VSA解盘手册翻译中

翻译中
英文缩写：
SOS： sign of strength
SOW：sign of weakness
SM: smart money

p11
NO DEMAND
1.No Demand
The market appears to be in a No Demand Up Move; moving back up into an area of previous weakness. This indicates weakness (no demand). You might expect lower prices.
市场似乎要向上运行，但是这些向上运动都是"no demand"的运动；市场运行至之前出现弱势的区域。这时市场弱势（no demand）。你该预期更低的价格。

2. No Demand
Any up bar which closes in the middle or low, especially if the volume has fallen off, is a potential sign of weakness.
任何上涨竹线收盘于中间或更低位，尤其是成交量下降，是潜在的SOW。

Things to Look Out For:
需要注意的问题：
If the market is still strong, you will normally see signs of strength in the next few bars, which will most probably show itself as a: 
如果市场仍然强势，你通常会在后面几根竹线看见SOS，这些SOS会显示为：
Down bar with a narrow spread, closing in the middle or high.
振幅窄的下跌竹线，收盘于中间或更高
Down bar on low volume.
下跌竹线，低成交量

3. No Demand
Any up bar that closes in the middle or low must be viewed as weakness, especially if the spread is narrow and the market close up (or if the volume is low.) This indicates that the market makers are not interested in higher prices right now.
任何up bar收盘于中间或低位一定是弱势，尤其当它的振幅较窄，而成交量低。这显示SM此时对更高的价格不感兴趣。

Things to Look Out For:
需要注意：
Strength can suddenly appear over the next few bars if the market is strong. Remain vigilant for a sudden switch in the imbalance of supply and demand, which may show itself as a:
Down bar on high volume, closing in the middle or high.
如果市场强势，那么Strength能够突然在后面几根竹线中出现。需要警惕供给和需求的不平衡被快速打破，可表现为：
下跌竹线，高成交量，收盘于中央或更高。

4. No Demand
No demand is normally seen as an up bar, closing in the middle or low, especially if the spread is narrow, and the volume is low. Market makers are always moving prices around, and here they have marked the price up, but there is no following at this time.
No demand通常是一根上涨竹线，收盘于中央或更低，尤其振幅较窄，而成交量低。SM通常操纵价格小幅波动，但是此时没有人跟风。

Things to Look Out For:
Many TradeGuider signals will show a response during the next five bars with a countermanding signal. 
许多TradeGuider信号在后面5根竹线上会出现取消提示。
Why? Well, if a market is going up and there is a sudden indication of weakness, but a green countermanding signal appears during the next five bars, it is usually showing that the market is still a strong one. 
为嘛？因为如果市场正在上升，此时突然出现一个SOW，但是后面5根竹线中出现了绿色的取消信号，那么这表示市场仍然强劲。
Compare it to a boxer: He gives a good punch, but if his opponent immediately throws back a good punch, then you can assume that he is still strong.
与拳击手来做个类比：他给了对手一拳，但如果对手立即反击，那么你会认为他仍然强大。
Tips:
小窍门：
As soon as 'bad news' appears, think bullish.
只要消息坏，看多。
As soon as 'good news' appears think bearish.
只要消息好，看空
The reason for the above tips is because news encourages the transfer of the underlying stock that makes up an Index. This may be from Weak Holders back to professional traders (i.e. Strong Holders); making the market a strong one rather than the weak one the news is implying.
上述tip的根据是新闻鼓励指数构成股的持有者转换。这可以是从weak holder到专业交易者或strong holder。使得市场变强而不是变弱。
If the transfer of stock is from the professional traders to the 'herd', there is little or no support in the market from the players that matter and the market will fall. Those who buy at this time can easily become ‘weak holders’ on any sudden down move.
如果转换是从专业交易者到散户，那么市场将有很少或没有支撑，因此市场弱势。

5. No Demand
Supply appears to be overcoming the demand.
供给吞没了需求
Things to Look Out For:
须注意：
The following bars are important, let the marketmakers tell you what is going on:
后面的几个bar很重要，让SM告诉你在发生什么：
A low volume up-bar shows no demand, which is an unwillingness of the market makers to participate in a rising market, because they know the market is weak.
一个低成交量的up-bar表示no demand，这是在上升时SM不愿意参与市场的表现，因为他们知道市场还很弱。
A high volume up-bar, closing in the middle or lows, shows that supply is overcoming the demand and is a further confirmation of weakness.
一个高成交量的up-bar，收盘于中间或更低，显示供给吞没了需求，这是一个对弱势的确认。
A down-bar with low volume, closing near the highs during the next few bars will show strength.
在后面几根竹线，若出现下跌竹线，低成交量，收盘于高位，则表示strength犹存。

6. No Demand
A low volume up-bar indicates no demand from the market makers. Generally  you would be pushing your luck to go long in a market with no demand.
一个低成交量的up-bar表示no demand。一般来说，在no demand上你会赌一把下多单。
Things to Look Out For:
Do you have weakness in the near background? If so, this will tend to confirm the lack of demand.
此时需注意在你周围有weakness吗? 如果有，那么它必然是确认了缺乏需求。

7. No Demand
A low volume up-bar, especially on a narrow spread is 'no demand'.
最标准的no demand为低成交量up-bar，窄振幅。
Things to Look Out For:
If, over the next few bars, you notice down-bars, with narrow spreads, accompanied by low volume, this shows no selling pressure after some temporary weakness. Any up move may now continue.
如果经过几根竹线，你看到down-bar，窄振幅，低成交量，那么这显示在一段暂时的弱势以后没有抛压。任何上涨都有可能继续。

8. No Demand
A low volume up-bar especially on a narrow spread indicates 'no demand' from the professional players.
Things to Look Out For:
If over the next few bars, you see down-bars on a narrow spread, accompanied by volume less than the previous two bars, this shows no selling pressure after some temporary weakness. Any up move may now continue.
如果在后面几根竹线，你看到down-bar，窄振幅，同时成交量低于前两根竹线，那么这显示弱势后无抛压，任何上涨可能继续。

9. No Demand
A low volume up-bar generally tells you that there is 'no demand' in the market. The market makers have withdrawn their buying. They have marked it up yes, but the volume tells us that there is little genuine buying in the up move.
一个低成交量的up-bar总体来说告诉你那里没有需求。SM撤出了他们的买盘。他们的确使其上涨，但是成交量告诉我们只有少量的真实买盘。

Things to Look Out For:
If there is major shake-out in the background, this could create a low volume up move. Basically, this shows us that there is little stock at these levels to be found, so the market makers can mark the prices up with no resistance. If the market has pushed up and through a recent old top to the left within the last four or five bars, this indicates strength and it may now be hesitating before the resumption of the up move.
如果其背后有shake-out，则会制造一个低成交量上涨。基本上，这显示那里只有很少的股票，因此SM能够轻松地拉升而没有任何阻力。如果市场已经拉升，并且正经过1一个前期4~5根竹线的顶部，这是strength，且它可能会在重新拉升之前犹豫一会。
Many red indicators will be quickly tested. Any testing within the next five or six bars will indicate strength has returned.
Do not be fooled if the market goes up on 'no demand', as it is unlikely to go up very far. The market may go sideways and rest before any up move can take place.
许多红色的指示都会被快速地试盘。任何在后5~6根竹线中的testing都显示strength已经回来了。但是不要对这种no demand过于乐观，因为市场还不太可能拉升太多，市场在再次拉升前可能会横盘休整。
Be especially cautious if you are approaching, or near the price levels of an old top to the left. Market makers can gap the market up and through these old areas to avoid the resistance of locked in traders selling. Market makers do not want to have to buy stock at what appears to them to be high prices to keep a rally going.
要特别警惕，如果市场正接近或在前期顶部附近，
If the next bar is down and the volume is less than the two previous bars this could indicate strength. The reduced volume can show lack of selling. If there is no supply then the market will go up.


p44
TEST
1.test
A rapid mark down coming back to close on the highs - especially if the lows are down into fresh new ground. If the volume is low volume this adds to the strength. The news should be 'bad news'.
试盘是一个价格迅速下跌，而后又收盘于竹线高位的线。尤其是如果它的最低价格跌跌至一个新低的价格区域，且成交量低，则是SOS。这时消息应该较坏。

Supplementary Comments:
补充说明
If the next bar is up on a wide spread to close on the highs this is also a sign of strength because we assume the mark-up is done by the market makers to lock traders out of the move and why should they do this if they where not bullish.
如果下一根竹线上涨，振幅较大，且收盘于竹线高位，那么这也是一个SOS，因为我们认为这种上涨是SM为了使散户踏空做出的动作，如果他们不看多，为何要拉高价格？
Tips:
Do not be influenced by advice from well meaning friends, brokers, news. Believe your charts first because your chart tells you what has really happened.
不要收到朋友们、经纪人、新闻的影响，相信图表。

2.basic test
Looks like a shake-out but can also appear as a test, or a failed test. This is a stronger signal if it appears on a down bar. In a true shake-out you would expect the price spread to be wide to ultrawide, so caution if the spread is narrow as this will have less impact.
看起来像“shake-out”，但也可以表现为试盘，或者是失败的试盘。如果出现在下跌竹线，则是一个强烈的信号。在真正的shake-out， 你会预期看到竹线振幅扩展到大甚至超级大。须警惕，如果振幅是“窄”，那么则没有太多意义。

Supplementary Comments:
补充说明
All shake-outs usually occur on 'bad news' of some sort. The market has been rapidly marked down on the news, however closing on the highs indicates strength. Basically the prices have been marked down to shake the market out, to test the supply in the market, to catch stops, and to mislead as many traders as possible in the process. If the price now recovers to close on the highs, this would indicate that either supply had dried up (low volume) or that demand overcame the supply (high volume).
所有的shake-out通常都发生于坏消息时。因为坏消息，市场迅速下跌，但是却收盘于竹线高位则意味着SOS。一般来说，价格迅速下跌是为了震仓，为了试盘供给，为了抓止损，为了在此过程中误导尽可能多的交易者。如果价格现在恢复并收盘于竹线高位，则提示或者供给衰竭（低成交量），或者需求强于供给（高成交量）。

As with all the indications, follow the bars carefully and see how the marketmakers are responding to the sign of strength. Low volume up bars indicate their withdrawal from the market. The market failing to respond upwards, or even lower prices indicates unwillingness of the marketmakers and main players to participate in the market despite the indication of strength. A high volume up bar closing in the middle or lows, especially on a narrow spread is weakness. A high volume up bar closing in the middle or lows, especially on a narrow spread is weakness.
就像跟踪其他所有的指示信号一样，跟踪后面的竹线，看看SM到底对这个SOS信号如何反应。低成交量的上涨竹线暗示他们退出了市场。市场无法像预期那样上涨，甚至出现更低的价格，意味着尽管信号看多，但SM并不愿意参与市场。一个高成交量的上涨竹线收盘于中间或低位，尤其是窄振幅，则意味着市场弱势。

For a market to go up you need a base built; you need a cause for the next move up. Testing is seen after a cause has been built for the next move up. They are really mini shake-outs or to test weakness that has appeared in the market. They also catch stops and overall they are money making maneuvers that benefit the marketmakers accounts.
市场上涨之前需要筑底，你需要一个上涨的导火索。试盘往往出现在导火索出现后且准备上涨之前。它们其实是迷你shake-out，或是试盘曾经弱势的市场市场是否仍然弱势。它们同样也用来抓止损，总体来说，它们是SM做的军事演习，并使SM的账户小有获利。

If you are following a future, remember that the future is a derivative of the cash market - the equity lies in the cash market and not the future. The future will move first, however, because the main players will know in advance if the cash market is becoming either weak or strong and will trade the future accordingly.
如果你在跟踪期货，永远记住期货根源于现货市场，它的净值来源于现货而不是期货。但是期货往往先于现货行动，这是由于SM知道现货市场会发生变化而同时在期货市场交易的结果。

3. Test After Bounce
Looks like a bottom reversal or a test over two bars. These are designed to shake you out of the market, catch your stops or to mislead you as much as possible. They mostly happen on the market lows.
看起来像“bottom reversal"或 由两根竹线组成的TEST。这些是设计好的要将你震仓出去的竹线，抓住你的止损，或者尽可能地误导你。它们往往出现在市场底部。

Supplementary Comments:
补充说明：
If the next bar is wide and up with volume not low or ultra-high you would expect higher prices. 
如果下一个竹线振幅大，上涨，且成交量不小甚至超大，那么你该预期更高的价格。
If the next bar is reluctant to go up on low volume and perhaps a narrow spread then this is 'NO DEMAND'. You may have strength but the market is not ready yet.
如果下一个竹线不愿意上涨且成交量低，有时是一个窄竹线，那么这是”no demand“。说明虽然有SOS，但是市场还未准备好。

4. test after shake-out（该法需要从盘中辨认TEST）
The prices have been marked down at the opening, if the volume has been low and on that volume the market has closed on the highs this is a sign of strength. More strength if the news is 'very bad'. There is little or no professional selling on this bar. The mark down shows no selling pressure. To close on the highs also shows no down side selling pressure.
价格在开盘时很低，如果价格在开盘后回升至竹线高位且成交量不大，这是SOS。如果消息很坏则看多意味更重。这说明这根竹线只有很少或没有SM供给，价格下降时没有显示出供给压力，收盘在竹线高位也显示在价格降到较低时并没有供给压力。

Supplementary Comments:
补充说明：
If the volume has been very high to ultra high and the news is 'bad' then this could very well be a 'selling climax' and a strong buy signal.
如果开盘后成交量曾非常高或超级高，而消息很坏，那么这则会很可能是“selling climax”，而且是非常强烈的买入信号。
The very next bar to any arrow is very important because it is showing you the immediate response of the marketmakers.
下一个竹线的任何信号都会非常重要，因为它告诉你SM对其的即时反应。
An immediate up move, closing on the high, confirms strength.
如果价格是立即向上移动，收盘在竹线高位，则确认看多。
An immediate up-thrust would indicate weakness .
如果是一根up-thrust则提示市场弱势。
Low volume up bar, indicates 'no demand' and a sign of weakness .
低成交量的上涨竹线，提示“无需求”，是一个SOW。
This indicator may show the start of accumulation if it has appeared after a down move. Following low volume down bars would confirm this.
这个信号如果出现在一段下跌之后，可能显示筹码收集的开始。如果后面出现低成交量的下跌竹线则可确认。

5. Test After Upthrust
Careful, this may be a Failed Test. A failed test looks like an ordinary test but the volume is too high. Markets do no like high volume when the spreads are wide. The high volume shows supply. The question is are the market makers willing to absorb the supply?
小心，这可能会是失败的试盘。失败的试盘看起来跟正常的试盘一样，但是成交量非常高。市场不喜欢高成交量的大价差竹线，因为太高的成交量表示有供给。问题在于市场愿意吸收这些供给吗？
The following bars should tell you.
后面几根竹线会告诉你
Low volume up-bars: The market is not going up very far right now, and will want to test the high volume
area.
低成交量上涨竹线：市场现在不会涨得的太远，仍希望回调测试高成交量。
Up-Thrusts: The market still looks weak.
上冲：市场仍然很弱。
Up bars on very high volume is also weakness.
上涨棒线带很高的成交量也是弱势。

6. Test in a rising market
After a successful test the market is ready to go up.
在成功试盘以后，市场准备上涨。
Testing is stronger on a down bar when the volume is seen to be low. This type of test may be followed by signs of weakness (red arrow) and then becomes an indication that the market is weak.
下跌的试盘竹线比上涨竹线更强。这种试盘有可能后面跟随SOW，然后变为市场弱势的特征。
Supplementary Comments:
补充说明：
The perfect test comes after you have seen a down move, you have seen stopping volume, the market drifts sideways and then a test appears on low volume. The down move makes the market oversold. Professional money steps in and buys the market (stopping volume). It then drifts sideways as more of the market is bought. A test triggers stops and shakes the market out, as well as indicating that there is no supply.
完美的测试在一段下跌之后，你已经看见了止跌量能，市场横向移动，之后出现一根低成交量试盘竹线。下跌使得市场处于超卖状态，专业资金开始进场并买入（形成stopping volume）。因此市场开始横向移动，因为市场上买盘变得更多。试盘出发止损并使得市场洗盘震仓，同样也暗示着市场已经没有抛盘。



p55
UP-THRUST
7. Hidden Upthrust
The high of this bar should be higher than the previous bar. Up-thrusts are a sign of weakness and this type can be gapped up with wide spreads and high volume. 
最高点应比前一根高点更高。up-thrust是一个SOW，这种类型可能会跳空，大振幅，高成交量。
Things to Look Out For:
The way to judge these up-thrusts is to look at the background information on your chart. Maybe you can see signs of strength, such as:
判断这些up-thrust的方法是观察background。也许你能看到strength，例如：
Low volume down bars in the background.
之前有低成交量下跌竹线
Up-thrusts can be tested quickly if the market is still bullish. If this happens you need to change your view as
the market is likely to go up.
如果市场仍牛市，up-thrust后可能会立即进行试盘，如果这种情况发生了，你需要改变你的看法，因为市场很可能上涨。
If the next bar is down on reduced volume this can also show that there is no carry through with the weakness.
如果下一根竹线下跌，低成交量，那么这也表明在那里弱势并没有延续下去。
Remain vigilant for signs of weakness. For instance:
须对SOW保持警惕，例如：
A sharp down bar following any 'up-thrust' is designed by the market makers to lock traders into poor positions and tends to confirm the weakness.
在up-thrust之后紧跟一个急剧的下跌竹线，这是SM要把交易者锁定在糟糕得位置，这种情况则倾向于确认弱势。
Additional 'up-thrusts' would also confirm weakness.
如果继续出现其他up-thrust也确认弱势。