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超卖。
Use oscillators； such as MACD…Histogram and Force Index； to identify overbought and oversold areas。 Trade in the direction of the tide； entering when a wave goes against the tide。 When the 25…minute trend is up； falling prices and oscillators on a five…minute chart reflect a temporary bearish imbalance … a buying opportunity。 When the 25…minute trend is down； rising prices and oscillators on a five…minute chart reflect a temporary bullish imbalance … a shorting opportunity。
用振荡指标，比如MACD柱和力量指数，去确认超买和超卖区域。顺着潮水交易，当暂时的退潮时进场。当25分钟趋势上涨，5分钟图上价格和振荡指标下跌反映了暂时的多头不平衡——是买入的机会。当25分钟趋势下跌，5分钟图上价格和振荡指标上涨反映了暂时的空头不平衡——是做空的机会。
Day…traders sometimes ask whether they should analyze weekly and daily charts。 The weekly trend is essentially meaningless for them； and even the daily is of limited value。 Looking at too many timeframes can lead to “paralysis from analysis。”
日内交易者有时问是否应该分析周线图和日线图。对他们来说，周线图没有意义，连日线图也只有有限的意义。查看太多时间周期会导致分析瘫痪。
Place SafeZone stops。 After entering a trade； place a protective stop； using the SafeZone method （see page xx ）。 Consider making it “on close only”； watch the screen and give an order to exit only if the five…minute bar closes beyond your stop level。 This way； a brief penetration caused by market noise will not touch off a stop。 Naturally； there is no bar…gaining or waiting for another tick。 To be a day…trader； you must have iron discipline！
设置安全止损点。一旦交易了，就要设置保护性止损，利用安全区域的方法。用收盘价的思维设置，看着屏幕，当5分钟收盘价比你的止损点低就要出场。这样，市场噪音造成的临时穿透不算止损。自然，不能就赚一个竹线或等待一个基点。要想成为日内交易者，你必须有铁的纪律。
Figure 6。4 Day…Trading … Five…Minute Chart
图6。4 日内交易——5分钟图
The long…term 25…minute chart has told us to trade HGSI from the long side。 The declines of the intermediate trend provide buying opportunities。 On Thursday； the five…minute chart heads down from the opening； punching below its EMA。 Wait for the MACD…Histogram to tick up； confirming a buy signal （point A）。 It shows that the decline is ending； and within half an hour HGSI rallies to its upper channel line （point B）； a good place to take profits。 It declines back to the EMA； giving ample opportunities to position long； even if you missed the first signal。 The MACD bottom in area C is more shallow； showing that bears are weaker； reinforcing the buy signal。 Prices make four more attempts to reach the upper channel line。 You can sell at any of them； but if you have not sold during the first three； the fourth is a must。 It is getting late in the day； you already know that today prices do not seem to be able to reach their upper channel line； and as a day…trader you do not want to hold overnight。 Sure enough； during the last half…hour there is a downdraft； as day…traders who over…stayed the uptrend start pushing through the door； trying to get out。
长期25分钟图告诉我们要做多人类基因科学。下跌的中周期给我们提供了买入机会。周四，5分钟开盘下跌，造成均线下跌。等待MACD柱上涨，确认买入机会（A点）。这表明下跌结束了，半小时后人类基因科学上涨到通道上线（B点），是兑现利润的好地方。它下跌到均线，给出了做多的绝好机会，即使你错过了第一个信号。MACD在区域C的底很浅，表明空头很弱，加强了买入信号。价格4次尝试通道上线。你可以在任何时候卖出，但是如果你没有在前3次卖出，第4次必须卖出。当天已经很晚了，你也早就知道今天的价格不太可能超过通道上线，作为日内交易者，你不能持过夜仓。肯定的是，这最后半小内没有下跌，日内交易者开门推门出场了。
On Friday； there is a buy signal right at the opening； followed by a quick rally to the upper channel line for profit taking； and then another decline to the EMA （point D）。 The subsequent rallies never quite reach the upper channel line； but there is another buying opportunity at point E； during a pullback to the EMA。 There are two weak rallies later in the afternoon； and if you do not use them to take profits； there is one last ring for the hard of hearing when the EMA turns down。 Intraday charts often have countertrend moves late in the day； as traders with paper profits start closing positions。
周五，开盘有个买入信号，之后快速的上涨到通道上线可以兑现利润，然后又下跌到均线（D点）。之后的上涨都没有后达到通道上线，但是在E点又出现了一个买点，正好回调到均线。下午又有2个微弱的反弹，如果你不用它们兑现利润，最后的艰难决策就是当均线下跌时。在当天下午日内图经常有逆势下跌，当时有利润的人开始平仓。
At the right edge of the chart； the trading day and the trading week are over。 You have no overnight risk and can relax before the opening on Monday； when the 25…minute MACD…Histogram will tell you whether to trade this stock from the long or the short side。
在图的右边，当日和当周的交易结束了。你没有过夜风险，可以在周一开盘前休息，到时候MACD柱会告诉你是做多还是做空。
SCREEN THREE
第三重滤网
This screen handles entries and exits。
这重滤网处理进场和出场。
Enter in the vicinity of a moving average on a five…minute chart。 If the 25…minute trend is up； buy pullbacks to the EMA on a five…minute chart； especially when oscillators are oversold。 Reverse the procedure in downtrends。 This is better than chasing breakouts； buying at the highs； or shorting at the lows。
在5分钟图上，在均线附近进场。如果25分钟图上涨，在5分钟图上回跌到均线时买入，尤其是振荡指标超卖的时候。下跌时则反之。这比追突破好，在高点做多，在低点做空。
Take profits in the vicinity of the channel line。 If you buy near the moving average； aim to sell near the upper channel line。 If your five…minute oscillators； such as MACD…Histogram； are making new highs and related markets are rallying； you may wait for the channel to be hit or penetrated。 If the indicators are weak； grab your profit fast without waiting for prices to touch the channel。
在通道线附近兑现利润。如果你在均线附近买入，在通道上线附近卖出。如果你的5分钟振荡指标，比如MACD柱创造了新高，且相关市场在上涨，你可以等待通道被碰到或穿过。如果指标弱，不用等到价格碰到通道就止损。
Measure your performance as the percentage of the channel width。 You must be an A trader to make day…trading worthwhile。 Even then； you have to prove to yourself that you can make more money day…trading than position trading。 Try to trade only a few times a day and aim to catch at least a third of that day’s range。 Enter cautiously； but run fast。 Do not trade during after…hours sessions when markets tend to be very thin。
用通道的宽度计算你的成绩。日内交易者必须达到A水平。即使如此，你还要提高自己，以保证日内交易比仓位较易赚的多。尽量一天只交易几次，目标是赚到一天波动的三分之一。进场要谨慎，但出场要快。不要在最后的半小时交易，因为市场交易清淡。
Taking Day…Trades Overnight
持仓过夜
If you enter a trade early in the day and the market keeps moving in your favor； should you hold that trade overnight？ How about over the weekend？ Of course； those questions only apply to profitable trades。 Taking a loss overnight is strictly for losers。
如果你白天交易了，市场对你有利，你是否要持过夜仓？周末是否可以持仓过夜？当让可以，只要是赚钱的仓位。持有亏钱的仓位绝对是输家干的事。
A beginner must close his day…trades by the end of the day； but an experienced pro has the option of holding them overnight。 When a market closes within a few ticks of its high； it usually exceeds it the next morning。 A market that closes on its lows usually flirts with lower lows the next day。 Those extensions are not guaranteed； as the market may close on its high； get hit with bad news overnight； and open sharply lower。 This is why only experienced day…traders have the option of taking their trades overnight。
新手必须在当天收盘前平仓，但是有经验的专业人士可以选择持仓过夜。当市场收盘前比最高点高几个基点，第二天通常会超过它。市场的收盘价是底部，通常第二天会到达更低的地方。这些经验不是绝对的，市场可能收盘在最高价，当晚有坏消息袭击，第二天开盘非常低。这就是为什么只有有经验的日内交易者可以持仓过夜。
Research； knowledge； and discipline put your trades on a cooler； more rational footing。 You have to research the past； calculate the odds； and make informed decisions for the future。 When you day…trade； there are plenty of hours when the market goes nowhere； leaving you free to crunch the numbers。 You may use a single puter or get two machines and dedicate one to trading and another to research。
研究，长知识，形成更冷静，更理性的纪律。你必须研究过去，计算概率，为将来做有准备的决定。当你做日内交易，市场经常会乱走，你要自己摸索出来。你可以使用1，2台电脑，一台做交易，一台做研究。
Get one year’s history for the market you’re day…trading。 Drop it into a spreadsheet and start asking questions。 Every time the market closed within 5 ticks of its high； how many times did it reach a new high the next day？ How far did it go the next day？ What about the days when that market closed within 5 ticks of the lows？ How low did it go the next day？ Once you get the answers； find out what happened when the market closed within 10 ticks of the high； and so on。
取得你交易的市场的1年历史数据。把它放进电子表格，开始问问题。每当市场收盘比最高点高5个基点以内，第二天它到达新高的次数是多少？第二天涨到了多高？每当市场收盘价比最低点低5个基点以内，又是如何？第二天最低到哪里？如果你有了答案，再研究如果市场收盘价比最高点高10个基点以内又是如何，以此类推。
Professio