| 一个纯使用kd的系统 翻译：暗袖盈香 Escalator to Pips
Pipping Your Way to The Top
暗袖盈香译
Presented April 4, 2007
To the reader’s of Forex Factory
May all your trades be successful ones
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If you have been following my journal entries in Forex Factory, you will notice that I have been making extremely short term trades to capture small pips. This I have been doing to demonstrate the use of stochastics over multiple time frames. I also wanted to demonstrate that you can make low gain pip trades and make a consistent income from it.
Now, I will show you what I call the “escalator to pips”. From this time forward this is the more often method I will be using to trade in my journal. I am providing you samples of charts to refer to so that you may understand what dictates my decision making for a trade. In my journal I will be trading live and invite everyone to discuss trades and ask questions, or provide insight of their own.
第一部分是免责声明，我就不进行翻译了。
Escalator to Pips Methodology
I use this only on GBPJPY however I am sure it can be used on any pair. One pair is enough for me to concentrate on and earn pips from.
我只在GBPJPY货币对使用过这个方法，但是我确信他能用到所有货币对中。一个货币对就足够我投入全部精力并获利了。I set up 4 charts at 15 minutes (15M), 30 minutes (30M), one hour (1H) and 4 hours (4H).
I use and only need one single indicator, the stochastic slow set at 5,3,3.
我使用了15m、30m、1H、4H四个图表。我仅使用一个指标，就是随机指标kdj，参数5/3/3.
Our trades are always initiated by a simple series of events that happens over multiple time frame stochastics. If you need an explanation of stochastics you will not find it here, please look on the Internet.
我们根据不同时间框架下kdj的简单情况就可以决定是否交易。本文不介绍kdj指标的使用，想学习使用可以在网络其他地方找到。
Entry Rules
1. Ignore the %K, %D cross.
2. Always wait for the 4H chart to lead our entry.
3. Long trades are entered when all 4 time frame stochastics are moving upwards and the solid lines are all above or at 20.
4. Short trades are entered when all 4 time frame stochastics are moving downwards and the solid lines are all below or at 80.
入场规则：
1. 不考虑k、d两线的交点
2. 等待4H图表来决定是否入场
3. 所有4个时间框架kdj都向上运动，且实线都在20或以上时入场做多
4. 所有4个时间框架kdj都向下运动，且实线都在80及以下时入场做空
These four rules are our foundation for entering a trade. I wish it was this simple for every trade entry, and most of the time it is. However, there are always some variances to watch for and these are explained in the following charts.
这四个规则就是我们入场交易的基础。我希望对每个交易入场都这么简单，事实也是如此。然而，凡事总有意外，我们用下面的图表来解释一下。
Exit Rules (choose any of the below)
1. Exit at a pre-determined pip amount
2. Exit when you see a reversal in one or more time frames
3. Exit when the 15M hits the line (80 long; 20 short)
4. Exit when any of the other time frames hits the line (80 long; 20 short)
5. NEVER use the 4H chart 80 or 20 line to exit.
出场策略（以下任何一个条件能达到）
1. 打到止赢
2. 当你在任何一个时间框架中看到反转
3. 当15m图表中的kdj打到分界线（多时为80，空时为20）
4. 当其他任何一个图表的kdj打到分界线（多时为80，空时为20）
5. 永远不要使用4H的20和80作为出场条件。
By looking at the exit rules you can see why I call this the escalator to pips. As we enter a trade we will ride the 15M, then the 30M and finally the 1H stochastic chart to either the 80 line (long) or 20 line (short).
通过出场条件，读者就可以明白为什么我把这个系统叫做escalator to pips。当入场交易时，我们使用15m然后是30m最后是1H的kdj到达80或20线。 Stops 止损
I think I could actually write a book on stops. In fact this is one of the hardest sections to write and keep short. So, I am just going to tell you how I use stops and leave it at that.
我想仅仅止损就能写一本书。事实上，这一部分是最难的也是最少人能明白的。所以，本文中我会说明我是如何使用止损，以及放置在哪里。
Stops are used to either protect my account or my profits. I never use a stop to stop a bad trade. The stochastics stop my trade, not the stop. That means I am in full control of my trade and it is based on the same exact method I use to make pips. I give my trade lots of room…usually 70-100 pips away from price. My stop is going to get hit if there is something abnormal happening in the world or the market, not because the stochastics are wrong.
止损用于两种方式，1是保护我们的账户，2是保护 我们的利润。我从来不对失败的交易使用止损。Kdj让我退出交易而不是止损离场。这意味着我能够完全控制我的交易，我使用同样的方法来盈利。我为交易预留 出空间…一般来说是距离入场价格70~100点。当消息面出现意外消息的时候会打到我设置的止损，这并非我的kdj方法错误。
You can never lose taking profitable pips. You only lose when you lose a pip profit. Always move your stop to protect your profits. Never cry over lost pips if you made at least 1 pip. You’ll have another trade to make more pips, but how many pip losses can you survive?
交易者不能损失已盈利点数。当你损失你的盈利的时候你唯一的结果就是亏损。经常移动你的止损来保护你的盈利。如果你盈利至少1点的时候就不要说你损失了。还会有交易让你盈利的，但是你能经受多少亏损呢？
The more margin you have the less risk you’ll be at for any single trade. $500 mini account traders carry lots of risk every trade…you have to accept this and have your next $500 ready when something bad happens. If you are trading to protect $500, you are going to have an extremely tough time making pips in Forex because you’ll simply set too low a stop trying to protect too low a margin. I’m not saying you need to lose your $500 on a single trade. What I am saying is don’t set your stops like you only have $500 to trade with…even if that is all you have.
你 所用的保证金越多，你每比交易所承担的风险越小。500美金的迷你账户交易者每次交易都会承担很大风险…你必须接受这种情况，并时刻准备好另外的500开 户费用来应付不时之需。如果你的交易只是为了保住500美金，那么在外汇交易中即使盈利你也会过的异常痛苦，因为你不得不为了保住一丁点保证金而设置一丁 点止损。我不是让你一笔交易就亏损500美金。我说的是不要因为你只有500美金而设置过小的止损…即使你只有500美金。
If your in doubt about my stop theory. Sit and watch my trades in my journal and watch how often I hit my stops or how much I lose from stops. Then look at how much I lose. Then you will understand what I am writing about and you will have more confidence in what I suggest.
如果你对我的止损原则有疑问。请坐下来看看本文中我的交易，有多少次我被止损，有多少次我因为止损而亏损。然后看看我亏损了多少，然后你就会明白我所写的是什么意思，然后你会对我说内容拥有更大的信心
Charts
All charts are only stochastic indicators from GBPJPY. All times are GMT. All charts have stochastics from top to bottom of 15M, 30M, 1H and 4H. Vertical dashed line in each chart identifies a significant time as discussed in each chart. Dashed horizontal lines at the top and bottom of each chart identify the 80 (top) and 20 (bottom) lines.
所有图表都是只有kdj指标的GBPJPY。所有时间都是格林威治时间。所有kdj图表从上到下都是15m/30m/1H/4H，每个图中垂直虚线都标识了该图中要讨论的时刻。上面的和下面的水平虚线标识的是80（上）和20（下）
I have purposely left the price out of each chart to show you that we do not need the price chart to know where our trade is (although knowing how stochastics and price move together is extremely beneficial). We really only need price to know how many pips we are making, or how close we are to our stop.
我已经刻意在每张图表外留下了价格，这样我们就不需要再看价格图表来确定我们交易所处的位置了（虽然知道kd指标与价格一起运动是多么有好处）。我们知道价格仅仅是为了了解我们已经盈利多少点，或者我们距离止损还有多远。 Chart 1a – March 14, 2007 at 12:00 Long Entry
Every long trade you enter should resemble this chart. In this sequence, the 15M is higher than we would like and the 4H has just cleared the 20 line which is not ideal.
所有做多的交易都类似于本图。按顺序，15m比我们预期的要高，4H刚刚能达到20线位置，这还不理想
Notice every time frame stochastic for this long trade is above 20.
注意每个时间框架的kd指标都要在20线以上。
Notice too, that we did not enter this trade until the 4H crossed the 20 line. There is a huge misleading idea in trading that long term charts identify the trend. This is false. Long term charts tell us only what the short term charts have been doing. There is no guarantee because a long term chart is just starting an up trend it will continue to go up. However, we do know if our short term charts reverses, our long term chart will be affected.
还要注意的是，4H的 kd向上交叉20线之后才能做多。大周期图表确定趋势是个很大的误解。这是错误的。大周期图表告诉我们的只是小周期图表正在发生的事情。无法保证因为长周 期图表正在开始一个上升趋势他就会一直升上去。然而，我们知道，如果小周期图表发生反转，大周期图表会受到影响。
You might think I’m splitting hairs on a definition here, but I am not. I am trying to dispel a false train of thought that you probably have. I don’t know how many times people state that “the 15M is doing such and such but it is too short a time frame to matter”. All I can say is “open your eyes, the 15M chart is telling you something”.
你也许会认为我这里与我的定义出现了歧义，其实没有。我只是想消除你可能有的一个错误观点。我不知道听到多少次交易者说“15m正在如何如何但是他的时间框架太短了，没有什么用”。所有我说的是“睁开双眼，15m图表会告诉你一些事”。
Statistically we know that stochastics will behave a certain way. I know in this situation we have about a 99% chance that we will see continued up ward movement in price based on all four time frames. The only thing I do not know is how far up the price will move. What will dictate the limit of the move will be the 15M, the 30M and the 1H charts. The higher the time frame I ride on the “escalator” the greater my risk is of a price move in the opposite direction. However the higher up I go the more pips I have already gained.
根据统计我们知道，kd按照一定规律运动。我想当四个时间 框架统一向上时，我们有99％的机会可以追随一个向上的价格运动。我唯一不知道的是价格会向上运动多远。军定运动极限的是15m/30m/1H图表。我所 使用的时间框架越高，价格出现反向运动的风险越大，然而未反向时，我所能获得的收益也就越大。
Getting back to my explanation of trends and time frames. Each movement in a lower time frame will affect the time frames above. It is the degree that a lower time frame affects a larger time frame that will indicate what our price will do. Why? Because lower time frame movements build longer time frame trends.
回顾我对趋势和时间框架的描述。小时间框架的每个运动会影响上一级大时间框架。
You have to remember this to trade stochastics over multiple time frames successfully.
一旦你记住了这一点，那么就可以成功使用多时间框架kd进行交易。 Chart 1b – March 14, 2007 at 16:00 Exit the Trade
All our exits appear at the same time; 16:00 however each will give us a different exit price:
我们在同一个时间离场：16:00，然而离场价格是不同的。
Entry was at 223.50 Long 223.50入场做多
Exit on 15M is at 224.14 +64 pips 15m条件退出于224.14，盈利64点
Exit on 30M is at 224.07 +57 pips 30m条件退出于224.07，盈利57点
Exit on 1H is at 224.81 +131 pips 1H条件退出于224.81，盈利131点
The discrepancy here is exiting at highs, lows or closes during each time frame. However, it does not matter, all gained pips.
这个差异产生于在每个时间框架的高点、低点或收盘。然而，多少没有关系，毕竟都是盈利的。
Look at the charts and you can see the 15M chart going for a wild ride up. If we pay attention to our other time frames, especially the 30M as it is closest to the 15M, we can see things are fairly stable.
观察图表你可以看到，15m图缠绕向上。如果我们关注其他时间框架，特别是30m，因为他距离15m最近，我们能看到kd相对稳定。
Can you see how the 15M builds the 30M, the 30M build the 1H chart?
你能看出15m如何影响30m，30m如何影响1h？
I can tell the price is going to continue going up in the 15M chart because the downward moves on the 30M chart and even the 1H chart are almost non-existent. As wild as the 15M chart is, it is building an upward trend for the longer time frame charts
我能判断价格在15m图中还会继续上行，因为30m甚至1h图表的向下运动趋势基本是不存在的。15m图表越发散，他就越能够巩固大时间框架图中的向上趋势。
The 4H chart during any trade is merely a reference point to our direction and what the short terms are building.
每一个交易中的4h图表仅仅是用作一个方向的参考以及
I can show you a dozen more long trades and they will all look like this. Shorts are just the opposite.
我可以给你看很多做多交易，他们看起来都和这个图表类似，做空的是正好相反。
So how about something tricky and bad. Let’s go on to the next charts.
Chart 2a – March 20, 2007 at 16:00 A Bad Trade Short?
As you can see by this chart our 4H has just crossed the 80 on the way down on March 20, 2007 at 16:00.
看这个图，2007.3.20 16:00 4H刚好与80线向下交叉。
Here again we would much rather have the 15M and 30M much higher up the stochastic scale than they are to jump into a trade. In fact you would have to consider this a pretty risky trade because of where the 15M and 30M are together.
事实上，你可以认为这是一次完美的交易，因为15m和30m图表同步了。
I will tell you that the 4H didn’t go down much further in this trade when it was entered here. This is about as bad as the trades go under “normal” conditions.
我会说，这次交易入场后4H图并不会下降太多。看起来大概和一般情况下进行的交易一样坏
It is not an ideal trading position so already we are at risk, There is a possibility that we could have enjoyed a better trade since we could have entered the trade before the 4H closed it’s candle. I don’t like to trade that way unless the movement is clear or it is late in the candle.
这并不是一个好的交易位置，因为我们依然会处于比较大的风险之下。有可能我们能在4H收盘之前入场就能有一个风险相对较小的交易。但是我不喜欢这样交易，除非运动趋势已经很明显了，或者目前已经接近收盘。
However, I went with the trade here so let us see what happened that turned this into a bad trade.
然而，我顺从交易的趋势，让我们看看趋势反转之后会发生什么 Chart 2b – March 20, 2007 at 16:00 A Bad Trade Short?
The 15M and 30M both turned up rather quickly. Here’s what happened to price:
15m和30m图表都快速上升。价格也是这种走势
Entered short at 229.95 在229.95做空
15M hit 20 at 229.38 +57 pips 15m在229.38到20，盈利57点
30M did not hit 20 30m未到20
1H did not hit 20 1H未到20
Technically if you exited at 15M you still gained 57 pips and hopefully you protected some of those pips when you went to 30M.
严格的说，如果你在15m图表出场，你依然盈利57点，但愿你在看30m图表的时候已经保护这些点数。
When the 15M and 30M both turned up you should be exiting but definitely when the 1H turned up and closed.
当15m和30m都转向上你就应该离场，除非1H肯定向上并且已经收盘。
So what would you have lost if this happened and you waited for the 1H to turn up and close?
所以，当15m和30m发生这种情况并且你等待1H收盘并转上，你会损失什么呢？
You actually would have gained about 4 pips and lost that to your spread.
你能赚取4点，亏损的是点差。
Here is a great example how the small time frames build the 4H trend and why my stops are rarely ever hit for a loss. During our trade the 4H is still moving down and the net effect of the upward movement of the short term charts was small. Small enough anyways to allow us to gain some pips.
这是一个很好的例子，验证了小时间框架是如何影响4H趋势的，也说明了为什么我们的止损即使被打到也很少亏损。持仓时，4H仍然在向下运动，小周期向上运动产生的绝对影响很小。
The short term stochastics told us what was happening and started to move up. It was time for us to bail out when two moved against us and one did not hit the 20 line. When 3 moved against us, we were in trouble. At worst we would have hit our profit stop.
短周期kd线告诉我们目前的情况，并且已经向上运动。当两个周期曲线都反向和有一个达不到20线的时候就该轮到我们离场了，当三个周期的曲线反向的时候，形式已经很危险了。最坏情况是打到我们的盈利保护。
The 4H didn’t lead us astray, it was just a weak down turn and we entered this trade knowing there was some risk attached. The short term stochastics showed us they were starting to build an up trend and the 4H was just slow in reacting…which it always is.
4H图表不会让我们迷路，他仅出现了一个微弱的下降，如果我们要进场，我们应该知道这次交易伴随更大的风险。小周期kd告诉我们，小周期市场开始出现上升趋势，4H图表反应会慢一些，通常都是这样。 Chart 3a – March 6, 2007 at 2:00 The Optimum Long Entry
This chart is a good example of the what an optimum entry point looks like for a long trade.
这个图展示了一个理想的多单交易入场点。
Notice first that the 4H actually led the entry to the trade and broke the 20 line first. This is the best possible situation as we know that the lower time frames are building a strong up trend.
首先要注意的是，4H首先突破20线出现做多信号。这是一种最好的情况，因为我们知道此时更小时间框架会出现猛烈的上升趋势。
The rest of the time frames have nice parallel lines, they are all moving at the same slope and all have their stochastic lines about the same distance apart. In other words the stochastics are almost identical on each chart.
剩下的几个时间框架有很完美的水平线。他们沿着相同斜率运动，他们的kd线距离几乎一致。换句话说，每个图表的kd曲线基本是一致的。
Just for the record, this trade would have netted you anywhere from 50-200 pips!
对照记录，这次交易可以带给你50－200点的纯盈利。
Take this chart and post it on your wall as a reference.
记下这个图的样式，并贴在墙上作为一个参考吧。
Chart 3b – March 7, 2007 at 2:30 The Optimum Short Entry
This is a chart of the optimum short entry setup.
这个图是一个完美的空单入场图形This is an example of cheating a little and entering when the 1H is halfway through the candle. Trading live is much different than looking at historic charts. During this time frame the movement was quite simple to see.
在1H蜡烛中间出现了一次。当时的市场情况与看历史图表有很大不同。在这个时间框架过程中，这个运动很容易理解。
Again the 4H leads the trade entry and the downward stochastics of the other time frames are making identical moves.
再一次，4H又一次提前给出入场信号，其他时间框架的kd出现了显著的向下运动。
Another easy trade and the pips gain anywhere from 90-200 pips.
本次盈利大概90－200点。 Trading Forward Live
I left the price out of my charts in this document so that you would concentrate on the stochastics. As you trade more and more using this stochastics you will learn how price reacts to the stochastics. This is a valuable tool and becomes second nature to you without even having to think about it.
Let the stochastics rule your decisions not the price. The price will move to make you think you are wrong. The price movements are used to manipulate your decisions. The stochastics tell the naked truth.
Practice with stochastics. Cover the price on your monitor and watch the stochastics move over multiple time frames and write down what you think the price is doing and will do. You will be amazed in a short time how well you can interpret what is happening in the market and how you can “predict” moves long before they happen as your brain absorbs the patterns.
Your greatest enemy will be human error and that feeling that you might miss a great trade if you don’t act now. If you are feeling that anxiety, take a step back and think it out. Am I too early? Too late? Does something not feel right? As you trade stochastics learn to listen to your gut. It is actually your brain saying “this pattern is not right” or “this pattern is right”.
Look at the charts I included here. This is about as close to fail-safe trading as you will find. If you get into a losing slump go back and just trade the optimum setups until you feel like a winner again.
Always, it is never about how many pips you make, but what the pips are worth that counts! | 
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