Gaps may serve one of three purposes:

They are used to spot the beginning of a move;
定位趋势的开始

Gaps are used to measure a move;
测量趋势的区间

And Gaps are used to signal the end of a move.
识别趋势的结束

four types of Gaps:

Common or temporary gaps;
普通缺口
Breakaway gaps;
突破缺口
Measuring or runaway gaps;
度量缺口
Exhaustion gaps.
衰竭缺口
Common or Temporary Gaps

The most frequently occurring Gap is the Common Gap… (Obviously!). When this Gap occurs because of a slight change on psychology, traders expect it to soon be filled. Once a gap is filled, it no longer has significance in terms of analysis or forecasting.

市场情绪的短期轻微波动可以在分时线内造成一些缺口，一旦这些缺口被回补，其丧失了分析和预测的信号意义！！

A Common Gap tends to occur frequently in a trading range or price congestion area. All of the congestion formations which I have illustrated (Wave 2’s, Wave 4’s, Flags, Triangles, etc.) regularly contain Common Gaps. This is because activity in these patterns tends to be concentrated near to the top and bottom edges of the pattern, i.e. the formation’s trendlines.

While a market is in between a congestion’s trendlines, it is in much of a "no-man’s land". Therefore, it is easy to see why Gaps develop frequently within such areas.

普通缺口诞生在整理形态中，因为价格活动处于上有压力，下有支撑，不上不下的尴尬之中，这也就提供了由于市场缺乏兴趣而产生缺口的解释。

Because this is the most common type of gap, it is the one I have found to be quite valid. It obeys the rule that "gaps are often filled". When I see a gap in a congestion area, I will often wait for prices to come back and "fill the gap" rather than enter a trade.
由于缺口会被回补，所以当整理形态中发生跳空，正确的行动是等待，等待回补。
The forecasting significance of Common Gaps is practically nil. They have some use simply because they help to recognise an area pattern. That is, they imply that the congestion formation is in the process of construction.
普通缺口告诉我们价格运动正处于整理形态之中，通过出现的缺口我们能够更清晰的识别一个区域的形态。
In congestion areas, there may be as many as 5 or 10 Gaps. If the market fails to fill this gap after a couple of weeks, this confirms a Breakaway Gap (see below) and one can then think about riding the trend.


Breakaway Gaps

A Breakaway Gap appears in connection with a price congestion area, but it develops at the completion of the formation in the move which breaks prices away. Any breakout through a horizontal pattern boundary, such as the top of an ascending Triangle, is likely to be attended by a Gap. In fact, it is safe to say that most of them are.
突破缺口是对整理形态的突破产生的缺口。


Continuation, Runaway and Measuring Gap
A Continuation or Runaway Gap is less frequent in its appearance. But they can be significant in that they can provide some clues to forecast a probable end of the trending move. For this reason Continuation or Runaway Gaps are sometimes called Measuring Gaps.
测量缺口用来预测趋势可能结束的区域。
As opposed to the Common Gap or the Breakaway Gap, which form in or around an area of congestion, a Runaway Gap is not associated with area patterns. It occurs in the course of rapid, near-vertical advance or decline.
测量缺口不会向前两个缺口一样，处于整理形态中和其边缘。
Supposedly, the Runaway Gap occurs around the halfway point of a price move, between the beginning of the trend move (e.g. the start of Wave 1) and the end of the move (e.g. the end of Wave 5). Therefore, measuring the height of price action between the start of a trend and the Runaway Gap two can predict the end of the trend.
However, although this idea can HELP to forecast the length of a trend, I have found that this technique does not work as consistently as some of my other forecasting techniques. But if the Gap-measuring method predicts a similar end as my other techniques, it adds weight to the likelihood of a top/bottom at this price.


Exhaustion Gap

The Breakaway Gap signals the start of a move; the Runaway Gap marks its rapid continuation (supposedly around the half-way point of the move); an Exhaustion gap shows signs of the market sputtering to an end.
衰竭缺口表示趋势的最后的喷射式结束。

Exhaustion Gaps are associated with rapid advances or declines at the end of price trends.
Though prices may go higher after an exhaustion gap at the top, the rally will not last long before the market dies.

Exhaustion Gaps (red rectangles) show a final strong burst to a new high or low. If the gap is filled, it is obviously NOT a Runaway Gap and is likely to be an Exhaustion Gap.
创出极值的缺口被回补，后产生次级极值，表示趋势结束。
The Island Reversal

The Island Reversal pattern is uncommon and in itself is not of great significance in the sense of denoting a long term top or bottom. But it does, as a rule, send prices back for a complete retracement of the minor move that preceded it.
岛形反转与长期趋势的反转无关，其意义在于推动价格1:1的最小目标折返。
An island usually occurs at the end of an Exhaustion Gap and could be viewed as forming its own narrow trading range at the top of the reversal. The island can last for only a single day, in which event, it usually takes the shape of one of the reversal bar shapes given above (Test, Key Reversal, Shooting Star).
岛形反转出现于衰竭缺口之后，岛形可以是线性反转，也可是区域反转。左右两个缺口大致处于同一价格区间之内。
Or the Island may be made up of several days or weeks of minor fluctuations of a congestion area. The Gaps at either end of the Island occur at approximately the same level so that the whole area stands out as an Island on the chart, isolated by the Gaps from the rest of price action.
The reasons why Islands develop – in other words, why Gaps do repeat at the same price level – are usually because prices can move and repeat through a wide range where little or no orders have been placed in the past; where previous owners have no vested interest and where there is no support/resistance from previous price action.
对于同一价格区间的两次缺口，解释是衰竭缺口之后，没有任何的力量再能维系其发展，以至于发生严重的衰落－跳空。





[ 本帖最后由 独立投资者 于 2007-5-13 12:25 编辑 ]

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