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第51讲 Trend lines and Channels（趋势线与通道）

One of our basic tenets in this system of technical stock chart analysis—indeed, a fact which any neophyte can quickly verify for himself by inspection of the market records for whatever period he chooses—is that prices move in trends. The market in general and the many stocks which compose it do not jump up and down in an altogether random fashion; on the contrary, they show definite organization and pattern in their charted course.

Prices move in trends. These trends may be either up or down or sideways (horizontal). They may be brief or of long duration. They may be classified as Major (Primary), Intermediate (Secondary) or Minor, according to the rules of Dow Theory, or as horizontal Line formations. (The distinction between a short Intermediate and an extended Minor trend is often more difficult to make with individual stocks than it is with the averages, but it is not so important.) But sooner or later, trends change; they may change by reversing from up to down or down to up, and they may also change direction without reversing as, for example, from up to sideways and then perhaps to up again, or from a moderate slope to a steep slope, and vice versa.

Profits are made by capitalizing on up or down trends, by following them until they are reversed. The investor's problem is to recognize a profitable trend at the earliest possible stage of its development and then later to detect, again as quickly as possible, its end and reversal. The reversal of any important trend is usually characterized, as we have already seen, by the construction of some sort of joint price and volume pattern—in brief, of a reversal formation.

tenet ['ti:net, 'tenit] n. 教义, 信条; 原则, 宗旨.

neophyte ['ni(:)əufait] n. 初学者,新手

verify ['verifai] v. 查证,核实

altogether [,ɔ:ltə'geðə] ad. 总共

moderate ['mɔdərit] a. 适度的,稳健的,温和的,中等的 v. 节制,使...稳定,使...缓和