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构爬稀３∧谧ㄒ等耸坑惺被崤涝诮灰鬃郎系牡闶祭锿客炕�
Choosing a chart is a matter of personal choice。 Pick the one that feels most fortable。 I prefer bar charts but know many serious traders who like P&F charts or candlestick charts。
选择哪种图是个人的选择。选择你觉得最舒服的图。我喜欢竹线图，但也知道很多认真的交易者喜欢点数图和K线图。
The Reality of the Chart
图的现实
Price ticks coalesce into bars； and bars into patterns； as the crowd writes its emotional diary on the screen。 Successful traders learn to recognize a few patterns and trade them。 They wait for a familiar pattern to emerge like fishermen wait for a nibble at a riverbank where they fished many times in the past。
价格的波动形成竹线图，竹线图形成模式，大众每天都在屏幕上写上他们的情绪。成功的交易者学习认识一些模式，然后交易。他们等待熟悉的模式出现，就像渔夫一样，过去已经这样钓了很多次鱼，现在还是在等待鱼儿上钩。
Many amateurs jump from one stock to another； but professionals tend to trade the same markets for years。 They learn their intended catch’s personality； its habits and quirks。 When professionals see a short…term bottom in a familiar stock； they recognize a bargain and buy。 Their buying checks the decline and pushes the stock up。 When prices rise； the pros reduce their buying； but amateurs rush in； sucked in by the good news。 When markets bee overvalued； professionals start unloading their inventory。 Their selling checks the rise and pushes the market down。 Amateurs bee spooked and start dumping their holdings； accelerating the decline。 Once weak holders have been shaken out； prices slide to the level where professionals see a bottom； and the cycle repeats。
很多业余选手从这个股票跳到那个股票，但是专业人士愿意在同一个市场里交易多年。他们在学习捕手的个性，习惯和变化。当专业人士看见了一个短期的底，他发现很便宜，就会买。他们的买单把股票推高。当价格上涨时，专业人士开始减仓，但是业余选手却在往里冲，被利好消息套住了。当市场被高估时，专业人士开始平仓。他们的卖单把市场向下推。业余选手害怕了，开始出货，加速了下跌。当没有信心的持有人出场后，价格又跌到专业人士认可的底部，如此循环。
That cycle is not mathematically perfect； which is why mechanical systems tend not to work。 Using technical indicators requires judgment。 Before we review specific chart patterns； let us agree on the basic definitions：
这个循环没有数学上的那么完美，这也是为什么机械交易系统不行的原因。使用技术指标的同时需要判断。在我们研究具体的模式前，让我们先同意这些基本的定义。
An uptrend is a pattern in which most rallies reach a higher point than the preceding rally； most declines stop at a higher level than the preceding decline。
上涨趋势是一种模式，在这种模式下，大部分都是新高点都比前一个高点高。大部分回调的最低点都比前一个回调的最低点高。
A downtrend is a pattern in which most declines fall to a lower point than the preceding decline； most rallies rise to a lower level than the preceding rally。
下跌趋势是一种模式，在这种模式下，大部分都是新低点都比前一个低点低。大部分反弹的最高点都比前一个反弹的最高点低。
An uptrendline is a line connecting two or more adjacent bottoms； slanting upwards； if we draw a line parallel to it across the tops； we’ll have a trading channel。
一条上涨趋势线是连接了2个或多个相邻底部的线，是斜向上的。如果我们在顶部画一条平行线，形成交易通道。
A downtrendline is a line connecting two or more adjacent tops； slanting down； one can draw a parallel line across the bottoms； marking a trading channel。
一条下跌趋势线是连接了2个或多个相邻顶部的线，是斜向下的。如果我们在底部画一条平行线，形成交易通道。
Support is marked by a horizontal line connecting two or more adjacent bottoms。 One can often draw a parallel line across the tops； marking a trading range。
支撑点是连接2个或多个相邻底部的水平线。通常在顶部也画条平行线，形成交易区间。
Resistance is marked by a horizontal line connecting two or more adjacent tops。 One can often draw a parallel line below； across the bottoms； to mark a trading range。
压力点是连接2个或多个相邻顶部的水平线。通常在底部也画条平行线，形成交易区间。
Tops and Bottoms The tops of rallies mark the areas of the maximum power of bulls。 They would love to lift prices even higher and make more money； but that’s where they get overpowered by bears。 The bottoms of declines； on the other hand； are the areas of maximum power of bears。 They would love to push prices even lower and profit from short positions； but they get overpowered by bulls。
顶部和底部 顶部显示了多头的最大力量。他们也想把价格抬的更高，赚更多钱，但是空头的力量会超过他们。相反，下跌的底部，是空头的最大力量。他们也想把价格压得更低，赚更多钱，但是多头的力量会超过他们。
Use a puter or a ruler to draw a line； connecting nearby tops。 If it slants up； it shows that bulls are being stronger； which is a good thing to know if you plan to trade from the long side。 If that line slants down； it shows that bulls are being weaker； and buying is not such a good idea。
利用电脑或标尺画线，连接附近的顶点。如果线向上倾斜，说明多头变强了，你想做多，这是好事。如果线向下倾斜，说明多头变弱了，买入不是好主意。
Trendlines applied to market bottoms help visualize changes in the power of bears。 When a line connecting two nearby bottoms slants down； it shows that bears are growing stronger； and short selling is a good option。 If that line slants up； however； it shows that bears are being weaker。
把趋势线用到市场的底部可以帮助认识空头力量的变化。如果2个相邻底部的连线下跌，这说明空头的力量在变强，做空是比较好的选择。如果线向上倾斜，那就说明空头变弱了。
When the lines connecting the tops and the lines connecting the bottoms are close to horizontal； the market is locked in a trading range。 We can either wait for a breakout or trade short…term swings within that range。
如果连接顶部的线和连接底部的线接近水平，那就说明市场锁在一个交易区间内。我们可以等突破，也可以在区间内上下操作。
Uptrendlines and Downtrendlines Prices often appear to travel along invisible roads。 When peaks rise higher at each successive rally； prices are in an uptrend。 When bottoms keep falling lower and lower； prices are in a downtrend。
上涨趋势线和下跌趋势线 价格经常沿着看不见的路线运行。当高点越来越高，价格就在上涨趋势。如果底部越来越低，价格就在下跌趋势。
We can identify uptrends by drawing trendlines connecting the bottoms of declines。 We use bottoms to identify an uptrend because the peaks of rallies tend to be expansive； uneven affairs during uptrends。 The declines tend to be more orderly； and when you connect them with a trendline； you get a truer picture of that uptrend。
我们可以利用连接底部的趋势线确认上涨趋势。我们用底部来确认上涨趋势是因为顶点一般比较涨的过头，在上涨时这样不太公平。中途的下跌比较有序，当你用趋势线来连接，你会发现清楚的上涨趋势。
We identify downtrends by drawing trendlines across the peaks of rallies。 Each new low in a downtrend tends to be lower than the preceding low； but the panic among weak holders can make bottoms irregularly sharp。 Drawing a downtrendline across the tops of rallies paints a more correct picture of that downtrend。
我们可以利用连接顶部的趋势线来确认下跌趋势。每个新的低点一般都会比前一个低点低，但是没有信心的持有者会让底部看起来是不规则的。在顶部画趋势线能显示清楚的下跌趋势。
The most important feature of a trendline is the direction of its slope。 When it rises； the bulls are in control； and when it declines； the bears are in charge。 The longer the trendline and the more points of contact it has with prices； the more valid it is。 The angle of a trendline reflects the emotional temperature of the crowd。 Quiet； shallow trends can last a long time。 As trends accelerate； trendlines have to be redrawn； making them steeper。 When they rise or fall at 60° or more； their breaks tend to lead to major reversals。 This sometimes happens near the tail ends of runaway moves。
趋势线的最重要特征是它的坡度。当它上涨时，多头在控制市场；当它下跌时，空头在控制市场。趋势线越长，和价格的交界处越多，趋势线就越有价值。趋势线的角度反映了大众的情绪温度。安静，很小的趋势能持续很长时间。当趋势加速时，趋势线需要重画，这样看起来更陡峭。如果它们上涨或下跌达到60度或更多，它们的暂停可能导致巨大的反转。有时这些发生在逃跑的时候。
Figure 5。1 Trendlines； Kangaroo Tails
图5。1 趋势线；袋鼠尾巴
Draw uptrendlines across the bottoms to mark uptrends。 Draw downtrendlines across the tops to mark downtrends。 Notice that prices can briefly penetrate a trendline without breaking the trend。 Observe that prices seem attached to their trendlines with rubber bands that extend only so far in any given trend。 You want to establish positions in the direction of the slope of a trendline； entering reasonably close to it。 By the time the trend reaches a new high or low； that swing away from the trendline is getting old … there is not much life left in the old dog。 At the right edge of this chart the trend is down and the swing has fallen as far below its trendline as any since May。 If you are short； it is time to start thinking of taking profits。
通过底部画的趋势线是为了指出上涨的趋势。通过顶部画的趋势线是为了指出下跌的趋势。请注意，价格可以快速刺穿趋势线而不会改变趋势。价格看起来就像和趋势线被橡皮筋绑在了一起，它们会朝同一个方向运动。如果你想顺着趋势线的方向建仓，你要尽量接近它。当价格达到新高或新低时，离开趋势线的波动是老把戏了——老狗的把戏不多了。在本图的右边，趋势是下跌，自从5月份以来趋势线是下跌的。如果你没有做空，那么也该思考兑现利润了。