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Trend Lines 趋势线 Technical analysis is built on the assumption that prices trend.技术是建立在假设，即价格的趋势。 Trend Lines are an important tool in technical analysis for both trend identification and confirmation.趋势线是一个重要的工具，技术分析两个趋势鉴定和确认。 A trend line is a straight line that connects two or more price points and then extends into the future to act as a line of support or resistance.趋势线是一条直线，连接两个或两个以上的价位，然后延伸到未来作为一个系列的支持或阻力。 Many of the principles applicable to support and resistance levels can be applied to trend lines as well.许多原则适用于支持和阻力水平可以适用于趋势线以及。 It is important that you understand all of the concepts presented in our Support and Resistance article before you continue.重要的是，你明白所有的概念中提出我们的支撑和阻力的文章 ，然后再继续。 Definition 定义 Uptrend Line 上升趋势线 An uptrend line has a positive slope and is formed by connecting two or more low points.上升趋势线具有积极的斜坡 ，并形成了连接两个或两个以上的低点。 The second low must be higher than the first for the line to have a positive slope.第二低必须高于第一线产生积极的斜坡。 Uptrend lines act as support and indicate that net-demand (demand less supply) is increasing even as the price rises.上升趋势线作为支持，并表明净需求（需求小于供给）越来越多的甚至在价格上涨。 A rising price combined with increasing demand is very bullish, and shows a strong determination on the part of the buyers.正在崛起的价格再加上不断增长的需求是非常看好，并显示出强大的决心一部分买家。 As long as prices remain above the trend line, the uptrend is considered solid and intact.只要价格仍高于趋势线的上升趋势被认为是牢固和完整无缺。 A break below the uptrend line indicates that net-demand has weakened and a change in trend could be imminent.跌破该上升趋势线表明，净需求削弱和改变的趋势可能迫在眉睫。 Downtrend Line 下跌趋势线 A downtrend line has a negative slope and is formed by connecting two or more high points.下降趋势线的负斜率和连接，形成两个或两个以上的高点。 The second high must be lower than the first for the line to have a negative slope.第二次高必须低于第一线具有负斜率。 Downtrend lines act as resistance, and indicate that net-supply (supply less demand) is increasing even as the price declines.下降趋势线作为阻力，并表明，网络供应（供应不足的需求）越来越多的甚至在价格下跌。 A declining price combined with increasing supply is very bearish, and shows the strong resolve of the sellers.阿价格下降加上越来越多的供应是非常悲观，并显示了强大的决心卖方。 As long as prices remain below the downtrend line, the downtrend is solid and intact.只要价格保持在低于下跌趋势线，下跌的是牢固和完整无缺。 A break above the downtrend line indicates that net-supply is decreasing and that a change of trend could be imminent.突破了下跌趋势线表明，净减少和供应的变化趋势可能迫在眉睫。 For a detailed explanation of trend changes, which are different than just trend line breaks, please see our article on the Dow Theory .的详细解释的趋势变化，这是不同的不仅仅是趋势换行符，请参阅我们的文章对道氏理论 。 Scale Settings 规模设定 High points and low points appear to line up better for trend lines when prices are displayed using a semi-log scale.高点和低点出现排队更好的价格趋势线时，显示使用半日志规模。 This is especially true when long-term trend lines are being drawn or when there is a large change in price.这是尤其如此长期趋势线正在拟订或当有很大的价格变化情况。 Most charting programs allow users to set the scale as arithmetic or semi-log.最有特色的程序允许用户设置规模算术或半日志。 An arithmetic scale displays incremental values (5,10,15,20,25,30) evenly as they move up the y-axis.算术表显示增量值（ 5,10,15,20,25,30 ）均匀，因为它们移至Y轴。 A $10 movement in price will look the same from $10 to $20 or from $100 to $110.十元运动的价格将同时从10美元到20美元或100美元至110美元。 A semi-log scale displays incremental values in percentage terms as they move up the y-axis.半日志规模增量值显示以百分比计算，因为它们移至Y轴。 A move from $10 to $20 is a 100% gain, and would appear to be a much larger than a move from $100 to $110, which is only a 10% gain.甲从10美元到20美元是100 ％的涨幅，并似乎是一个更大的比从100美元至110美元，这是只有10 ％的增幅。 In the case of EMC对于EMC公司 , there was a large price change over a long period of time. ，有一个大的价格变动在很长一段时间。 While there were not any false breaks below the uptrend line on the arithmetic scale, the rate of ascent appears smoother on the semi-log scale.虽然没有任何虚假休息的上升趋势线以下的算术规模，上升的速度似乎顺畅的半表。 EMC doubled three times in less than two years. EMC的一倍三次在不到两年的时间。 On the semi-log scale, the trend line fits all the way up.半日志规模，趋势线适用于所有的方式了。 On the arithmetic scale, three different trend lines were required to keep pace with the advance.的算术规模，三种不同的趋势线必须跟上前进。 In the case of Amazon.com (AMZN)如Amazon.com （ AMZN ）股价上涨 , there were two false breaks above the downtrend line as the stock declined during 2000 and 2001. ，有两个假突破的下降趋势线的库存在下降， 2000年和2001年。 These false break outs could have led to premature buying as the stock continued to decline after each one.这些虚假的突破出局可能导致过早买进的股票继续下跌后，每一个。 The stock lost 60% of its value three times over a two year period.的股价下跌60 ％ ，其价值3倍以上两期。 The semi-log scale reflects the percentage loss evenly, and the downtrend line was never broken.半日志规模反映了跌幅均匀，而且下跌趋势线从未中断。 Validation 验证 It takes two or more points to draw a trend line The more points used to draw the trend line, the more validity attached to the support or resistance level represented by the trend line.需要两个或两个以上的点，画的趋势线以上的点，用来提请趋势线，更有效重视支持或阻力位所代表的趋势线。 It can sometimes be difficult to find more than 2 points from which to construct a trend line Even though trend lines are an important aspect of technical analysis, it is not always possible to draw trend lines on every price chart.它有时会很难找到超过200点，以建设一个趋势线趋势线虽然是一个重要方面，技术分析，并非总是能够利用趋势线的每一个价格图表。 Sometimes the lows or highs just don't match up, and it is best not to force the issue.有时低点或高点只是不匹配，这是最好不要强行解决这个问题。 The general rule in technical analysis is that it takes two points to draw a trend line and the third point confirms the validity.中的一般规则的技术分析是，它需要两个点，画趋势线和第三点确认有效性。 The chart of Microsoft (MSFT)图表微软（ MSFT ） shows an uptrend line that has been touched 4 times.显示上升趋势线已经触及的4倍。 After the third touch in Nov-99, the trend line was considered a valid line of support.第三次接触后，在11月99 ，趋势线被认为是有效的行的支持。 Now that the stock has bounced off of this level a fourth time, the soundness of the support level is enhanced even more.现在，股价已反弹这一水平四分之一的时间，健全的支持程度更加提高。 As long as the stock remains above the trend line (support), the trend will remain in control of the bulls.只要股价仍高于趋势线（支持） ，这一趋势将继续留在公牛队的控制。 A break below would signal that net-supply was increasing and that a change in trend could be imminent.跌破将信号，即净供给增加了，改变的趋势可能迫在眉睫。 Spacing of Points 点间距 The lows used to form an uptrend line and the highs used to form a downtrend line should not be too far apart, or too close together.低点用来形成的上升趋势线和高利用，形成下跌趋势线不应过于遥远，或过于紧密。 The most suitable distance apart will depend on the time frame, the degree of price movement, and personal preferences.最合适的距离将取决于时限，在一定程度的价格变动，及个人喜好。 If the lows (highs) are too close together, the validity of the reaction low (high) may be in question.如果低点（高点）过于接近，是有效的反应低（高）可能会在问题。 If the lows are too far apart, the relationship between the two points could be suspect.如果低点过于遥远，两者之间的关系分，可怀疑的。 An ideal trend line is made up of relatively evenly spaced lows (or highs).一个理想的趋势线是由相对均匀低点（或高） 。 The trend line in the above MSFT example represents well-spaced low points.趋势线在上述的例子是微软以及间距低点。 On the Wal-Mart (WMT)在沃尔玛（ WMT ） example, the second high point appears to be too close to the first high point for a valid trend line; however, it would be feasible to draw a trend line beginning at point 2 and extending down to the February reaction high.例如，第二次高点似乎是太接近了第一次高点的一个有效的趋势线，但它是可行的画趋势线第2点开始，延长到2月反应高。 Angles 角 As the steepness of a trend line increases, the validity of the support or resistance level decreases.随着陡峭的趋势线的增加，有效的支持或阻力水平降低。 A steep trend line results from a sharp advance (or decline) over a brief period of time.陡峭的趋势线的结果大幅提前（或减少）的短的时间内。 The angle of a trend line created from such sharp moves is unlikely to offer a meaningful support or resistance level.的角度上，趋势线等创建急剧举动不太可能提供了一个有意义的支持或阻力位。 Even if the trend line is formed with three seemingly valid points, attempting to play a trend line break or to use the support and resistance level established it will often prove difficult.即使趋势线形成的三个看似有效点，试图发挥趋势线突破，或使用的支持和阻力水平，将建立经常困难。 The trend line for Yahoo!趋势线的Yahoo ！ (YHOO) （ YHOO ）的 was touched four times over a 5-month period.被感动的4倍以上5个月期间。 The spacing between the points appears OK, but the steepness of the trend line is unsustainable, and the price is more likely than not to drop below the trend line.间隔点似乎不错，但在陡峭的趋势线是不可持续的，价格很可能比不跌破上升趋势线。 However, trying to time this drop or make a play after the trend line is broken is a difficult task.然而，试图时间下降或发挥后作出的上升趋势线被打破是一项艰巨的任务。 The amount of data displayed and the size of the chart can also affect the angle of a trend line.数据的数量和大小显示的图表也可以影响的角度上，趋势线。 Short and wide charts are less likely to have steep trend lines than long and narrow charts.短期和广泛的图表，不太可能有陡峭的趋势线以上狭长图表。 Keep that in mind when assessing the validity and sustainability of a trend line.记住这一点在评估有效性和可持续性的趋势线。 Internal Trend Lines 内部趋势线 Sometimes there appears to be the possibility for drawing a trend line, but the exact points do not match up cleanly.有时，似乎有可能画趋势线，但具体点不符干净。 The highs or lows might be out of whack, the angle might be too steep or the points might be too close together.的高点或低点可能的失衡，可能是角度太陡，或点可能过于接近。 If one or two points could be ignored, then a fitted trend line could be formed.如果一个或两个点可能被忽略，然后装趋势线可形成。 With the volatility present in the market, prices can over-react, and produce spikes that distort the highs and lows.的波动目前在市场上，价格过度反应，并产生尖峰，扭曲的高点和低点。 One method for dealing with over-reactions is to draw internal trend lines.一种处理过的反应是制定内部趋势线。 Even though an internal trend line ignores price spikes, the ignoring should be within reason.即使内部趋势线无视油价暴涨，对无视应在合理限度内。 The long-term trend line for the S&P 500 ($SPX)长期趋势线， 普尔500指数（ $ SPX ） extends up from the end of 1994, and passes through low points in Jul-96, Sept-98 and Oct-98.延伸到1994年底，并通过低点， 7月， 96 ， 9月98和10月， 98 。 These lows were formed with selling climaxes, and represented extreme price movements that protrude beneath the trend line.这些低点形成销售高潮，代表极端价格变动的突出趋势线下方。 By drawing the trend line through the lows, the line appears to be at a reasonable angle, and the other lows match up extremely well.提请通过趋势线低点，该行似乎是在一个合理的角度来看，和其他低点配合非常好。 Sometimes, there is a price cluster with a high or low spike sticking out.有时候，有一个组的价格高或低穗伸出。 A price cluster is an area where prices are grouped within a tight range over a period of time.价格集群领域，价格分为的窄幅区间内经过一段时间的。 The price cluster can be used to draw the trend line, and the spike can be ignored.价格集束可提请趋势线，并扣球可以忽略不计。 The Coca Cola (KO)在可口可乐（高山） chart shows an internal trend line that is formed by ignoring price spikes and using the price clusters, instead.图表显示了内部趋势线是由无视油价暴涨和使用价格集群，而不是。 In October and November 1998, Coke formed a peak, with the November peak just higher than the October peak (1).在10月和1998年11月，可口可乐公司成立了一个高峰期，高峰期的11月刚刚高于10月份的高峰期（ 1 ） 。 If the November peak had been used to draw a trend line, then the slope would have been more negative, and there would have appeared to be a breakout in Dec-98 (gray line).如果11月的高峰期已被用来绘制趋势线，那么斜率将会更加不利，而且会似乎是一个突破，在12月98 （灰色线） 。 However, this would have only been a two-point trend line, because the May-June highs are too close together (black arrows).但是，这只是两分趋势线，因为5月至6月高点过于紧密（黑箭） 。 Once the Dec-99 peak formed (green arrow), it would have been possible to draw an internal trend line based on the price clusters around the Oct/Nov-98 and the Dec-99 peaks (blue line).一旦12月99高峰形成（绿色箭头） ，本来可以利用的内部趋势线的价格为基础的集群的Oct/Nov-98和12月99峰（蓝线） 。 This trend line is based on three solid touches, and it accurately forecasts resistance in Jan-00 (blue arrow).这一趋势线是基于以下三个固体触动，它准确地预测抵抗一月- 00 （蓝色箭头） 。 Conclusion 结论 Trend lines can offer great insight, but if used improperly, they can also produce false signals.趋势线可以提供巨大的洞察力，但如果使用不当，也可以产生错误信号。 Other items - such as horizontal support and resistance levels or peak-and-trough analysis - should be employed to validate trend line breaks.其他项目-例如横向支撑和阻力水平或高峰和低谷分析-应采用验证趋势换行符。 While trend lines have become a very popular aspect of technical analysis, they are merely one tool for establishing, analyzing, and confirming a trend.虽然趋势线已成为一种非常流行的技术分析方面，他们仅仅是一个工具，建立，分析和证实了一种趋势。 Trend lines should not be the final arbiter, but should serve merely as a warning that a change in trend may be imminent.趋势线不应该的最后仲裁者，但应该仅仅作为一种警告说，改变的趋势可能是迫在眉睫。 By using trend line breaks for warnings, investors and traders can pay closer attention to other confirming signals for a potential change in trend.利用趋势换行符的警告，投资者和交易员可以密切注意其他确认信号的一个潜在的变化趋势。 The uptrend line for VeriSign (VRSN)该上升趋势线的VeriSign （ VRSN ） was touched 4 times, and seemed to be a valid support level.被感动的4倍，而且似乎是一个有效的支持水平。 Even though the trend line was broken in Jan-00, the previous reaction low held, and did not confirm the trend line break.尽管该趋势线被打破在一月- 00 ，前举行反应低，并没有确认趋势线突破。 In addition, the stock recorded a new higher high prior to the trend line break.此外，股票录得新的更高的高度之前的上升趋势线突破。