is advancing very fast or declining very fast on large volume, do not consider that it is going to stop around these Resistance Levels unless it stops or holds one or two days around these levels; then sell or buy, protected with stop loss orders.
当行情到达这些阻力水平时观察它的活跃性。如果它伴随巨大的成交量非常快速的上涨或者下跌，那就不要认为它将在这些阻力水平附近停止前进，除非它真正停止或在这些水平附近整理1或2天；然后才能设好止损开始卖或买。

支持！！！

MULTIPLES OF 12　12的倍数
You will also find this helpful in connection with your Trend Line Indicator: By going over past records you will find that May Wheat makes many tops and bottoms on multiples of 12 and on one-fourth of 12 and one-half of 12. For example: 48, 54, 60, 66, 72, 78, 84, 90, 96,102, 108, 114, 120, 126, 132, 138, 144, 150, 156, 162, 168, 174, 180, etc.
你会同样发现下列情况对你的趋势指标有帮助：对过去的记录进行复盘你会发现五月小麦在12的倍数和12的四分之一及12的二分之一处做了许多顶和底。例如：48, 54, 60, 66, 72, 78, 84, 90, 96,102, 108, 114, 120, 126, 132, 138, 144, 150, 156, 162, 168, 174, 180等等。
Watch your daily highs and lows and when they hold for several days around an even price on multiples of 12 or the halfway points, you can buy or sell around these points with a stop loss order.
对照Ｋ线上的每日高低点，当其围绕12的整数倍或者1/2价格盘整几天时，你可以设定好止损在这些点位附近买卖。　（黑水注：根据前后文even price应该译为精确的价格，如an even pound整整一磅)
You will also find that Wheat often makes moves of 10 to 12¢ or 23 to 24¢ per bushel, 36¢ per bushel or 48¢ per bushel, that is, making its movements based on multiples of 12.
你同样会发现小麦经常做10－12美分/蒲式耳或者23－24美分/蒲式耳，36/蒲式耳或者38/蒲式耳的走势，换句话说，它的波动都是基于12的倍数。

LOST MOTION空转的行情
As there is lost motion in every kind of machinery, so there is lost motion in the grain market due to momentum, which drives an option slightly above or below a Resistance Level. The average lost motion is 1-7/8¢.
每种机器都有空转的情况，因此谷物市场当然也由于其运行在一个阻力水平上下很小的范围内的动力而变成空转。这个平均空转价格是1/8－7/8美分。
When an option is very active and advances or declines fast on heavy sales, it will often go from 1 to 1-7/8¢ above a halfway point or other strong Resistance Level and not go 3¢.
当行情非常活跃并且在沉重抛压下非常快速的上涨或者下跌时，它经常在中点上面从1到1/8－7/8美分的变化，或者其它强阻力水平，但是不会变化3美分。
The same rule applies on a decline. It will often pass an important Resistance Point by 1-7/8¢ but not go 3 full points beyond it.
应用同样的规则在下跌行情中。它经常用1/8－7/8美分通过一个重要的阻力点，但不会离开完整的3个点。
This is the same rule that applies to a gravity center in anything. If we could bore a hole thru the earth and then drop a ball, momentum would carry it beyond the gravity center, but when it slowed down, it would finally settle on the exact center. This is the way grain options act around these important centers.
世上万物受重力中心作用的准则都是一样的。这是适用于万物受重力中心作用的规则。如果我们能打一个穿过地球的洞，然后投下一个球，动力将推动其远离重力中心，但是当他变得缓慢向下时，最终它将停留在确切的中心。这就是谷物行情围绕这些重要中心作用的过程。

WEEKLY HIGH AND LOW CHART
周高低点图表
The same rules may be applied to a Weekly high and low chart that we apply to the Trend Line Indicator and to the 3-day Chart.
将同样的规则应用到已经用趋势线指标和3日图标示好的周高低点图表。
As long as an option makes higher bottoms and higher tops each week on the Weekly Chart,you move the Trend Line up to the top of the week. Then the following week, if the option does not make a lower bottom or a lower top than the previous week, no change is made in the Trend Line, but the first week an option breaks a weekly bottom by 1/2¢ or more, you move the Trend Line down to the low of the week and continue to move it down to the low of
each week as long as the option makes lower bottoms.
只要行情每周在周图表上创出更高的底部和更高的顶部，那就将趋势线移到当周顶部。在后面一周，如果行情并未创出比上周更低的底部或者更低的顶部，就不要改变趋势线，但是假如第一周行情突破周底部1/2美分或者更多，你就要移动趋势到当周低点，并且只要行情创出更低的底部就要继续下移动到其每周的低点处。
Then the first week that it makes a higher top than a previous week, move the Trend Line up to the top of that week and follow on, applying the same rules as applied to the other Trend Line Indicators.
另外在首周行情创出比上周更高的顶部，上移趋势线到当周顶部并跟随它，应用同样的规则到其它趋势线指标中。
For example: If an option declines for one or two weeks, making lower bottoms, then advances, making higher tops; then reacts for one week, making a lower bottom than a previous week; then moves up to a new high, and the following week or any week after extreme high has been made, it breaks the bottom of the reaction, you consider that the trend
 has turned down on the Weekly Chart.
例如：如果行情跌了一到两周，创出较低的底部，然后上涨创出较高的顶部，接着在抵抗位一周内创出比上周更低的底部；然后向上创出新高，在下一周或者后面任一周创出极限高点，如果击破抵抗位底部，你就确认周图表趋势已经向下反转。
These changes in trend on the Weekly Chart are stronger than changes in trend on the 3-day Chart.
The Weekly Chart often makes double and triple bottoms and double and triple tops just the same as the Daily Chart and the 3-day Chart. Therefore when the option makes a double or triple bottom on the Weekly Chart, you know that it is a strong indication for a change in the main trend to the up side. When an option makes a double or triple top on the Weekly Chart,
it is a sign that it is meeting resistance and making final top.
这些在周图表趋势的变化比3日图表更加的强烈。
周线上经常创出与日线图、3日图一样双底（顶）或者三重底（顶）。因此当行情在周线上创出双底或者三重底后，你就要清楚这是单边上涨的主趋势将要改变的一个强烈信号。当在周线上创出双顶或者三重顶后，这是行情遇到压力做最后顶部的信号，。

3 WEEKS MOVES 三周运行规则
The Rule of 3 may be applied to the Weekly Chart. An option will often react 3 weeks and not go lower the fourth week. If it does go slightly lower in the early part of the fourth week and at the end of the fourth week closes strong at or near the top of the week, it is an indication that the main trend has not changed and that the option is going higher. But any
time an option does break under a bottom after having reacted 3 weeks and then rallies, it is in a very weak position and indicates much lower prices, especially if the option is at very high levels.
将3日规则应用到周图表上。行情将经常抗跌3周而且不会在第四周创出更低点。如果在第四周早期时候弱势走低，并且在当周末期强势收盘或者收在当周顶点，那就是主趋势还未改变的信号，行情将会继续走高。但是在任何时候行情在抗跌3周并反弹后跌破底部，那么他处在弱势中并且预示后市跌的更低，特别是当行情处在非常高的水平时。
Reverse all of these rules in a declining market. If the option rallies 3 weeks from any bottom, then goes lower to a new low and later crosses the top that it made before 3 weeks’ rally, it is a very important change in trend, which may last for some time.
在熊市中反转这条规则。如果行情从任意底部反弹3周，然后创出新低，随后穿过前3周反弹的顶部，这种变化在趋势中显得非常重要，他可能是某个周期的最后一段。

7 TO 10 WEEKS’ MOVES　7到10周的运行规则
After accumulation and distribution has been completed, Wheat will often advance or decline rapidly with only 2 to 3 days’ reverse moves, running up or down 7 to 10 weeks. These are the moves in which you can pyramid and make big profits.
在积累和销售完成后，小麦经常仅仅在2－3天快速上涨或者下跌后反转运行，持续向上或者向下7－10天。在这时候你可以金字塔加码获得巨大的利润。
Watch for culmination around the 38th to 52nd day after a move starts, and if bottom or top is not made around this time, then watch for the next movement around the 66th to 70th day.
观察在一轮行情开始后的第38到52天的顶点，如果未在此时做底或者做顶，那么下一个周期是在66－70天。
By going back over the charts and checking moves, you will see how important this rule is.
Many of my successful students use the 3-day Chart and the Weekly Chart for long pull trading and have made some very successful pyramids with these two charts alone.
回顾图表检查行情的变化，你会看到这些规则有多么的重要！
我的许多成功的学生用三日图和周线图做长线交易，并且用这两种图表成功的进行了金字塔加码。
This Mechanical Method, based on fixed rules, will overcome the human element, eliminating hope and fear as well as guesswork. Learn to stick to the rules and trade in active markets.
这种机械式交易是基于固定法则，将会克服人为的因素，排除象臆测一样的希望和害怕。坚持学习这些规则，并且用在活跃的市场中。
Remember, practice makes perfect. The more work and study you do the greater success you will have. Apply all rules, keep your charts up to date at all times, and do no guesswork, and your success is sure.
记住：熟能生巧。大量的工作和学习将使你取得巨大的成功。接受所有的规则，随时保证你的图表是最近时期的，不要猜测，成功当然属于你的。

HOW TO DETERMINE CULMINATIONS
AND CHANGES IN TREND 如何确定顶点和趋势的变化？
The big money is made in the Grain Market by following the main trend or big swings and not changing position or taking profits until the market shows by its own action that the trend has changed. If you will follow the rules, the market will tell you when the main or minor trend changes. Do not guess or trade on hope or fear. Give the market time to show a change
in trend.
顺应大趋势或者大波动的方向你会在谷物市场中赚到大钱。在趋势未出现改变前不要改变观察或者放弃利润。如果你接受这些规则，市场将会告诉你主要或者次要的趋势何时会改变。不要在猜测，希望和恐惧中交易，因为趋势会给你一个趋势将改变的时机。
The activity and range in prices at high or low levels determine the change in trend according to whether the market is normal or abnormal. Abnormal prices and fluctuations occur during wars or after wars. The years when crops are very large or very small cause abnormal moves which run to extremes. You must never try to guess when tops or bottoms will be reached in abnormal markets as they will nearly always run longer than human reason or known facts would lead you to believe. That is why you must apply rules and wait for the market’s action to show a definite change in trend.
无论在正常或者异常市场中，依照高点水平价格的活跃性和波动幅来确定趋势的改变。异常的价格和波动出现在战争或者战争后。大丰收或者大减产之年导致行情运行到极点。在异常的市场中你千万不要去猜测顶或底将何时到达，因为他们差不多总是运行的比人为原因素或者你相信的既知事实还要更长久。这就是你为什么必须应用这些规则，等待市场的行为给你指示出趋势中的明确变化。