of doubt。 Also； MACD…Histogram has declined to the level normally associated with bottoms； it is closer to a bottom than to a top。 We should wait for the opening on Monday； anticipating a buy signal； while being prepared to trade from the short side if the EMA ticks down。
在图的右边收市过周末。均线有点上涨，所以多头有点担心。同时MACD柱也跌到了底部的低水平，它离底部近，不是离顶部近。我们应该等周一开盘，期待出现买入信号，也好做好准备，当均线下跌时要做空。
Some day…traders； intoxicated by the promise of technology； use one…minute or even tick charts。 These provide the illusion that you are present on the floor； even though it can easily take half a minute or longer for the data to be keyed in； uploaded to the satellite； and broadcast to your screen。 You are not on the floor； you are behind。 When markets begin to run； time lags get even worse。
一些交易者，被技术的承诺陶醉，使用1分钟图，甚至基点图。它们给你制造了幻觉，让你以为自己在场内，而实际上数据从键盘输入，上传到卫星，再传输到你的屏幕就需要半分钟或更长时间。你不在场内，你就落后了。当市场运行时，时间延后更严重。
Multiply your intermediate timeframe by five to find the long…term timeframe。 If your intermediate timeframe is five minutes； use a 25…minute chart。 If your software does not allow plotting 25…minute charts； round it off to half an hour。 A successful trader needs to stand apart from the crowd。 This is why it pays to use unmon parameters for charts and indicators。 There are probably thousands of people using half…hourly charts； but only a tiny minority uses 25…minute charts and gets its signals a little faster。
把你的中周期乘以5倍，找到长期周期。如果你的中周期是5分钟，那么用25分钟图。如果你的软件不能画25分钟图，可以四舍五入到30分钟图。成功的交易者需要远离大众，所以不要在图表和指标上面使用常用的参数。有几千人在使用30分钟图，但只有少数的人使用25分钟图，这样可以快速得到信号。
Apply a trend…following indicator to the long…term chart and use its direction to make a strategic decision to trade long； short； or stand aside。 Start with a 20… or 30…bar EMA and adjust its length until it tracks your market with a minimum of whipsaws。 When the 25…minute EMA rises； it identifies an uptrend and tells you to trade from the long side or stand aside。 When the EMA falls； it identifies a downtrend and tells you to trade only from the short side or stand aside。 Make a strategic decision on this long…term chart before returning to your intermediate…term charts。
把趋势跟踪指标用在长期图表上，跟踪它的方向做策略决定，做多，做空或观望。从20或30分钟均线开始调试，直到所使用的参数形成的锯齿最少。当25分钟均线上涨时，它确认了上涨，告诉你要做多或观望。当均线下跌时，它确认了下跌，告诉你要做空或观望。在你回到中周期前，先在长期周期图上做好策略决定。
Successful day…traders tend to rely less on indicators and more on chart patterns。 The gaps between trading days can distort intraday indicators。 Still； some indicators； such as moving averages and envelopes； also called channels； are useful even with intraday charts。
成功的日内交易者一般很少依靠指标，更多是依靠图表模式。日线图上的缺口会影响日内图。然而一些指标，比如均线和包络线，也叫通道，对日内图是有用的。
SCREEN TWO
第二重滤网
Return to the intermediate （five…minute） charts to look for entries in the direction of the trend。
回到中周期（5分钟）图，沿着趋势的方向找进场点。
Plot a 22…bar EMA on the five…minute chart and draw a channel that contains about 95％ of price action。 Moving averages reflect the average consensus of value； while channels show the normal limits of bullishness and bearishness。 We want to get long during uptrends； buying below the EMA on a five…minute chart； and short in downtrends； above the EMA。 Do not get long above the upper channel line； where the market is overvalued； or sell short below the lower channel line； where it is undervalued。
在5分钟图上画参数为22的均线，然后画一个通道，通道能包含95％的价格波动。均线反映了价值认同的平均值，这样通道表明了多头和空头的正常极限。我们想在上涨时做多，在5分钟图中低于均线的地方买入；在下跌趋势做空，在均线上做空。不要在通道上线附近做多，此时市场被超买；不要在通道下线做空，此时是超卖。
Use oscillators； such as MACD…Histogram and Force Index； to identify overbought and oversold areas。 Trade in the direction of the tide； entering when a wave goes against the tide。 When the 25…minute trend is up； falling prices and oscillators on a five…minute chart reflect a temporary bearish imbalance … a buying opportunity。 When the 25…minute trend is down； rising prices and oscillators on a five…minute chart reflect a temporary bullish imbalance … a shorting opportunity。
用振荡指标，比如MACD柱和力量指数，去确认超买和超卖区域。顺着潮水交易，当暂时的退潮时进场。当25分钟趋势上涨，5分钟图上价格和振荡指标下跌反映了暂时的多头不平衡——是买入的机会。当25分钟趋势下跌，5分钟图上价格和振荡指标上涨反映了暂时的空头不平衡——是做空的机会。
Day…traders sometimes ask whether they should analyze weekly and daily charts。 The weekly trend is essentially meaningless for them； and even the daily is of limited value。 Looking at too many timeframes can lead to “paralysis from analysis。”
日内交易者有时问是否应该分析周线图和日线图。对他们来说，周线图没有意义，连日线图也只有有限的意义。查看太多时间周期会导致分析瘫痪。
Place SafeZone stops。 After entering a trade； place a protective stop； using the SafeZone method （see page xx ）。 Consider making it “on close only”； watch the screen and give an order to exit only if the five…minute bar closes beyond your stop level。 This way； a brief penetration caused by market noise will not touch off a stop。 Naturally； there is no bar…gaining or waiting for another tick。 To be a day…trader； you must have iron discipline！
设置安全止损点。一旦交易了，就要设置保护性止损，利用安全区域的方法。用收盘价的思维设置，看着屏幕，当5分钟收盘价比你的止损点低就要出场。这样，市场噪音造成的临时穿透不算止损。自然，不能就赚一个竹线或等待一个基点。要想成为日内交易者，你必须有铁的纪律。
Figure 6。4 Day…Trading … Five…Minute Chart
图6。4 日内交易——5分钟图
The long…term 25…minute chart has told us to trade HGSI from the long side。 The declines of the intermediate trend provide buying opportunities。 On Thursday； the five…minute chart heads down from the opening； punching below its EMA。 Wait for the MACD…Histogram to tick up； confirming a buy signal （point A）。 It shows that the decline is ending； and within half an hour HGSI rallies to its upper channel line （point B）； a good place to take profits。 It declines back to the EMA； giving ample opportunities to position long； even if you missed the first signal。 The MACD bottom in area C is more shallow； showing that bears are weaker； reinforcing the buy signal。 Prices make four more attempts to reach the upper channel line。 You can sell at any of them； but if you have not sold during the first three； the fourth is a must。 It is getting late in the day； you already know that today prices do not seem to be able to reach their upper channel line； and as a day…trader you do not want to hold overnight。 Sure enough； during the last half…hour there is a downdraft； as day…traders who over…stayed the uptrend start pushing through the door； trying to get out。
长期25分钟图告诉我们要做多人类基因科学。下跌的中周期给我们提供了买入机会。周四，5分钟开盘下跌，造成均线下跌。等待MACD柱上涨，确认买入机会（A点）。这表明下跌结束了，半小时后人类基因科学上涨到通道上线（B点），是兑现利润的好地方。它下跌到均线，给出了做多的绝好机会，即使你错过了第一个信号。MACD在区域C的底很浅，表明空头很弱，加强了买入信号。价格4次尝试通道上线。你可以在任何时候卖出，但是如果你没有在前3次卖出，第4次必须卖出。当天已经很晚了，你也早就知道今天的价格不太可能超过通道上线，作为日内交易者，你不能持过夜仓。肯定的是，这最后半小内没有下跌，日内交易者开门推门出场了。
On Friday； there is a buy signal right at the opening； followed by a quick rally to the upper channel line for profit taking； and then another decline to the EMA （point D）。 The subsequent rallies never quite reach the upper channel line； but there is another buying opportunity at point E； during a pullback to the EMA。 There are two weak rallies later in the afternoon； and if you do not use them to take profits； there is one last ring for the hard of hearing when the EMA turns down。 Intraday charts often have countertrend moves late in the day； as traders with paper profits start closing positions。
周五，开盘有个买入信号，之后快速的上涨到通道上线可以兑现利润，然后又下跌到均线（D点）。之后的上涨都没有后达到通道上线，但是在E点又出现了一个买点，正好回调到均线。下午又有2个微弱的反弹，如果你不用它们兑现利润，最后的艰难决策就是当均线下跌时。在当天下午日内图经常有逆势下跌，当时有利润的人开始平仓。
At the right edge of the chart； the trading day and the trading week are over。 You have no overnight risk and can relax before the opening on Monday； when the 25…minute MACD…Histogram will tell you whether to trade this stock from the long or the short side。
在图的右边，当日和当周的交易结束了。你没有过夜风险，可以在周一开盘前休息，到时候MACD柱会告诉你是做多还是做空。
SCREEN THREE
第三重滤网
This screen handles entries and exits。
这重滤网处理进场和出场。
Enter in the vicinity of a moving average on a five…minute chart。 If the 25…minute trend is up； buy pullbacks to the EMA on a five…minute chart； especially when oscillators are oversold。 Reverse the procedure in downtrends。 This is better than chasing breakouts； buying at the highs； or shorting at the lows。
在5分钟图上，在均线附近进场。如果25分钟图上涨，在5分钟图上回跌到均线时买入，尤其是振荡指标超卖的时候。下跌时则反之。这比追突破好，在高点做多，在低点做空。
Take profits in the vicinity of the channel line。 If you buy near the moving average； aim to sell near the upper channel line。 If your five…minute oscillators； such as MACD…Histogram； are making new highs and related markets are rallying； you may wait for the channel to be hit or penetrated。 If the indicators are weak； grab your profit fast without waiting for prices to touch the channel。
在通道线附近兑现利润。如果你在均线附近买入，在通道上线附近卖出。如果你的5分钟振荡指标，比如MACD柱创造了新高，且相关市场在上涨，你可以等待通道被碰到或穿过。如果指标弱，不用等到价格碰到通道就止损。
Measure your performance as the percentage of the channel width。 You must be an A trader to make day…trading worthwhile。 Even then； you have to prove to yourself that you can make