股票期货突破技术分析(英文原版)-第14部分

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Indecision　Patterns　
The　Star；　Cross；　and。Spinning。Top　
The　star；　cross；　and　spinning　top　arcnsidered　indicators　of　indecision　and　potential　reversal。　However；　one　should　not　simplistically　conclude　that　the　market　has　peaked　when　one　of　these　shapes　appears。near　the　top　or　that　it　has。bottomed　out　when　one　of　the　shapes。appears。near　the　bottom。　The　important　points。are　how　the　shape　appears。and　how　prices。move　afterward。　In　other　words；　the　shapes。say　that　the　market　is。indecisive　and　has　not　yet　determined　whether　it　wants。to　go　higher　or　lower。　It　will　follow　the　next　direction　for　which　there　is。significant　momentum。　A　large　black。candle　after　an　indecision　shape　or　an　open　that　is。significantly。lower　will　often　be　followed　by。further　declines；　whereas。an　open　that　is。significantly　higher　is。often　followed　by　further　advances。　

Example　1　in　Figure　4。24　shows。a　case　in　which　there　is。indecision　at　the　top　of　the　range；　indicating　resistance　to　going　any　farther。　This　is。very　likely　to　be　the　peak。　Example　2　resembles。an　evening　star　on　three　rivers。occurring　in　conjunction　with　a　pattern　indicating　the　top。　There　was。a　relatively　large　white　candlestick；　followed　by　an　indecision　shape　（star；　cross；　spinning　top）。　If　on　the　third　day　there　is。a　relatively。large　black。candlestick。that　opens。lower　than　day　two's。close；　it's。called　evening　star　on　three　rivers；　or　evening　cross；　and　considered　an　indication　of　a　peak。　However；　if　this。pattern　occurs。after　a　relatively。large　white　candlestick。and　the　next　day　opens。higher　and　produces。another　white　candlestick；　it'smon　for　the　gains　to　accelerate；　so　the　star　cannot　blindly　be　taken　as　an　indicator　of　the　peak。　
Example　3　shows。the　inverse　of　Example　1。　The　market　is。holding　at　or　near　the　bottom；　and　this。figure　indicates。that　downward　resistance　has。solidified　and　prices。are　likely　to　bottom　out。　Example　4　is。the　inverse　of　Example　2。　If　this。pattern　occurs。after　a　fairly。large　black。candlestick；　it　would　appear　that　prices。are　bottoming　out。　If　the　final　day。opens。higher　than　the　previous。day's。close　and　produces　a　relatively　large　white　candlestick；　it　is。a　morning　star　on　three　rivers；　or　morning　cross；　and　indicates。a　bottom。　However；　if　the　next　day's。open　is。lower　than　the　previous。day's。low　and　a　fairly　large　black。candlestick。is。produced；　it'smon　for　selling　to　accelerate。　In　other　words；　there　may　be　an　opposite　buy　or　sell　signal；　depending　on　the　next　day's。opening。　


Special　Patterns　Worth　Noting　
So　far　we　have　looked　at　patterns。and　shapes。that　indicate　peaks；　troughs；　and　indecision。　Other　special；　more　plex　patterns。provide　the　same　indications。　
The　Belt　Hold　
A　belt　hold　is。a　white　candlestick。that　opens。at　the　low　or　a　black。candlestick。that　opens。at　the　high　（see　Figure　4。25）。　A　white　belt　hold　can　also　be　called　a　white　opening　marubozu　and　is　a　bullish　pattern　indicating　further　rises；　a　black　belt　hold　can　be　called　a　black。opening　marubozu　and　is。a　bearish　shape　indicating　further　declines。　
In　either　case；　the　candlestick。must　be　relatively　long。　A　bearish　belt　hold　appearing　near　the　top　of　a　range　indicates。a　decisive　selling　opportunity；　a　bullish　belt　hold　near　the　bottom　of　the　range　indicates。an　excellent　buying　opportunity。　Belt　holds。are　considered　to　be　extremely　important　patterns。　The　proverb　says；　“Belt　holds　are　Sakata's。lifeline”　in　reference　to　the　birthplace　of　legendary　trader　Munehisa　Homma。　
Side…by…Side　White　Lines　（Narabi　Aka）　
Aka　means。red；　and　the　name　narabi　aka　goes。back。to　the　premodern　convention　of　drawing　bullish　candlesticks。in　red　and　bearish　ones。in　black。　The　market　gaps。higher　to　produce　two　very　similar　white　candlesticks。（see　Figure　4。26）。　When　this。pattern　is。seen　during　an　uptrend；　it　indicates。a　break。upward　and　bullish　sentiment；　providing　an　opportunity　for　further　buying；　in　a　downtrend；　it　indicates。a　break。downward　and　a　great　opportunity　to　sell。　
Side…by…Side　Black　Lines　（Narabi　Kuro）　
The　inverse　of　side…by…side　white　lines；　side…by…side　black。lines；　occurs。alter　a　gap　（Figure　4。27）。　II　the　pattern　occurs。in　an　uptrend；　it　means。that　the　bears。are　strong　and　there　will　be　a　reversal　downward；　in　a　downtrend；　it　means　that　selling　will　accelerate。　Unlike　side…by…side　white　lines；　side…by…side　black　lines。always。indicate　bearishness。　
Some　chartists。distinguish　side…by…side　black　lines　occurring　in　a　downtrend　from　those　occurring　elsewhere；　but　the　indication　is。the　same。　

Osaekomi　
The　osaekomi　pattern　is。similar　to　three　black。crows。or　dark。cloud　cover；　but　it　is　distinguished　by　a　gap　between　the　first　black。candlestick。and　the　previous。candle　（see　Figure　4。28）。　If；　during　an　uptrend　there　are　three　consecutive　black　candlesticks。（or　sometimes。four；　or　even　two）　followed　by。a　white　candlestick。that　exceeds。the　previous　day's。high；　market　wisdom　says。that　there　will　be　a　break。upward　the　next　day。　This　is。a　buying　opportunity。　The　key　with　the　osaekomi　pattern　is。the　gap　before　the　first　black。candle；　in　the　three　black。crows。pattern；　the　first　black。candlestick。starts。below　the　white　candlestick；　in　the　dark。cloud　cover　pattern；　the　first　black。candlestick。begins。above　the　white　candlestick。　Either　way　it　is。a　sell　signal。　The　three　patterns。are　pared　in　Figure　
4。28。　
Dark　Cloudver；　With。Upward。Break　
Market　wisdom　says。that　a　dark。cloud　cover　occurring　at　the　top　of　the　range　may　push　prices。down；　but　if　the　market　can　break。out　of　it；　there　will　be　a　reversal　upward。　Therefore；　even　if　there　is。dark。cloud　cover　in　a　rising　market；　if　prices。can　return　and　set　a　new　high　（generally　within　five　moves）；　the　proper　course　of　action　is。to　buy　（see　Figure　4。29）。　
Five　Consecutive　White　and。Five　Consecutive　Black　Candlesticks　
There　are　times　when　a　series。of　short　white　candlesticks。is。produced　after　the　market　has。experienced　a　significant　decline　（see　Figure　4。30）。　Convention　says。that　five　of　these　candlesticksnfirm　the　bottom　and　are　a　buying　signal。　The　converse　is。also　true。　A　series。of　five　consecutive　short　black。candlesticks。near　the　top　of　the　range　isnsidered　to　confirm　the　top　and　be　a　selling　signal。　


Sakata's　Five　Tactics　
We've　examined　the　shapes。of　individual　candlesticks。and　binations。of　two　or　more。　Sakata…style　tactics。take　these　patterns。and　turn　them　into　techniques。　They　were　developed　by　Sakata's。celebrated　trader　Munehisa　Homma；　who　made　his。fortune　in　the　Edo…period　rice　market。　（One　song　from　the　time　goes；　“I　may　never　be　a　Homma；　but　maybe　I　can　be　a　lord”）。　
There　are　five　basic。stratagems。in　Sakata…style　tactics：　three　mountains；　three　rivers；　three　gaps；　three　soldiers；　and　three　methods。　There　are　many　variations。on　each。　We　will　look。at　some　of　the　more　mon　ones。　
Three　Mountains；　Inverse　Three　Mountains　
Three　mountains。（three　Buddhas）　indicates。a　major　peak。　The　market　has。peaked　and　fallen　three　times；　and　the　second　peak。was。particularly　high。　Thisrresponds。to　the　triple　top　or　head…and…shoulders。pattern　used　in　Western　charting　that's。also　considered　to　be　an　indication　of　the　top。　The　〃neckline〃　is。formed　by　connecting　the　low　points。of　the　three　valleys。　The　three　mountains。pattern　ispleted　after　the　third　mountain　is。formed　and　the　price　breaks　downward　from　the　neckline。　This。is。sometimes。called　three　Buddhas。because　of　the　resemblance　to　Buddhist　statuary—Syakamuni　is。often　flanked　by　two　bodhisattvas。　Traders。will　sometimes。refer　to　this。as。the　three　Buddha　top。　This　isnsidered　a　classic。topping　pattern；　especially。if　volume　declines。over。time　（as。the　chart　moves。to　the　right）　（see　Figure　4。31）。　

Inverse　Three　Mountain。Bottom　
In　the　inverse　of　three　mountains；　or　inverse　three　Buddhas；　the　mountains。appear　upside　down。　Like　three　mountains；　the　inverse　three　mountains。pattern　ispleted　only。after　the　price　breaks　through　the　neckline。　Once　it　does。so；　it　can　be　considered　a　buy。signal。　Alter　a　buy　signal　has。been　given；　the　neckline　is。the　target　for　any　reversals。（see　Figure　4。32）。　

Three　Rivers　
Three　rivers。indicates。a　small　white　or　black。candlestick。called　star；　or　indecision　line；　or　doji　（called　a　cross）；　between　large　white　and　black。candlesticks。　This。is。generallynsidered　to　be　an　indication　of　reversal。　If　the　market　has。had　a　significant　rise　and　then　produces。a　large　white　candlestick；　followed　by　a　gap　upward　the　next　day　to　produce　a　star　of　white　or　black。（or　cross）；　and　then　on　the　third　day　gaps。downward　to　produce　a　large　black。candlestick；　it　is　called　a　morning　star　（cross；　shooting　star）　on　three　rivers。and　is　a　selling　decision　line。　On　the　opposite　side；　a　large　black。candlestick。followed　by　a　gap　downward　to　an　indecision　pattern　in　the　form　of　a　small　white　or　black。candlestick；　or　cross；　with　a　large　gap　upward　to　form　a　white　candlestick　on　the　third　day　indicates。that　the　market　has。bottomed　out　and　is。a　buying　signal。　This。is　considered　a　classic。pattern；　indicating　either　the　peak。or　trough。　
It's。easy　to　understand　why　the　three　rivers　is。taken　to　signify　a　top　or　bottom　if　one　considers。the　process。of　its。formation。　The　market　has。experienced　a　strong　rise　and　produced　a　large　white　candlestick；　but　the　next　day　it　struggles。to　make　further　gains。or　actually　loses。a　little　ground。　It　is。indecisive；　and　this。indecision　followed　by　a　large　black　candlestick。on　the　third　day　shows。that　the　market　has。decided　to　turn　down。　The　downward　momentum　isnfirmed；　further　downward　pressure　is　exerted；　and　prices。drop　sharply。　In　other　words；　the　interpretation　is。basically　the　same　as。following　the　break。for　a　harami　pattern　（see　Figure　4。33）。　

Evening。Star/Evening。Cross　
An　evening　star　on　three　rivers。is。a　strong　signal　indicating　a　reversal　downward　when　it　occurs。in　the　process。of　an　uptrend。　When　the　market　is。stalled　or　trading　in　a　narrow　range；　the　proverb　says。to　〃look。for　abandoned　children。〃　There　may　be　times。when　the　window　is。closed　on　the　star　（pricing　at　the　gap　where　the　price　has　jumped　higher）；　but　this　pattern　ing　in　an　area　of　new　highs。is。a　precursor　to　a　fall　（see　Figure　4。34）。　
Morning。Star/Morning。Cross　
The　morning　star；　or　morning　cross；　is。the　inverse　of　the　evening　star；　or　evening　cross。　If　the　star　candlestick。represents。a　new　low；　it's。highly　likely。that　a　bottom　ha