Wyckoff市场原理：

Wyckoff

需求区域吸筹

需求区域Demand

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.

Lines A and B： define support of the Trading Range.定义交易范围的支撑 Lines C and D： define resistance of the Trading Range.定义交易范围的阻力 (PS) preliminary Support首次支撑位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.长期下跌后，大量买入开始显示支撑并提供信号表明下跌可能接近尾声 (SC) Selling Climax恐慌抛售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.再次放量大幅度下跌，恐慌卖盘抛出，底部大量买盘吸筹。 (AR) Automatic Rally自动反弹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.卖盘减少，一波买盘轻易推高价格，而空头平仓进一步推高价格。这波反弹的高点即可确定交易区间的顶部。 (STs) Secondary Test(s)第二次测试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.回调二次确认抛盘区域的价格多空平衡。如果要确认底部，大量供应不应重新浮出水面，而且随着市场接近SC领域的支持，数量和价格价差应大大减少。（缩量震荡） The “CREEK小河” 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. 类似于一条波浪状的阻力线，该阻力线松散地画在交易区间内的涨势峰值上。还有次要的阻力线和更重要的阻力线，在市场继续前进和上升之前，这些阻力线必须跨越。 Springs or Shakeouts(洗盘) 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.震荡洗盘通常发生在交易区间较晚的时候，允许市场及其主要参与者在标记活动展开之前对可用供应进行明确的测试。

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. 缩量，则底部区域确认。

Heavy supply here will usually mean a renewed decline. Moderate volume here may mean more testing of support。放量，则仍有新一轮下跌。中量，则持续震荡再测试。 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. 洗牌的目的还在于以较低的价格吸筹。此阶段的成交量是最低的 Jump Across the Creek (JAC)跳过小河/阻力 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). Sign of Strength (SOS) 强势信号 an advance on good (increasing) spread and volume.温和放量 Back Up (BU) to a Last Point of Support (LPS)最后支撑点 – a pull back to support (that was resistance) on diminished spread and volume after a SOS.缩量支撑 This is good place to initiate long positions or to add to profitable ones. 这是启动多头头寸或增加盈利头寸的好地方。 Note: A series of SOS’s and LPS’s is good evidence that a bottom is in place and Price Markup has begun. 一系列的SOS和LPS是一个很好的证据，表明底部已经就位。

供应区域派发

供应区域Supply

Distribution Schematics

Schematics 2 and 3 show us two model variations of distribution Trading Range. Phases A through E：phases through which the Trading Range (TR) passes as conceptualised by the Wyckoff method and explained in the text. (PSY) Preliminary Supply最初供应点is where substantial selling begins to provide pronounced resistance after an upmove.Volume and spread widen and provide a signal that the upmove may be approaching its end. (BC) Buying Climax疯狂抢购is the point at which widening spread and the force of buying climaxes, and heavy or urgent buying by the public is being filled by larger professional interests at prices near a top. (AR) Automatic Reaction自动回调with buying pretty much exhausted and heavy supply continuing an AR follows the BC. The low of this selloff will help define the bottom of the Trading Range (TR). (ST) Secondary Test(s)第二次测试 revisit the area of the Buying Climax to test the demand/supply balance at these price levels. If a top is to be confirmed, supply will outweigh demand and volume and spread should be diminished as the market approaches the resistance area of the BC. (SOW) Sign of Weakness弱势信号 at point 10 will usually occur on increased spread and volume as compared to the rally to point 9. Supply is showing dominance. Our first “fall on the ice” holds and we get up try to forge ahead. The ice冰面is an analogy to a wavy line of support drawn loosely under reaction lows of the Trading Range. A break through the ice will likely be followed by attempts to get back above it. A failure to get back above firm support may mean a “drowning” for the market. (LPSY) Last Point of Supply最后的供应点 (Schematic 2/Point 11): after we test the ice(support) on a SOW, a feeble rally attempt on narrow spread shows us the difficulty the market is having in making a further rise. Volume may be light or heavy, showing weak demand or substantial supply. It is at these LPSY’s that the last waves of distribution are being unloaded before markdown is to begin. Schematic 2/Point 13: after a break through the ice, a rally attempt is thwarted at the ice’s surface (now resistance). The rally meets a last wave of supply before markdown ensues. LPSY’s are good places to initiate a short position or to add to already profitable ones. (UTAD) UPthrust After Distribution派发之后的上冲，向上洗盘(See Schematic 3/Point 11). Similar to the Spring and Terminal Shakeout in the trading range of Accumulation, a UTAD may occur in a TR or distribution. It is more definitive test of new demand after a breakout above the resistance line of the TR and usually occurs in the latter stages of the TR. If this breakout occurs on light volume with no follow through or on heavy volume with a breakdown back into the centre of the trading range, then this is more evidence that the TR was Distribution not Accumulation.This UTAD usually results in weak holders of short positions giving them up to more dominant interests, and also in more distribution to new, less informed buyers before a significant decline ensues.