日期：2025-07-28 12:08:05
过去闲暇看了不少威科夫有关的中文和英文资料，整体感觉还是英文原文更好些，之前整理了不少资料一直堆在资料库发酵生霉。有朋友说不知道威科夫，也就看不懂关于个股分析中的威科夫术语描述。其实国内还是有几个知名大V在传播。我就做点不一样的，计划陆续把与威科夫有关的英文资料以原文重现+翻译+解读的形式呈现，以飨读者。
今天是呈现的是Hank Pruden的文章，他也写了好几本威科夫体系的书。今天这篇文章具有普及威科夫知识的特点，这篇文章英文全名《Wyckoff Schematics: Visual templates for market timing decisions》（By Hank Pruden and Max von Lichtenstein）。因为内容比较多，我分几期呈现。想要原文的可以私信我。文中译文由本人翻译，并且结合实战在原文之外补充了一些个人理解，不当之处欢迎指正。今天先讲吸筹区间一些关键名词，并详细介绍吸筹区间五个阶段（A/B/C/D/E）之阶段A。后续把剩下的四个阶段介绍完，最后呈现派发（出货）。
ACCUMULATION
Schematic 1 is a basic Wyckoff model for accumulation. While this basic model does not offer a schematic for all the possible variations in the anatomy of the TR, it does provide a representation of the important Wyckoff principles，……
【译文】吸筹 示意图1是一个基本的威科夫吸筹模型。虽然这个基本模型并不能涵盖交易区间中所有可能的变化，但它确实呈现出了威科夫重要原理……
图片
Source: The Anatomy of a Trading Range， by Jim Forte CMT, Market Technicians’Association Journal, Issue 19, 1994.
SCHEMATIC 1
Accumulation Schematic Phases A through E: Phases through which the Trading Range passes as conceptualised by the Wyckoff method and explained in the text.
【译文】示意图1 吸筹包括阶段A至阶段E：威科夫吸筹策略通过这5个阶段得以概念化的阐述。
(PS) preliminary Support is where substantial buying begins to provided pronounced support after a prolonged downmove Volume and spread widen and provide a signal that the downmove may be approaching its end.
【译文】初步支撑(PS)是指在长时间下跌后，大量买盘开始提供明显支撑，伴随量及价差扩大，暗示下跌可能接近尾声。
(SC) Selling Climax… the point at which widening spread and selling pressure usually climaxes and heavy or panicky selling by the public is being absorbed by larger professional interests at prices near a bottom.
【译文】销售高潮（SC)是指在PS之后不断扩大的k线价差和抛售压力达到高潮，散户（公众）的大量恐慌性抛售在底部被大型的专业机构所吸收。
(AR) Automatic Rally… selling pressure has been pretty much exhausted. A wave of buying can now easily push up prices which is further fuelled by short covering. The high of this rally will help define the top of the trading range.
【译文】自动反弹(AR)是指销售高潮（SC)之后卖压已基本耗尽。一波买盘现在很容易推高价格，而空头回补又进一步推高了价格。自动反弹(AR)的高点将有助于确定交易区间的顶部。
(STs) Secondary Test(s)… revisit the area of the Selling Climax to test the supply demand balance at these price levels. If a bottom is to be confirmed, significant supply should not resurface, and volume and price spread should be significantly diminished as the market approaches support in the area of the SC.
【译文】二次测试(ST）是指自动反弹(AR)后股价重回销售高潮（SC）区域测试，测试在SC区域的供求情况。如果要确认底部，就不应该出现大量供应，成功的二次测试随着股价接近SC附近得到支撑，并且伴随着交易量和K线价差大幅缩小。
The “CREEK” is an analogy to a wavy line of resistance drawn loosely across rally peaks within the trading range. There are of course minor lines of resistance and more significant ones that will have to be crossed before the market’s journey can continue onward and upward.
【译文】这条“小溪”类似于一条波浪线，在交易区间内的反弹峰值之间松散地画出了一条阻力线。当然，在股市继续上行之前，还有一些较小的阻力线和一些更大的阻力线需要跨越。
Springs or Shakeouts usually occur late within the trading range and allow the market and its dominant players to make a definitive test of available supply before a markup campaign will unfold. If the amount of supply that surfaces on a break of support is very light (low volume), it will be an indication that the way is clear for a sustained advance. Heavy supply here will usually mean a renewed decline. Moderate volume here may mean more testing of support and to proceed with caution. The spring or shakeout also serves the purpose of providing dominant interests with additional supply from weak holders at low prices.
【译文】震仓(有多种形式)通常发生在交易区间的较晚时间（属于阶段C），属于机构（庄家）在强势拉升展开前，对市场上供应进行最终测试。如果跌破支撑时卖盘（供应）非常小，这表明市场供应小，具备后续拉升条件。如果跌破支撑出现大量卖盘（供应）通常意味着新一轮的股价回落（补充：未来股价即便反弹也会回落重新测试这一区域）。如果跌破支撑出现中等卖盘（供应）可能意味着需要展开多测测试，（买入股票）应谨慎。震仓另一个目的是，以较低的价格，将股票从弱势一方（弱手）转移到强手手中。
【知识衍生与补充：低量测试成功的震仓及SPRING是不错的买入点，但要配合止损】。
Jump Across the Creek (JAC) is a continuation of the creek analogy of jumping resistance
and is a good sign if done on good spread and volume – a sign of strength (SOS).
【译文】跳过小溪(JAC或JOC)是对突破阻力位的形象类比，跳越小溪伴随着高成交量和较大的k线价差是一个好的征兆，即强势信号。
Sign of Strength (SOS)… an advance on good (increasing) spread and volume.
【译文】强势信号意味着高成交量和较大的价差。
Back Up (BU) to a Last Point of Support (LPS) – a pull back to support (that was resistance) on diminished spread and volume after a SOS. This is good place to initiate long positions or to add to profitable ones.
【译文】回测（BU）是突破后股价回到最后支撑点（LPS）———也就是股价回测支撑位（突破前是阻力位），强势信号（SOS）之后回测支撑位伴随低成交量和窄幅价差是成功测试。这是启动长期走势增加可观利润的好位置。
Note: A series of SOS’s and LPS’s is good evidence that a bottom is in place and Price Markup has begun.
【译文】注：一系列的SOS和LPS是底部（吸筹）已经到位并且价格上涨已经开始的良好证据
【知识衍生与补充：BU和LPS位是吸筹交易区间内不错的买入点】。
以上是威科夫吸筹阶段涉及的主要专业名词术语。下面讲一下阶段A，阶段A概括来讲就是原有下跌趋势的停止，是一种特征改变，实操中要关注抛售高潮和有质量的反弹及低成交量回测抛售高潮价格区间。
Phase A
In Phase A, supply has been dominant and it appears that finally the exhaustion of supply is becoming evident. This is illustrated in Preliminary Support (PS) and the Selling Climax (SC) where widening spread often climaxes and where heavy volume or panicky selling by the public is being absorbed by larger professional interests. Once selling pressure is exhausted, an Automatic Rally (AR) ensues the selling climax. A Secondary Test on the downside usually involves less selling than on the SC and with a narrowing of spread and decreased volume.
【译文】阶段A
在A阶段，供应一直占主导地位，后来供应的枯竭终于变得明显。这一点在初步支撑（PS）和抛售高潮（SC）中往往表现为，K线有着宽大的价差和高成交量，来自散户（公众）的恐慌性抛售被大型专业机构吸收。一旦散户的恐慌性抛压被吸收，自动反弹（AR）随之而来。自动反弹之后就是二次测试(ST)，二次测试通常要向下回测抛售高潮（SC）价格区域，成功的二次测试表现为：与抛售高潮相比，二次测试伴随更少的成交量和较小的K线价差。
【知识衍生与补充：个人认为相对于抛售高潮（SC），成功二次测试(ST)应具有低成交量+低价差k线+较高的价格】。
It is also possible that Phase A can end without dramatic changes inspread and volume. However, it is usually better if it does, in that more.
【译文】阶段A也有可能在没有显著成交量和价差变化的情况下结束。然而有显著的成交量和价差变化通常会更好。
The lows of the Selling Climax (SC) and the Secondary Test, and the high of the Automatic Rally (AR) initially set the boundaries of the trading range. Horizontal lines may be drawn here to help to focus attention on market behaviour in and around these areas.
【译文】销售高潮（SC）和二次测试(ST)的低点，以及自动反弹（AR）的高点初步确定了交易区间的边界。这里可在高点和低点处画出水平线建立交易区间，我们集中精力重点关注交易区间的市场行为。
Phase A still represents the area of the stopping of the previous move.
【译文】阶段A的确立代表之前的（下跌）趋势的停止，市场进入横盘震荡阶段。
【知识衍生与补充：阶段A确立的条件包括：SC+AR+ST，阶段A确认原有下降趋势结束，建立了交易区间，区间上沿为压力线，下沿为支撑线。为后续阶段B的吸筹展开做好铺垫】。
好了今天到这里了，就到这里了。
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