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]

目录

必要的资金.............................................................................................1
收集整理各类图表....................................................................2
如何收集图表.............................................2
日内新高和新低––如何止损 .....................................................................3
何时空仓................................................................................4
交易指令 .............................................................................................4
买点和卖点
规则1: 只根据趋势指示交易 ..................................................4
2: 买在双底或者三重底.........................................................4
3: 卖在双底或者三重顶...............................................................5
4: 第四次到达相同水平.................................................................5
5: 上涨或者从三重底回调的底部 .................................5
6: 下跌或者从三重顶反弹后的顶部..........................................5
7: 在快速活跃的市场中运用7－10日规则..................................5
何时加码（金字塔式交易）
规则8: 金字塔式交易方法 .......................................................6
9: 移动加码 ..................................................................6
10: 仅在趋势出现指示时加码 ............................................6
11: 安全的加码规则.............................................................................7
12: 快速和大幅波动的市场.........................................................7
13: 何时不能加码................................................................................7
如何确定趋势的改变
规则14:次要趋势指示.....................................8
15: 主要趋势指示 ................................................................................8
16: 出逃点......................................................................................8
17: 第二个和第三个较高的底部及较低的底部................................8
18: 移动区间....................................................................................8

19:顶或底的三分法.................................9
　　20: 二日图中的急速调整.....................................9
　　重要的开收盘价格
　　规则21: 日线顶部信号 .............................9
　　22: 日线底部信号............................................9
　　23: 收在顶部或底部和开在高点或者低点............10
　　24: 急速下跌或者拉升后的　整时间......................10
　　25: 连续数天收在同一水平....................................10
　　26: 收盘在同一水平附近的三次顶部或底部 ...............10
　　空间图表 ––活跃市场中的高级规则.........................11
　　小时图表 ...................................................11
　　三日图表或者主要趋势指示................................11
　　如何制作除了三日图外的图表...............................12
　　趋势改变的迹象 ........................................12
　　规则#27: 突破顶部与底部的三日图 ............................12
　　28: 三日图中的第一次反弹或者回调 ......................12
　　29: 三日图的第三次运行 .................................13
　　如何将趋势线指标和三日图结运用 .........................13
　　阻力级别 ...............................................13
　　波动区间..........................................14
　　最高卖价 .....................................14
　　留意谷物最重要的价格变动........................14
　　阻级别顺序.........................15
　　中间平均点位 .................................15
　　突破主要中间价位后的下一个阻力位...............15
　　接近同一水平的阻力点 ...............................16
　　如何分辨阻力级别 ..............................16
　　12的倍数.......................................16
　　无效的市场运行.................................17
　　周高低点图表 .....................................17
　　三周运行图表..........................................18
　　7到10周的移动 ....................................18
　　如何确定顶点和趋势的变化？.......................19
　　4条规则:
　　规则#1:时间规则........................19
　　2: 顶与底的波动..................................19
　　3: 空间与价格变动................................19
　　4: 阻力级别..............20

19:顶或底的三分法...............................9
20: 二日图中的急速调整...........................9
重要的开收盘价格
规则21: 日线顶部信号 .............................9
22: 日线底部信号..................................9
23: 收在顶部或底部和开在高点或者低点............10
24: 急速下跌或者拉升后的　整时间......................10
25: 连续数天收在同一水平....................................10
26: 收盘在同一水平附近的三次顶部或底部 ...............10
 空间图表 ––活跃市场中的高级规则........................11
　　小时图表 ..............................................11
三日图表或者主要趋势指示........................11
如何制作除了三日图外的图表.................................12
趋势改变的迹象 ....................................12
规则#27: 突破顶部与底部的三日图 ............................12
28: 三日图中的第一次反弹或者回调 ............................12
29: 三日图的第三次运行 ..............................13
如何将趋势线指标和三日图结运用 ..................13
阻力级别 ...............................................13
波动区间............................................14
最高卖价 .............................................14
留意谷物最重要的价格变动..........................14
阻级别顺序......................................15
中间平均点位 ....................................15
突破主要中间价位后的下一个阻力位........................15
接近同一水平的阻力点 ................................16
如何分辨阻力级别 .................................16
12的倍数............................................16
无效的市场运行...........................................17
周高低点图表 ....................................................17
三周运行图表..................................................18
7到10周的移动 .....................................18
如何确定顶点和趋势的变化？..............................19
4条规则:
规则#1:时间规则...................................19
2: 顶与底的波动.................................19
3: 空间与价格变动..........................19
4: 阻力级别..................................20
平均价格变动..................................20
谷物何时处于最强和最弱位....................20
例子：五月黑麦................................... 20-21
价格与时间波动对比................................ 22-23

小麦、玉米、黑麦、燕麦的技术方法和趋势指导

必要的资金
The first and most important thing to know when you start to trade is the amount of capital required that will enable you to continue to trade 1, 2, 3, 5 or 20 years and never lose your capital. If you always have capital to start trading again, you can recoup losses and make money, but if you risk all of your capital on one or two trades and lose it, then the chances are against you. "Safety first" is the rule to apply.
在开始交易前，首要的事情是必须确定你有一定能维持1年、2年、3年、5年或者20年交易的必要的奖金，并且决不让他亏损。如果你总有资金一不断交易，你就能弥补损失而赚钱，但如果你想冒险在一两次交易中投入所有的资金而亏损，那么赢利的机会就与你擦肩而过。“安全第一”是你必须要记住的规则。
The unit of trading in Wheat on the Chicago Board of Trade is 5,000 bushels, altho you can trade in job lots of 1,000 bushels. When Wheat is selling between 50 and 75¢ per bushel, you need a capital of $750 to trade in 5,000 bushels. Your stop loss orders should be 1 to 2¢ per bushel under a daily bottom or under the Trend Line bottom, according to the rules.
CBOT小麦的交易单位是5000蒲式耳，然而你也能交易1000蒲式耳的小单。当小麦卖价在50－75美分/蒲式耳，保证金将是750美元/5000蒲式耳。按规则止损应设在日线底部1-2美分/蒲式耳处或在趋势线下面。

If your average risk is 1½¢ per bushel or $75 on each 5,000 bushels, you could lose 10 consecutive times before your capital of $750 would be wiped out. This has never happened and never will happen if you trade according to the rules and buy and sell on Trend Line bottoms and tops and on double or triple bottoms and tops. It is seldom that you will ever have three consecutive losses. However, should you have three consecutive losses, which would reduce your capital 200 to $250, then try to make your next trade of 5,000 bushels where your risk will only be 1¢ per bushel.

如果你冒平均每次1.5美分/蒲式耳或75美元/5000蒲式耳的险，你的750美元连续亏损10次才能暴仓。但是这是决不会发生而且从来没有出现的，前提是你必须依照在趋势线的顶部与底部和双或者三重顶底进行买卖规则。很少会出现连续三次的亏损的。然而你可能会连续三次亏损造成资金缩水200－250美元，那么就要尝试下次在交易/5000蒲式耳时只能冒仅亏损1美分/蒲式耳的风险。
If you have three trades that show a total loss of 5¢ per bushel and then you get a market running and make 10¢ per bushel, you are 5¢ per bushel ahead. Of course, many times in very active markets, with wide range, you will start a pyramid which will result in profits of 50¢ per bushel or even $1 per bushel before your pyramid is closed out. The main thing to do is to always go with the trend and never buck the trend, regardless of how much capital you have.

如果你三次交易总共损失5美分/蒲式耳，然后你在后市交易中赚了10美分/蒲式耳，除去前面的亏损，你赚了5美分/蒲式耳。当然，在一个大多数是非常活跃而大幅波动的市场中，加码操作将比未加码操作多赚50美分/蒲式耳或者1美元/蒲式耳。所以最重要的事情就是不管你有多少资金你总是要跟随趋势决不背离趋势。

When Wheat is selling between 75¢ and $1, then you should have a capital of $1,000 to trade in 5,000-bushel lots. When Wheat is selling between $1.00 and $1.50 per bushel, your capital should be $1,500. When Wheat is selling between $1.50 and $2.00, your capital should be $2,000.00 for each 5,000-bushel lot.
当小麦卖价在75美分－1美元/蒲式耳之间时，你应该有1,000美元操作5,000多蒲式耳。当价格在1－1.5美元/蒲式耳之间时，保证金需要1,500美元。在1.5－2美元时，需要2,000美元才能操作5,000多蒲式耳。

CORN  AND  RYE: Your capital for trading in these grains when they are selling  between 25 and 40¢ per bushel should be $500. When they are selling between 40 and 75¢ per bushel, your capital should be $750. When they are selling between $1.00 and $1.75 per bushel, the capital required is $2,000. However, brokers may require more margin at the higher price levels.
玉米和黑麦：当玉米和黑麦的卖价在25－40美分/蒲式耳之间时，保证金需要500美元。当在40－75美分/蒲式耳时，需要750美元，当在1－1.75美元/蒲式耳时，需要2000美元。当价格在更高的水平时，经纪人商要求你的帐面上有更多的保证金。
KIND OF CHARTS YOU SHOULD KEEP
整理保存各类型的图表
You should always keep up a daily high and low chart with opening and closing on it and　keep your Trend Line on this Daily Chart.
你应该始终保存含有每日开收盘价的日图表，并且画上趋势线。
You should also keep up a 3-day Chart separately, and a Weekly high and low chart.
Your should have a monthly chart going back 15 to 20 years so you will know where the important tops and bottoms are, where old Resistance Levels have been made. This is often very helpful.
同样也要保存的个别的三日图表、周日高低点图表。还要有包含有过去15－20年的月图表，这样你才能知道行情重要的顶部与底部，以及历史的重要的阻力水平。这些对你研判行情是非常有帮助的。

CHART FOR THE TREND LINE INDICATOR
图表上的趋势线指示

Keep up a daily high and low chart on two of the active options and mark the opening and closing prices on this chart.
在一张具有两个活跃行情的日高低点图表上标记上开盘与收盘价格。
The Trend Indicator or Trend Line is obtained by following the daily moves. As long as the option is advancing and making higher bottoms and higher tops, the Indicator or Trend Line moves up each day to the highest price and continues to move up as long as the market makes higher tops and higher bottoms.
通过跟随每日价格移动来获取趋势指标或趋势线。 只要选择的行情一直持续并且创出更高的底部和更高的顶部，趋势指标或趋势线每天提高到最高的价格并且只要市场继续移动创出更高的顶和更高底部。
The first day that the option reverses and makes a lower bottom by 1/4¢ or more, you move the Trend Line down to that bottom. Then, if on the following day the option moves down to a lower bottom, you move the Trend Line to the low of that day and continue to move it down as long as it makes lower bottoms.
如果首日选择的行情反向运行并且创出0.25美分或更低的一个稍低的底部，就将趋势线移动到那底部下面。 那么，如果在第二天选择点移动到较低的底部下面，你移动趋势线到那天低点的并且继续向下移动它，只要它创出较低的底部。
Then, the first day that the option records a higher bottom and a higher top, you move the Trend Line up again to the top of that day.
This Trend Lime simply follows the swings of an option.
那么，第一天选择点记录更高的底部和更高的顶，你移动趋势线再到那天的顶上面。
趋势完全紧密跟随一个选择点的摆动。( Lime,为石灰 黏鸟胶的意思，对不上号，不知如何译，引申为紧密？）

NEW HIGH AND NEW LOW THE SAME DAY
日内新高和新低
If an option makes a higher top in the early part of the day than the previous day, then before the market closes, goes down and makes a lower bottom than the previous day, you move the Trend Line up to the higher top reached in the early party of the day, then move it down to the bottom made later in the day.
The idea of the Trend Indicator is to show each higher top and lower bottom so that you will always know where an option starts down from the last top or starts up from the last bottom
如果在选择点的当天早盘创出一个比上一交易日更高的顶部，那么在收盘前继续下跌，创出比上一交易日更低的底部，就要将趋势线延伸移动的当天的早盘部分，然后再移动的当天的后面的底部
趋势指标的概念是展现出每一个更高的顶和较低的底部，以便你总能分辨从行情是如何从最后的顶部下跌或者从最后的底部开始上涨到你的起始选择点。

WITHIN DAY 日内行情
By a "within day" I mean a day when an option makes a higher bottom but does not make a higher top than a previous day; in other words, it remains within the range of the previous day.
我定义在一天内的波动为“即日行情”，当选择点创出一个比上一交易日更高的底部但是未创出更高的顶部；换句话说，他是持续上一个交易日的行情。（这段不一定准确）
If an option is declining and only rallies one day, making a higher bottom but not making a higher top, then breaks to new lows, I do not consider it important or advisable to move the Trend Line up; neither would I move the stop loss order down above this "within day" top unless it was after a prolonged decline in a fast-moving market.
如果一个选择点正在下跌并且只反弹一天，行情做出更高的底部但未做出更高的顶部， 然后突破到新低， 我认为其不重要或向上移动趋势线是不可取的；也不我将止损移动向上移动的日内顶部，除非它出现在一个快速移动的下跌延长市场内。
Apply this same rule when an option is advancing and makes a lower top but not a lower bottom the same day, remaining within the range of the previous day; then if it advances to higher levels the following day, the Trend Line should not be moved down and stop loss orders should not be moved up under this bottom unless there has been a prolonged advance in a fast-moving market.
当一个选择点正在上涨时使用同样的规则，市场做出较低的顶但并非是当日的较低的底部，在上一交易日的范围内波动；那么如果它在第二天创出一个更主的级别，那么趋势线就不要移动并且不用提高止损，除非市场快速移动并且上涨延长。
Within moves last sometimes as much as 2 or 3 days, that is, remaining 2 or 3 days on a side move without breaking the bottom of a previous active day or crossing the top of that day.
日内行情有时会持续2或3天， 那就意味着，在未突破先前的活跃行情日的底部或穿过那天的顶部时，行情将待续盘整2或3天。
When a change occurs after a move of this kind, go with it. If it breaks the bottom after a series of within days, go short. If it crosses the top after a series of within days, consider the trend up and go long.
当在这类的行情以后发生变化时，伴随它的是。如果它突然连续数天突破底部，并且如果连续数天穿过顶部，可以认为趋势向上为长期多头市场。

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。

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。

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。

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。

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。

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。

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。

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。

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。

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。

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。

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。

Rule 17 –SECOND AND THIRD HIGHER BOTTOMS AND LOWER TOPS
第二个和第三个更高的底部及更低的顶部.
Watch the second and third higher bottoms. When an option breaks a second higher bottom,consider the main trend has changed to the down side.
Watch the second and third lower tops. When an option crosses the third lower top, consider the trend has turned up, at least temporarily, and go with it.
观察第二个和第三个更高的底部。当行情跌破第二个更高的底部时，可以判断主趋势已经向下边改变了。
观察第二个和第三个更低的顶部。当行情跌破第三个更低的顶部时，认为主趋势已经掉头向上了，至少暂时要顺应这段趋势。

Rule 18 –SECTIONS OF A MOVE
分段运行的市场
It is important to study the different sections or moves that an option makes between the first low level and the first, second, third, fourth, or fifth tops of a move. After an option has had several moves up and reacted, when it is near the end of the move, the gains over the last previous top will be less and the run from the last bottom to the last top will be less than in the early stages of the movement, an indication that the move has run out and that a culmination is near. Then apply your other rules and watch the Trend Indicator and 3-day Chart for a reversal in trend.
在研究行情在不同的段（浪）内或者在第一个低级水平线与第1、2、3、4或者第5个顶部之间的运行情况中发现其非常重要。在行情已向上运行几段并背离后，当其即将结束运行时， 在最末段的前期顶部上的资金增益将会是比较少；从最后的底部运行到最后的底部的资金增益也比从早期阶段的少，迹象表明行情运行已经结束，并且已经接近了顶部。然后应用其它规则并在趋势指标和三日图表上趋势的反转。
In a declining market, apply the same rule. When the declines or sections of a move become shorter, it indicates that the selling pressure is waning.
在熊市中应用同样的规则。当下跌或者分段运行变得越来越短时，预示空头力量减弱。

Rule 19 –3 FULL-CENT INDICATION AT BOTTOM OR TOP
顶底处的完整3美分
In very weak markets watch for the first advance of 3 full-cents from any low level and in very strong markets for the first reaction of 3 full-cents which will indicate a change in the minor trend.
在非常弱势的市场中留意来自任何的低水平级别的第一个3美分上涨和在非常强势的市场中整个第一个3美分反弹，这将预示次级趋势的改变。　
By 3 full-cents I mean, for example, from 60 low, a rally to 63 would be 3 full cents. If this low was 59½¢, we would not count 3 full cents until the option rallied to 63.
完整3美分法的意思是：例如，从低点60美分，反弹到63需要完整的3美分。如果低点在59.5美分，在其未反弹到63美分前我们认为不是完整3美分法。
Reverse this rule when an option is advancing. Suppose it advances to 50-7/8 and has not had a 3 full-cent reaction for some time; then if it declines to 47, I would consider it a 3 full-cent reaction and an indication that the minor trend was reversing. In this case, if the option only declined to 47½ or even to 47¼, we would not count it a full 3-cent reaction, because full points are based on even figures.
在牛市中反转这条规则。假定有时已经上涨了50－7/8美分却还未回调完整的3美分；那么如果下跌到47美分，我认为它是完整3美分的回调，并且趋势显示次级趋势正在反转中。在本例中，如果行情只跌到47.5或者甚至到47.25，我们不计入完整3美分回调，因为全部的点位是基于准确的数字。
（even figures在这里应该是精确的：（在数量，程度或数目上精确的，恰好的，整的；精确的，不一定正确，有待方家认证，读者请注意这一点。）

Rule 20 –SHARP 2-DAY SIGNAL MOVE2天中的急剧行情信号　
After a prolonged decline an option often has a sharp 2-day rally, making a very wide range in price, then moves in this same range for several days or weeks without getting higher than the top of the 2-day rally or without breaking the previous bottom. This shows support or accumulation. Then when the top of the 2-day rally is crossed, it is an indication that you
should buy a second lot to start a pyramid.
经过长期的下跌后，行情经常出现连续2天的强烈的巨幅反弹，然后是在这2天反弹的顶部与前期底部的区间盘整几天或者数周，这就是一种支撑与密集区的表现。当这2天反弹的顶被突破后，这就预示着你可以进行第二张单的加码。
Apply the same rule after a sharp 2-day decline, which does not change the main trend because the option does not decline into the 3rd day, but later when the bottom of this sharp 2-day decline is broken, it is an indication that the main trend has turned down and you can start to pyramid again.
在2天的剧烈回调中应用同样的规则，当行情第三天未跌破时，主趋势不会改变，但是假如这2天的剧烈回调的底部最后却被击穿，这就预示主趋势将反转，你就要再次进行加码了。

IMPORTANCE OF OPENING AND CLOSING PRICES
重要的开盘与收盘
Rule 21 –SIGNAL TOP DAY　日线顶部信号
The opening and closing prices are very important when an option is very active and reaches extreme high and low.
当行情非常活跃和达到极限的高点与低点时，开盘价与收盘价这时就显得极其重要了。
On the day that extreme high price of a move is reached after a big advance, if option closes near the low of the day or closes below the halfway point of the day’s range or closes below the opening, it indicates that the selling is better than the buying and that the option is getting ready to turn the trend down, at least temporarily. When there is a move of this kind, you should sell out and go short without waiting, placing a stop loss order on the shorts 1¢ above the final day’s high.
在一轮大牛市结束到达极限高点价格的那天，如果当天开盘价接近收盘价，或者收盘价低于当天中价（应该是最高一最低的一半），或者收在开盘价下面，那么预示卖者多于买者，至少行情准备转势了。当这种情况出现时，你就要毫不犹豫卖出并且短线操作，止损定在那天最高点上1美分处。

Rule 22 –SIGNAL BOTTOM DAY 日线上的底部信号
On the day that an option has a sharp break after a prolonged decline, if it closes higher than the opening or above the halfway point or better still if it closes at the extreme high, after making a wide range and going lower than the previous day, it is an indication that the buying is better than the selling and that the trend is getting ready to turn up or that a bigger rally may be expected. Therefore you should cover shorts and buy without waiting for the option to make a higher top than a previous day or without waiting until the trend turns up by crossing a Trend Line top.
在一轮长期下跌市中出现一个剧烈下跌的时候，如果当天收盘价高于开盘价，或者收盘价高于当天中价，或者收在最高价上面，在进行宽幅震荡后价格比前几天收低，那么预示买者多卖者，行情准备转势向上或者将会迎来一轮预期的强烈的反弹。所以你要短线初仓，马上短线买进，等待行情走到比前期顶部更高的位置或者直到穿越趋势线顶部。

Rule 22 –SIGNAL BOTTOM DAY 日线上的底部信号
On the day that an option has a sharp break after a prolonged decline, if it closes higher than the opening or above the halfway point or better still if it closes at the extreme high, after making a wide range and going lower than the previous day, it is an indication that the buying is better than the selling and that the trend is getting ready to turn up or that a bigger rally may be expected. Therefore you should cover shorts and buy without waiting for the option to make a higher top than a previous day or without waiting until the trend turns up by crossing a Trend Line top.
在一轮长期下跌市中出现一个剧烈下跌的时候，如果当天收盘价高于开盘价，或者收盘价高于当天中价，或者收在最高价上面，在进行宽幅震荡后价格比前几天收低，那么预示买者多卖者，行情准备转势向上或者将会迎来一轮预期的强烈的反弹。所以你要短线初仓，马上短线买进，等待行情走到比前期顶部更高的位置或者直到穿越趋势线顶部。

Rule 24 –A NARROW DAY AFTER A SHARPER DECLINE OR A SHARP ADVANCE
急速下跌或者拉升后的短期调整
After an option has been declining for some time and has a sharp break, closing weak or near the low level, if on the following day the range is very narrow and the option goes only slightly lower and closes about the same level, it is an indication that the move has a run out and your stop loss order should be moved down 1¢ above the top of the narrow day.
行情在下跌一段时间并且已经急速下跌后，收盘疲软或收在低级水平附近，如果在下一天行情幅度非常狭窄，同时在较低位行情波动变得极其微小且收盘在同一水平，那就预示市场调整结束，你的止损应该下移到短期顶部上面1美分处。［这个narrow day如何翻译困扰了我两天多的时间，造成脑子短路，查了网上都没有，最后突然来了灵感才翻译成短期。有时就是因为中间的一段话，或者词组翻译不准确，就严重影响了进度。］
After an option has been advancing for some time and had a sharp advance, closing strong or near the high level, if on the following day the range is very narrow, it is an indication that a culmination is near and your stop loss order should be moved up 1¢ under the bottom of the narrow day.
行情在上涨一段时间并且已经急速拉升后，收盘强劲或收在高级水平附近，如果在下一天行情波动幅度非常狭窄，那就预示市场接近顶点，你的止损应该上移到短期底部下面的1美分处。

Rule 25 –CLOSING AT THE SAME LEVELS FOR A SERIES OF DAYS
连续数天收在同一水平
Watch the closing price of an option after a prolonged decline or a prolonged advance.
注意一轮持久上涨或者持久下跌后的收盘价。
If an option closes for a series of days around the same level, it is an indication that it is receiving support or meeting resistance around this level. Then the first day that it closes above or below this series of closings, it will be an indication of a change in trend and you should go with it.
如果行情连续数天收在同一水平周围，那就预示行情在这一级水平的遇到支撑或者强大的阻力。然后在首日收盘在这几天收盘价上面或者下面，那就暗示趋势将改变，你应该随之而上。

Rule 26 –THREE TOPS OR BOTTOMS NEAR THE SAME LEVEL AND CLOSING
PRICE
同一水平附近的三重顶或三重底与收盘价
Watch how an option closes when it had a sharp run up and makes a top. If it closes below the halfway point or near the low of the day, it is an indication that it is making top. Then, when it advances to the same level the second or third time, if it reacts the same day and closes near the low, it is a sure indication of good selling and that the trend is getting ready to turn down.
关注当行情急速反弹并且达到一个顶部时的收盘情况。如果收在中间价下面或者在当天低价附近，预示行情正在做顶。那么当其再次或者第三次涨到同级水平，如果当日收在低点附近，那无疑是是一个最好的卖出信号，趋势已经作好了向下的准备。
Reverse this rule in a declining market. If three bottoms occur around the same level and each time the option closes near the high level of the day, it is an indication of higher prices and that the option is getting ready to turn up.
熊市中反转这条规则。如果在同一水平附近出现三个底部，并且每次都收在当天的高处，那就说明后市将走得更高，行情准备向上了。
NOTE: All rules work best in active fast-moving markets and the big profits are made trading in active markets. If you follow these rules, you will make money. Make up your mind to follow the rules before you start and success is assured.
注意：所有这些规则运用在活跃、快速移动的市场中效果最佳，在活跃的市场中交易会获得巨额利润。如果你遵守这些规则，你就能赚钱！开始之前决定遵循这些规则后将成功在望。

SPACE CHARTS空间图表
RULES FOR ACTIVE MARKETS AT HIGH LEVELS –活跃市场中的高级规则
Many times in history Wheat has sold at $1.75 to $3.50 per bushel. These high prices will recur some day, so you need to know how to trade in markets that move 10 to 20¢ per bushel per day and how to get out near tops and bottoms because the moves will be so fast that you cannot wait for Trend Line bottoms to be broken in every case, and cannot wait for daily
bottoms to be broken or daily tops to be crossed, especially where the range is 15¢ per bushel a day, or even where it is 7 to 10¢ per day.
历史显示在大多数时期小麦的销售价格在1.75-3.5美元/蒲式耳。这种高价可能来日会重现，因此当市场每天移动10-20美分/蒲式耳时你必须要明白如何交易，在接近顶部或者底部时如何平仓离场，因为此时价格的变动将非常快速，你就不能按常规等待趋势线底部被击破，也不能等待日常的顶部或底部被打破，特别是在波动范围在15美分那一天或每天在7－10美分之时。
When a market is having a rapid advance or a rapid decline of this kind, you should keep a space chart of 3 points. By this I mean, that during the day, when Wheat declines 3¢ per bushel from any top; then advances 3¢ per bushel from any bottom, you should record it.Then the first time that Wheat breaks under a bottom of a 3¢-move, consider that the trend has reversed temporarily. This may only be for one day or for one or two days, but it is a warning to get out.
当市场以暴涨或者暴跌的性质出现时，你就要备有3点的空间图表。我说的意思是，当小麦从任何顶部下跌3美分或从任何底部上涨3美分，你就要记录好他们。当小麦第一次在突破一个底部后变动了3美分，可以认为趋势临时已反转。虽然这种可能仅存在一天或者一到两天时间，但是它却是离场警告信号。
You should also keep a chart of 1¢ movements if you are watching the tape. However, when the markets are very active at high prices, I consider that the best chart to keep is the 3¢ moves.
如果你正在看磁带时你应该也备有1美分的一张变动图图表。 然而， 当市场非常活跃在高价位区域时，我认为记录3美分的变动是最好的图表。（黑水：在20世纪40年代前，电脑还未发明，磁带在当时作为录音介质出现。）

HOURLY CHART小时图表
In active, fast-moving markets, where you can get the prices every hour it is important to keep the Hourly high and low and also mark the opening of the hour and the closing of the hour.
在快速活跃的市场中，获取小时价格对于记录每小时的高点、低点是很重要的，标记开盘与收盘也同样重要。
Apply the same rules that you do to your Daily high and low chart. The first time that the market breaks a Trend Line bottom on the Hourly chart or crosses a Trend Line top, consider that the trend has changed temporarily.
应用同样的规则制作你的日高低点图表。当市场首次击穿小时趋势线底部或者突破趋势线顶部时，预示趋势已经暂时改变。
If there are a series of hours with tops around the same level, or bottoms around the same level, for several hours, then when the market crosses 1¢ per bushel over an Hourly top, or breaks 1¢ under an Hourly bottom, consider that your trend has changed at least temporarily and trade accordingly.
如果行情在同级顶部或底部持续数小时，当市场穿过小时K线顶部或者击穿小时K线底部
1美分/蒲式耳，认为行情至少已经改变并依此交易。
Even in a narrow market or in a market that is moving 1 to 3¢ per day, if you keep an hourly high and low chart, you will see the value of it in getting a quick change in trend.
在一个平稳窄幅波动或者每天只波动1－3美分的市场中，如果你记录有每小时高低点图表，你就能在趋势中的看到价格的快速变化。
All of these rules are given you to protect your capital and protect your profits; to help you get out near the top as possible and as near the bottom as possible. Don’t forget to always use stop loss orders. This is your "emergency brake" and your "safety valve" to protect you when the market reverses.
所有这些规则都是为了保护你的本金和利润；帮助你在尽可能接近顶部和底部时顺利平仓。不要忘记始终要使用止损命令。当市场转向时，它就是你的“紧急制动”和“安全阀”。

3-DAY CHART OR MAIN TREND INDICATOR
3日图或主趋势指标
The 3-day Chart should be kept on a separate sheet of chart paper from the Daily high and low Chart and Trend Line. It is used in connection with the Minor Trend Indicator, or the Trend used with the Mechanical Method.
3日图要与日高低点图表和趋势线图表纸分开单独记录。它主要是被用于与之有关的次级趋势指标，或者被用于进行机械交易。

HOW TO MAKE UP 3-DAY CHART　如何制作三日图表
For the 3-day Movement or Main Trend Indicator, the rules are as follows:
The 3-day Chart is made up of moves of 3 days or more. When an option starts to advance and makes higher bottoms and higher tops for 3 consecutive days, you move the line on the 3- day Chart up to the top of the 3rd day; then if it continues to move up, making higher tops　without reacting as much as 3 days, you continue to move the line on the 3-day Chart up to the top of each day until the option reacts 3 days or makes lower bottoms for 3 consecutive days or more.
三日图或者主趋势指标的规则如下：3日图是记录市场3天或者3天以上的波动情况。当行情开始上涨，连续三天出现更高的底部和更高的顶部时，将3日图上的线移动第3天顶部；后期如果其继续上涨，3天左右毫无抵抗就创出更高的顶部，就继续将3日图上的线上移到每天的高点，直到行情在3天内遇到压力或者连续3天多时间创出更低的底部。
Then you move the line on the 3-day Chart down and continue to move it down to the lowest price as long as the option makes lower bottoms without rallying 3 days.
于是你就在3日图上将线下移，当行情创出3日内未出现反弹的更低底部时，继续移动这条线到此底部的最低点处。
The first time that an option rallies 3 days from any bottom that is, making higher tops for 3 consecutive days or more, you move the line up.
如果行情从任何底部首次连续反弹3天或3天以上，创出更高的顶部,将线同时上移。
This chart is based on higher tops and lower bottoms and not on closing prices. An option may close lower on the 3rd day, but not make a lower bottom, in which case you make no change on the 3-day Chart. An option may close higher on the 3rd day from the bottom but not make a higher top on the 3rd day and in that case, you do not move the line up on the 3-
day Chart.
3日图是基于更高的顶部与更低的底部位置，并非收盘价格。行情也许在第3天收在一个较低价格，但是它未创出较低的底部，这时在3天图上就不要作任何改变。行情也可能从底部开始到第3天收在一个较高的价格，但是在当天未创出更高顶部，在这种情况下在3日图上也不要将线上移。（黑水注：此节比较重要，讲明三日图表的定义，特别注意江恩指的是－－更高的顶部与更低的底部，并非收盘价格。）

EXCEPTION TO RULE 例外情况
There is an exception to the rule for making up the 3-day Chart. When an option is very active near the top or bottom, making a wide range, and crosses the top or bottom of a move made by the Trend Line Indicator in less time than 3 days, then you record the move on your 3-day Chart just the same as if there had been a move of 3 days in one direction.
在制作3日图时有一种例外的情况。当行情以非常活跃的方式接近顶或者底部时开始进行宽幅震荡，并且在不到三天的时间内突破了一轮趋势线变动指标中的顶部或底部，如果之前在此方向上已经有做了一个三日价格波动，那么就在三日图中按同样的方法记录此波动。（黑水：这段花了半天并且在请教了北海散人情况才理解翻译出，不一定完全准确。）

INDICATIONS FOR CHANGE IN TREND趋势变化指标
Rule 27 –CROSSING TOPS OR BREAKING BOTTOMS OF 3-DAY MOVES
三日波动中的穿头破底
The surest sign of a change in the main trend is when a move on the 3-day Char is exceeded by 1 to 3¢. When an option breaks under a bottom made by the 3-day Chart, you consider that the main trend has turned down, and when a move crosses a top made by the 3-day Chart, consider that the main trend has turned up, at least temporarily.
在3日图中显示变动超过1－3美分时这就是一个大趋势改变的可靠信号。当行情在3日图表中跌破一个底部，你的判断应该是大趋势已经向下转势，同时当其穿过3日图表中一个头部时，你也要判定他至少暂时向上运行了。
Breaking 1¢ under the last 3-day bottom or crossing the last 3-day top by 1¢ in slow or semiactive markets is enough to show a change in the trend.
在一个缓慢或者半死不活的市场中，行情跌破最后3日天的底部下1美分或者穿过3日顶部1美分已经充分显示了趋势中的变化了。[黑：将semiactive markets翻译成半死不活的市场也许更加符合中国语言。]

Rule 28 –FIRST 3-DAY REACTION OR RALLY三日图的首次反弹与回调
After a prolonged advance, watch the first time that there are 3-full days of lower prices or the first time that the 3-day Chart is moved down, as this will often be the first sign that the end of the move is near.
在一轮长期涨势中，观察第一次出现完整3日中较低价格变化或者三日图中的首次下跌，经常这被当作是牛市接近尾声的第一个标志。
Next, watch the second move of 3 days down on the 3-day Chart and see if it is lower than the Trend Line bottom or the minor Trend Indicator or under a 3-day bottom on the 3-day Chart.This will be a stronger indication of a reversal in trend.
下一步，三日图上在观察3天下跌中第二次移动，看看它是否它比趋势线底部或者次级　　趋势指标更低，或者低于三日图中上3天底部。这些是趋势将反转的强烈信号。
Reverse this rule in a declining market. After a prolonged decline, watch the first time there is a rally of 3 days, as this will often be the first sign that a change in trend in near.
在熊市中反转这条规则。在一轮长期下跌后，观察3天中的首次反弹，这经常被视为趋势即将改变的第一个信号。

Rule 29 –THE THIRD MOVE ON 3-DAY CHART三日图的第三次走向
The most important indication to watch is the third move down on the 3-day Chart after a prolonged advance or decline. For example: An option reacts 3 days; then advances to new high; then has a second 3-day reaction and advances to new high; then when the third reaction of 3 days comes from a new high, it is nearly always a signal that the move is over. If this
move of 3 days the third time breaks a bottom on the 3-day Chart by 1, 2, or 3 points, depending on how high the option is and its activity, it is almost a sure sign that the main trend has turned down.
在一轮长期上涨或者下跌后观察三日图上的第三次走向是极其重要的。例如：行情抗跌3天，然后创新高；然后是第二波3天抗跌涨到新高；然后是第三次抗跌3天打到一个新高点，那么在大多数情况下它是行情结束的标志。如果在3日图上，三日行情第三次跌破底部1,2或者3个点，同时取决于行情在多高的位置和其活跃性，它总是主要趋势已经反转的明确信号。［黑水；最后一句有点前后不连贯，不知是原文的问题还是其它？

Rule 29 –THE THIRD MOVE ON 3-DAY CHART三日图的第三次走向
The most important indication to watch is the third move down on the 3-day Chart after a prolonged advance or decline. For example: An option reacts 3 days; then advances to new high; then has a second 3-day reaction and advances to new high; then when the third reaction of 3 days comes from a new high, it is nearly always a signal that the move is over. If this
move of 3 days the third time breaks a bottom on the 3-day Chart by 1, 2, or 3 points, depending on how high the option is and its activity, it is almost a sure sign that the main trend has turned down.
在一轮长期上涨或者下跌后观察三日图上的第三次走向是极其重要的。例如：行情抗跌3天，然后创新高；然后是第二波3天抗跌涨到新高；然后是第三次抗跌3天打到一个新高点，那么在大多数情况下它是行情结束的标志。如果在3日图上，三日行情第三次跌破底部1,2或者3个点，同时取决于行情在多高的位置和其活跃性，它总是主要趋势已经反转的明确信号。［黑水；最后一句有点前后不连贯，不知是原文的问题还是其它？

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。

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。

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。

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。

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。

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。

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。

FOUR RULES4条规则:
Rule 1 – TIME RULE
规则#1:时间规则
The TIME FACTOR is the most important. When TIME is up, Time or Space movements will reverse.
时间因素是最重要的。当时间到达时，时间或者空间变动将反转。
Keep a record of the days that the market reacts, that is, actual trading days; also keep a record of the calendar days of each reaction or rally. When a reversal comes that exceeds the previous TIME movement, consider that the trend has changed, at least temporarily. After any important top or bottom is reached and the first reaction or rally comes, there is nearly
always a secondary move which usually makes a slightly higher bottom or a lower top. The duration of this move may be 1, 2, 3 days or more, all depending upon the activity of the market and the duration of the advance or the decline. But your rule is to watch for an overbalancing of a previous TIME period before deciding that the trend has changed.
做好市场所有开始变化日子的记录，意思是说，实际的交易日，同时也保持一分包括每个　回调或者反弹的自然日（日历日）的记录。当一轮超越上一个时间变动的反转来临时，认为趋势已经改变，至少已经改变。在一些重要的顶或底和首个回调或者反弹到达后，几乎都要做一个通常微小的更高的底或者更低的顶第二波行情。这一波行情的持续时间大约是1到3天或者更多，所有这些都依赖于市场的活跃性和其上涨或者下跌的持续时间。但你不还要的留意决定趋势改变前上一个时间周期的失去平衡点。

FOUR RULES4条规则:
Rule 1 – TIME RULE
规则#1:时间规则
The TIME FACTOR is the most important. When TIME is up, Time or Space movements will reverse.
时间因素是最重要的。当时间到达时，时间或者空间变动将反转。
Keep a record of the days that the market reacts, that is, actual trading days; also keep a record of the calendar days of each reaction or rally. When a reversal comes that exceeds the previous TIME movement, consider that the trend has changed, at least temporarily. After any important top or bottom is reached and the first reaction or rally comes, there is nearly
always a secondary move which usually makes a slightly higher bottom or a lower top. The duration of this move may be 1, 2, 3 days or more, all depending upon the activity of the market and the duration of the advance or the decline. But your rule is to watch for an overbalancing of a previous TIME period before deciding that the trend has changed.
做好市场所有开始变化日子的记录，意思是说，实际的交易日，同时也保持一分包括每个　回调或者反弹的自然日（日历日）的记录。当一轮超越上一个时间变动的反转来临时，认为趋势已经改变，至少已经改变。在一些重要的顶或底和首个回调或者反弹到达后，几乎都要做一个通常微小的更高的底或者更低的顶第二波行情。这一波行情的持续时间大约是1到3天或者更多，所有这些都依赖于市场的活跃性和其上涨或者下跌的持续时间。但你不还要的留意决定趋势改变前上一个时间周期的失去平衡点。

Rule 3 – SPACE OR PRICE MOVEMENTS　空间与价格的涨落
By SPACE MOVEMENTS, I mean cents per bushel up or down from top to bottom. For example: Suppose Wheat starts to advance from 80¢ per bushel and reaches 90¢; reacts to 85¢; then advances to above $1.00 per bushel, reaching 112; then reacts to 107, which is again 5 cents’ reversal in SPACE MOVEMENT. Then the advance is resumed and the price goes to 120; a quick reaction follows to 113, a decline of 7 cents per bushel, exceeding the two previous reactions of 5 cents per bushel. We call this "overbalancing" of a SPACE MOVEMENT and an indication of a change in trend. But you must never depend upon the SPACE MOVEMENT alone to give a definite indication of a change in trend until it is confirmed by a reversal in TIME PERIOD and by the market breaking the last SWING BOTTOM.
通过空间的变化，我预定从顶部到底每蒲式耳的涨跌美分数。
例如：假设小麦从80美分/蒲式耳开始涨到90美分；在85美分回调；然后涨到1美元/蒲式耳，到达112美分；然后回调到107美分，那它再次在空间上5美分处反转。然后涨势继续，价格达到120美分，快速回调到113美分，下跌了7美分/蒲式耳，超过了前两次的5美分/蒲式耳回调。我们称这个空间的变化叫“平衡过度”，它预示的趋势的改变。但你在时间周期未被证实和市场的最后的底部未被击破前千万不要单独依赖这个“空间变化”给你提供明确的趋势改变的指标

Rule 4 – RESISTANCE LEVELS 阻力级别
When the price breaks back one-half or more of the previous SWING, this is also an indication of a change in trend. In a declining market, a rally of one-half or 50% or more of a SWING is the first indication of a change in trend. But these indications must be confirmed by the TIME RULE before you can be sure that there is a definite change in trend.
当价格反向回到上一波的1/2或者更多时，这也是趋势改变的一个迹象。在熊市中，一波中一半、50%或更多的反弹是第一个趋势改变的指标。但是这些指标在被必须要被时间规则所证明后才能确认趋势已经改变。
A review and study of past market movements will prove to you the accuracy and value of these rules.
Study the examples and comparisons of May Rye for 1924-1925 and 1945-1946.
学习和回顾过去的行情会验证你的准确性的这些规则的价值。学习这些例子并比较五月黑麦在1924-1925年和1945-1946年间的走势。

AVERAGE SPACE MOVEMENT平均价格变动
As a general rule, Wheat or Rye will not react or decline more than 7 to 10 cents per bushel and in extreme cases not more than 12 cents per bushel before the advance is resumed. As a rule, breaking back or reversing more than 12 cents will show a change in trend when confirmed by the TIME RULE.
作为一条通用的规则，小麦或者黑麦不会回调或者　下跌超过7－10美分/蒲式耳，极端的情况下在涨势继续前不会超过12美分/蒲式耳。作为规则，当时间规则已经被确定后回落或者反弹超过12美分时认为趋势已经改变。
When a market is declining, the average rally is 7 to 10 cents and seldom more than 12 cents. In extremely weak markets, rallies may not run more than 3 to 5 cents per bushel, all depending upon whether prices are at normal or abnormal levels.
当在市场正在下跌中途，其平均反弹不会超过7－10美分并且很少超过12美分。在极端疲软的市场中，反弹不会超过3－5美分/蒲式,所有这些住依赖价格处在正常还是非正常水平的位置。

WHEN GRAIN IS IN THE STRONGEST OR WEAKEST POSITION当谷物处于最强和最弱位时
When Wheat, Rye or Corn is advancing and is in the last stages of a fast upswing, reactions will often last 2 days and then the advance will be resumed. An advance of this kind will sometimes run 42 to 49 days or 6 to 7 weeks and in extreme cases may run 3 to 4 months, but around 84 to 90 calendar days it is very important to watch for a change in trend.
当小麦、黑麦或者玉米正在上涨并且处在最后阶段的快速向上波动时候，经常在最后的2天回调，然后涨势继续。在这类上涨中有时会运行42－49天或者6－7周，在极端的情况下会运行3－4个月，但是在84－90个日历日这一段对于观察趋势的改变是非常重要的。
Remember, the longer the duration in TIME a market has run up or down, the surer the indication of a change in the main trend when the TIME RULE shows a reversal. Also a very great range in fluctuations makes a change in trend more important when it comes.
记住，市场涨跌的周期越长，时间法则显示主趋势的何时反转则越可靠。同样，一个巨大的波动幅度显示的趋势改变也更加重要。

谢谢

谢谢