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ell short。 Waiting for a crossover in the opposite direction to close out a position is not a good idea because by that time a lion’s share of profits will have evaporated。
进场和出场信号很少对称。让你进场的指标信号通常不是最好的出场指标，其它工具会做这个工作。当MACD快线穿过慢线时，就给了进场信号。当快线自下上涨穿过时，它的信号是做多。当快线自上下跌穿过时，它的信号是做空。等它们在反向穿过时平仓的想法并不好，等到了那个时候利润早就没了。
Can you find a trading system in this chart？ MACD lines tell you to enter at the crossover； but how will you decide when to exit？ What tools can you use to find out when a market surge is starting to fade and hop off with profit？
你能在本图中找到交易系统吗？MACD线告诉你交叉时进场，但是你如何出场呢？你能找到工具，带着利润在波动结束时出场吗？
At the right edge of the chart MACD lines are in a buy mode； with a fast line above the slow and both rising。 Prices are hovering above the EMA … an overvalued level。 Buying at the right edge would mean taking a “greater fool theory” trade。 Placing a buy order in the vicinity of the rising EMA would allow us to buy value。
在图右边，MACD线是买入模式，快线在慢线之上，2条线都在涨。价格在均线之上——超买的状态。在图的右边买入就意味着相信“傻瓜理论”。在上涨的均线附近买入才是买入价值。
The fast line of MACD reflects a short…term consensus of value； while the slow signal line reflects a longer…term consensus。 When the fast line rises above the slow line； it shows that market participants are being more bullish。 When bulls are being stronger； it is a good time to get long。 When the fast line of MACD falls below the slow line； it shows that market participants are being bearish。 When bears bee stronger； it is a good time to get short。 MACD lines follow trends； and their crossovers mark trend reversals。 Like all trend…following indicators； they work best when markets are moving but lead to whipsaws during choppy periods。 We can make MACD more useful by converting it into MACD…Histogram。
MACD的快线反映了短期对价值的一致认同，慢线则反映了长期的一致认同。当快线上涨到慢线之上，它表明市场参与者变成多头了。当多头越来越强，此时最好做多。当快线下跌到慢线之下，它表明市场参与者变成空头了。当空头越来越强，此时最好做空。MACD线跟踪趋势，它们的交叉表明趋势的反转。就像所有的趋势跟踪指标，在市场波动的时候，它们表现最好，在振荡时期，它们就变成了锯齿状。我们可以把MACD变成更有用的MACD柱。
MACD…Histogram = Fast MACD line … Slow signal line
MACD柱=MACD快线…慢信号线
MACD…Histogram measures the spread between short…term and long…term moving averages and plots it as a histogram。 It reflects the difference between short…term and long…term consensus of value。 Some software packages include MACD lines but not MACD…Histogram。 In that case； run MACD lines； return to the menu and run an indicator called spread （or similar）； which should measure the spread between the two lines and plot it as a histogram。
MACD柱计算短期和长期均线之间的距离，然后用柱状图表示。它反映了短期和长期内对价值的一致认同。一些软件有MACD，但没有MACD柱。如果这样，运行MACD，回到菜单，运行一个叫高度（或类似的）的指标，这个指标可以计算2条线之间的距离并用柱状图表示。
When you look at MACD lines； their spread may appear tiny； but MACD… Histogram rescales it to fit the screen。 The slope of MACD…Histogram shows whether bulls or bears are growing stronger。 That slope is defined by the relationship between the two latest bars。 When the bars of MACD…Histogram rise （like the pattern of letters g…G）； they show that the crowd is being bullish … it is a good time to be long。 When the slope of MACD…Histogram declines （like in letters Q…q）； it shows that the crowd is being bearish … it is a good time to be short。
当你看MACD线时，它们的距离也许很小，但是MACD柱会重新计算，在屏幕上显示出来。MACD柱的坡度表明了多头或空头的强势。这个坡度定义为最后2个柱状图的关系。当MACD柱上涨（模式像字母g…G），它们表明大众开始变成多头了——此时最好做多。当MACD柱下跌（像字母Q…q），它表明大众开始变成空头了——此时最好做空。
Figure 5。9 MACD…Histogram
图5。9 MACD柱
A very powerful signal of MACD…Histogram； which occurs only once or twice per year on a daily chart； is a divergence between the indicator peaks or bottoms and price extremes。 In area A the Euro grinds down to a low of 84 cents and MACD…Histogram confirms that low by tracing its own bottom； A。 Prices rally into area B； and a strong rally of MACD…Histogram confirms its strength。 It rises to a new multi…month high； showing that bulls are being stronger below the surface of the bear market。 Prices trace a double top in area B。 The second top of MACD…Histogram in that area is a little lower than the first； warning of the imminent resumption of the downtrend。 So far； the indicator and prices are in gear； but from this point they diverge。
一个强烈的MACD柱信号，每年只会在日线图上发生1次或2次，它发生在指标顶或底与价格之间的最大背离。在区域A，欧元跌到了底部的84分，MACD柱跌到底部，确认了这个底部A。价格反弹到区域B，强烈的MACD柱反弹，确认了这个力度。它上涨到几个月的新高，表明在空头市场中多头变得强壮起来。价格在B形成双头。MACD柱在那里的第二个顶比第一个顶低一点点，警告空头的继续。在这之前，指标和价格都配合得很好，但是到这里就产生了背离。
In area C prices crash to a new bear market low； while MACD…Histogram stops just below its centerline； creating a more shallow bottom than during its previous decline。 When it ticks up from that low； it pletes the bullish divergence and shows that bears have run out of steam and bulls are taking over。
在区域C，价格崩跌到新的底部，然而MACD柱只是在中轴下面停住了，比上一次的下跌底浅多了。当它从那个底部上涨时，它完成了看涨背离，表明上涨已经结束，空头占优势。
When two or three diverse technical tools flash the same message； they confirm one another。 Notice that prices have traced a false downside breakout in area C。 That breakout has cleaned out stops placed by bulls and sucked in the most rabid bears who shorted。 Premature bulls have been shaken out； late bears have been trapped； and the upside reversal is plete。 Those trapped bears will have to cover shorts when they can no longer stand the pain； adding fuel to the rally。
当2个或3个不同的技术工具发出相同的信息，它们互相确认。注意价格在区域C形成了一个下跌的假突破。这个突破把多头的止损都清光了，还把激进的空头吸进来了。早熟的多头被消灭了，最后的空头被陷害了，反转已经形成。被陷害的空头无法忍受痛苦，他们要回补空头仓位，这样为上涨添加了油料。
At the right edge of the chart prices are shooting higher from a bullish divergence。 This powerful pattern usually propels prices for weeks if not months。
在图的右边，价格从看涨背离涨的更高。这么强的模式可以把价格推高几周，也许是几个月。
Markets run on a two…party system … the bulls and the bears。 When MACD…Histogram rises； it shows that bulls are being stronger； and when it declines； it shows that bears are being stronger。 MACD…Histogram helps you bet on the winning party and sell short the opposition。
市场在2个方向的系统运行——多头和空头。当MACD柱上涨，它表明多头变强，当它下跌，它表明空头变强。MACD柱帮助你在赢的一方下注，反之则做空。
The Strongest Signal MACD…Histogram gives two types of signals。 One is ordinary； and we see it at every bar … it is the slope of MACD…Histogram。 An uptick of MACD…Histogram shows that bulls are stronger than they were at the previous bar； and a down