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A…level trader （30％）
C…level trader （10％）
Five…minute channel
A…level trader （30％）
C…level trader （10％）
AOL
20
6
2
3
0。9
0。3
AMZN
21
6。3
2。1
3
0。9
0。3
YHOO
54
16。2
5。4
7
2。1
0。7
日线通道
A水平
C水平
5分钟通道
A水平
C水平
美国在线
20
6
2
3
0。9
0。3
亚马逊
21
6。3
2。1
3
0。9
0。3
雅虎
54
16。2
5。4
7
2。1
0。7
A swing trader who uses daily charts to buy and hold for a few days can do very well in these active stocks。 He can really clean up if he is an A…level trader； but even if he is a C trader； taking 10％ out of a channel； he can stay afloat while he’s learning。 A person who day…trades the same stocks must be a straight…A trader in order to survive。 Anything less； and he’ll be eaten alive by slippage； missions； and expenses。
波段交易者可以利用日线图买入，并持有几天，做这样活跃的股票不错。如果他是A水平的交易者，他可以全身而退，如果他是C水平的交易者，只能赚到通道的10％，他可以边学边赚。一个日内交易者，对于同样的股票，他必须达到A水平才会生存。少了任何一点，他就会被滑点亏损，佣金和费用给生吞了。
I can hear a howl of protests from the crowd of vendors who make a good living from day…trading … brokers； software dealers； system sellers； etc。 They can roll out their examples of successful day…traders； as if that proves anything！ Brilliant day…traders do exist； and I am friends with a handful of them myself。 Sadly； it’s a very small handful。
我能听见商家的强烈抗议，他们说有很多人能通过日内交易生存。商家是经纪人，销售软件的，销售交易系统的，等等。他们可以列出很多日内交易的成功案例，就好像证明了一切！出色的日内交易者确实存在，我的朋友中间就有好多个。可惜的是，还是太少了。
The chances of being a successful day…trader are very low because the channels on intraday charts are not high enough。 You must be a straight…A trader to make money out of those minute swings。 The slightest distraction； a bit of market noise； a slight slip of performance； and another day…trader bites the dust。
成为成功的日内交易者的概率很低，因为日线图的通道不够高。你必须是一个真正的A水平交易者，才能在分钟的波动里赚钱。一次不经意的分心，一个市场的噪音，一次不小心的操作，另外一个交易者都能导致失败。
Day…trading provides fantastic entertainment value。 Recreational athletes expect to pay for their sport rather than make money from it。 Recreational day…traders who expect to make money are deluding themselves into believing that they will reach their elbow with their teeth。 Maybe tomorrow 。。。。
日内交易提供了精彩的娱乐价值。杂技演员期望的是对体育精神的回报，而不是赚钱。杂技性的日内交易者期望赚钱，其实是被迷惑了，就像以为可以用牙齿咬到手肘一样。也许以后可以……
MACD…Histogram
MACD柱
MACD stands for Moving Average Convergence Divergence。 This indicator was developed by Gerald Appel； who bined three moving averages into two MACD lines。 We can enhance MACD by plotting it as a histogram； reflecting the distance between those lines。 It helps identify trends and rate the power of bulls and bears。 It is one of the best tools in technical analysis for catching reversals。
MACD就是指数平滑异动移动平均线。这个指标是热拉尔·阿佩尔发明的，他把3条均线合并成 2条MACD线。我们把MACD增强了，画成柱状图，反映了那些线之间的距离。它帮助确认趋势，给上涨和下跌打分。技术分析时，它是抓反转最好的工具。
Before we use any indicator； we must understand how it is constructed and what it measures。 As noted before； each price represents a momentary consensus of value of market participants。 A moving average shows us the average consensus of value during a selected period of time。 A fast moving average reflects the average consensus during a short period of time； and a slow moving average during a longer period of time。 MACD…Histogram measures changes in consensus by tracking the spread between fast and slow moving averages。
在我们使用任何指标前，都要知道它是如何构成的，是计算什么的。之前说过，每个价格代表市场参与者对价值的一致认同。均线表明了一段时间内对价值一致认同的平均值。快速变动的均线反映了短期内一直认同的平均值，慢速运动的均线反映了长期的平均值。MACD柱通过跟踪快速均线和慢速均线来计算一致认同的变化。
Appel used three exponential moving averages to create MACD：
阿佩尔利用3条指数移动平均线来产生MACD：
1。 Calculate a 12…day EMA of closing prices。
2。 Calculate a 26…day EMA of closing prices。
3。 Subtract the 26…day EMA from the 12…day EMA … this is the fast or MACD line。
4。 Calculate a 9…day EMA of the fast line … this is the slow or signal line。
计算12日均线的收盘价。
计算26日均线的收盘价。
用12日均线减去26日均线——这是快速或者是MACD线。
计算9日均线的值——这是慢速或者是信号线。
The values of 12； 26； and 9 have bee standard numbers； used as defaults in most software packages。 My testing shows that changing these values has little impact on MACD signals； unless you go way out on a limb and seriously distort their relationships by more than doubling one but not the others。 If you track several markets and do not have the time to customize your indicators； you can accept the default values of MACD。 If you follow only a few markets； it makes sense to experiment with higher and lower MACD values to find those that more closely track turning points in your stocks or futures。 If your software doesn’t include MACD； you may use two EMAs （for example； 12…day and 26…day） in lieu of the fast and slow MACD lines。 Then apply the MACD…Histogram formula； on the next page； to the spread between those two averages。
12，26和9的值是标准值，大部分软件都是默认的。我的测试表明改变这些数值对MACD的信号影响不大，除非你自己自找麻烦，非要把一个数字加倍，而其它数字不变。如果你同时跟踪几个市场，没有时间调整自己的指标，可以接受默认的MACD设置。如果你只跟踪少数几个市场，那么调整MACD的最大值和最小值，以找到最好的反转跟踪方法，就显得很有意义。如果你的软件没有MACD，你可以用2条均线（比如12日和26日）来代替快速和慢速的MACD线。然后用上MACD柱公式代入下面2条均线之间的距离。
Figure 5。8 MACD Lines
图5。8 MACD线
Entry and exit signals are rarely symmetrical。 The indicator that gives you good entry signals is usually not the best indicator for exits； some other tool will do a better job。 MACD lines give entry signals when the fast line crosses the slow line。 If the fast line crosses above； it gives a signal to go long。 When it crosses below； it gives a signal to sell short。 Waiting for a crossover in the opposite direction to close out a position is not a good idea because by that time a lion’s share of profits will have evaporated。
进场和出场信号很少对称。让你进场的指标信号通常不是最好的出场指标，其它工具会做这个工作。当MACD快线穿过慢线时，就给了进场信号。当快线自下上涨穿过时，它的信号是做多。当快线自上下跌穿过时，它的信号是做空。等它们在反向穿过时平仓的想法并不好，等到了那个时候利润早就没了。
Can you find a trading system in this chart？ MACD lines tell you to enter at the crossover； but how will you decide when to exit？ What tools can you use to find out when a market surge is starting to fade and hop off with profit？
你能在本图中找到交易系统吗？MACD线告诉你交叉时进场，但是你如何出场呢？你能找到工具，带着利润在波动结束时出场吗？
At the right edge of the chart MACD lines are in a buy mode； with a fast line above the slow and both rising。 Prices are hovering above the EMA … an overvalued level。 Buying at the right edge would mean taking a “greater fool theory” trade。 Placing a buy order in the vicinity of the rising EMA would allow us to buy value。
在图右边，MACD线是买入模式，快线在慢线之上，2条线都在涨。价格在均线之上——超买的状态。在图的右边买入就意味着相信“傻瓜理论”。在上涨的均线附近买入才是买入价值。
The fast line of MACD reflects a short…term consensus of value； while the slow signal line reflects a longer…term consensus。 When the fast line rises above the slow line； it shows that market participants are being more bullish。 When bulls are being stronger； it is a good time to get long。 When the fast line of MACD falls below the slow line； it shows that market participants are being bearish。 When bears bee stronger； it is a good time to get short。 MACD lines follow trends； and their crossovers mark trend reversals。 Like all trend…following indicators； they work best when markets are moving but lead to whipsaws during choppy periods。 We can make MACD more useful by converting it into MACD…Histogram。
MACD的快线反映了短期对价值的一致认同，慢线则反映了长期的一致认同。当快线上涨到慢线之上，它表明市场参与者变成多头了。当多头越来越强，此时最好做多。当快线下跌到慢线之下，它表明市场参与者变成空头了。当空头越来越强，此时最好做空。MACD线跟踪趋势，它们的交叉表明趋势的反转。就像所有的趋势跟踪指标，在市场波动的时候，它们表现最好，在振荡时期，它们就变成了锯齿状。我们可以把MACD变成更有用的MACD柱。
MACD…Histogram = Fast MACD line … Slow signal line
MACD柱=MACD快线…慢信号线
MACD…Histogram measures the spread between short…term and long…term moving averages and plots it as a histogram。 It reflects the difference between short…term and long…term consensus of value。 Some software packages include MACD lines but not MACD…Histogram。 In that case； run MACD lines； return to the menu and run an indicator called spread （or similar）； which should measure the spread between the two lines and plot it as a histogram。
MACD柱计算短期和长期均线之间的距离，然后用柱状图表示。它反映了短期和长期内对价值的一致认同。一些软件有MACD，但没有MACD柱。如果这样，运行MACD，回到菜单，运行一个叫高度（或类似的）的指�