INGOpening range breakout is one of the most important indicators of daily market direction that a trader can utilize. 開(kāi)盤區(qū)間突破是一個(gè)可以用來(lái)判斷每天市場(chǎng)方向的重要工具。
An opening range breakout (ORB) is a trade taken at a predetermined
amount above or below the 開(kāi)盤區(qū)間突破（記做ORB）是通過(guò)在開(kāi)盤區(qū)間的上下加減預(yù)定的數(shù)值范圍進(jìn)行交易。當(dāng)預(yù)定的數(shù)值范圍被確定，這個(gè)買點(diǎn)就被放置在開(kāi)盤區(qū)間的最高處或放在最低處的同等數(shù)值。一個(gè)作為進(jìn)場(chǎng)點(diǎn)，另一個(gè)作為止損點(diǎn)。 The stretch is determined by looking at the previous 10 days and averaging the differences between the open for each day and the closest extreme to the open on each day. 這一數(shù)值是通過(guò)查看前面10天日內(nèi)最高價(jià)或者最低價(jià)與開(kāi)盤價(jià)價(jià)差的平均值而等到的。 In a market with a strong bias in one direction or just after a clear supply or demand indication, a trade in only one direction is taken. This is called an Opening Range Breakout Preference (ORBP). The only order entered is the stop in the direction of the entry. The protective stop is entered only after the trade has been entered. 當(dāng)市場(chǎng)有強(qiáng)烈的方向，且方向明確后，供求關(guān)系已經(jīng)明顯，那么順著這個(gè)方向交易是唯一的選擇。這叫做開(kāi)盤區(qū)間突破偏好現(xiàn)象（記做ORBP。此時(shí)，唯一需要做的就是順勢(shì)進(jìn)場(chǎng)，而進(jìn)場(chǎng)后要設(shè)立止損點(diǎn)。 If the market trades to the stretch in the opposite direction first, the preference is nullified and the resting order is cancelled. This requires you to monitor the market during the session. Intraday market monitoring is not a sacrifice by any means and enhances the system. 如果市場(chǎng)沿著市場(chǎng)反方向運(yùn)行，那么這個(gè)ORBP是無(wú)效的，最好休息停止這次交易。這就要求在盤中監(jiān)控市場(chǎng)的動(dòng)向了。仔細(xì)看盤可不是種浪費(fèi)，它是能提高交易系統(tǒng)效率的好辦法。 Opening range breakout is effective after an inside day that has a smaller daily range than the previous four days (IDnr4 in Figure 1 ) and after any day that has a daily range less than the previous six days (NR7) whether an inside day or not. ORB這一現(xiàn)象發(fā)生在IDnr4或者NR7之后常常是有效的。IDnr4是指振幅（最高價(jià)與最低價(jià)的差）小于前面4天的孕線形態(tài)。NR7是指振幅小于前面6天的形態(tài)。
"Hook" days also tend to precede big moves in one direction. A hook
day is any day that opens “陷阱”形態(tài)也往往有這一現(xiàn)象?！跋葳濉笔侵改程斓拈_(kāi)盤價(jià)高于/低于前面幾天的最高/最低點(diǎn)然后反昨日的方向收盤但振幅小于前昨日的形態(tài)。 March copper in Figure 1 displays examples of all these patterns. Inside days with the narrowest range in four days (IDnr4) occur at points c, e, g, i, n, o and t. Days with ranges smaller than those of the previous six days (NR7) occur at points a, d, f, g, h, j, m, n, p and s. Hook days occur at points b, q and r. Notice the proximity of some of the next day's openings to one of the extremes for that day and the general tendency of the close of the same day to be at the opposite extreme. 圖一中三月期銅的圖表展示了上面形態(tài)的幾個(gè)例子。IDnr4是圖中c,e,g,i,n,o,t.NR7是圖中a,d,f,g,h,j,m,n,p,s.陷阱形態(tài)是b,q和r。請(qǐng)注意其后那些開(kāi)盤價(jià)和收盤價(jià)在日內(nèi)區(qū)間兩極的日子。
未譯完，待續(xù)......................................... The earlier in the session the entry is taken the better chances for success. 盤中進(jìn)場(chǎng)信號(hào)發(fā)生的越早，成功的機(jī)會(huì)越大。
The ORBP provides an effective trade entry at times of a clear bias
in one direction. In particular, a running market provides a very
clear bias. On any inside day, the ORBP should be taken. Inside
days act as springboards for an immediate continuation in the
direction of the run. In Figure 2, the July soybean oil chart
displays a running market between numbers 1 and 2. Within that run,
inside days at points a thru e all resulted in successful opening
range breakout trades with the open on or near the low of the
session in each case. Direction is not as predictable at inside
days f, g and h, but the opening range breakout the ORBP在一個(gè)明確的方向上提供了有效的進(jìn)場(chǎng)信號(hào)，特別是當(dāng)乖離明顯的時(shí)候。在很多孕線形態(tài)出現(xiàn)時(shí)，ORBP應(yīng)該被運(yùn)用。孕線被當(dāng)作大趨勢(shì)運(yùn)行方向中一個(gè) 快速跳板。圖2中，7月豆油期貨顯示點(diǎn)1和點(diǎn)2的方向性趨勢(shì)運(yùn)行。運(yùn)行中，A到E的幾乎所有孕線形態(tài)導(dǎo)致了成功的開(kāi)盤價(jià)格在日內(nèi)最低點(diǎn)的開(kāi)盤區(qū)間突破。在 點(diǎn)F，G和H中方向是不定的，但轉(zhuǎn)天的ORB提供了漂亮的進(jìn)場(chǎng)信號(hào)。
A gap in the direction of the run is a strong indication of continuation and an ORBP can be taken in the direction of the gap with an overnight position held if a big day follows. October sugar in Figure 3 shows three gaps (points a, b, c) within a very defined upward run. Note the tendency for the open to act as the low of the day in each case. If a breakout to the downside had occurred in these cases no trades would have been taken. Logically, any of the patterns mentioned for use with the ORB can be utilized in an ORBP when the bias is clear. 順勢(shì)的跳空顯示了趨勢(shì)，而且如果接下來(lái)是大區(qū)間日，在跳空方向上利用ORBP建立的倉(cāng)位可以持有過(guò)夜。圖三中，10月期糖顯示了三個(gè)明顯上升趨勢(shì)的跳空缺 口（點(diǎn)A，B，C）。注意這些以開(kāi)盤價(jià)作為日內(nèi)低點(diǎn)的傾向。如果是反向的突破那么就不要交易了。從邏輯上講，很多ORB想臺(tái)都可以在乖離明顯的情況下得以 利用。
Upthrusts/springs, reversal gaps or any sharp reversal should be followed up with an ORBP in the direction of the reversal for at least two days afterward if it confirms the intermediate trend. The November soybean chart (Figure 4) displays upthrusts at points 1, 3 and 5 and springs at points 2, 4, and 6. Note the openings the days after the springs and the marked tendency for them to occur near one extreme of the day. The upthrusts were not as successful since a clear upward bias did exist. Again, ORB is most effective after an inside day or a day whose range is less than any of the previous six days (NR7). Upthrusts/springs形態(tài)，如果是趨勢(shì)中跡，反向跳空或者凌厲的逆轉(zhuǎn)之后，應(yīng)該在兩天后有ORBP現(xiàn)象發(fā)生。圖4中，11月大豆期貨圖表顯 示了點(diǎn)1.3.5的Upthrusts形態(tài)，和點(diǎn)2.4.6的springs形態(tài)。注意springs形態(tài)后開(kāi)盤在振幅的一端，而Upthrusts形態(tài) 沒(méi)有明顯的乖離現(xiàn)象發(fā)生?？磥?lái)ORB現(xiàn)象還是在IDnr4和NR7形態(tài)后最有效。
未譯完，待續(xù)................ In general, the earlier in the session the entry is taken the better the chances for success. In fact, the ideal is an entry within the first 10 minutes of the session. In that case, an immediate continuation in the direction of the breakout is likely. When you get a large price movement in one direction within the first 15 minutes of the session (early entry), the protective stop can be moved to break-even very quickly and the trade is free. 一般來(lái)說(shuō)，盤中進(jìn)場(chǎng)信號(hào)越早成功的機(jī)會(huì)越大。事實(shí)上，盤中前10分鐘是理想的進(jìn)場(chǎng)信號(hào)。在這種情況下，突破方向的持續(xù)是可能的。當(dāng)你在開(kāi)盤后15分鐘順勢(shì)進(jìn)行交易，應(yīng)該運(yùn)用移動(dòng)保護(hù)止損點(diǎn)來(lái)保護(hù)倉(cāng)位快進(jìn)快出。 The more time that passes between the open and trade entry, the lower the probability of success. Adjust the size of your position downward as the day goes on. The worst entry is just before the close when time is running out and it is difficult to realize a profit. The objective of these entry techniques is to establish a position for a two- to three-day run, but this is successful only if a substantial profit is realized by the end of the first session. 開(kāi)盤價(jià)運(yùn)行到進(jìn)場(chǎng)進(jìn)場(chǎng)信號(hào)所花的時(shí)間越長(zhǎng)，成功的可能就越低。隨著時(shí)間要降低倉(cāng)位。最糟糕的進(jìn)場(chǎng)信號(hào)是那些發(fā)生在收盤前的，他們很難有時(shí)間去實(shí)現(xiàn)當(dāng)日贏利了。這一進(jìn)場(chǎng)信號(hào)的目標(biāo)是2-3天，但只有在進(jìn)場(chǎng)當(dāng)天已經(jīng)獲得比較大的利潤(rùn)的前提下才有可能實(shí)現(xiàn)。
After the trade is entered the clock starts ticking. The ideal
trade will show a profit almost 這種早早進(jìn)場(chǎng)的方法，理想情況是進(jìn)場(chǎng)后馬上就有利潤(rùn)。價(jià)格移動(dòng)所花費(fèi)的時(shí)間越長(zhǎng)，交易越容易失敗，一般進(jìn)場(chǎng)后一個(gè)小時(shí)就已經(jīng)獲利了，有趨勢(shì)的市場(chǎng)應(yīng)該在前一個(gè)小時(shí)表現(xiàn)出他的趨勢(shì)。 For example, the S&P usually takes no more than five to 10 minutes before a clear getaway occurs. When judging the market action after entry, compare it to examples of ideal, early entries with immediate profit and persistent followthrough thereafter. Action that varies from the ideal is suspect. 例如標(biāo)普期指通常5-10分鐘就有一個(gè)明確的信號(hào)發(fā)生。進(jìn)場(chǎng)信號(hào)后判斷市場(chǎng)，比較它和理想狀態(tài)在瞬時(shí)贏利和持續(xù)性上的差別。不同于理想情況的價(jià)格行為都是可疑的。 The ORB can be utilized as a general indicator of bias every day. Whichever side of the stretch is traded first will indicate bias in that direction for the next two to three hours of the session. This information alone will keep you out of trouble, if nothing else. ORB可以作為判斷每天方向的一個(gè)指標(biāo)，向哪一方向出現(xiàn)擴(kuò)張現(xiàn)象，在接下來(lái)的2-3小時(shí)就很可能持續(xù)這個(gè)方向運(yùn)動(dòng)。若無(wú)其他事情發(fā)生，這個(gè)信息可以讓你遠(yuǎn)離麻煩了。 Multiple contracts can be used when entering on an ORB or ORBP. This allows for some profit taking as the move continues to guarantee at least some profit in the case of a pullback to the break-even stop. A trailing stop is also very effective. 很多合約品種都可以使用ORB和ORBP判斷。利用跟蹤止贏策略來(lái)保持在回調(diào)中處于盈虧平衡的狀態(tài)。尾盤出場(chǎng)策略也是很有效的。 If you miss the ORB and early entry occurred, any 3/8 to 1/2 retracement of the established range can be used as an entry point with stops beyond the 5/8 level. This technique can be utilized twice, but becomes treacherous on the third retracement. 如果你錯(cuò)過(guò)了ORB和早盤進(jìn)場(chǎng)信號(hào)，3/8-1/2的回調(diào)也可以進(jìn)場(chǎng)，同時(shí)配合5/8處的止損保護(hù)點(diǎn)。此方法可以用兩次，第三次就比較危險(xiǎn)了。 In summary, the open is a primary market indicator. Without an understanding of its importance and the market action around it, it is difficult to come to correct conclusions about market direction. On certain days the open acts as an ideal point of entry upon breakout. On any day that such a breakout occurs within the first 10 minutes of trade, the information is overwhelmingly in favor of a continuation of that move. It a trade does not use these entry techniques systematically they should at least be utilized as a general indicator of bias. 綜上，開(kāi)盤價(jià)是市場(chǎng)一個(gè)重要指標(biāo)。不理解它的重要性和其周圍時(shí)段的價(jià)格行為，很難對(duì)市場(chǎng)方向進(jìn)行準(zhǔn)確研判。在特定的日子里開(kāi)盤價(jià)是很好的突破切入點(diǎn)。在任 何開(kāi)盤后10分鐘產(chǎn)生突破現(xiàn)象的日子里，很多時(shí)候都會(huì)持續(xù)運(yùn)行在這個(gè)方向上。這項(xiàng)技術(shù)不被作為進(jìn)場(chǎng)點(diǎn)技術(shù)至少也可以用于判斷價(jià)格運(yùn)行方向。
未譯完，待續(xù)...........................
Early entry is defined as a large price movement in one direction within the first five minutes after the open of the daily session. A study of early entry is essentially a study of price action, and the type of price action that takes place on early entry shows that participants are urgent about entering the market. It is a distinct recognition of either a profitable or dangerous situation. 早間進(jìn)場(chǎng)信號(hào)是指開(kāi)盤后5分鐘第一個(gè)較大的價(jià)格移動(dòng)。早間進(jìn)場(chǎng)信號(hào)的研究主要是對(duì)價(jià)格行為及其類型的研究，發(fā)生早間進(jìn)場(chǎng)信號(hào)說(shuō)明有一些市場(chǎng)參與者迫切的進(jìn)入市場(chǎng)，它是一種對(duì)贏利機(jī)會(huì)或是風(fēng)險(xiǎn)的獨(dú)特識(shí)別。 It should be noted that directional moves of this nature are relatively rare and may occur only 10% of the time. Most days (70% to 80%), prices exhibit rotation or choppy action and the first five to 10 minutes of trading are sluggish and directionless without a clear movement away from the opening range. 應(yīng)該指出，這種自然的定向移動(dòng)現(xiàn)象是比較少見(jiàn)的，10天里大概也就有1天。大部分日子里（70%-80%是時(shí)候）價(jià)格在開(kāi)盤后5-10分鐘里是盤旋震蕩的，它漫無(wú)方向的緩緩離開(kāi)開(kāi)盤范圍。 The early entry price action is ideal when using an opening range breakout for entry. An opening range breakout is a trade taken at a predetermined amount above or below the opening range. The open should act as one extreme of this range. 當(dāng)使用開(kāi)盤區(qū)間突破的方法進(jìn)場(chǎng)時(shí)早盤發(fā)生價(jià)格定向移動(dòng)是理想的。開(kāi)盤區(qū)間突破是通過(guò)開(kāi)盤區(qū)間上下加減預(yù)定的數(shù)值范圍進(jìn)行交易。開(kāi)盤價(jià)應(yīng)該作為當(dāng)日振幅范圍的一端。 I have observed two types of early entry. The characteristics of Type 1 (Figures 1 and 2) are as follows:The first five minute time period has a larger range than normal. ("Normal" is roughly defined as the average of the preceding 10 days' first five-minute ranges.)
我觀察到了兩種類型的早間進(jìn)場(chǎng)信號(hào)。第一種的特點(diǎn)如下：（圖一和圖二）開(kāi)盤后第一個(gè)5分鐘有比正常情況更大的振幅。（“正常情況”是指大概以往10天開(kāi)盤后前5分鐘振幅的平均值） The opening of the day is on one extreme of the five-minute bar and the close of the five-minute bar is on the opposite extreme. The second five minutes shows an equal thrust in the direction of the first five-minute period. 開(kāi)盤價(jià)位于當(dāng)日第一個(gè)五分鐘線的一端而且這個(gè)五分鐘線收在另一端。第二個(gè)五分鐘顯示出順延第一個(gè)五分鐘方向上等量的推動(dòng)力。 The Type 2 early. entry is extremely powerful and is characterized by an excessively large range in the first five minutes, quite possibly bigger than the previous 20 days ' first five-minute periods (Figures 3 and 4). 第二類早間進(jìn)場(chǎng)信號(hào)是極其強(qiáng)有力的且范圍極大的前5分鐘振幅，幾乎要大于前面20天的早間前5分鐘的振幅（圖3圖4）
An equal thrust in the next time period is difficult to manage, but a general drift in the direction of the first five minutes is likely with an acceleration after further accumulation has occurred. 這樣在第二個(gè)五分鐘內(nèi)出現(xiàn)等量的推動(dòng)力就顯得強(qiáng)人所難了，但很可能經(jīng)過(guò)一定盤整震蕩孕育出加速。
未譯完，待續(xù)...............................
One possible trading scheme is to use an
opening range breakout entry technique each day, anticipating early
entry. If ideal action does not occur within the first five to 10
minutes, cancel orders. In a defined trend or running market, use
early entry to verify the existing trend and then use any pullbacks
of 3/8 to 1/2 of the existing daily range for another entry. 期待早間進(jìn)場(chǎng)信號(hào)，每天使用開(kāi)盤區(qū)間突破的技術(shù)是可行的交易策略。如果開(kāi)盤后5-10分鐘內(nèi)沒(méi)有理想的價(jià)格行為發(fā)生，則取消交易計(jì)劃。在趨勢(shì)中的市場(chǎng)，使 用早間進(jìn)場(chǎng)信號(hào)驗(yàn)證趨勢(shì)，然后3/8到1/2的回調(diào)用于再次進(jìn)場(chǎng)。，在大多數(shù)情況下，一個(gè)高開(kāi)或低開(kāi)，建立了盤中的擴(kuò)張與延伸。有很多頂和底的形態(tài)被測(cè)試 表明，價(jià)格運(yùn)動(dòng)超過(guò)前日振幅兩個(gè)點(diǎn)（譯者：作者這里的兩個(gè)點(diǎn)不是指2%，是指TICK兩個(gè)委托跳動(dòng)，今后的點(diǎn)也都是這個(gè)，請(qǐng)勿混淆），市場(chǎng)有67%的可能 在這一方向上維持前日的振幅到收盤。這可有了一個(gè)進(jìn)一步的好消息，當(dāng)它位移漸漸遠(yuǎn)離早間進(jìn)場(chǎng)信號(hào)的價(jià)格時(shí)，勢(shì)頭很可能演變?yōu)橐徽斓内厔?shì)。若日線圖上反轉(zhuǎn) 形態(tài)確立，則很可能持續(xù)幾天的小行情。
未譯完，待續(xù)....................... Early entry failure 早間進(jìn)場(chǎng)信號(hào)的失敗 Of course, there are times when, even with a defined thrust, the market will not follow through and, in fact, will sometimes reverse completely. This is defined as early entry failure (Figures 5 and 6) and is associated with a momentum increase in the opposite direction of early entry. 當(dāng)然。有些時(shí)候，即使貌似方向明確，市場(chǎng)也未必落實(shí)，事實(shí)上，有些時(shí)候甚至完全相反，這是失敗的早間進(jìn)場(chǎng)信號(hào)，即日趨勢(shì)與早間進(jìn)場(chǎng)信號(hào)方向相反的情況（圖5和圖6）。 Momentum can be assessed by the range of the time unit (i.e., a 5-, 15-, 30-minute bar chart). An increased range relative to the previous time unit(s) shows an increase in momentum. Ideally, this should not happen and when it does, it usually indicates an early entry failure is occurring. 趨勢(shì)靠各個(gè)時(shí)間周期的線圖來(lái)識(shí)別。（5分15分30分鐘等等）相對(duì)于前面時(shí)間擴(kuò)張的震幅顯示了動(dòng)量的增加。理想情況下，這不該發(fā)生，通常表明早間進(jìn)場(chǎng)信號(hào)失敗。 As a rule, no countermove 5-minute bar should have a range larger than the first 5-minute bar. All such larger bars should confirm early entry. In fact, any 5-minute bar against early entry that is relatively large compared to previous bars which confirmed early entry will imply a shift in momentum and possibly early entry failure. 所以，作為一條規(guī)則：不能出現(xiàn)比開(kāi)盤后五分鐘K線振幅大的反方向K線。所有大振幅的K線必須確認(rèn)早間進(jìn)場(chǎng)信號(hào)。事實(shí)上，任何與早間進(jìn)場(chǎng)信號(hào)振幅相反的大K線，都可能預(yù)示著轉(zhuǎn)變的勢(shì)頭，并可能促使早間進(jìn)場(chǎng)信號(hào)失敗。 Neutral or confirming price action is crucial just after the early entry indication. When entry is taken on a pullback, narrow range bars should have been present on the retracement. A countermove with a momentum increase (i.e., larger bars) is a warning that failure is occurring. 早間進(jìn)場(chǎng)信號(hào)價(jià)格行為的確認(rèn)極其重要。當(dāng)采取回調(diào)進(jìn)場(chǎng)法，回調(diào)應(yīng)該都是小振幅的。大振幅的回調(diào)往往預(yù)示著失敗信號(hào)的發(fā)生。
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