software programs draw channels according to this formula：
均线反映了对价值的一致看法，但是通道的含义呢？上线反映了多头的力量，要把价格推的更高，它表明了乐观的极限。下线反映了空头的力量，要把价格推的更低，它表明了悲观的极限。画的好的通道能帮助确认狂躁和消沉。大部分软件利用下面的公式画通道。
Upper channel line = EMA ＋ EMA · Channel coefficient
Lower channel line = EMA … EMA · Channel coefficient
通道上线＝EMA ＋ EMA·通道系数
通道下线＝EMA … EMA·通道系数
A well…drawn channel contains the bulk of prices； with only a few extremes poking out。 Adjust the coefficient until the channel contains approximately 95 percent of all prices for the past several months。 Mathematicians call this the second standard deviation channel。 Most software packages make this adjustment very easy。
画得好的通道能包含大部分价格，只有少数价格伸出去。调整参数直到通道能包含过去几个月95％的价格。数学家说这是第二条标准背离通道。大部分软件都能很轻松地使用通道。
Find proper channel coefficients for any market by trial and error。 Keep adjusting them until the channel holds approximately 95％ of all data； with only the highest tops and the lowest bottoms sticking out。 Drawing a channel is like trying on a shirt。 Choose the size in which the entire body fits fortably； with only the wrists and the neck poking out。
可以通过测试的方法找到合适的通道系数。不断调试，直到通道能包含95％的数据，仅仅是最高价和最低价伸出来。画通道就像做衣服，选择好尺寸，直到整个身体都很舒服，仅仅是手腕和颈子伸出来。
Different trading vehicles and timeframes require different channel widths。 Volatile markets require wider channels and higher coefficients。 The longer the timeframe； the wider the channel； weekly channels tend to be twice as wide as dailies。 Stocks tend to require wider channels than futures。 A good time to review and adjust channels in futures is when an old contract nears expiration and you switch to the new front month。
不同的交易工具和时间周期需要不同的通道宽度。波动大的市场需要更宽的通道和更大的系数。时间周期越大，通道要越宽。周线通道一般是日线通道的2倍。股票的通道要比期货的宽。期货市场检验和调试通道的最好时机是旧的合约到期，你换到新的合约时。
A channel drawn in an uptrend tends to fit the peaks。 Rallies in a bull market are much stronger than declines； and bottoms seldom reach the lower channel line。 In a downtrend； a channel tends to track bottoms； while the tops are too limp to rise to the upper channel line。 It is unnecessary to draw two separate channels； one for the tops and the other for the bottoms； just follow the dominant crowd。 In a flat market expect both tops and bottoms to touch their channel lines。
通道画的上涨趋势一般会符合最高点。牛市的上涨比下跌强，底部很难达到通道下线。下跌趋势时，通道一般跟踪底部，顶部很难到到达通道上线。很有必要画2个独立的通道，一个是为了顶部，另一个是为了底部，这样才能跟踪市场大众。在横盘的时候，顶部和底部都会碰到通道线。
When we are bullish； we want to buy value near the rising EMA and take profits when the market bees overvalued … at or above the upper channel line。 When bearish； we want to go short near the falling EMA and cover when the market bees undervalued … at or below the lower channel line。
上涨的时候，我们希望在均线附近买入，在市场高估的时候兑现利润——或在超过通道上线的地方。下跌的时候，我们希望在均线附近做空，在市场低估的时候回补——或在低于通道下线的地方。
Figure 5。7 Channels for Profit Taking
图5。7 用通道兑现利润
When the EMA rises； it identifies an uptrend。 It is a good idea to buy near that EMA or slightly higher or lower； depending on the stock’s recent behavior。 At point A； EMA stands at 35； while the low point of the bar reaches 33 … a 2…point downside penetration。 At point C； the price low penetrates the EMA by 1 point； at D by 2。25； at F by 4； at point H by 0。75； and at J by 4。 Those short…term bottoms keep alternating between shallow and deep … an important piece of intelligence when you try to decide where to place your buy order。 If the latest penetration was shallow； expect the next one to be deep； and vice versa； and place your buy orders accordingly。
当均线上涨时，它确认了上涨趋势。在均线附近买入，或者根据股票最近的行为高一点或者低一点买入都不错。在A点，均线是35，最低价是33——下穿了2点。在C点，最低价穿过均线1点，在D点是2。25，F点是4，H点是0。75，J点是4。这些短期的底部总是在深浅的地方出现——如果你决定了在这些地方下单买入，这些是很重要的信息。如果最近一次的穿过是浅的，下一次就是深的，反过来也是一样，可以根据这个下单买入。
The place to sell stocks purchased near the EMA is at the upper channel line。 Looking back； it is easy to see that buy…and…hold would have worked even better in TARO； but the future is not nearly as clear at the right edge of the chart。 Buying value near the EMA and taking profits above value； near the upper channel line； is safer and more reliable。 Stock bought at A can be sold at B； bought again at C or D and sold at E； and so on。
在均线附近买入的股票，如果要卖出，位置是在通道的上线。回头看，TARO股票的买点和持有区域都不错，但是图右边的未来是没有这么清楚的。在均线附近买入，在均线之上卖出，靠近通道上线的地方，这个方法是安全可靠的。在A点买入股票，可以在B点卖出，在C点或D点再次买入，在E点卖出，以此类推。
A trader can grade his performance； based on the percentage of the channel he takes in profits on any given trade。 For example； at the right edge of the chart； the upper channel line stands at 97 and the lower at 69； making the channel 28 points high。 An A trader should get the minimum of 30％ or 8。4 points out of the next trade； a B trader 20％ or 5。6 points； and a C trader 10％ or 2。8 points。
无论什么交易，交易者可以利用取得通道的比例来给自己的交易打分。比如，在图的右边，通道上线是97，下线是69，通道的高度就是28。A交易者赚到30％，或者是8。4点；B交易者赚到20％，或者是5。6点；C交易者赚到10％，或者是2。8点。
At the right edge of the chart； prices are hitting the upper channel line。 It is time to take profits on stocks purchased in area J； near the EMA； and wait for a pullback。
在图的右边，价格达到上线了，此时最好把在J点买的股票卖掉，等股票回调。
If you buy near a rising moving average； take profits in the vicinity of the upper channel line。 If you sell short near a falling moving average； cover in the vicinity of the lower channel line。 Channels catch swings above and below value but not major trends。 Those swings can be very rewarding。 If you can catch a move from the EMA to the channel line in bond futures； you’ll make about 2；000 in profit on a 2；000 margin。 If you can do this a few times a year； you’ll find yourself far ahead of many professionals。
如果你在均线附近买入，就在通道上线附近卖出。如果你在均线附近做空，就在通道下线附近回补。通道可以抓住价值附近的波动，但不能抓住主趋势。这些波动也会带来很大的回报。如果你做债券，利用均线和通道线，2000元的保证金能赚到2000元。如果你一年就做几次，你会发现你比很多专业人士还强。
A beginner who sells his position near the upper channel line may regret it several weeks later。 In a bull market； what looks overvalued today may look like a bargain the next month。 Professionals do not let such feelings bother them。 They are trading； not investing。 They know it’s easy to be smart looking at old charts； but hard to make decisions at the right edge。 They have a system； and they follow it。
新手在通道上线附近平仓，几周后可能会后悔。在上涨的市场，现在看起来高估，下个月可能就变便宜了。专业人士不会让这样的感觉困扰自己。他们是交易，不是投资。他们知道事后诸葛亮容易，但当时就很难做决定。我们有系统，他们追随系统。
When prices blow out of a channel but then return to the moving average； trade in the direction of the slope of that MA； with a profit target near the channel line。 Prices break out of channels only during the strongest trends。 After they pull back； they often retest the extremes of those breakouts。 A breakout from a channel gives us confidence to trade again in its direction。
当价格破了通道，然后回到均线时，顺着均线的角度进场交易，目标利润定在通道线。价格只在最强的时候冲破通道。当它们回来后，它们经常会再次测试之前的突破。冲破通道的突破给了我们信心，我们可以再次交易。
Prices occasionally take off on wild runaway trends。 They break out of a channel and stay out for a long time； without pulling back to their EMA。 When you recognize such a powerful move； you have a choice： stand aside or switch to a system for trading impulse moves。 Professional traders； once they find a technique that works for them； tend to stay with it。 They’d rather miss a trade than change to an unfamiliar style。
价格偶尔会狂奔而去。它们冲破通道以后，长时间不回到均线。如果你发现了这么强劲的波动，你有一个选择：观望或者换一个可以捕捉大波动的系统。专业人士只要找到了适合自己的技术，一般会坚持使用。他们宁愿错过交易，也不愿换个不熟悉的方式。
If a moving average is essentially flat； go long at the lower channel line； sell short at the upper channel line； and take profits when prices return to their moving average。 The upper channel line marks an overbought zone。 If the market is relatively flat on long…term charts； rallies to the upper channel line then provide shorting opportunities； whereas declines to the lower channel line provide buying opportunities。 Professionals tend to trade against deviations and for the return to normalcy。 Amateurs think that every breakout will be followed by a massive runaway move。 Once in a rare while the amateurs are right； but in the long run it pays to bet like the pros。 They use channels to find when the market has outrun itself and where it is likely to reverse。
如果均线几乎是水平的，在通道下线做多，在通道上线做空，在价格回到均线时兑现利润。通道上线表明是超买区。如果从长期图来看，市场是横盘，反弹到通道上线就提供了做空的机会，下跌到通道下线就提供了买入机会。专业人士喜欢逆波动操作就是为了让它回到正常。业余选手以为每个突破都伴随着超大波动。偶尔业余选手对了，但长期来看，还是专业人士强。他们用通道来寻找市场的过分之处，看看是否会发生反转。
How to Grade Your Performance Imagine two friends taking a college course。 Both have similar abilities and backgrounds； but one takes a test each week； while the other waits for a final。 All other factors being equal； which of them is likely to get a higher grade on the exam？ The one who waited or the one who took weekly tests？
如何给自己打分 想象2个大学朋友。2人有相似的能力和背景，但其中一个每周考试一次，另外一个期末才考试。其它因素都是一样的，他们中的哪一个有可能考试时得高分？等期末考试的，或者是每