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1.主题
Dow Theory
http://stockcharts.com/school/doku.php?id=chart_school:market_analysis:dow_theory
2.摘要&点评
Primary moves last from a few months to many years and represent the broad underlying trend of the market. ==周线图级别及以上
Secondary (or reaction) movements last from a few weeks to a few months and move counter to the primary trend. ==日线图级别及以上
Daily fluctuations can move with or against the primary trend and last from a few hours to a few days, but usually not more than a week.==小时图级别及以下
Identification of the Trend
The first step in identifying the primary trend is to identify the individual trend of the Dow Jones Industrial Average (DJIA), and Dow Jones Transportation Average (DJTA), individually. Hamilton used peak and trough analysis in order to ascertain the identity of the trend. An uptrend is defined by prices that form a series of rising peaks and rising troughs (higher highs and higher lows). In contrast, a downtrend is defined by prices that form a series of declining peaks and declining troughs (lower highs and lower lows).==唯一的趋势定义就是低点与高点的间隔升序或降序;
3.心得感悟
secondary movement有四个特征:
调整幅度==1/3~~2/3
调整速度==faster and sharp
尾端量价==止跌企稳缩量微震
低点特征==天量见底
选择工业指数与铁路指数的原因在于基本面:
制造业要发展变强,必须原材料先流转,这就需要铁路运输;
但世变时移,现在航空指数可以取代铁路指数;
道琼斯看来,一波完整的牛市循环为3波上涨,一波完整的熊市循环为3波下跌,和艾略特波浪对比可知,道琼斯的划分方法还是粗燥含混,不如艾略特的分类更细致.
道氏理论的最大缺陷就是:捕捉主升段的时滞太长,但这确实其最工整稳健之处!!
道氏理论的量价关系:
确认趋势的继续==价升量增+价跌量减
预示趋势的反转==天量近顶+天量近底
Dow Theory helps investors identify facts, not make assumptions or forecast.
记住这句,道氏理论的盖棺论定。
4.5时间统计
昨日阅读5小时,累计80小时
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