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赡茉�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购，场内交易者在60。50平仓了。当他们发现大众的买单没了，他们又做空，价格又跌到60以下。这就形成了你图表上的假突破。
S&P 500 futures are notorious for false breakouts。 Day after day this market exceeds its previous day’s high or falls below its previous day’s low by a few ticks （a tick is the minimum price change permitted by the exchange where an instrument is traded）。 This is one of the reasons the S&P is a difficult market to trade； but it attracts beginners like flies。 The floor has a field day slapping them。
标准普尔500股指期货上面的假突破臭名昭著。日复一日，市场涨的比前一天高几个基点（基点是交易所规定的最小变动单位），或跌的比前一天低几个基点。这也是标准普尔股指期货很难交易的原因之一，但是还是吸引了像苍蝇一样的新手。场内有一帮人专门负责教训新手。
Some of the best trading opportunities occur after false breakouts。 When prices fall back into the range after a false upside breakout； you have extra confidence to trade short。 Use the top of the false breakout as your stop…loss point。 Once prices rally back into their range after a false downside breakout； you have extra confidence to trade long。 Use the bottom of that false breakout for your stop…loss point。
假突破以后会出现一些最好的交易机会。当上涨的假突破以后，价格下跌，你有足够的信心做空。把假突破的最高点作为止损点。当下跌的假突破以后，价格上涨，你有足够的信心做多。把假突破的最低点作为止损点。
Figure 5。2 Support； Resistance； and False Breakouts
图5。2 支撑，压力和假突破
In September CIEN reached a peak below 140； then attacked that level in October and rallied above 150； only to sink below the old peak a few days later。 Some poor guy actually bought above 150 … he really needed that stock！ The false upside breakout marked the end of the bull market。
9月讯安娜通讯公司的股票达到140以下的最高点，然后在10月攻击这个水平，涨到了150，几天后又跌到最高点以下。有些可怜的家伙真的在150以上买了——他们太喜欢这只股票了！这个上涨的假突破标志着上涨的结束。
The bear market established a bottom just near 65 in December； but in January some desperate sellers dumped enough stock to briefly push CIEN near 60。 At the right edge of the chart prices are rallying above the level of their old bottom。 The bear trap has slammed shut； with a 50％ rally in just one month。 Such signals are much easier to recognize using technical indicators； to be discussed later。
在12月，下跌到65附近，形成一个底部，但是在1月，一些绝望的卖家很快把价格推到了60左右。在图的右边，价格又涨到了过去底部以上。空头陷阱起作用了，1个月的时间反弹了50％。如果用技术指标，这样的信号是很容易发现的，我们后面会谈这个。
If you have an open position； defend yourself against false breakouts by reducing your trading size and placing wider stops。 Be ready to reposition if stopped out of your trade。
如果你持有仓位，可以利用减少仓位和加大止损点的办法来保护自己。如果被止损出场，要做好准备再次进场。
There are many advantages to risking just a small fraction of your account on any trade。 It allows you to be more flexible with stops。 When the volatility is high； consider protecting a long position by buying a put or a short position by buying a call。 Finally； if you get stopped out on a false breakout； don’t be shy about getting back into a trade。 Beginners tend to make a single stab at a position and stay out if they are stopped out。 Professionals； on the other hand； will attempt several entries before nailing down the trade they want。
只使用账户的一小部分资金去冒险是有很多好处的。它让你在止损点的设置上很灵活。如果市场波动厉害，可以考虑为多头仓位买看跌期权，或为空头仓位买看跌期权。最后，如果你被假突破止损出场，不要害羞，继续买入原来的仓位。新手的仓位被袭击后，总是观望。相反，专业人士如果确认交易是他们喜欢的，他们会多次尝试进场。
Double Tops and Bottoms Bulls make money when the market rises。 There are always a few who take profits on the way up； but new bulls e in and the rally continues。 Every rally reaches a point where enough bulls look at it and say … this is very nice； and it may get even nicer； but I’d rather have cash。 Rallies top out after enough wealthy bulls take their profits； while the money from new bulls is not enough to replace what was taken out。
双顶和双底 当市场上涨时，多头赚钱。总是有少数人在上涨时兑现利润，但是新的多头进场，造成继续上涨。每次上涨到了一个新高点，就会有很多多头说——看起来不错，也许可以变得更好，但是，我要现金。当很多富有的多头兑现利润时，市场就到头了，新的多头的钱无法支撑这个价格。
When the market heads down from its peak； savvy bulls； the ones who’ve cashed out early； are the most relaxed group。 Other bulls who are still long； especially if they came in late； feel trapped。 Their profits are melting away and turning into losses。 Should they hold or sell？
当市场从最高点下跌时，提前空仓的多头是最轻松的。其他继续持有多头仓位的多头，尤其是最后进场的，感觉是调入陷阱。利润没了，出现亏损。他们是应该持有，还是应该卖？
If enough moneyed bulls decide the decline is being overdone； they’ll step in and buy。 As the rally resumes； more bulls e in。 Now prices approach the level of their old top； and that’s where you can expect sell orders to hit the market。 Many traders who got caught in the previous decline swear to get out if the market gives them a second chance。
如果持币的多头发现市场超跌，他们会进场买入。当市场上涨时，更多的多头进场。此时，市场达到过去的高点，你可以希望卖单出现，以袭击市场。之前被套的很多交易者发誓，只要还有机会，一定要出场。
As the market rises toward its previous peak； the main question is whether it will it rise to a new high or form a double top and turn down。 Technical indicators can be of great help in answering this question。 When they rise to a new high； they tell you to hold； and when they form bearish divergences （see “Indicators … Five Bullets to a Clip；” page xx）； they tell you to take profits at the second top。
当市场达到过去的最高点，主要问题是它是否会创新高，或做双顶，然后下跌。技术指标可以帮助回答这样的问题。当它们达到新高，它们会告诉你持有；当它们形成看跌背离（请看xx面“指标——一个弹夹5颗子弹”），它们叫你在第2个顶部兑现利润。
Figure 5。3 Double Tops and Bottoms； Volume
图5。3 双头和双底；成交量
Callaway Golf （ELY） reached its high of 27。18 in March； at point A； and struggled again near that level； to 26。95 in April； at point B。 A few days after it recoiled from B； the double top became clearly visible。 Many indicators （which we will review later） traced bearish divergences at that time。
高威高尔夫公司（代码ELY）的股票在3月达到27。18的高点，位置为A，然后在附近挣扎，4月达到26。95，位置为B。从B回落后的几天，双顶就很清晰了。很多指标（后面会谈到）在当时跟踪到了看跌背离。
In June the stock collapsed； as the aged founder of the pany； the inventor of the famous Big Bertha golf club； became ill and died。 In a fairly typical emotional reaction； people dumped their stock without stopping to think whether the demise of an individual would ruin a large； well…established pany。 Such declines feed on themselves； as lower prices scare more people into selling。 Notice a fantastic spike of volume； which reflected mass panic。 The low at point C looks like a kangaroo tail； although not in its most classical form。 Prices rallied above 17 at point D in what is called “a dead cat bo