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ainst 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的几倍），树立在现在趋势的方向，要注意有可能是尾巴。如果第2天，竹线明显变短了，这肯定是尾巴。准备好在收盘前建仓，仓位和尾巴的方向相反。
When a market hangs down a tail； go long in the vicinity of the base of that tail。 Once long； place a protective stop approximately half…way down the tail。 If the market starts chewing its tail； run without delay。 The targets for profit taking on these long positions are best established by using moving averages and channels （see “Indicators … Five Bullets to a Clip；” page xx）。
如果市场的尾巴下跌，在尾巴的底部附近做多。一旦做多，在尾巴的一半处下一个止损单。如果市场开始吃自己的尾巴，赶快逃跑，不要拖延。如果要兑现多头仓位的利润，最好利用均线和通道（请看xx面“指标——一个弹夹5颗子弹，”）。
When a market puts up a tail； go short in the area of the base of that tail。 Once short； place a protective stop approximately half…way up the tail。 If the market starts rallying up its tail； it is time to run； do not wait for the entire tail to be chewed up。 Establish profit…taking targets using moving averages and channels。
如果市场的尾巴上涨，在尾巴的底部附近做空。一旦做空，在尾巴的一半处下一个止损单。如果市场的尾巴上涨，赶快跑，不要等到整条尾巴翘上来。利用均线和通道建立利润目标。
You can trade against tails in any timeframe。 Daily charts are most mon； but you can also trade them on intraday or weekly charts。 The magnitude of a move depends on its timeframe。 A tail on a weekly chart will generate a much bigger move than a tail on a five…minute chart。
在任何时间周期内，你都可以和尾巴反向交易。日线图最普通，但是你也可以在日内做交易，或者利用周线图交易。时间周期不同，波动的幅度也不同。周线图上的尾巴比5分钟图上的尾巴产生的波动要大很多。
Support； Resistance； and False Breakouts When most traders and investors buy and sell； they make an emotional as well as a financial mitment to their trade。 Their emotions can propel market trends or send them into reversals。
支撑，压力和假突破 当大多数交易者和投资者买卖的时候，他们对自己交易满怀信心。他们的情绪会推动市场趋势或让市场反转。
The longer a market trades at a certain level； the more people buy and sell。 Suppose a stock falls from 80 and trades near 70 for several weeks； until many believe that it has found support and reached its bottom。 What happens if heavy selling es in and shoves that stock down to 60？ Smart longs will run fast； banging out at 69 or 68。 Others will sit through the entire painful decline。 If losers haven’t given up near 60 and are still alive when the market trades back towards 70； their pain will prompt them to jump at a chance to “get out even。” Their selling is likely to cap a rally； at least temporarily。 Their painful memories are the reason why the areas that served as support on the way down bee resistance on the way up； and vice versa。
市场在一个价格水平的交易时间越长，买卖的人就越多。假设一只股票从80跌下来，在70附近交易了几周，直到很多人认为它已经找到了支撑，已经到底了。如果有很重的卖单出现，把价格推到了60，会怎么样？聪明的多头会很快逃跑，在68，69平仓。其他人则坐等，忍受痛苦下跌。如果输家在60左右还不放弃，继续忍受，并忍到市场又涨到70，他们的痛苦会催促他们赶快卖掉，还好没亏。他们的卖单会造成一个下跌，至少是暂时的。他们痛苦的记忆可以解释这个现象，同样的交易区间，在下跌时是支撑，在上涨时是压力，反之也是同理。
Regret is another psychological force behind support and resistance。 If a stock trades at 80 for a while and then rallies to 95； those who did not buy it near 80 feel as if they missed the train。 If that stock sinks back near 80； traders who regret a missed opportunity will return to buy in force。
后悔也是支撑和压力后面的心理因素。如果一只股票在80交易，过了一会儿涨到了95，在80左右没有买的人感觉错过了火车。如果股票再次跌到80，曾经后悔的交易者会全力买入。
Support and resistance can remain active for months or even years because investors have long memories。 When prices return to their old levels； some jump at the opportunity to add to their positions while others see a chance to get out。
支撑和压力的存在时间可以长达数月或数年，因为投资者的记忆太长久了。当价格回到过去的水平时，一些人立刻抓住机会加仓，而同时一些人认为是出场的机会。
Whenever you work with a chart； draw support and resistance lines across recent tops and bottoms。 Expect a trend to slow down in those areas； and use them to enter positions or take profits。 Keep in mind that support and resistance are flexible … they are like a ranch wire fence rather than a glass wall。 A glass wall is rigid and shatters when broken； but a herd of bulls can push against a wire fence； shove their muzzles through it； and it will lean but stand。 Markets have many false breakouts below support and above resistance； with prices returning into their range after a brief violation。
无论何时，你研究图表的时候，利用近期的顶部或底部画支撑线和压力线。以期望趋势在那些区域减慢，利用它们建仓或兑现利润。记住，支撑和压力是变化的——它们就像是牧场的铁丝网，而不像玻璃墙。玻璃墙很硬，一破就碎，但是一群牛可以冲击铁丝网，嘴鼻顶过了铁丝网，铁丝网会倾斜，但不会倒。市场在支撑之下，压力之上都有很多假突破，短期的振荡后价格又回到原来的范围。
A false upside breakout occurs when the market rises above resistance and sucks in buyers before reversing and falling。 A false downside breakout occurs when prices fall below support； attracting more bears just before a rally。 False breakouts provide professionals with some of the best trading opportunities。 They are similar to tails； only tails have a single wide bar； whereas false breakouts can have several bars； none of them especially tall。
当市场上涨突破压力区，此时形成上涨的假突破，不是反转而是下跌。当价格跌破支撑区时，会发生下跌的假突破，在反弹前吸引更多的空头进场。假突破给专业人士提供了最好的交易机会。假突破和尾巴相似，仅仅不同的是尾巴很长，然而假突破可以有几条竹线，它们都不是很长。
What causes false breakouts and how do you trade them？ At the end of a long rise the market hits resistance； stops； and starts churning。 The professionals know there are many more buy orders above the resistance level。 Some were placed by traders looking to buy a new breakout； and others are protective stops placed by those who went short on the way up。 The pros are the first to know where people have stops because they are the ones holding the orders。
是什么引起的假突破，你应该如何面对假突破？在漫长的上涨以后，市场碰到了压力区，停下来，休息。专业人士知道压力区之上有很多买单。一些交易者希望在新的突破时买入，还有一些做空的人则在此下了止损单。专业人士是第一个知道谁下了止损单，因为他们自己也下了单。
A false breakout occurs when the pros organize a fishing expedition to run stops。 For example； when a stock is slightly below its resistance at 60； the floor may start loading up on longs near 58。85。 As sellers pull back； the market roars above 60； setting off buy stops。 The floor starts selling into that rush； unloading longs as prices touch 60。50。 When they see that public buy orders are drying up； they sell short and prices tank back below 60。 That’s when your charts show a false breakout above 60。
假突破的发生是因为专业人士要组织一场对止损的猎杀活动。比如，当一只股票在压力点60下面一点点，场内交易者可能在58。85满仓了。当卖家收手时，市场飙过60，碰动了空头的止损单。场内交易者开始卖给这些止损单引起的抢