往日逍遥看了不少威科夫关联的汉文和英文贵府，合座嗅觉照旧英文原文更好些，之前整理了不少贵府一直堆在贵府库发酵生霉。有一又友说不知说念威科夫，也就看不懂对于个股分析中的威科夫术语形色。其实国内照旧有几个闻明大V在传播。我就作念点不相似的，遐想陆续把与威科夫关联的英文贵府以原文重现+翻译+解读的体式呈现，以飨读者。

今天是呈现的是Hank Pruden的著作，他也写了好几本威科夫体系的书。今天这篇著作具有提升威科夫学问的脾气，这篇著作英文全名《Wyckoff Schematics: Visual templates for market timing decisions》（By Hank Pruden and Max von Lichtenstein）。因为骨子比较多，我分几期呈现。思要原文的可以私信我。文中译文由本东说念主翻译，况兼归并识战在原文以外补充了一些个东说念主瓦解，不妥之处接待指正。今天先讲吸筹区间一些关节名词，并详备先容吸筹区间五个阶段（A/B/C/D/E）之阶段A。后续把剩下的四个阶段先容完，终末呈现派发（出货）。

ACCUMULATION

Schematic 1 is a basic Wyckoff model for accumulation. While this basic model does not offer a schematic for all the possible variations in the anatomy of the TR, it does provide a representation of the important Wyckoff principles，……

【译文】吸筹 示意图1是一个基本的威科夫吸筹模子。天然这个基本模子并不行涵盖来往区间中系数可能的变化，但它照实呈现出了威科夫蹙迫旨趣……

图片

Source: The Anatomy of a Trading Range， by Jim Forte CMT, Market Technicians’Association Journal, Issue 19, 1994.

SCHEMATIC 1

Accumulation Schematic Phases A through E: Phases through which the Trading Range passes as conceptualised by the Wyckoff method and explained in the text.

【译文】示意图1 吸筹包括阶段A至阶段E：威科夫吸筹战术通过这5个阶段得以主意化的进展。

(PS) preliminary Support is where substantial buying begins to provided pronounced support after a prolonged downmove Volume and spread widen and provide a signal that the downmove may be approaching its end.

【译文】初步撑抓(PS)是指在永劫分着过期，多数买盘驱动提供昭着撑抓，陪伴量及价差扩大，暗意着落可能接近尾声。

(SC) Selling Climax… the point at which widening spread and selling pressure usually climaxes and heavy or panicky selling by the public is being absorbed by larger professional interests at prices near a bottom.

【译文】销售飞扬（SC)是指在PS之后握住扩大的k线价差和抛售压力达到飞扬，散户（公众）的多数慌张性抛售在底部被大型的专科机构所继承。

(AR) Automatic Rally… selling pressure has been pretty much exhausted. A wave of buying can now easily push up prices which is further fuelled by short covering. The high of this rally will help define the top of the trading range.

【译文】自动反弹(AR)是指销售飞扬（SC)之后卖压已基本破费。一波买盘目下很容易推高价钱，而空头回补又进一步推高了价钱。自动反弹(AR)的高点将有助于细目来往区间的顶部。

(STs) Secondary Test(s)… revisit the area of the Selling Climax to test the supply demand balance at these price levels. If a bottom is to be confirmed, significant supply should not resurface, and volume and price spread should be significantly diminished as the market approaches support in the area of the SC.

【译文】二次测试(ST）是指自动反弹(AR)后股价重回销售飞扬（SC）区域测试，测试在SC区域的供求情况。要是要说明底部，就不应该出现多数供应，得胜的二次测试跟着股价接近SC隔邻获取撑抓，况兼伴跟着来往量和K线价差大幅收缩。

The “CREEK” is an analogy to a wavy line of resistance drawn loosely across rally peaks within the trading range. There are of course minor lines of resistance and more significant ones that will have to be crossed before the market’s journey can continue onward and upward.

【译文】这条“小溪”雷同于一条波澜线，在来往区间内的反弹峰值之间松散地画出了一条阻力线。天然，在股市不息上行之前，还有一些较小的阻力线和一些更大的阻力线需要朝上。

Springs or Shakeouts usually occur late within the trading range and allow the market and its dominant players to make a definitive test of available supply before a markup campaign will unfold. If the amount of supply that surfaces on a break of support is very light (low volume), it will be an indication that the way is clear for a sustained advance. Heavy supply here will usually mean a renewed decline. Moderate volume here may mean more testing of support and to proceed with caution. The spring or shakeout also serves the purpose of providing dominant interests with additional supply from weak holders at low prices.

【译文】震仓(有多种体式)频繁发生在来往区间的较晚时分（属于阶段C），属于机构（庄家）在强势拉升伸开前，对市集上供应进行最终测试。要是跌破撑抓时卖盘（供应）特殊小，这标明市集供应小，具备后续拉升条款。要是跌破撑抓出现多数卖盘（供应）频繁意味着新一轮的股价回落（补充：明天股价即便反弹也会回落重新测试这一区域）。要是跌破撑抓出现中等卖盘（供应）可能意味着需要伸开多测测试，（买入股票）应严慎。震仓另一个方向是，以较低的价钱，将股票从舛错一方（弱手）转变到强手手中。

【学问繁衍与补充：低量测试得胜的震仓及SPRING是可以的买入点，但要合作止损】。

Jump Across the Creek (JAC) is a continuation of the creek analogy of jumping resistance

and is a good sign if done on good spread and volume – a sign of strength (SOS).

【译文】跳过小溪(JAC或JOC)是对草率阻力位的形象类比，跳越小溪伴跟着高成交量和较大的k线价差是一个好的征兆，即强势信号。

Sign of Strength (SOS)… an advance on good (increasing) spread and volume.

【译文】强势信号意味着高成交量和较大的价差。

Back Up (BU) to a Last Point of Support (LPS) – a pull back to support (that was resistance) on diminished spread and volume after a SOS. This is good place to initiate long positions or to add to profitable ones.

【译文】回测（BU）是草率后股价回到终末撑抓点（LPS）———也即是股价回测撑抓位（草率前是阻力位），强势信号（SOS）之后回测撑抓位陪伴低成交量和窄幅价差是得胜测试。这是启动永久走势增多可不雅利润的好位置。

Note: A series of SOS’s and LPS’s is good evidence that a bottom is in place and Price Markup has begun.

【译文】注：一系列的SOS和LPS是底部（吸筹）依然到位况兼价钱高涨依然驱动的邃密根据

【学问繁衍与补充：BU和LPS位是吸筹来往区间内可以的买入点】。

以上是威科夫吸筹阶段波及的主要专科名词术语。底下讲一下阶段A，阶段A笼统来讲即是原有着落趋势的住手，是一种特征改变，实操中要关心抛售飞扬和有质料的反弹及低成交量回测抛售飞扬价钱区间。

Phase A

In Phase A, supply has been dominant and it appears that finally the exhaustion of supply is becoming evident. This is illustrated in Preliminary Support (PS) and the Selling Climax (SC) where widening spread often climaxes and where heavy volume or panicky selling by the public is being absorbed by larger professional interests. Once selling pressure is exhausted, an Automatic Rally (AR) ensues the selling climax. A Secondary Test on the downside usually involves less selling than on the SC and with a narrowing of spread and decreased volume.

【译文】阶段A

在A阶段，供应一直占主导地位，其后供应的短缺终于变得昭着。这少许在初步撑抓（PS）和抛售飞扬（SC）中频频施展为，K线有着宽大的价差和高成交量，来自散户（公众）的慌张性抛售被大型专科机构继承。一朝散户的慌张性抛压被继承，自动反弹（AR）随之而来。自动反弹之后即是二次测试(ST)，二次测试频繁要向下回测抛售飞扬（SC）价钱区域，得胜的二次测试施展为：与抛售飞扬比拟，二次测试陪伴更少的成交量和较小的K线价差。

【学问繁衍与补充：个东说念主合计相对于抛售飞扬（SC），得胜二次测试(ST)应具有低成交量+廉价差k线+较高的价钱】。

It is also possible that Phase A can end without dramatic changes inspread and volume. However, it is usually better if it does, in that more.

【译文】阶段A也有可能在莫得显耀成交量和价差变化的情况下罢休。可是有显耀的成交量和价差变化频繁会更好。

The lows of the Selling Climax (SC) and the Secondary Test, and the high of the Automatic Rally (AR) initially set the boundaries of the trading range. Horizontal lines may be drawn here to help to focus attention on market behaviour in and around these areas.

【译文】销售飞扬（SC）和二次测试(ST)的低点，以及自动反弹（AR）的高点初步细目了来往区间的边界。这里可在高点和低点处画出水平线配置来往区间，咱们聚会元气心灵要点关心来往区间的市集行径。

Phase A still represents the area of the stopping of the previous move.

【译文】阶段A的成立代表之前的（着落）趋势的住手，市集插足横盘轰动阶段。

【学问繁衍与补充：阶段A成立的条款包括：SC+AR+ST，阶段A说明原有下降趋势罢休，配置了来往区间，区间上沿为压力线，下沿为撑抓线。为后续阶段B的吸筹伸开作念好铺垫】。

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