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畹偷侥睦铮咳绻阌辛舜鸢福傺芯咳绻谐∈张碳郾茸罡叩愀�10个基点以内又是如何，以此类推。
Professionals tend to trade the same market month after month； even though there is a huge turnover of amateurs。 Professionals have grown used to trading in a certain way； and to trade like them you must find those patterns and express them in numbers。 You must base your trades on facts and probabilities； not on gut feel and hope。 You must do your own research。 You cannot buy the answers； because only finding them yourself will give you the confidence to trade。
专业人士喜欢长期在同一个市场交易，即使业余选手来了又去。专业人士在同样的模式中成长，如果要像他们那样交易，你必须找到这些模式，并用数字计算。你必须建立在事实和概率的基础上，而不是你的胆量和希望。你必须自己研究。你不能买答案，因为只有自己去找到答案才会有信心。
Opening Range Breakouts
开盘后交易区间的突破
People get tips at parties； from the newspapers； and on TV； that glue…box of mass culture。 Investment officers at slow…moving institutions may sit in a meeting all day before getting permission to buy or sell。 They tend to place orders before the open。 Most overnight orders e from casual investors； gamblers chasing hot tips； and brokers who want to leave work early to play golf or make marketing calls。
人们在聚会时，看报纸时，看电视时，这些大众文化都提供了消息。在动作缓慢的机构里，投资经理要整天开会，然后才得到允许去买或卖。他们通常在开盘前下单。散户投资者，追消息的赌徒，想提前下班出去打高尔夫球，或者想打市场电话的经纪人，一般会在晚上以后下单。
The two busiest times for professional traders are the beginning and the end of each session； especially the first and last half…hour periods。 The influx of overnight orders gives professionals an opportunity to perform a public service by acmodating those who are eager to get in at the opening。 They unwind those positions near the close； when one loser after another throws in the towel。 Many pros go out for lunch in the middle of the day； which is why many markets tend to bee directionless and choppy between 12 and 1：30。 The curve of intraday volume tends to be U…shaped； with peaks at the open and the close； and a low in the middle。
对于专业交易者来说，最忙的时间段是开盘后半小时，和收盘前半小时。头天晚上形成的订单在开盘时涌进来了，专业人士要为大众服务，满足大众的期望。他们在收盘前要平仓，当时会有一批又一批的输家送上门来。很多专业人士中午要出去吃饭，所以很多市场在12——13：30分之间是没有方向的，只是振荡。当天的成交量是个U型，开盘和收盘的成交量大，中间的成交量小。
Serious traders watch openings because they set the tone for the balance of the day。 If the total size of buy orders exceeds that of sell orders； the floor opens the market higher； forcing the crowd to pay up。 Pros establish short positions at such high levels that the very first drop makes them money。 If the volume of sell orders is higher； the pros open the market lower； load up on the cheap； and sell at a profit on the first bounce。
专业交易者关注开盘价，因为他们要和当天保持平衡。如果总体买单比卖单多，场内开盘就高，逼大众付高价。专业人士在比较高的位置下单做空，这样当市场第一次下跌时他们就赚钱了。如果总体卖单比买单多，专业人士就把开盘价开低，下单买入，当市场第一次反弹时就兑现利润。
During the first 15 to 30 minutes after the open many stocks and futures swing up and down on high volume。 As the bulk of overnight orders gets filled； volume starts to dry up； and the swings slow down； retreating from the high and the low of the opening range。 What happens next largely depends on the width of the opening range。
在开盘后的15——30分钟内，很多股票和期货的价格忽上忽下，伴随着大成交量。当头天晚上的很多订单被执行以后，成交量开始下跌，波动减小，回到看盘后的交易区间高低点。根据开盘后交易区间的宽度，市场决定下一步怎么走。
When the opening range is very wide； say 80％ of an average daily range for the past month； it is likely to have set both the high and the low for that day。 The floor loves wide opening ranges because their extremes provide two good levels of support and resistance。 The pros keep buying near the lows； shorting near the highs； and spending the rest of the day unwinding their positions at a profit。 A narrow opening range makes it more likely that the market will break out of it and start a new trend for the day。
当开盘后交易区间很宽，比如是过去一个月平均日波动的80％，那么很可能达到当天的最高点和最低点。场内喜欢宽广的开盘后交易区间，因为这样的幅度提供了良好的支撑和压力。专业人士在底部附近买入，在顶部附近做空，其它时间反复交易。开盘后交易区间很窄的话，似乎说明是市场要突破它，形成当天新的趋势。
Figure 6。5 Day…Trading … Opening Range Breakout
图6。5 日内交易——开盘后交易区间的突破
Elder…ray； 5…minute chart
艾尔德射线，5分钟图
Stocks for day…trading should have heavy volume； be volatile； and be expensive rather than cheap； so that they have decent intraday ranges。 At the time of this writing； Checkpoint is definitely on the list； along with NVDA； TARO； and a few other swingers。 By the time you read this； other stocks will be in the forefront of day…traders’ attention。
适合做日内交易的股票应该有大成交量，波动大，价格贵，而不是便宜，这样才会有可观的日内交易区间。在我写这个时候，检查点软件公司股票符合这些特征，NVDA，TARO和其它几个公司波动都很厉害。当你读到这里时，其它股票已经引起日内交易者的注意力了。
CHKP has been rallying； ing off the market’s recent lows and closing at 39。44。 Today it opens at 39。26 at 9：30 （point A） and within 10 minutes runs up to 40。25 （point B）； establishing the high of the opening range。 It then drifts lower； hitting the low of 38。93 at 10：10 A。M。 … the low of the opening range （point C）。 For the next hour and a half CHKP meanders within its fairly narrow opening range of only 1。32； but by 11：35 it runs up to its upper edge and penetrates it by 3 ticks （point D）。 The next bar is 7 ticks higher … this is no false breakout； this is a real opening range breakout； the trend is up； and we have to get long。 The 13…bar EMA is steadily rising。 Whenever Bear Power returns to the zero line and turns negative； it shows that bears have regained their footing … a good time to add to longs within an uptrend （points E； F； G； and H）。 At 15：25 （point I） the EMA turns down； giving a sell signal … time to take profits on long positions。
检查点软件公司反弹，离开了最近的低点，收盘在39。44。今天9：30的开盘价是39。26（A点），10分钟后涨到40。25（B点），造成开盘后交易区间的高点。然后下跌，在10：10分达到38。03——开盘后交易区间的最低点（C点）。后面一个半小时检查点软件在很窄的开盘后交易区间空间内迂回，但是到了11：35分它涨到了上边，还穿过了3个基点（D点）。后面一条竹线涨了7个基点——这不是假突破，这是真的对开盘后交易区间的突破，趋势上涨，我们要做多。参数为13的均线稳步上涨。当空头力量回到0轴以下，这表明空头再次站稳脚跟——此时最好加仓做多（E，F，G，H点）。在15：25分（I点）均线下跌，给出卖出信号——多头仓位要兑现利润。
At the right edge of the chart； the day is over； and we may count profits before going home。 If you bought on the first buy signal following the opening range breakout and sold when the EMA turned down； your profit is 42。15 … 40。40 = 1。75。 Multiply this by the number of shares you traded； and add other positions if you pyramided。
在图的右边，当天结束了，我们在回家前计算一下利润。如果你在开盘后交易区间突破时买入，在均线下跌时卖出，那么你的利润是42。15…40。40=1。75。把这个乘以股数，如果你加仓了，再加上其它仓位。
The high and the low of an opening range are like the feet of a boxer。 When they are wide apart； the boxer is stable and in control； but when they are close； it is easy to knock him off balance and force him to move。
开盘后交易区间的高点和低点就像拳击手的双脚。当它们张开很大时，拳击手就能稳定，控制自己，但是如果太近，容易失去平衡，容易摆动。
Outsiders love trends and chase breakouts； but the floor operates in a reactive mode； selling the highs and buying the lows。 It prefers flat trading ranges to runaway trends。 The floor usually wins； but once in a while outsiders overwhelm the pros and push the market into a trend。 When that happens； smart floor traders cut their losses and run； while the dumb and the stubborn contribute to the mortality rate。
场外交易者喜欢趋势，爱追突破，但是场内交易者操作相反，在高点卖，在低点买。横盘变成大趋势是最好的。场内交易者一般会赢，但有时场外交易者很强，他们把市场拉成趋势。这样的事发生时，聪明的场内交易者止损逃跑，只有傻瓜和固执的人才会成为牺牲品。
The opening range has several implications for day…traders：
开盘后交易区间给日内交易者的几个暗示：
The opening and closing prices； like two poles of a magnet； tend to be at the opposite extremes of a day’s bar。 If the market opens near the low of a wide opening range； expect it to close near the upper edge and look for buying opportunities。 If it opens near the high of a wide opening range； expect it to close lower and look for shorting opportunities。
开盘价和收盘价，就像磁铁的两极，代表了当天竹线的两个相反极端。如果市场开盘价在开盘后交易区间宽广振荡区间的低点附近，期望它会收盘在比较高的位置，是买入机会。如果开盘价在开盘后交易区间宽广振荡区域的高点附近，期望它会收盘在比较低的位置，是做空机会。
Breakouts from wide opening ranges tend to be false。 When prices take out the high or the low of a wide opening range； be alert to the possibility of the breakout petering out and be ready to trade its return into the range。
对开盘后交易区间的突破一般是假突破。当价格离开宽广的开盘后交易区�