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8分之1，16分之1等）的价格买入，止损点要设在下面。你可能会找到了一个很好的买卖！
The High Why do prices go up？ The standard answer … more buyers than sellers … makes no sense because for every trade there is a buyer and a seller。 The market goes up when buyers have more money and are more enthusiastic than sellers。
最高价 价格为什么上涨？标准答案——买家比卖家多——这个解释没有意义，因为任何一笔交易都包含了买家和卖家。市场上涨的原因是买家的钱更多，比卖家更有激情。
Buyers make money when prices go up。 Each uptick adds to their profits。 They feel flushed with success； keep buying； call friends and tell them to buy … this thing is going up！ Eventually； prices rise to a level where bulls have no more money to spare and some start taking profits。 Bears see the market as overpriced and hit it with sales。 The market stalls； turns； and begins to fall； leaving behind the high point of the day。 That point marks the greatest power of bulls for that day。
当价格上涨时，买家就赚钱。每上涨一个基点，利润就会增加。他们被成功包围了，继续买，打电话给朋友们，叫他们买——这样就涨上去了！最终，价格涨到某个点，多头没钱了，一些人开始兑现利润。空头看见市场被高估，开始卖出袭击市场。市场涨不上去了，反转，开始下跌，留下了当天的最高点。这个最高点标志了当天最强的力量。
The high of every bar reflects the maximum power of bulls during that bar。 It shows how high bulls could lift the market during that time period。 The high of a daily bar reflects the maximum power of bulls during that day； the high of a weekly bar shows the maximum power of bulls during that week； and the high of a five…minute bar shows their maximum power in those five minutes。
每个竹线的最高点都反映了多头的最大力量。这表明当时多头可以拉升的最大高度。日线图中竹线的最高点反映了当日多头的最大力量，周线图中竹线的最高点反映了当周多头的最大力量，5分钟图中竹线的最高点反映了当时5分钟多头的最大力量。
The Low Bears make money when prices fall； with each downtick making money for short sellers。 As prices slide； bulls bee more and more skittish。 They cut back their buying and step aside； figuring they’ll be able to pick up what they want cheaper at a later time。 When buyers pull in their horns； it bees easier for bears to push prices lower； and the decline continues。
最低点 当价格下跌时，空头赚钱，做空时，价格每下跌一个基点都会赚钱。当价格下跌时，多头越来越担心。他们止损观望，心里想，等价格便宜再去买。当买家吹响号角时，空头更容易地把价格压低，继续下跌。
It takes money to sell stocks short； and a fall in prices slows down when bears start running low on money。 Bullish bargain hunters appear on the scene。 Experienced traders recognize what’s happening and start covering shorts and going long。 Prices rally from their lows； leaving behind the low mark … the lowest tick of the day。
做空股票是要花钱的，当空头的钱快用完时，下跌就会减速。此时，多头狩猎者出现了。有经验的交易者认识到现状，开始回补做空的仓位，并做多。价格从最低点反弹，留下了最低点的标志——当天的最低点。
The low point of each bar reflects the maximum power of bears during that bar。 The lowest point of a daily bar reflects the maximum power of bears during that day； the low point of a weekly bar shows the maximum power of bears during that week； and the low of a five…minute bar shows the maximum power of bears during those five minutes。 Several years ago I designed an indicator； called Elder…ray； for tracking the relative power of bulls and bears by measuring how far the high and the low of each bar get away from the average price。
最低点反映了当时空头的最大力量。日线图中竹线的最低点反映了当天空头的最大力量，周线图中竹线的最低点反映了当周空头的最大力量，5分钟图中竹线的最低点反映了当时5分钟空头的最大力量。几年前我发明了一个指标，叫艾尔德射线，利用最高点，最低点与均价之间的距离来跟踪多头和空头的力量。
The Close The closing price is marked on a bar chart by a tick pointing to the right。 It reflects the final consensus of value for the day。 This is the price at which most people look in their daily newspapers。 It is especially important in the futures markets； because the settlement of trading accounts depends on it。
收盘价 收盘价是竹线图上朝右的小短横线。它反映了当天对价值的一致认同。这是大多数看报纸的人认可的当天价格。收盘价在期货中很重要，因为账户的结算是依据收盘价的。
Professional traders monitor markets throughout the day。 Early in the day they take advantage of opening prices； selling high openings and buying low openings； and then unwinding those positions。 Their normal mode of operations is to fade … trade against … market extremes and for the return to normalcy。 When prices reach a new high and stall； professionals sell； nudging the market down。 When prices stabilize after a fall； they buy； helping the market rally。
专业交易者整天观察市场。早上他们占开盘价的便宜，开盘价高就卖，开盘价低就买，然后对冲这些仓位。他们的做法很隐蔽——反向交易——对抗市场的极限，这样市场就能回到常态。当价格到达新高并停下来时，专业人士就卖，推动市场下跌。当市场下跌趋缓时，他们买，帮助市场反弹。
The waves of buying and selling by amateurs that hit the market at the opening usually subside as the day goes on。 Outsiders have done what they planned to do； and near the closing time the market is dominated by professional traders。
业余选手的买卖对市场造成的冲击，通常都会慢慢消失。场外交易者已经完成了他们计划的事，在接近收盘时，专业人士控制了市场。
Closing prices reflect the opinions of professionals。 Look at any chart； and you’ll see how often the opening and closing ticks are at the opposite ends of a price bar。 This is because amateurs and professionals tend to be on the opposite sides of trades。
收盘价反映了专业人士的观点。不管看哪个图，你会经常发现开盘价和收盘价在竹线图的另一端。这是因为业余选手和专业人士交易方向是反的。
Candlesticks and Point and Figure Bar charts are most widely used for tracking prices； but there are other methods。 Candlestick charts became popular in the West in the 1990s。 Each candle represents a day of trading with a body and two wicks； one above and another below。 The body reflects the spread between the opening and closing prices。 The tip of the upper wick reaches the highest price of the day and the lower wick the lowest price of the day。 Candlestick chartists believe that the relationship between the opening and closing prices is the most important piece of daily data。 If prices close higher than they opened； the body of the candle is white； but if prices close lower； the body is black。
K线图（张轶注：K线的英语就是蜡烛），点数图和竹线图运用很广，可以用来跟踪价格，但还有其它方法。90年代K线图在西方很流行。每个K线图由一条蜡烛和2个灯芯组成，1个在上面，另1个在下面。蜡烛的主体反映了开盘价和收盘价的差距。上面灯芯的最高点指到当天的最高价，下面的灯芯指到当天的最低价。K线看图者认为开盘价和收盘之间的关系是当天数据中最重要的。如果收盘价比开盘价高，蜡烛体是白的，如果收盘价比开盘价低，蜡烛体是黑的。
The height of a candle body and the length of its wicks reflect the battles between bulls and bears。 Those patterns； as well as patterns formed by several neighboring candles； provide useful insights into the power struggle in the markets and can help us decide whether to go long or short。
蜡烛体的高度，以及灯芯的长度都反映了多头和空头的斗争。这些模式，包括前后几根K线组成的模式，提供了对市场斗争深刻认识，可以帮我们决定是做多，还是做空。
The trouble with candles is they are too fat。 I can glance at a puter screen with a bar chart and see five to six months of daily data； without squeezing the scale。 Put a candlestick chart in the same space； and you’ll be lucky to get two months of data on the screen。 Ultimately； a candlestick chart doesn’t reveal anything more than a bar chart。 If you draw a normal bar chart and pay attention to the relationships of opening and closing prices； augmenting that with several technical indicators； you’ll be able to read the markets just as well and perhaps better。 Candlestick charts are useful for some but not all traders。 If you like them； use them。 If not； focus on your bar charts and don’t worry about missing something essential。
蜡烛的麻烦就是太胖了。在电脑屏幕上，竹线图可以看5，6月的日线图，不需要挤小。把K线图放在同样的屏幕上，幸运的话，你能看见2个月的数据。最后，K线图并没有比竹线图提供更多的信息。如果你画普通的竹线图，观察开盘价和收盘价，加上几个指标，你就能看清市场，也许更清楚。K线图适合一些人，但不适合所有的交易者。如果你喜欢，就用吧。如果不喜欢，专注于竹线图，不必担心会丢失什么关键的东西。
Point and figure （P&F） charts are based solely on prices； ignoring volume。 They differ from bar and candlestick charts by having no horizontal time scale。 When markets bee inactive； P&F charts stop drawing because they add a new column of X’s and O’s only when prices change beyond a certain trigger point。 P&F charts make congestion areas stand out； helping traders find support and resistance and providing targets for reversals and profit taking。 P&F charts are much older than bar charts。 Professionals in the pits sometimes scribble them on the backs of their trading decks。
点数图仅建立在价格的基础上，不关心成交量。点数图和竹线图，K线图都不同，它没有水平的时间。当市场平静时，点数图停止画图，因为它只在特定的点画很多X和O。点数图让拥挤的地方变得明显，帮助交易者发现支撑点和压力点，提供反转目标和利润目标。点数图比竹线图还古老。场内专业人士有时会爬在交易桌上的点数图里涂涂画画。
Choosing a chart is a matter of personal