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The Meaning of Prices
价格的意义
Highs and lows； opening and closing prices； intraday swings and weekly ranges reflect crowd behavior。 Our charts； indicators； and technical tools are windows into the mass psychology of the markets。 You have to be clear about what you are studying if you want to get closer to the truth。
最高点和最低点，开盘价和收盘价，当天波动和每周波动都反映了大众的行为。我们的图表，指标和技术工具是市场大众心理的窗口。如果你想了解事实，就要很清楚你在研究的东西。
Many market participants have backgrounds in science and engineering and are often tempted to apply the principles of physics。 For example； they may try to filter out the noise of a trading range to obtain a clear signal of a trend。 Those methods can help； but they cannot be converted into automatic trading systems because the markets are not physical processes。 They are reflections of crowd psychology； which follows different； less precise laws。 In physics； if you calculate everything； you’ll predict where a process will take you。 Not so in the markets； where a crowd can always throw you a curve。 Here you have to act within this atmosphere of uncertainty； which is why you must protect yourself with good money management。
很多市场参与者有科学和工程方面的背景，他们经常会情不自禁使用物理原理。比如，他们也许要过滤出交易区间的噪音，想得到明显的趋势信号。他们的方法可以起帮助，但是他们不能直接转换成交易系统，因为市场不是物理过程。市场放映了大众心理，市场反应是不同的，反映的是不准定律。在物理学上，如果你计算了什么，它会告诉你结果是什么。市场不会这样，大众总是欺骗你。在市场里你必须在不确定的气氛里行动，这也是为何要做好资金管理的原因。
The Open The opening price； the first price of the day； is marked on a bar chart by a tick pointing to the left。 An opening price reflects the influx of overnight orders。 Who placed those orders？ A dentist who read a tip in a magazine after dinner； a teacher whose broker touted a trade but who needed his wife’s permission to buy； a financial officer of a slow…moving institution who sat in a meeting all day waiting for his idea to be approved by a mittee。 They are the people who place orders before the open。 Opening prices reflect opinions of less informed market participants。
开盘 开盘价，每天的第1个价格，是竹线图（张轶注：竹线和K线不太一样，本书作者用的都是竹线，请注意）上面指向左边的小横线。开盘价反映了头天晚上订单的汇集情况。谁下的订单？一个牙医在饭后的杂志上读到了一个消息，一个教师的经纪人卖给他一个交易机会，但他需要他妻子的保证金来买，一个金融官员在市场平静的状况下，坐在会议室里等待他的意见被委员会批准。这些人都是在开盘前下单的人。开盘价反映了消息不灵通人士的观点。
When outsiders buy or sell； who takes the opposite side of their trades？ Market professionals step in to help； only they do not run a charity。 If floor traders see more buy orders ing in； they open the market higher； forcing outsiders to overpay。 The pros go short； so that the slightest dip makes them money。 If the crowd is fearful before the opening and sell orders predominate； the floor opens the market very low。 They acquire their goods on the cheap； so that the slightest bounce earns them short…term profits。
当场外的人买卖时，谁在和他们反向交易呢？市场专业人士来帮忙，他们可不是做慈善事业。如果场内交易者看见很多买单进来，他们会把开盘价提高点，逼场外的交易者多付钱。专业人士做空，这样最小的下跌也能赚钱。如果大众很恐惧，在开盘前大多是卖，场内的开盘就很低。他们买卖的产品都是低价，一个轻微的反弹都能让他们短期赚钱。
The opening price establishes the first balance of the day between outsiders and insiders； amateurs and professionals。 If you are a short…term trader； pay attention to the opening range … the high and the low of the first 15 to 30 minutes of trading。 Most opening ranges are followed by breakouts； which are important because they show who is taking control of the market。 Several intraday trading systems are based on following opening range breakouts。
开盘价代表了当天场外交易者，场内交易者，业余选手和专业人士的第一个平衡。如果你是短线交易者，要关注开盘后交易区间——开盘后15——30分钟内交易的最高点和最低点。很多开盘后交易区间之后就是突破，这个很重要，因为它们告诉你谁在控制市场。一些日内交易系统的信号就是根据开盘后交易区间形成突破给出的。
One of the best opportunities to enter a trade occurs when the market gaps at the open in the direction opposite your intended trade。 Suppose you analyze a market at night and your system tells you to buy a stock。 A piece of bad news hits the market overnight； sell orders e in； and that stock opens sharply lower。 Once prices stabilize within the opening range； if you are still bullish and that range is above your planned stop…loss point； place your buy order a few ticks above the high of the opening range； with a stop below。 You may pick up good merchandise on sale！
有一个最好的进场机会，就在市场的开盘缺口出现在你要进场的反向。假如你晚上分析，你的系统告诉你要买股票。当晚有个坏消息冲击市场，卖单出现，开盘时非常低。一旦价格在开盘后交易区间稳定了，你觉得还是要涨，而且开盘后交易区间还是比你的止损点高，用比现价高几个基点（张轶注：这个词是自创的，因为没人知道如何翻译tick这个单词，它的本意是价格的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