CHARLES H. DOW 是西方现代技术分析理论的鼻祖。 这里介绍他的理论的7点基本原则。 1， Everything is discounted by the price Averages, specifically, the Dow-Jones Industrial Average and the Dow-Jones Transportation Average. Since the Averages reflect all information, experience, knowledge, opinions, and activities of all stock market investors, everything that could possibly affect the demand for or supply of stocks is discounted by the Averages. 2. There are three trends in stock prices. The Primary Tide is the major long term trend. But no trend moves in a straight line for long, and Secondary Reactions are the intermediate-term corrections that interrupt and move in an opposite direction against the Primary Tide. Ripples are the very minor day-to0day fluctuations that are of concern only to short-term trades and not at all to Dow Theorists. 3, Primary Tides going up, also known as Bull Markets, usually have three up moves in stock prices. The first move up is the result of far-sighted investors accumulating stocks at a tiem when business is slow but anticipated to improve. The second move up is a result of investors buying stocks in reaction to improved fundamental business conditions and increasing corporate earnings. The final up move occurs when the general public finally notices that all the financial news is good. During the final up move, speculation runs rampant. to be continued [ Last edited by sharkeater on 2003-8-7 at 06:44 AM ] 我在前贴中ＣＨＡＲＬＥＳ　关于市场发展的六个阶段的论述中，有非常完整的书名，作者，包括ＩＳＢＮ书目。 非常感谢你的帮助。　翻译得很好。 2003-8-7 01:19 AM

　 ４，　　Ｐｒｉｍａｒｙ　Ｔｉｄｅｓ　ｇｏｉｎｇ　ｄｏｗｎ，　ａｌｓｏ　ｋｎｏｗｎ　ａｓ　Ｂｅａｒ　Ｍａｒｋｅｔs, usually have three down moves. The furst move down occurs when far-sighted investors sell based on their experienced judgement that high valuations and booming corporate earnings are unsustainable. The second move down reflects panic as a now fearful public dumps at any price the same stock they just recently bought at muck higher prices. The final move down results from distress selling and the need to raise cash. 5, The two Averages must confirm each other. To signal a Primary Tide Bull Market major trend, both Averages must rise above their respective highs of previous upward Secondary Reactions. To signal a Primary Tide Bear Market major trend, both the Dow-Jones Industrial Average and the Dow-Jones Transportation Average muxt drop below their respective lows of previous Secondary Reactions. A move to a new high or low bu just one Average alone is not meaningful. Also, it is not uncommon for one Average to signal a change in trend before the other. The Dow theory does not stipulate any time limit on trend confirmation by both Averages. 6, Only end of day, closing prices on the Averages are considered. Price movements during the day are ignored. 7, The Primary Tide remains in effect until a Dow Theory reversal has been signaled by both Averages. lazycat 我以前说错了你，你不一点也不LAZY，在此致以歉意。 并对你的帮助表示感谢。 你的译文很好。 2003-8-7 10:38 AM 有这趋向，但我不知道确切的时机。

很有启发，谢谢！！

谢谢！！

辛苦了，谢谢你

谢谢老师，我来了!

老师所贴道氏研判趋势翻转的方法是同时用道琼斯工业平均指数和道琼斯交通运输股平均指数，在外汇交易中，有没有类似这样，用两个或几个指标结合起来，能够很准确的判断趋势的，请教老师...

谢谢老师!学习了.

启发ING……

说得好 支持

看过啦

好东西，顶起来

学习一下，谢谢！:)

:) 不好意思，想纠正一下，第5点最后几句的大意是这样的： 两个指标都发出转势信号才有效，单独一个出新高或新低没有意义。当然也常有一个指标先于另一个发出信号的情况。道氏理论没有为两个指标确认转势规定任何时间限制。

不知如何有效的学习波浪理论，我对此还是知之甚少数

边防不温柔

道氏理论进来看看。