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The most important feature of a trendline is the direction of its slope。 When it rises； the bulls are in control； and when it declines； the bears are in charge。 The longer the trendline and the more points of contact it has with prices； the more valid it is。 The angle of a trendline reflects the emotional temperature of the crowd。 Quiet； shallow trends can last a long time。 As trends accelerate； trendlines have to be redrawn； making them steeper。 When they rise or fall at 60° or more； their breaks tend to lead to major reversals。 This sometimes happens near the tail ends of runaway moves。
趋势线的最重要特征是它的坡度。当它上涨时，多头在控制市场；当它下跌时，空头在控制市场。趋势线越长，和价格的交界处越多，趋势线就越有价值。趋势线的角度反映了大众的情绪温度。安静，很小的趋势能持续很长时间。当趋势加速时，趋势线需要重画，这样看起来更陡峭。如果它们上涨或下跌达到60度或更多，它们的暂停可能导致巨大的反转。有时这些发生在逃跑的时候。
Figure 5。1 Trendlines； Kangaroo Tails
图5。1 趋势线；袋鼠尾巴
Draw uptrendlines across the bottoms to mark uptrends。 Draw downtrendlines across the tops to mark downtrends。 Notice that prices can briefly penetrate a trendline without breaking the trend。 Observe that prices seem attached to their trendlines with rubber bands that extend only so far in any given trend。 You want to establish positions in the direction of the slope of a trendline； entering reasonably close to it。 By the time the trend reaches a new high or low； that swing away from the trendline is getting old … there is not much life left in the old dog。 At the right edge of this chart the trend is down and the swing has fallen as far below its trendline as any since May。 If you are short； it is time to start thinking of taking profits。
通过底部画的趋势线是为了指出上涨的趋势。通过顶部画的趋势线是为了指出下跌的趋势。请注意，价格可以快速刺穿趋势线而不会改变趋势。价格看起来就像和趋势线被橡皮筋绑在了一起，它们会朝同一个方向运动。如果你想顺着趋势线的方向建仓，你要尽量接近它。当价格达到新高或新低时，离开趋势线的波动是老把戏了——老狗的把戏不多了。在本图的右边，趋势是下跌，自从5月份以来趋势线是下跌的。如果你没有做空，那么也该思考兑现利润了。
Notice several bars that stick out of the tight weave of prices at the bottoms in May； November； and April； as well as the latest top in May。 Those are kangaroo tails； which tend to mark turning points。 The market tests a new high or a new low with a bar that is much taller than the preceding and following bars； and then recoils from that price extreme。 You can recognize a tail during the bar that follows； and trade against it。
注意到有几条竹线伸出了价格的波动范围，5月，11月，4月的底部，以及最后一个5月的顶部。那些是袋鼠的尾巴，标志了反转点。市场会利用很长的竹线来测试新高和新低，然后又从极端情况恢复。你可以根据后面的竹线认出这条尾巴，按照反方向交易。
You can plot these lines using a ruler or a puter。 It is better to draw trendlines as well as support and resistance lines across the edges of congestion areas instead of price extremes。 Congestion areas reflect crowd behavior； while the extreme points show only the panic among the weakest crowd members。
你可以用标尺或电话画这些线。画趋势线，支撑线和压力线时，最好找价格密集区，不要找极端的价格。价格密集区反映了大众行为，而极端价格仅仅是大众中间弱小群体的惊慌表现。
Tails … The Kangaroo Pattern Trends take a long time to form； but tails are created in just a few days。 They provide valuable insights into market psychology； mark reversal areas； and point to trading opportunities。
尾巴——袋鼠模式 趋势需要很长的时间才能形成，但是尾巴几天就形成了。它们可以让我们深刻认识市场心理，标出反转区，指出交易机会。
A tail is a one…day spike in the direction of a trend； followed by a reversal。 It takes a minimum of three bars to create a tail … relatively narrow bars in the beginning and at the end； with an extremely wide bar in the middle。 That middle bar is the tail； but you won’t know for sure until the following day； when a bar has sharply narrowed back at the base； letting the tail hang out。 A tail sticks out from a tight weave of prices … you can’t miss it。
一条尾巴是趋势里面1天内出现的钉子，紧跟着反转。形成一条尾巴至少需要3条竹线——一般在开始和结束的竹线很短，中间的竹线特别长。中间的竹线就是尾巴，但是你当时不能肯定，要等到第2天，当竹线变短，让尾巴突出的时候。一条尾巴在紧密的价格中突出——你不会错过的。
A kangaroo； unlike a horse or a dog； propels itself by pushing with its tail。 You can always tell which way a kangaroo is going to jump … opposite its tail。 When the tail points north； the kangaroo jumps south； and when the tail points south； it jumps north。 Market tails tend to occur at turning points in the markets； which recoil from them like kangaroos recoil from their tails。 A tail does not forecast the extent of a move； but the first jump usually lasts a few days； offering a trading opportunity。 You can do well by recognizing tails and trading against them。
袋鼠，和马不同，和狗不同，袋鼠靠尾巴推动前进。你总是知道袋鼠要朝哪个方向跳——和它的尾巴方向相反。当尾巴指向北面，袋鼠就往南面跳；当尾巴指向南面，袋鼠就往北面跳。市场的尾巴一般会在市场要反转的时候出现，这是恢复的过程，和袋鼠回收尾巴一样。一条尾巴不能预测波动的程度，但是最初的波动会持续几天，提供了交易机会。你只要认出尾巴并反向交易，你就可以做的很好。
Before you trade any pattern； you must understand what it tells you about the market。 Why do markets jump away from their tails？
在你根据任何模式交易之前，你必须明白模式告诉了你什么信息。为什么市场的方向和尾巴的方向相反？
Exchanges are owned by members who profit from volume rather than trends。 Markets fluctuate； looking for price levels that will bring the highest volume of orders。 Members do not know where those levels are； but they keep probing higher and lower。 A tail shows that the market has tested a certain price level and rejected it。
交易所有很多会员，这些会员靠成交量赚钱，不是靠趋势赚钱。市场波动，为了达到某种程度，以造成最大的成交量出现。会员不知道波动的程度，但他们会不断测试高点和低点。尾巴说明市场测试到了某种程度，需要反其道而行。
If a market stabs down and recoils； it shows that lower prices do not attract volume。 The natural thing for the market to do next is rally and test higher levels to see whether higher prices will bring more volume。 If the market stabs higher and recoils； leaving a tail pointing upward； it shows that higher prices do not attract volume。 The members are likely to sell the market down in order to find whether lower prices will attract volume。 Tails work because the owners of the market are looking to maximize ine。
如果市场下跌，然后恢复上涨，这就说明再低的价格也不能吸引成交量了。市场自然要做的事就是反弹，去测试比较高的价位，看看比较高的价格是否会带来更大的成交量。如果市场测试市场后下跌，留下上涨的尾巴，这说明更高的价格不能吸引成交量。会员喜欢打压价格，为了搞清楚更低的价格是否能吸引成交量。尾巴很有效是因为会员想尽量扩大收入。
Whenever you see a very tall bar （several times the average for recent months） shooting in the direction of the existing trend； be alert to the possibility of a tail。 If the following day the market traces a very narrow bar at the base of the tall bar； it pletes a tail。 Be ready to put on a position； trading against that tail； before the close。
无论何时，你看见了很长的竹线（是最近几个月平均值�