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⒊鲎隹招藕攀毖罢易隹栈帷�
A conservative approach works best during early stages of major moves； when markets gather speed slowly。 As the trend accelerates； pullbacks bee more shallow。 To hop aboard a fast…running trend； you need faster oscillators。
在主要趋势的早期阶段，慢速振荡指标效果颇佳，此阶段价格运行较为迟缓。而在趋势的加速期，价格拉回修正的幅度较浅，要想跳上快速运动的趋势，交易者需采用快速的振荡指标。
For active traders； use the two…day EMA of Force Index （or longer； if that’s what your research suggests for your market）。 When the weekly trend is up and daily Force Index falls below zero； it flags a buying opportunity。
积极的交易者可采用2日均线力量指数（参数可长一些，依据对市场的研究，得出最优化的均线参数。）。周线图趋势上涨，日线图上的力量指数回落到0轴之下，它给出了买入信号。
Reverse these rules for shorting in bear markets。 When the weekly trend is down and the two…day EMA of Force Index rallies above zero； it points to shorting opportunities。
下跌市场则反之。周线图趋势下跌，2日均线力量指数上涨到0轴之上，它指出了做空机会。
Many other indicators can work with Triple Screen。 The first screen can also use Directional System or trendlines。 The second screen can use Momentum； Relative Strength Index； Elder…ray； and others。
其它指标也可应用于三重滤网，第一重滤网可采用方向系统或趋势线。第二重滤网可采用动能指标，相对强弱指标，艾尔德射线指标等等。
The second screen is where we set profit targets and stops and make a go–no go decision about every trade after weighing the level of risk against the potential gain。
在第二重滤网设置利润目标和止损点，并在计算风险与潜在的收益之后，做出是否交易的决定。
Set the stops。 A stop is a safety net； which limits the damage from any bad trade。 You have to structure your trading in such a way that no single bad loss； or a nasty series of losses； can damage your account。 Stops are essential for success； but many traders shun them。 Beginners plain about getting whipsawed； stopped out of trades that eventually would have made them money。 Some say that putting in a stop means asking for trouble because no matter where you put it； it will be hit。
设置止损。止损是安全网，它会限制糟糕交易的破坏。你必须管理好你的账户，以防止一笔或一连串的不利交易带来的亏损毁掉账户。止损是成功的关键，然而许多交易者却回避它。新手抱怨止损就是被洗，认为如果不设止损，最终会获利。一些人说设止损就是自找麻烦，因为不管在哪里设止损，市场一定会扫掉他们的止损单。
First of all； you need to place stops where they are not likely to be hit； outside of the range of market noise （see SafeZone on page xxx）。 Second； an occasional whipsaw is the price of long…term safety。 No matter how great your analytic skills； stops are always necessary。
首先，你要在市场不易扫掉的位置设止损，将止损设置在市场噪音之外（请看安全区域）。其次，偶尔发生的洗盘，是为长期安全付出的成本。无论你的分析能力多么强，止损都是必须的。
You should move stops only one way … in the direction of the trade。 When a trade starts moving in your favor； move your stop to a breakeven level。 As the move persists； continue to move your stop； protecting some of your paper profit。 A professional trader never lets a profit turn into a loss。
你应该只用一种方式移动止损，那就是顺着赢利的方向。当市场朝有利的方向运动时，将先前的止损单设置为保本止损。在有利趋势前进的时候，一路移动止损以保护你的账面利润。专业交易者永不让赢利变成亏损。
A stop may never expose more than 2％ of your equity to the risk of loss （see Chapter 7； “Money Management Formulas”）。 If Triple Screen flags a trade but you realize that a logical stop would risk more than 2％ of your equity； skip that trade。
止损的风险不能超过总资金的2％（请看“第07章，资金管理公式”）。如果三重滤网发出交易信号，经过计算，认为这笔交易采用合理的止损，亏损会超过资金的2％，那么就放弃这笔交易。
Set profit targets。 Profit targets are flexible and depend on your goals and capital。 If you are a well…capitalized； long…term…oriented trader； you may build up a large position at an early stage of a bull market； repeatedly taking buy signals from the daily charts； as long as the weekly trend is up。 Take your profits after the weekly EMA turns flat。 The reverse applies to downtrends。
设置利润目标。设置赢利目标时要灵活，这取决于你的目标和资金情况。如果你的资金充裕，并且是长线交易者，则在牛市的开始阶段建立一个较大的仓位，在周线图趋势看涨的前提下，在日线图出现买入机会时连续建仓。在周线图均线走平时兑现利润。下跌则反之。
Another option is to take profits whenever prices on the daily charts hit their channel line。 If you go long； sell when prices hit the upper channel line and look to reposition on the next pullback to the daily moving average。 If you go short； cover when prices fall to their lower channel line and look to reposition short on the next rally to the EMA。
另一种做法就是当日线图价格碰到通道线时兑现利润。如果你做多，则在价格碰到通道上线时兑现利润，并在价格回调到日均线时做多。如果你做空，则在价格下跌到通道下线回补，并在价格再次反弹到均线时做空。
A short…term…oriented trader can use the signals of a two…day EMA of Force Index to exit trades。 If you buy in an uptrend when the two…day EMA of Force Index turns negative； sell when it turns positive。 If you go short in a downtrend after the two…day EMA of Force Index turns positive； cover when it turns negative。
短线交易者会采用2日均线力量指数作为出场依据。如果你在上涨趋势中，在2日均线力量指数是负数时买入，在变为正数时卖出。如果在下跌趋势中，在2日均线力量指数是正数时做空，并在变为负数时回补。
Beginners often approach markets like a lottery … buy a ticket and sit in front of the TV to find out whether you have won。 You will know that you are being a professional when you start spending almost as much time thinking about exits as looking for entries。
新手做交易的方式就像买彩票——买完彩票后，就呆坐在电视前看他是否中彩。如果你花在研究进场的时间和花在研究出场的时间一样多，那么你就成为专业人士了。
SCREEN THREE
第三重滤网
The third screen helps us pinpoint entry points。 Live data can help savvy traders but hurt beginners who may slip into day…trading。
第三重滤网帮助我们制定精确的进场点，即时数据会帮助聪明的交易者，但伤害了新手，新手很容易去做日内交易。
Use an intraday breakout or pullback to enter trades without real…time data。 When the first two screens give you a buy signal （the weekly is up； but the daily is down）； place a buy order at the high of the previous day or a tick higher。 A tick is the smallest price fluctuation permitted in any market。 We expect the major uptrend to reassert itself and catch a breakout in its direction。 Place a buy order； good for one day only。 If prices break out above the previous day’s high； you will be stopped in automatically。 You do not have to watch prices intraday； just give your order to a broker。
利用日内的突破或回调进场，不要使用即时数据。当前两重滤网发出买入信号时（周线上涨，但日线下跌），在前一天的最高点或比最高点高一个基点的地方下单买入。基点是市场允许的最小的变动单位。我们期待主趋势继续上涨并且在价格发生突破时进场。这种下单方法，只适用于当天的交易。如果价格突破前一天的最高点，你要自动设置止损。交易者不必死盯日内的价格波动，将订单交给经纪人处理就行了。
When the first two screens tell you to sell short （the weekly is down； but the daily is up）； place a sell order at the previous day’s low or a tick lower。 We expect the downtrend to reassert itself； and try to catch the downside breakout。 If prices break below the previous day’s low； they will trigger your entry。
在前两重滤网提示做空时（周线下跌，但日线反弹，），在前一天的最低点或比最低点低一个基点处下单做空。我们期待再次下跌，并在突破时进场。如果价格突破了前一天的最低点，那么你就进场了。
Daily ranges can be very wide； and placing an order to buy at the top can be expensive。 Another option is to buy below the market。 If you are trying to buy a pullback to the EMA； calculate where that EMA is likely to be tomorrow and place your order at that level。 Alternatively； use the SafeZone indicator （see page xx） to find how far the market is likely to dip below its previous day’s low and place your order at that level。 Reverse these approaches for shorting in downtrends。
日内波动可能很大，因此在顶部下单做多很昂贵。另一种选择就是在市场之下买入。如果你打算在价格回调到均线时买入，计算出第二天均线可能要到达的位置，在附近下单。也可采用安全区域指标计算出市场可能跌破前一天最低点的距离，并在附近下单。下跌时则反之。
The advantage of buying upside breakouts is that you follow an impulse move。 The disadvantage is that you buy high and your stop is far away。 The advantage of bottom fishing is that you get your goods on sale and your stop is closer。 The disadvantage is the risk of getting caught in a downside reversal。 A “breakout entry” is more reliable； but profits are smaller； a “bottom…fishing entry” is riskier； but the profits are greater。 Make sure to test both methods in your markets。
上涨突破时买进的优势是跟随了冲动的波动。劣势是买进的位置高，止损太远。回调买进的优势是买的点位较低，并且止损很近。劣势是容易遭遇反转下跌。“突破进场”比较可靠，只是利润较少。“回调进场”风险较大，但利润很多。你要保证在市场测试2种方法。
Use real…time data； if available； for entering trades。 When the first two screens give you a buy signal （the weekly is up； but the daily is down）； use live data to get long。 You could follow a breakout from the opening range； when prices rally above the high of the first 15 to 30 minutes