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嗔恕Ｔ诒就嫉挠冶撸魇剖窍碌源�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。
Notice several bars that stick out of the tight weave of prices at the bottoms in May； November； and April； as well as the latest top in May。 Those are kangaroo tails； which tend to mark turning points。 The market tests a new high or a new low with a bar that is much taller than the preceding and following bars； and then recoils from that price extreme。 You can recognize a tail during the bar that follows； and trade against it。
注意到有几条竹线伸出了价格的波动范围，5月，11月，4月的底部，以及最后一个5月的顶部。那些是袋鼠的尾巴，标志了反转点。市场会利用很长的竹线来测试新高和新低，然后又从极端情况恢复。你可以根据后面的竹线认出这条尾巴，按照反方向交易。
You can plot these lines using a ruler or a puter。 It is better to draw trendlines as well as support and resistance lines across the edges of congestion areas instead of price extremes。 Congestion areas reflect crowd behavior； while the extreme points show only the panic among the weakest crowd members。
你可以用标尺或电话画这些线。画趋势线，支撑线和压力线时，最好找价格密集区，不要找极端的价格。价格密集区反映了大众行为，而极端价格仅仅是大众中间弱小群体的惊慌表现。
Tails … The Kangaroo Pattern Trends take a long time to form； but tails are created in just a few days。 They provide valuable insights into market psychology； mark reversal areas； and point to trading opportunities。
尾巴——袋鼠模式 趋势需要很长的时间才能形成，但是尾巴几天就形成了。它们可以让我们深刻认识市场心理，标出反转区，指出交易机会。
A tail is a one…day spike in the direction of a trend； followed by a reversal。 It takes a minimum of three bars to create a tail … relatively narrow bars in the beginning and at the end； with an extremely wide bar in the middle。 That middle bar is the tail； but you won’t know for sure until the following day； when a bar has sharply narrowed back at the base； letting the tail hang out。 A tail sticks out from a tight weave of prices … you can’t miss it。
一条尾巴是趋势里面1天内出现的钉子，紧跟着反转。形成一条尾巴至少需要3条竹线——一般在开始和结束的竹线很短，中间的竹线特别长。中间的竹线就是尾巴，但是你当时不能肯定，要等到第2天，当竹线变短，让尾巴突出的时候。一条尾巴在紧密的价格中突出——你不会错过的。
A kangaroo； unlike a horse or a dog； propels itself by pushing with its tail。 You can always tell which way a kangaroo is going to jump … opposite its tail。 When the tail points north； the kangaroo jumps south； and when the tail points south； it jumps north。 Market tails tend to occur at turning points in the markets； which recoil from them like kangaroos recoil from their tails。 A tail does not forecast the extent of a move； but the first jump usually lasts a few days； offering a trading opportunity。 You can do well by recognizing tails and trading against them。
袋鼠，和马不同，和狗不同，袋鼠靠尾巴推动前进。你总是知道袋鼠要朝哪个方向跳——和它的尾巴方向相反。当尾巴指向北面，袋鼠就往南面跳；当尾巴指向南面，袋鼠就往北面跳。市场的尾巴一般会在市场要反转的时候出现，这是恢复的过程，和袋鼠回收尾巴一样。一条尾巴不能预测波动的程度，但是最初的波动会持续几天，提供了交易机会。你只要认出尾巴并反向交易，你就可以做的很好。
Before you trade any pattern； you must understand what it tells you about the market。 Why do markets jump away from their tails？
在你根据任何模式交易之前，你必须明白模式告诉了你什么信息。为什么市场的方向和尾巴的方向相反？
Exchanges are owned by members who profit from volume rather than trends。 Markets fluctuate； looking for price levels that will bring the highest volume of orders。 Members do not know where those levels are； but they keep probing higher and lower。 A tail shows that the market has tested a certain price level and rejected it。
交易所有很多会员，这些会员靠成交量赚钱，不是靠趋势赚钱。市场波动，为了达到某种程度，以造成最大的成交量出现。会员不知道波动的程度，但他们会不断测试高点和低点。尾巴说明市场测试到了某种程度，需要反其道而行。
If a market stabs down and recoils； it shows that lower prices do not attract volume。 The natural thing for the market to do next is rally and test higher levels to see whether higher prices will bring more volume。 If the market stabs higher and recoils； leaving a tail pointing upward； it shows that higher prices do not attract volume。 The members are likely to sell the market down in order to find whether lower prices will attract volume。 Tails work because the owners of the market are looking to maximize ine。
如果市场下跌，然后恢复上涨，这就说明再低的价格也不能吸引成交量了。市场自然要做的事就是反弹，去测试比较高的价位，看看比较高的价格是否会带来更大的成交量。如果市场测试市场后下跌，留下上涨的尾巴，这说明更高的价格不能吸引成交量。会员喜欢打压价格，为了搞清楚更低的价格是否能吸引成交量。尾巴很有效是因为会员想尽量扩大收入。
Whenever you see a very tall bar （several times the average for recent months） shooting in the direction of the existing trend； be alert to the possibility of a tail。 If the following day the market traces a very narrow bar at the base of the tall bar； it pletes a tail。 Be ready to put on a position； trading against that tail； before the close。
无论何时，你看见了很长的竹线（是最近几个月平均值的几倍），树立在现在趋势的方向，要注意有可能是尾巴。如果第2天，竹线明显变短了，这肯定是尾巴。准备好在收盘前建仓，仓位和尾巴的方向相反。
When a market hangs down a tail； go long in the vicinity of the base of that tail。 Once long； place a protective stop approximately half…way down the tail。 If the market starts chewing its tail； run without delay。 The targets for profit taking on these long positions are best established by using moving averages and channels （see “Indicators … Five Bullets to a Clip；” page xx）。
如果市场的尾巴下跌，在尾巴的底部附近做多。一旦做多，在尾巴的一半处下一个止损单。如果市场开始吃自己的尾巴，赶快逃跑，不要拖延。如果要兑现多头仓位的利润，最好利用均线和通道（请看xx面“指标——一个弹夹5颗子弹，”）。
When a market puts up a tail； go short in the area of the base of that tail。 Once short； place a protective stop approximately half…way up the tail。 If the market starts rallying up its tail； it is time to run； do not wait for the entire tail to be chewed up。 Establish profit…taking targets using moving averages and channels。
如果市场的尾巴上涨，在尾巴的底部附近做空。一旦做空，在尾巴的一半处下一个止损单。如果市场的尾巴上涨，赶快跑，不要等到整条尾巴翘上来。利用均线和通道建立利润目标。
You can trade against tails in any timeframe。 Daily charts are most mon； but you can also trade them on intraday or weekly charts。 The magnitude of a move depends on its timeframe。 A tail on a weekly chart will generate a much bigger move than a tail on a five…minute chart。
在任何时间周期内，你都可以和尾巴反向交易。日线图最普通，但是你也可以在日内做交易，或者利用周线图交易。时间周期不同，波动的幅度也不同。周线图上的尾巴比5分钟图上的尾巴产生的波动要大很多。
Support； Resistance； and False Breakouts When most traders and investors buy and sell； they make an emotional as well as a financial mitment to their trade。 Their emotions can propel market trends or send them into reversals。
支撑，压力和假突破 当大多数交易者和投资者买卖的时候，他们对自己交易满怀信心。他们的情绪会推动市场趋势或让市场反转。
The longer a market trades at a certain level； the more people buy and sell。 Suppose a stock falls from 80 and trades near 70 for several weeks； until many believe that it has found support and reached its bottom。 What happens if heavy selling es in and shoves that stock down to 60？ Smart longs will run fast； banging out at 69 or 68。 Others will sit through the entire painful decline。 If losers haven’t given up near 60 and are still alive when the market trades back towards 70； their pain will prompt them to jump at a chance to “get out even。” Their selling is likely to cap a rally； at least temporarily。 Their painful memories are the reason why the areas that served as support on the way down bee resistance on the way up； and vice versa。
市场在一个价格水平的交易时间越长，买卖的人就越多。假设一只股票从80跌下来，在70附近交易了几周，直到很多人认为它已经找到了支撑，已经到底了。如果有很重的卖单出现，把价格推到了60，会怎么样？聪明的多头会很快逃跑，在68，69平仓。其他人则坐等，忍受痛苦下跌。如果输家在60左右还不放弃，继续忍受，并忍到市场又涨到70，他们的痛苦会催促他们赶快卖掉，还好没亏。他们的卖单会造成一个下跌，至少是暂时的。他们痛苦的记忆可以解释这个现象，同样的交易区间，在下跌时是支撑，在上涨时是压力，反之也是同理。
Regret is another psychological force behind support and resistance。 If a stock trades at 80 for a while and then rallies to 95； those who did not buy it near 80 feel as if they missed the train。 If that stock sinks back near 80； traders who regret a missed opportunity will return to buy in force。
后悔也是支撑和压力后面的心理因素。如果一只股票在80交易，过了一会儿涨到了95，在80左右没有买的人感觉错过了火车。如果股票再次跌到80，曾经后悔的交易者会全力买入。
Support and resistance can remain active for months or even years because investors have long memories。 When prices return to their old levels； some jump at the opportunity to add to their positions while others see a chance to get out。
支撑和压力的存在时间可以长达数月或数年，因为投资者的记忆太长久了。当价格回到过去的水平时，一些人立刻抓住机会加仓，而同时一些人认为是出场的机会。