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Wolfe Waves and Gartleys
Advanced Channeling Patterns: Wolfe Waves and Gartleys
April 4, 2005 |By Justin Kuepper
Channels provide a simple and reliable way for traders to define their entry and exit points within an equity. Although the basic channel-trading rules provide traders with a good idea of where the price is going within the channel, they leave little insight into where breakouts might occur. Identifying patterns known as Wolfe Waves and Gartleys, however, can help predict these breakouts in terms of both their timing and scope (their proportion to the established channel). This article will take an in-depth look at the channeling techniques centered on these patterns, and how they can be applied to help you profit.
Wolfe Waves
The Wolfe Wave is a natural pattern found in every market. Its basic shape shows a fight for balance, or equilibrium, between supply and demand. This naturally occurring pattern was not invented, but rather discovered as a means to predicting levels of supply and demand.
These patterns are very versatile in terms of time, but they are specific in terms of scope. For instance, Wolfe Waves occur in a wide range of time frames, over minutes or even as long as weeks or months, depending on the channel. On the other hand, the scope can be predicted with amazing accuracy. For this reason, when correctly exploited, Wolfe Waves can be extremely effective.
The overriding factor in identifying the Wolfe Wave pattern is symmetry. As shown below, the most accurate patterns exist where, between 1-3-5, there are equal timing intervals between wave cycles.

Figure 1: Bullish Wolfe Wave Pattern 
Figure 2: Bearish Wolfe Wave Pattern
Charts provided by http://www.chartsetups.com
Here are some key points to remember for identifying Wolfe Waves:
Waves 3-4 must stay within the channel created by waves 1-2.
Waves 1-2 equal waves 3-4 (showing symmetry).
Wave 4 revisits the channel of points established by waves 1-2.There should be regular timing intervals between waves.
Waves 3 and 5 are usually 127% or 162% (Fibonacci) extensions of the previous channel point.
The pattern can be found in:
Rising channels in an uptrend.
Falling channels in a downtrend.
Level channels during consolidation periods.
Notice that the point at wave 5 shown on the diagrams above is a move slightly above or below the channel created by waves 1-2 and 3-4. This move is usually a false price breakout or channel breakdown, and is the best place to enter a stock long or short. The "false" action at wave 5 occurs most of the time in the pattern, but isn't an absolutely necessary criterion. The point at wave 6 is the target level following from point 5 and is the most profitable part of the Wolfe Wave channel pattern. The target price (point 6) is found by connecting points 1 and 4 (see the red lines in Figures 1 and 2).

Figure 3 is an example of the pattern at work. Remember, wave 5 is an opportunity to take action with a short or long position while the point at wave 6 is the target price.
Figure 3: Chart provided by http://www.chart.nu
It is also important to note that Wolfe Waves, along with most pattern trading strategies, are highly subjective. (For further reading on this kind of subjectivity, see Launching Elliott Wave into the 20th Century.) The key to profiting is accurately identifying and exploiting these trends in real time, which can be more difficult than it sounds. As a result, it is wise to paper trade this technique - as it is any new technique you are learning - before going live. And, remember to use stop losses to limit your losses.
The Gartley
The Gartley trading pattern was created by H.M. Gartley, who first illustrated it in his book "Profits in the Stock Market" (1935). The setup consists of a single large impulse wave followed by two small pullback impulse waves. The diagrams below show examples of the ideal setup, both bullish and bearish. In the bullish example XA represents the first large impulse with a price reversal at A. In accordance with Fibonacci ratios,retracement AB should be 61.8% of the price segment A minus X. This percentage is shown by the segment XB.

Figure 4: Bullish Pattern
Figure 5: Bearish Pattern
Charts provided by http://www.chartsetups.com
At point B, the price again makes a smaller impulse opposite to that of A. Ideally, the retracement BC should be between 61.8% and 78.6% of the AB price range, regardless of the the length of the lines. This percentage is shown by segment AC. At C, the price again makes a reversal impulse opposite to that of B. In this pattern, again as stated by Fibonacci ratios, the retracement CD should be between 127% and 161.8% of the range BC, and this proportion is shown along the line BD.
Price D is the optimal point for buying or selling. At entry D the target retracement to a higher price is initially 61.8% of the range of segment CD. The movement from point D to its next point is extremely profitable. Moves from point D are very quick and powerful, and they follow this model accurately 60% or more of the time.
Here are the key points to remember for Gartleys:
Ideally, AB equals CD in time length.
Point D is a 62-72% pullback from XA.XD should ideally be 78.6% of the segment range XA.
Ideally CD equals AB.
Take action at point D.
The condition in which these patterns can be found depends on whether they are bullish or bearish:
Bullish Gartleys occur in uptrends.
Bearish Gartleys occur in downtrends.
Figure 6 demonstrates the bullish Gartley at work. And Figure 7 shows the bearish Gartley:

Figure 6: Chart provided by http://www.chart.nu
Figure 7: Chart provided by http://www.chart.nu
Conclusion
Both of these channeling techniques provide traders with a reliable way to locate breakout points and determine their scope. When using these patterns in conjunction with basic channeling rules, traders have access to a reliable and extremely versatile trading system to use in any market conditions.
高级通道交易模式:乌尔夫波浪与加特来斯交易法
2005。4。4 |Justin Kuepper著 汇客论坛汇林闲鹤,树静风止,leson译
通道提供给交易者一个简单而有可靠的方法可在股票市场里识别进出点。尽管这基本的通道交易规则提供给交易者一个比较清楚的看法去明白价格在通道内怎么运行,但他们依然会出现假突破的可能。众所周知,可以识别这些模式的有乌尔夫波浪与加特来斯交易法,无论如何,这这方法基于时间与空间(在通道里面形成的特定的比例)来预测这些突破。本文会比较深入的着眼于以这些交易模式为主的通道交易技巧,以及如何应用这些方法去帮助你获利。
乌尔夫波浪
乌尔夫波浪是一种在任何市场都能看到的普通型态。它的基本形状体现出要寻求供求的平衡或者均衡。这是自然型态并非发明出来的,但却被发现是一种预测供求之间的强弱的方法。
这种模式可以通用在任何时间周期上,但对空间有特别要求。举个例子,乌尔夫波浪根据通道的不同其时间段并无限制,少则数分钟,多则数周或数月都适用。另一方面,它对价格波动的预测出奇地精确。正因为如此,当乌尔夫波浪被正确的使用时,会极其有效。
识别乌尔夫波浪型态的最重要因素在于对称。如下图,其标准型态表现为在整个波浪中1-3-5浪之间的时间周期段是相等,等距的。
图 1: 牛市乌尔夫波浪模式
图 2: 熊市乌尔夫波浪模式

图片来源于 http://www.chartsetups.com
识别乌尔夫波浪主要是记住如下几点:
1,浪3-4一定要在由由浪1-2产生的通道内
2,浪1-2与浪3-4相等(表现出对称)
3,浪4回到通道内的点是由浪1-2确定的。这些在浪与浪之间应该有相等的时间间隔。
4,浪3与浪五通常是前面通道内的点延伸出127%或者162%(菲波纳奇)的位置上。
这种型态常见于:
* 上升趋势里的上升通道
* 下降趋势里的下降通道
* 盘整市里水平通道
我们要注意到图表中由浪1-2及浪3-4所产生浪5是有一小部分移动是在通道之上或之下的。这部分移动通常是错误的价格突破或通道被打破,这也是股票买卖进场的最好时机。在这种模式中,浪5的“错误”动作会频繁的出现,但这绝对不是必要的判别标准。浪6的点是从浪5预测的目标价位,这也是乌尔夫波浪通道交易法中产生最大利润的地方。这目标价位(点6)是有点1与点4连线所得的(可以从图1及图2的红色连线处看出)。
图3是是一个使用该模式交易的例子,记住,浪5是一个进场买卖点的时机,而浪6是目标价位。
图 3:

图片来源于 http://www.chart.nu
我们也要十分清楚的认识到,乌尔夫波浪如同其他绝大多数的模式交易策略一样是带有很多的主观色彩。(想更深入了解这种主观性,可以看《艾略特波浪在20世纪中的使用》一书)获取利润的关键在于使用的时候能正确的识别及使用这些趋势,这比听起来要困难的多。因此,我们最好在使用真实账户进行交易前先利用模拟交易进行这种技术-正如你每学到一样新的技术那样。同时,记住,使用止损来减少你的亏损。
加特来斯交易法
加特来斯交易模式由H.M.Gartley发明 , 他首次在他的书“在股票市场获利”(1935)中提出这种形态。该形态由一个大推进浪,后面跟随两个小回调浪组成。 下图是理想情况,一个牛市,另一个是熊市形态。在牛市中,XA代表第一个大推进浪,价格在A点反转。根据菲波纳奇比例,回撤AB应该是价格A减去 X的61.8%。图上线段XB给出了这个比例。
图 4: 牛市模式

图 5: 熊市模式

图片来源于 http://www.chartsetups.com
在B点,价格又向A点发生了一个小的回撤,理想的情况是,BC应该在AB价格的61.8%至78.6%之间,和线段的长度无关。这个比例在图中以AC线段来表示。在C点,价格再次发生一个相对于B点的回撤,在这个模式中,依然应该遵从菲波纳奇比例, CD的长度应该在 BC的127% 和 161.8% 之间,这个比例在图上用BD来表示。
价格 D是一个理想的买入或者卖出点。从D点开始,第一目标位应该是CD的61.8%。在D点买入到下个目标位获利颇丰,从D点开始,市场运行快速而有力,60%以上的情况,市场会遵从这个规律。
加特来斯交易法的关键点:
理想情况下, AB 和 CD 在时间上相等
D 点是XA的62-72%回撤。XD 最好是XA的78.6%.
理想状态下, CD 等于 AB.
在D点买入或者卖出
在什么情况下能找到这种形态取决于是牛市还是熊市:
牛市加特来斯交易法发生在上升趋势中.
熊市加特来斯交易法发生在下降趋势中.
图6是牛市形态,图7是熊市形态:
图6:

图片来源于 http://www.chart.nu
图7:
图片来源于 http://www.chart.nu
结论
这两种通道技术为交易者提供了一个可以找到突破点的工具,并且,还可以预测突破后的目标位,如果把这两种技术和基础的通道规则联合运用于市场,交易者可以形成一个灵活有效的交易系统,而且该系统适用于任何市场情况。

leson评价:乌尔夫波浪通道交易法,最大的缺陷在于那5浪的假突破,因为我们不能确定真假突破,假如该突破为真突破,简言之就是该形态失败。文中没有说明点5的幅度有多大,只是简单的说了是很小的一个幅度,这就给我们交易带来麻烦。我推荐的解决方法是,在5浪回到通道内时才建立头寸,并把止损放到点5上方,这样相对安全些。而文中是认为点5这个假突破正是建立头寸的时机,个人认为不大妥,相信不少朋友都会在这里迷失,比较难判断该假突破的幅度,如果是新手的话更会为自己的亏损找借口。
加特来斯交易法对我来说要求比较精确,尤其是发明该法的人已经有很久的时间了,我不大相信这样精确的方法,故也没具体验证。请各位朋友使用过后提供一下结果。 |
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