What is tape reading?

什么是磁带阅读？
Tape reading is the art of studying pure price action in real-time, based on the data fields in the Level II 磁带阅读是基于II级框中的数据字段实时研究纯价格行为的艺术。使用磁带，您可以衡量玩家的心理和供需
box. Using the tape you are able to gauge player’s psychology and imbalances in supply and demand to 不平衡来制定交易。磁带读数是一个领先指标，因为它分析当前：以给定价格（统称为“订单流”）交易的
出价、报价和交易量，这与图表和研究不同，图表和研究是根据订单流数据计算并显示的衍生品事后。出价
formulate trades. Tape reading is a leading indicator because it analyzes current: bids, offers, and volume 、出价和实际交易是现在发生的事情。图表、MACD、RSI是稍后创建的。它们是价格行为的历史。
transacted at a given price (collectively known as “order flow”) as they happen, unlike charts and studies,
which are derivatives calculated from order flow data and displayed after the fact. Bids, Offers, and actual
transactions are what happen NOW. Charts, MACD, RSI, are created later. They are the history of price
action.
Because you see the characteristics of buying and selling as it happens, developing this skill will improve 因为你看到了买卖的特点，所以发展这项技能将改善你的进场和离场，通过允许你使用更小的止损来捕捉更大
your entries and exits, minimizing your risk and maximizing your reward by allowing you to catch larger 的动作，最大限度地降低你的风险并最大化你的回报。磁带阅读是一种工具，可以让您领先于许多其他认为技
术分析是他们应该知道的唯一技能的交易者，让您可以访问更多图表根本无法显示的交易。通过磁带阅读，您
moves using smaller stops. Tape reading is a tool that will put you ahead of many other traders who think 将能够在70%的时间内确定股票的走势。
technical analysis is the only skill they should know, giving you access to more plays that charts simply don’t
show you. With tape reading you will be able to determine where the stock is going to move 70% of the
time.
Why is tape reading important? 为什么磁带阅读很重要？
Because it gives you an edge, an additional tool to improve your entries, exits, and trade management. 因为它为您提供了一个优势，一个额外的工具来改善您的进场、退出和交易管理。回到图表被积极使用之前，
Back before charts were actively used, most intraday traders would trade by using their skills of reading the 大多数日内交易者会使用他们阅读磁带的技能进行交易，并且只阅读磁带。没有可供他们使用的图表或指标。

ji 磁带阅读的最后一件事是让您在对抗当今交易环境中流行的算法和HFT方面具有优势。
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tape, and reading the tape only. There were no charts or indicators for them to use. The last thing tape
reading gives you an edge to combat the algorithms and HFTs prevalent in today's trading environment.
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What can you see on the tape that you can’t see on the charts? 你能在磁带上看到什么在图表上看不到？
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Bar/Candlestick charts depict a range of price action defined by the open price, range, and close price, 条形图/烛台图描绘了在特定时间间隔内由开盘价、范围和收盘价定义的价格行为范围，或者在分时图的情况
下，描述在指定交易数量上的价格行为。各个条形图没有告诉您的是，在各个条形图的时间范围内（或在分
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over a specific interval of time, or in the case of tick charts the price action over a specified number of
时图的情况下，交易计数）内，买价和卖价如何以给定价格或以某个价格交易的特定交易量。通过阅读磁带
transactions. What the individual bars don't tell you is how bids and offers acted at a given price, or the ，您可以看到活跃的买家和卖家，并通过观察他们寻求的供需情况来了解他们参与的水平。您可以关注某个
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specific volume transacted at a price, within the time-frame (or transaction count in the case of tick charts) 买家并识别他积累股票的模式。卖家也是如此。通过磁带阅读，您可以感受到市场如何接受您的订单，并了
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解某只股票是弱还是强。例如：如果一只股票在图表上看起来很弱，但你的出价很难被击中，那么这表明没
of the individual bar. By reading the tape you can see the active buyers and sellers and see what levels 有那么多卖盘发生，所以这只股票毕竟可能没有那么弱……但更多这个以后。最后，图表向您展示了过去的
they are participating at by watching the supply and demand they seek. You can follow a certain buyer and 数据……当然图表很有价值，但是当您将磁带阅读和技术分析结合起来时，您将拥有许多日内交易者所不具
recognize the pattern in which he is accumulating the stock. The same goes for sellers. With tape reading 备的优势。
you can feel how the market is taking your orders and have a sense as to whether a certain stock is weak
or strong. For example: if a stock looks weak on the chart but it is very difficult for your bid to get hit then
that is a clue that there is not that much selling happening, so the stock might not be that weak after all…
but more on this later. Finally, charts are showing you past data... granted charts are valuable, but when
you mix tape reading and technical analysis you will have an edge many intraday traders do not possess.
How tape reading is an art and not a science 磁带阅读是一门艺术而不是一门科学
Tape reading is not a science. It is not like learning how to do an experiment, and then being able to repeat 磁带阅读不是一门科学。这不像学习如何做一个实验，然后能够无限地成功地重复实验。因为交易是一种概率
the experiment with success ad infinitum. Because trading is a probability driven activity, and different 驱动的活动，而且不同的股票有不同的“个性”，所以你可以通过长时间的观察和个人经验来学习磁带阅读。
您观看磁带的次数越多，您就越能识别某些模式。阅读磁带的基础非常简单，但是在你了解了磁带阅读的基础
stocks have different “personalities,” tape reading is something you learn over long periods of observation 之后，你只会随着时间的推移变得更好。
and personal experience. The more you watch the tape, the more you will be able to identify certain
patterns. The basics of tape reading are very simple, but after you understand the foundation of tape
reading you will only get better over time.
How does tape reading affect efficiency with entries and exits? 磁带阅读如何影响进入和退出的效率？

We defined the difference between the tape and charts in an earlier question. The granularity of real-time 我们在之前的问题中定义了磁带和图表之间的区别。实时粒度
data on the tape, because it allows you to analyze “intra” bar data. It also allows you to choose entries and 磁带上的数据，因为它允许您分析“内部”条形数据。它还允许您以更精细的粒度选择进入和退出。您不必
exits, with finer granularity. You don't have to wait until the next bar on the chart to make a decision, which 等到图表上的下一根柱线才能做出决定，这可能会降低您的盈利潜力并增加您的止损风险。这是一个使用磁
带在一个很好的条目上做多的例子：
could both reduce your profit potential and increase your stop risk. Here is an example of using the tape to
get long at a great entry:

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In this chart, you can see that GMCR gapped up big on news over the weekend. By using just the charts, 在这张图表中，您可以看到GMCR在周末的新闻中出现大幅跳空。仅使用图表，当它突破高点时，你的入
your entry would have been long at $34.15 when it broke the high or even $33.96 when it broke the mini 场价将是34.15美元，或者当它突破迷你区间时，你的入场价会是33.96美元。通过使用磁带找到一个条目，
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您会注意到在33.50美元附近有一个持有的买入和积累。你本可以在33.51美元做多，在33.44美元止损（或者
range. By using the tape to find an entry you would have noticed there was a held bid and accumulation 当买入价下跌且卖出价低于50c时）。使用磁带而不是在34.15美元或33.96美元处做多，冒大约50美分的风险
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around the $33.50 level. You could have gone long at $33.51 with a stop at $33.44 (or when the bid ，这将是一个很好的入场和更紧的风险。此外，使用磁带时，您的风险回报率严重偏向于您。
dropped and offer held below 50c). That would have been a great entry and tighter risk using the tape
instead of getting long at $34.15 or $33.96 risking about 50 cents. Also, your risk reward ratio is heavily
skewed in your favor using the tape.
How does tape reading lower risk? 磁带阅读如何降低风险？
A good example is the one above on GMCR. By using the tape you can spot accumulation (held bids) or 一个很好的例子是上面关于GMCR的例子。通过使用磁带，您可以发现累积（持有的买入价）或分配（持有的
distribution (held offers) and go long (just above a held bid) or go short (just under a held offer), using a 卖出价）并做多（略高于持有的买入价）或做空（略低于持有的卖出价），使用持有水平的突破作为您的止损
。如果您想在上升趋势中买入，或增加头寸，但不想追逐，您可以寻找持有的买入价，而持有的卖出价随后未
break of the held level as your stop. If you are looking to buy in an uptrend, or add to your position, but do 能退出，从而阻止您参与不必要的风险。下面是一个降低风险的例子，同时找到很好的进入和退出：
not want to chase you can look for a held bid to get in, and the subsequent failure of the held bid to get out,
keeping you from taking on unnecessary risk. Below is an example of lowering your risk while finding great
entries and exits:

趣卡翻译（[Link]）
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ASTM was in play after a trading halt, and subsequent re-opening, moving down sharply, we don’t usually ASTM在交易暂停后开始发挥作用，随后重新开盘，急剧下跌，我们通常不玩已经/被暂停的股票，但这为进入
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play stocks that are/were halted but this presented a great risk reward situation to enter a trade. Although 交易提供了巨大的风险回报情况。尽管ASTM是一只便宜的股票（我们通常也不交易低于10美元的股票），但
交易它的机会很大。ASTM在停顿后开盘并急剧下跌。我们在保持低风险的同时寻找做空的好机会。ASTM反
ASTM is a cheap stock (we don’t usually trade sub $10 stocks either) there was a great opportunity to trade 弹并开始持有3.60美元左右的报价。此外，当报价正在举行时，另一个大报价出现了。你在图表上看不到它，
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it. ASTM opened up after the halt and dropped sharply. We looked for a great entry to short while keeping 但如果你知道你在寻找什么，你可以在磁带上看到它。我们做空了，等待报价被填满后退出。如果我们看到订
单迅速减少，我们的风险约为3c，我们也会击中它，而不是等待它被填满。一些订单完成了，但没有很快完成
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our risk low. ASTM bounced and started to hold an offer around $3.60. Also, when the offer was being held ，然后库存下降。股价不断下跌，报价不断走低。最后，订单的剩余部分在我们退出时在3.15美元左右成交。
another big offer showed up. You can't see that on the chart, but you can, if you know what you are looking 冒着几美分的风险赚取大约45美分的交易还算不错。
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for, see it on the tape. We got short and waited for the offer to get filled to get out. Our risk was about 3c if
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we saw the order decrement quickly we would have hit it also and not waited for it to get filled. Some of the
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order got filled but not quickly then the stock dropped. The stock kept dropping and the offer kept stepping
lower. Finally the remainder of the order was filled around $3.15 where we exited. Not a bad trade risking a
few pennies to make about 45 cents.

How does skill at tape reading improve understanding chart patterns? 阅读磁带的技巧如何提高对图表模式的理解？
Tape reading will improve your understanding chart patterns because you will be able to see the supply 磁带阅读将提高您对图表模式的理解，因为您将能够实时查看供需动态。一个典型的例子是上面的GMCR。G
and demand dynamic in real time. A prime example of this is GMCR from above. GMCR showed some MCR提供了一些技术支持，您看到磁带上有积累，这是一个很好的设置，可以在保持风险紧张的同时做多。
此外，如果股票达到重要的长期技术水平，通过磁带读取，您可以在磁带上发现它对它的反应并从那里播放它
technical support and you saw there was accumulation on the tape, a great set up to get long while keeping ，所有这些都是通过实时查看买卖双方的行为来实现的。
your risk tight. Also, with tape reading if a stock reaches a significant long term technical level you can spot
on the tape how it’s reacting to it and play it from there, all by seeing what the buyers and sellers are doing
real time.
How do you improve tape reading skills? 你如何提高阅读磁带的能力？
Improving your tape reading skills will take time. You will only get better by watching the tape. You will 提高你的磁带阅读技能需要时间。只有看录像，你才会变得更好。从现在起3个月后，你会在磁带上理解和看
understand and see more things on the tape 3 months from now than you will see today. To help accelerate 到比今天看到的更多的东西。为了帮助加快学习曲线，您可以观看您的交易视频记录或观看来自[Link]
交易磁带库的视频磁带。当您没有进行交易并且市场关闭时，更容易在磁带上发现一些东西。正如我之前所说
the learning curve you can watch video recording of your trades or watch video tape from the [Link] ，加快改进过程的最佳方法是筛选记录您的交易，然后在交易市场没有压力的情况下在收盘后查看它们，并利
library of trading tapes. It is easier to spot something on the tape when you are not in a trade and the 用[Link]录像的视频库。
market is closed. As I said before, the best thing to do to speed up the improvement process is to screen
record your trades, and then review them after the close when you are not under the stress of the trading
market, and to tap into the [Link] video library of recordings.
趣卡翻译（[Link]）
Trading the open with only reading the tape 只看盘就开盘交易
Trading the open with just charts is difficult because actionable levels for the day have yet to be defined. 仅用图表交易开盘价是困难的，因为当天的可操作水平尚未确定。诚然，您在其他日子和时间范围内拥有
Granted, you have previous technical levels from other days and time-frames but your edge on the open 先前的技术水平，但您在开盘时的优势很可能会出现在磁带上。盘中交易者在开盘和收盘时赚了大部分钱
，因为那是市场和个股在一天中波动最大且交易量最大的时期。
will most likely be on the tape. Intraday traders make most of their money on the open and the close
because those are the times when the market and individual stocks move the most and have the most
volume during the day.

By knowing the Market Maker box you can find key levels, almost predicting where the chart will 通过了解做市商框，您可以找到关键水平，几乎可以预测图表将走向何方，并为长期交易找到合适的条目。
go, and find good entries for longer-term trades.
With the Market Maker box you will be able to find key levels where significant volume has been done and 使用做市商框，您将能够找到已经完成大量交易的关键水平，并在保持风险紧缩的同时权衡这些水平。如果
trade off those levels while keep your risk tight. If a certain level has done a significant amount of volume 某个水平已经完成了大量的交易量并且没有打破它，那么你已经发现了一个很好的进入与核心进行交易的同
时围绕它进行剥头皮以降低你的风险并在你在磁带上发现它们时做出一些快速的切碎.
and doesn’t break it, then you have spotted a great entry to trade with a core while scalping around it to
lower your risk and make some quick chops when you spot them on the tape.

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趣卡翻译（[Link]）
Level I & II Box 一级和二级盒子

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When talking about “reading the tape” we are talking about the Level I and II box. The Level II box shows us 在谈论“阅读磁带”时，我们谈论的是I级和II级盒子。第二级框向我们展示了谁愿意出价，谁愿意出价多少和
who is willing to bid and who is willing to offer with how much and at what price. 价格。

Level I 一级
Above is a screen shot of a Level I and II box also known as the market maker box. Highlighted in white is 上面是一级和二级盒子的屏幕截图，也称为做市商盒子。白色突出显示的是您正在查看的股票的代码，旁边
the ticker of the stock you are looking at and next to it (if you are in a position) is the number of shares you 是您拥有的股票数量和您的平均价格（如果您有头寸）。在其下方，以灰色突出显示的是I级框。这显示了从
左到右的顶行，股票的最后交易价格（LAST），自前一天以来的价格变化（CHG），最后交易价格的大小（
have and your average price. Below that, highlighted in grey, is the Level I box. This shows the, from top SIZE）。第二行显示股票当天交易的最高价或当天最高价(HI)、股票开盘价(OPEN)以及
row going from left to right, last price the stock traded at (LAST), the price change since the day before
(CHG), the amount of size the last price was traded at (SIZE). On the second row shows the highest the
stock has traded for that day, or high of the day (HI), the price where the stock opened (OPEN), and the

趣卡翻译（[Link]）
amount of volume the stock has traded so far on the day (VOL). In the row below that shows the lowest the 当天迄今为止股票的交易量（VOL）。在下面的行中，显示股票当天的最低交易价或当日最低价(LO)、股票
stock has traded for that day or low of the day (LO), the price the stock previous closed (CLOSE), the 先前收盘价(CLOSE)、您的层级大小设置为(TIER)的股票数量。最后一行显示自前一天以来的百分比变化(CH
G%)，最后一行显示股票的价差，或买入价和卖出价之间的差异(SPR)。
amount of shares your tier size is set to (TIER). Finally on the last row it shows the percentage change
since the day before (CHG%) and the last portion of the row shows the spread of the stock, or the
difference between the bid and the ask/offer (SPR).
Level II 二级

Below the Level I box is the level II. On the left side of the Level II box are the bids and on the right the 级别I框下方是级别II。第二级框的左侧是出价，右侧是报价。出价总是在左边，报价总是在右边。出价显示人
offers. The bids are always on the left and the offers are always on right. The bids shows the best price 们愿意购买的最佳价格，而报价是人们愿意出售的最佳价格。以浅绿色突出显示的是出价。出价总是从人们愿
意购买的最佳价格开始堆积在顶部，而人们愿意购买的较低价格则低于它们。低于最佳价格（35.88美元）称为
people are willing to buy at and the offers are the best price people are willing to sell at. Highlighted in light 标的出价。在买价和卖价上，它们从左到右显示为SIZE、ECN和PRICE。例如，在出价上，它显示7arca35.88
green are the bids. The bids are always stacked from the best price people are willing to buy at the top, and 。这意味着ARCA上有700股，价格为35.88美元。
the lower prices people are willing to buy are below them. Below the best price ($35.88) are called the
underlying bids. On both the bids and the offers, they are shown from left to right as SIZE, ECN, and PRICE.
For example, on the bids, it shows 7 arca 35.88. This means that there are 700 shares on ARCA at $35.88.
Below that are the different ECNs and the different size on them at what price. The same goes for the 下面是不同的ECN以及它们的不同尺寸，价格是多少。优惠也是如此。最好的报价显示11arca35.91。这意味
offers. The best offer shows 11 arca 35.91. This means that there are 1,000 shares on ARCA at $35.91. 着ARCA上有1,000股，价格为35.91美元。
The underlying bids are from 1 edgx 35.86 and below. The underlying offers are from 8 bats 35.95 and 基础出价来自1edgx35.86及以下。基本报价来自8蝙蝠35.95及以上。这意味着一旦35.88美元的所有股票都被填
above. This means once all of the shares at $35.88 are filled the next best price people are willing to buy at 满，人们愿意购买的下一个最佳价格是35.86。一旦35.91美元的报价被填满，报价也是如此；人们愿意卖出的
下一个最佳价格是35.95美元。在寻找头寸时，您应该始终关注潜在的报价和出价。这有助于您了解您的真正风
is 35.86. The same goes with the offers that once the offers at $35.91 filled; the next best price people are

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险。您的长期入场有多少出价决定了如果您被止损，您退出的难易程度。标的出价的数量越多，退出头寸就越
willing to sell at is $35.95. You should always keep an eye on the underlying offers and bids when looking to 容易。如果您做空，报价的深度也是如此。在您入仓之前，始终了解您的真实风险和可能/现实的退出。此外
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，通过使用基础出价的信息，您可以判断股票的强弱程度。如果大量标的有更多的标的，那么这可能表明该股
get in a position. This helps you know your REAL RISK. How many bids underlie your long entry determine 票的交易价格将高于其价格。最后，标的出价和出价都与股票相关。这意味着它们必须与其他出价和出价显着
how easy it will be for you to exit should you be stopped out. The greater the number of underlying bids, the
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不同才能脱颖而出。
easier it will be to exit your position. The same goes for the depth of offers should you be short. Always
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know your real risk and possible/realistic exits before you get into a position. Also, by using the information
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of the underlying bids you can tell how strong or weak a stock is. If there are more underlying bids for a
good amount of size then this might indicate that the stock will trade higher from its price. Finally, the
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underlying bids and offers are all relative to the stock. This means that they have to be significantly
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different from the other bids and offers to stand out.

Time and Sales 时间和销售
On the right side of the Level II box you will see the prints. These are the actual transactions. The prints are 在II级框的右侧，您将看到打印件。这些是实际的交易。打印件在上图中的紫色框中突出显示。印刷品显示每
highlighted in a purple box on the image above. The prints tell the price and the size of each transaction. 笔交易的价格和规模。它们的颜色有绿色、白色和红色。红色字体表示股票在买入价中交易，绿色字体表示股
票在卖出价上交易，白色字体表示买入价和卖出价之间的交易（内部市场）。白色印刷品常见于点差较大的股
They are in the colors of green, white and red. A print in red means the stock traded on the bid, a print in 票，人们“凿”（或下单比出价高或低于出价半美分），或者如果股票的点差很小，它可能是算法或隐藏的买
green shows that the stock traded on the offer, and a print in white indicates a trade between the bid and 家/卖方。对于大多数新交易者来说，一个常见的错误是认为如果股票是红色的，那么它就会被卖出，如果它
是绿色的，那么它必须买入。请记住，每个买家都有一个卖家，反之亦然。在GMCR上方的图片中，最后一张
the offer (inside market). White prints are common for stocks that have larger spreads, people “chiseling” 印刷品的报价为35.91美元5。这意味着有人在GMCR上支付了500股的要约。最后，在下面的示例中，您将看
(or putting in an order half a penny higher than bid or lower than offer), or if the stock has a tight spread it 到两个以绿色突出显示的打印件。这意味着这些印刷品是通过优惠支付的。如果投标以红色突出显示，这对于
can be an algorithm or hidden buyer/seller. A common mistake for most new traders is to think that if the 投标也是如此。你现在不应该过多关注高光打印。通过打印可以只是使用市场订单的人。唯一关注通过（突出
显示）打印的时间是当股票在任一方向上快速移动并且买家/卖家只想摆脱/获得更多股票时。
stock is printing red then it’s being sold and if it’s being printed in green then it must buying. Remember, for
every buyer there is a seller and vice versa. In the image above GMCR the last print was $35.91 5 on the
offer. This means that someone paid the offer for 500 shares on GMCR. Finally, on the example below you
will see two prints that are highlighted in green. This means those prints were paid through the offer. This
goes the same for the bid if it is highlighted in red. You shouldn’t pay much attention to the highlight prints
for now. The through prints can just be someone using a market order. The only time to focus on the
through (highlighted) prints is when a stock is moving very quickly in either direction and the buyers/sellers
just want to get rid/get more of their stock.

趣卡翻译（[Link]）
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With the example above fill out this quiz below: 使用上面的示例填写以下测验：

What is the ticker is on the box? 盒子上的代码是什么？

What was the last price it traded at? 它的最后交易价格是多少？
What is the net change of the stock? (both dollar and percentage wise) 股票的净变化是多少？（无论是美元还是百分比）

趣卡翻译（[Link]）
What was the open? The close? High? Low? Spread? 什么是开放的？关闭？高的？低的？传播？
What is the spread of the stock? 股票的点差是多少？

Was the stock last traded on the bid or the offer? 股票最后一次交易是买价还是卖价？
How much volume (on the prints) was done at 161.22? 在161.22完成了多少（在印刷品上）？
What is the next underlying bid if 161.22 get taken out? Next underlying offer if 161.23 gets taken out? 如果161.22被取出，下一个标的价格是多少？如果161.23被取出，下一个基础报价？
What ECNs are on the bid and offer and for how much size? 投标和报价中有哪些ECN以及大小？

How much volume has the stock done so far? 到目前为止，股票的成交量是多少？

What price was the stock last print in the inside market? (between the bid and the offer) 股票在内部市场最后一次印刷的价格是多少？（在出价和出价之间）
Answers for prints 打印的答案
What is the ticker is on the box? 盒子上的代码是什么？

Gs, Goldman sachs Gs，高盛

What was the last price it traded at? 它的最后交易价格是多少？
161.23 161.23
What is the net change of the stock? (both dollar and percentage wise) 股票的净变化是多少？（无论是美元还是百分比）

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$-5.44, -3.26% $-5.44, -3.26%

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What was the open? The close? High? Low? Spread? 什么是开放的？关闭？高的？低的？传播？
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164.30 open, 166.67 close, 164.38 high, 158.45 low, 1 penny spread 164.30开盘，166.67收盘，164.38高点，158.45低点，1美分点差
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What is the spread of the stock? 股票的点差是多少？

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1 penny 1便士
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Was the stock last traded on the bid or the offer? 股票最后一次交易是买价还是卖价？
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offer 提供

How much volume (on the prints) was done at 161.22? 在161.22完成了多少（在印刷品上）？
2,300 shares 2,300股
What is the next underlying bid if 161.22 get taken out? Next underlying offer if 161.23 gets taken out? 如果161.22被取出，下一个标的价格是多少？如果161.23被取出，下一个基础报价？
161.21 bid, 161.25 offer 161.21出价，161.25出价

What ECNs are on the bid and offer and for how much size? 投标和报价中有哪些ECN以及大小？
500 arca 161.22 and 200 nasdaq 161.22 bid, 200 arca 161.23 and 200 nyse 500arca161.22和200nasdaq161.22出价，200arca161.23和200nyse
How much volume has the stock done so far? 到目前为止，股票的成交量是多少？
10.7 million shares 1070万股

What price was the stock last print in the inside market? (between the bid and the offer) 股票在内部市场最后一次印刷的价格是多少？（在出价和出价之间）
161.22 161.22

趣卡翻译（[Link]）
Prints 印刷

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What are prints, where are they located on the box, and how are they apart of “the tape”? 什么是印刷品，它们在盒子上的什么位置，它们与“胶带”有何不同？
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Prints are the price at which the stock is currently trading, simple enough right? They show you if the stock 印刷品是股票当前交易的价格，够简单吧？它们向您显示股票当前是在买入还是卖出（询问）。它们位于框的
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is currently being traded on the bid or on the offer (ask).They are located on the right side of the box as 右侧，如上图所示。这些印刷品是老派交易员（早在1900年代初）用来确定股票强弱的东西。它们是电子“磁
带”。显然我们现在拥有更好的技术，但同样的理论也适用。通过打印，您将能够看到股票的强弱，以及买家
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shown in the image above. The prints are what the old school traders (back in the early 1900s) used to /卖家的价格。结合印刷品、二级、图表和期货（或行业ETF）可以显示价格效率低下的可利用性。
determine the strength and weakness of a stock. They are the electronic “tape.” Obviously we have better
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technology now, but the same theory applies. With the prints you will be able to see the strength or
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weakness of the stock and at what prices there are buyers/sellers. Combining the prints, level II, charts, and
the futures (or sector etfs) can show price inefficiencies to exploit.

What is a red print? A green print? A white print? 什么是红印？绿印？白印？

If the print is red then it means the stock is trading at the bid. If the print is green then the stock is trading 如果印刷品为红色，则表示股票正在以买入价交易。如果打印为绿色，则股票正在报价交易。最后，如果印刷
on the offer. Finally, if the print is white, then the stock transacts between the bid and the offer. White prints 品是白色的，则股票在买卖双方之间进行交易。窄幅股票上的白色印花通常用于隐藏的买家/卖家和/或算法，
在上图中，您可以看到最后一个印花（顶部显示最近的交易）是白色的Z62.831。因此，它在ARCA或BATSecn
on tight spread stocks are usually for hidden buyers/sellers and/or algorithms, in the image above you see 上的100股股票的买入价和卖出价之间进行交易（可能是62.835）。下面是Z62.831。这意味着最后一张之前的
the last print (its shows the most recent transaction at the top) was Z 62.83 1 in white. Therefore it traded 印刷品在arca或bats上以62.83的价格买入100股（印刷品上的Z交换可以是arca或bats）。从打印中解码ECN并不
重要，只需跟踪字母以使其简单。
between the bid and the offer (it was probably 62.835) for 100 shares on the ARCA or BATS ecn. Below
that was Z 62.83 1. This means that the print before the last one was traded on the bid for 100 shares at
62.83 on arca or bats (Z exchange on prints can be arca or bats). Decoding the ECN from the prints is not
that important, just keep track of the letters to keep it simple.

Through Prints 通过打印

Usually market orders, through prints are the highlighted prints that transact above or below the best 通常，通过打印的市场订单是突出显示的打印高于或低于最佳买/卖价的交易。它们相对不重要。
bid/offer. They are relatively unimportant.

趣卡翻译（[Link]）
Prints move to fast and I can’t read them, what do I do? 打印速度很快，我无法阅读它们，我该怎么办？
This is OK. Sometimes prints will be moving too quickly to keep track and cleanly read the tape. Over time 还行吧。有时，打印件移动得太快，无法跟踪并清晰地读取磁带。随着时间的推移，你会变得更好更快地阅读
you will become better and faster at reading the prints. Also, stocks with high volume usually print really fast 印刷品。此外，大量库存通常打印速度非常快且难以阅读。完美的例子是SPYETF，它跟踪标准普尔指数，通
常每天交易至少1.5亿股。你最好的选择是不要尝试阅读ETF的磁带，而是坚持阅读每天交易量从100万股到200
and are difficult to read. The perfect example for this is the SPY ETF, which tracks the S&P and usually 0万股不等的股票。
trades at least 150 million shares per day. Your best bet is not to try to read the tape on ETFs but stick to
readable, in play stocks that trade anywhere from 1 million shares to 20 million shares per day.

Using prints as an indicator 使用印刷品作为指标

Prints show you at what price and at what size the stock transacts. Volume and price patterns are created 印刷品显示股票交易的价格和规模。成交量和价格模式是通过打印创建的，定义了构建交易的重要水平。
through the prints, defining important levels from which to structure your trades.

Printing repeating on the bid, printing repeating on the offer 在投标上重复打印，在报价上重复打印

If you are watching the prints and see that the stock keeps printing on the bid at lower prices than this is a 如果您正在观看印刷品并看到股票继续以低于此价格的价格印刷出价，则表明这是疲软的迹象。此外，如果您
sign of weakness. Also, if you are watching the prints and see that the stock keeps printing on the offer at 正在观看印刷品并看到股票继续以更高的价格印刷报价，那么这是实力的标志。如果您看到股票不断印在报价
上，那么这意味着有人真的想要股票，他们足够积极地支付报价并传播以获得股票，因为他们现在就想要。他
higher prices then this is a sign of strength. If you see the stock constantly printing on the offer then that 们不愿意投标希望并等待投标的股票。情况并非总是如此，但有时确实如此，根据经验，您会区分何时是或不
means someone really wants the stock, they’re aggressive enough to pay the offer and spread to get the 是。

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stock because they want right now. They’re not willing to bid for the stock hoping and waiting to get hit on
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the bid. This isn’t always the case but sometimes it is, with experience you will differentiate when it is or isn’t.
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Big prints 大版画
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When a stock prints 100 shares and 200 shares and 100 shares at a certain price (lets say $50) then you 当一只股票以某个价格（假设为50美元）打印100股、200股和100股时，您可能会看到以相同价格（50美元）打
might see a print for 100,000 shares at the same price ($50). This is considered a big print. Big prints are 印100,000股。这被认为是一个大字。大字报通常是机构，机构在大多数情况下决定订单流，因为他们的钱比你
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多。这是他们在做什么的线索；你应该注意并记住它。以50美元的价格印制100,000股股票现在是一个重要的价
usually institutions and institutions most of the time dictate the order flow since they have more money than 格。如果股票继续交易在50美元并且买盘保持不变，那么这是强势的迹象，如果买盘下跌，那么股票可能会走
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you. This is a clue to what they are doing; you should pay attention and remember it. That print of 100,000 低。您应该观看印刷品，看看它们对该价格和尺寸有何反应。大印都与交易量和每张印刷的份额有关。与其他
100股印刷品和当前交易量相比，大印刷品通常是突出的印刷品。
shares at $50 is now an important price. If the stock keeps trading at $50 and the bids hold then this is a
sign of strength, if the bids drop then the stock is probably going to trade lower. You should watch the prints
and see how they react to that price and size. Big prints are all relative to the amount of volume traded and
how many shares each print has been printing. A big print is usually a print that sticks out compared to the
other 100 shares prints and the current volume traded.

Before: Big print in LLY at $39.46 之前：LLY大字体，39.46美元

趣卡翻译（[Link]）
After: LLY traded higher 之后：LLY走高

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Big prints in P near the low 低点附近P中的大字样
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P trades higher P交易更高

Big print then big print higher 大字然后大字更高

A stock is trading at $50 and the stock has a big print of 100,000 shares then trades higher and you see a 一只股票的交易价格为50美元，该股票的大字为100,000股，然后交易走高，您看到125,000股的大字为50.25美
big print for 125,000 at $50.25 this indicates it will likely trade higher. The big print and big print higher 元，这表明它可能会走高。大字和大字更高表明机构购买。这是一个看涨指标。如果你看到一个大字，然后一
个大字在下跌趋势的股票上走高，那么这可能是一个做多股票的好机会。这并不意味着试图抓住底部，希望大
indicate institutional buying. This is a bullish indicator. If you see a big print, then a big print higher on a 幅上涨和大幅上涨，或者意味着你应该在下跌趋势中做多。做多下跌趋势的股票并不总是最好的选择，但如果
down trending stock then this might present a great opportunity to get long the stock. It doesn’t mean trying 有一个大印然后大印更高，你会看到买入持仓并且它打破了趋势线，那么这应该是一个很好的做多。反之亦然
，如果你看到一个大字，那么一个大字就低；它表明股票疲软，可能会走低。
to catch the bottom hoping for a big print and big print higher or mean that you should get long in a down
trend. Getting long a down trending stock is not always the best play, but if there is a big print then big print
higher, you see bids holding and it breaks it down trend line then this should be an excellent to get long.
The opposite is also true, if you see a big print then a big print lower; it signals that the stock is weak and
probably going to trade lower.
Speed 速度
Each stock trades with a certain rhythm and pattern, your job as a trader is to recognize it. You should 每只股票都以一定的节奏和模式进行交易，作为交易员的工作就是识别它。你应该

趣卡翻译（[Link]）
recognize how often and repeatedly the stock prints and at what speed. When a stock is quickly printing on 识别库存打印的频率和重复性以及打印速度。当一只股票在报价上快速打印然后打印速度更快，那就是看涨
the offer and then prints faster, that is bullish. The buyers are getting more aggressive and are paying for 。买家变得更加积极，并且正在为股票买单。如果它处于阻力位或者他们有一个买单即将被执行，它可能即
将爆发。您应该注意的另一件事是，如果报价下降并立即被接受，这可能意味着在该特定价格存在需求。如
the stock. It may be about to break out if it’s at a level of resistance or that they have a buy order than is 果你看到一个报价下降，提升并看到它快速打印在报价上，那么股票很强劲并且报价正在被立即接受。买方
about to get filled. Another thing you should notice is that if an offer steps down and gets taken 愿意购买报价中的任何股票，这意味着他们非常想要它。如果一只股票的印刷速度放慢了，那么它目前可能
没有发挥作用，你应该继续前进。
immediately, this might mean that there is demand at that certain price. If you see that an offer steps down,
lifts and see it quickly printing on the offer then the stock is strong and the offer is being taken immediately.
The buyer is willing to buy any stock on the offer which means they aggressively want it. If a stock slows its
printing then it may not be in play at the moment, and you should move on.

Volume 体积
Watching, noticing, and remembering how much volume is done at certain prices is important when reading 在阅读印刷品时，观察、注意和记住在特定价格下完成了多少交易量是很重要的。当以某个价格完成异常数量
the prints. When an unusual amount of volume is done at a certain price then this level becomes important 的交易时，这个水平就变得很重要，您可以围绕它构建交易。一个经验法则是，在某个价格下完成的交易量越
大，一旦价格远离该水平，预期的移动就越大。请记住，交易量都与股票的交易量、您期望通过二级交易在该
around which you can structure trades. A rule of thumb is the more volume that is done at a certain price 级别交易多少以及围绕该级别完成的交易量有关。还要记住，仅仅因为一只股票以某个价格做大量交易并上涨
the bigger the move that is expected once price moves away from that level. Remember, the volume is all 几美分并不意味着你应该做多。将级别与图表以及盒子/磁带告诉您的内容结合起来。下面是一个例子：如果
一只股票在10美分的区间内交易了300,000股，那么该股票突破了这个区间，您可能会预期会有大约25美分的波
relative to how much the stock has traded, how much you expected to trade at that level via level II, and how 动，但如果股票在10美分的区间内交易了大约3,000,000股，那么您应该预期当区间突破时至少移动1个点（这并
much volume is done around the level. Also remember that just because a stock does extensive volume at 不意味着你应该固执并等待一个点，如果股票不这样做）。在特定水平完成的交易量让您了解股票可能会偏离
a certain price and trades up a few pennies doesn’t mean you should be long. Combine the level with the 该水平多少。

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charts and what the box/tape has been telling you. Here is an example: if a stock trades 300,000 shares
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between a 10 cent range then the stock breaks the range, you might expect a move of about 25 cents, but
if the stock trades about 3,000,000 shares between that 10 cent range then you should expect at least a 1
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point move when the range breaks (this doesn’t mean you should be stubborn and wait for a point if the
stock doesn’t do it). The amount of volume had done at certain levels give you an idea of how much a stock
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might move away from the level.

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Hidden buyers/sellers 隐藏的买家/卖家

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If the bid is at $50.10 and the offer is at $50.20 but you notice prints $50.12 (white prints to be exact since 如果出价为50.10美元，出价为50.20美元，但您注意到连续打印出50.12美元（准确地说是白色，因为它们位
they’re between the bid and the offer) continuously then this is an example of a hidden buyer. You should 于出价和出价之间），那么这是一个隐藏买家的示例。您应该注意这一点并收集有关它的信息。如果您注意
到报价降至50.18美元并立即被接受，则这意味着买方愿意以您的任何价格购买，这是一个看涨信号。这将带
pay attention to this and gather information about it. If you notice that the offers step down to $50.18 and 来巨大的风险/回报设置。卖家则相反。
they get taken immediately then this means the buyer is willing to buy at whatever price you are selling at
and it is a bullish signal. This will present a great risk/reward setup. The opposite is the same for sellers.

Nflx had a hidden buyer in the $66.50 area Nflx在66.50美元的区域有一个隐藏的买家

趣卡翻译（[Link]）
Hidden buyer accumulating and then it trades higher 隐藏买家积累，然后交易更高

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Pot had a hidden buyer in the $40 area Pot在40美元区域有一个隐藏的买家
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Pot trades higher 底池交易走高

Rig had a hidden buyer in the $42 area 钻机在42美元的区域有一个隐藏的买家

趣卡翻译（[Link]）
RIG trades higher RIG交易走高

Big buyer/seller with a refreshing ECN 具有令人耳目一新的ECN的大买家/卖家

If the bid is at $50 and the offer is $50.10 and you see a bunch of prints at $50 and the buyer doesn’t drop 如果出价为50美元，出价为50.10美元，而您看到一堆50美元的印刷品并且买家没有放弃，那么这是一个大买家
then this is an example of a big buyer. We watch the prints and notice how much he is buying, if he buys a 的例子。我们观察印刷品并注意他买了多少，如果他买了一吨并且没有下跌，那么这是一个很好的买入机会，
如果他下跌，你就退出。这将带来巨大的风险/回报设置。如果您在30美元的出价上看到BATS，并且他们向您
ton and doesn’t drop then this is a good entry to get long, with you exit if he drops. This will present great 展示了100股（或任何少于1000股）并且您注意到一堆30股的印刷品，那么这是一个令人耳目一新的ECN的示
risk/reward setups. If you see BATS on the bid at $30 and they’re showing you 100 shares (or anything less 例。买家隐藏了他的大小，并试图积累大量的库存。你想在这里以价格做多（做多不同ECN的出价）或高出一
美分，而你的风险是如果他放弃出价。您应该遵循刷新的ECN。另外，有时会有一个大买家在某个价位，比如
than 1000) and you notice a bunch of prints at 30 then this is an example of a refreshing ECN. The buyer is 50美元，只是累积出价，刷新一下。有时他们会降低出价5美分，然后将出价提高到50美元。你应该总是退出

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hiding his size and is trying to accumulate a sizable amount of stock. You want to get long here at the price 股票，因为它会影响你的退出，但你总是可以在将风险置于最近下跌的低点的同时重新买入。
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(getting long on the bid on a different ECN) or a penny above it, while your risk is if he drops the bid. You
should follow the refreshing ECN. Also, sometimes there will be a big buyer at a certain price, for example
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$50, just accumulating on the bid and refreshing. Sometimes they will drop the bid 5 cents and raise the bid
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back to $50. You should always hit out of the stock because it hit your exit but you can always get back in
while putting your risk at the low of that recent drop.
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Big buyer/seller drops or lifts 大买家/卖家下降或提升

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When we notice that there is a big buyer or seller and we are in the opposite side of the trade then we exit 当我们注意到有一个大买家或卖家并且我们处于交易的另一边时，我们会退出头寸，假设股票将不利于我们
the position assuming that the stock will go against us. For example: if you are long AMZN and notice a big 。例如：如果您做多AMZN并注意到一个大卖家，那么您退出头寸，认为它会下跌。如果卖家抬高，那么这
是一个做多的好时机，因为他们已经卖完了，如果大买家下跌，也是如此。请记住，这不仅是进行交易的一
seller then you exit the position thinking it’s going to go down. If the seller lifts then it is a good time to get 个原因，您还必须让所有其他指标都对您有利（技术指标和磁带）。
long since they are done selling, the same goes if a big buyer drops. Remember, this isn’t only one reason
to get in the trade, you have to have all the other indicators pointing in your favor (technical’s and tape).

Buyer was holding the RIG at $42.70 买方以42.70美元的价格持有RIG

趣卡翻译（[Link]）
Buyer drops and RIG trades lower 买家下跌，RIG交易走低

Probabilities 概率
Trading is a game of probabilities. On any given trade the indicators can be wrong. Therefore, to increase 交易是一种概率游戏。在任何给定的交易中，指标都可能是错误的。因此，为了增加任何给定交易的成功概率
the probability of success on any given trade, the more indicators in your favor, the greater the likelihood of ，对您有利的指标越多，成功的可能性就越大。如果所有指标都对您不利，您仍然可以进行交易，但您必须减
少头寸规模以应对增加的风险。
success. You may still enter a trade if all indicators are not in your favor, but you must then reduce your
position size to counter the increased risk.

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Using prints and level II together 结合使用印刷品和二级
By using the level II to see the characteristics of stock at the bid and offer, while seeing how much is printed 通过使用级别II在买卖时查看股票的特征，同时查看在给定价格下打印了多少，您可以衡量供需，以及识别隐
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at a given price, you can gauge supply and demand, as well as identify hidden buyers and sellers. Using 藏的买家和卖家。将它们一起使用，您可以识别您可能无法在图表上看到的高概率条目。通过使用级别II和打
印，您将看到是否有买单或卖单（通过ECN、交易模式和打印），遵循这些订单，查看它们何时完成并通过这
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them together you can identify high probability entries that you might not be able to see on the charts. By 样做来做出决定。这是你在图表上看不到的。衡量数量和供需允许根据基础买/卖适当地调整大小，以减少滑
using the level II and prints you will see if there is a buy order or sell order (via the ECN, trading 点。最后，通过使用磁带阅读来发挥您的优势，您将能够看到算法/HFT并与之对抗。
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pattern and prints), follow those orders, see when they are finished and make a chop by doing so.
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That is something you won’t be able to see on the charts. Gauging volume and supply and demand
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allows to size properly based on the underlying bids/offers to reduce slippage. Finally, by using tape
reading to your advantage you will be able to see the algorithms/HFTs and combat against them.
What different prints means and what are some bullish and bearish prints 不同的印刷品意味着什么，什么是看涨和看跌的印刷品
The table below provides examples of print characteristics to help define the strength of a stock. 下表提供了打印特征示例，以帮助定义库存强度。

(Reminder: 1 ARCA = 100 shares on ARCA, 10 ARCA = 1k shares on ARCA, 100 ARCA = 10k on ARCA. （提醒：1ARCA=ARCA上的100股，10ARCA=ARCA上的1k股，100ARCA=ARCA上的10k。无论数字是多少
Whatever the number is multiply it by 100 and that is how many shares. Single digits = hundred(s) which ，乘以100就是多少股。个位数=一百（s）可以是100-900。两位数=千，可以是1000-9900。三位数=万，可以
是10,000-99,900，依此类推）
can be 100-900. Double digits = thousand(s) which can be 1000-9900. Triple digits = ten thousand(s) which
can be 10,000-99,900 and so on)
The bid shows 10 ARCA and prints 60k on the bid at the same 出价显示10ARCA并以相同的价格在出价上打印60k并持有
Bullish 看涨
price and holds
The offer shows 10 ARCA and prints 60k on the offer at the same 报价显示10ARCA并以相同价格在报价上打印60k并持有
Bearish 看跌
price and holds
The bid shows 70 ARCA, prints 9k on the bid, and refreshes Bullish 出价显示70ARCA，出价上打印9k，刷新 看涨
The offer shows 70 ARCA, prints 9k on the offer, and refreshes Bearish 报价显示70ARCA，报价上打印9k，刷新 看跌
The bid shows 70 ARCA, prints 7k on the bid, and then the bid 出价显示70ARCA，在出价上打印7k，然后出价更高
Bullish 看涨
steps higher
The offer shows 70 ARCA, prints 7k on the offer, and then the 报价显示70ARCA，报价上打印7k，然后报价降低
Bearish 看跌
offer steps lower
趣卡翻译（[Link]）
The offer shows 70 ARCA, prints 7k on the offer, and then the bid 报价显示70ARCA，在报价上打印7k，然后出价更高
Bullish 看涨
steps higher
The bid shows 70 ARCA, prints 7k on the bid, and then the offer 出价显示70ARCA，在出价上打印7k，然后出价逐步降低
Bearish 看跌
steps lower
The bid shows 5 ARCA, prints 7k on the bid, drops, then rebids at 出价显示5ARCA，在出价上打印7k，下降，然后以相同的价格重新
Bullish 出价 看涨
the same price
The offer shows 5 ARCA, prints 7k on the offer, lifts, then steps 报价显示5ARCA，在报价上打印7k，提升，然后降到相同的价格
Bearish 看跌
down to the same price
The bid shows 60 ARCA, prints 6k on the bid, drops, and the 出价显示60ARCA，在出价上打印6k，下降，出价低于前一个
Bearish 出价 看跌
offer steps down lower than the previous bid
The bids get hit quickly and drop, moving the price lower Bearish 出价迅速下降，价格走低 看跌
The offers get taken quickly and lift moving the price higher Bullish 报价被迅速接受并抬高价格 看涨
Bullish 整体看
overall 涨，但
看跌该
The stock is quickly taking the offers and taking the offersand but 股票正在迅速接受报价并接受报价并接受更高的报价，然后不会接 价格
taking offers higher and then will not take the next offer and slows bearish 受下一个报价并放慢速度
for that
price

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overall 涨，但
The bid gets hit and holds and steps up and gets hit and holds 出价被击中并保持并加紧并被击中并保持并向上加高并被击中并 看跌该
but 保持更高并向上加高然后被击中并下降 价格
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and steps up higher and gets hit and holds higher and steps up
bearish
higher and then gets hit and drops
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for that
price
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Big print and the next prints are higher Bullish 大字号和下一个字号更高 看涨
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Big print and the next prints are lower Bearish 大字号和下一个字号较低 看跌
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Big prints and big prints higher Bullish 大版画和大版画更高 看涨

Big prints and big prints lower Bearish 大版画和大版画更低 看跌
The bids are tested and holds Bullish 投标经过测试并持有 看涨
The offer is tested and holds Bearish 报价经过测试并持有 看跌

趣卡翻译（[Link]）
Big Bids 大出价

What are Big Bids and why are they important? 什么是大出价？为什么它们很重要？
A big bid is exactly what it name says. It is a bid that is unusually larger than the normal bids that are 一个大出价正是它的名字所说的。这是一个比常规显示的正常出价异常大的出价。代表机构规模。这些很重
routinely shown. Represent institutional size. These are important to watch and to keep note of because 要，需要注意和注意，因为这些是机构命令，您希望遵循机构正在做的事情。请记住，机构是大笔资金，是
推动股价的人。
these are institutional orders and you want to follow what institutions are doing. Remember, institutions are
the big money and are the guys that move stock prices.
When a stock is showing 100 shares on the bid and 300 shares on the underlying bid below that then this is 当一只股票的出价显示为100股，标的出价低于300股时，这通常是正常的小规模出价。假设您看到200,000股的
usually normal, small sized bids. Let’s say that you see a bid below that flash for 200,000 shares then this is 出价低于该闪存，那么这是一个值得关注的出价。那么，当要约中有200,000股，要约中有100股时，这意味着
什么？这意味着股票可能会走高，因为在给定水平上对股票的需求大于供应。请记住记下这些出价并记住它们
a bid to watch. So what does it mean when there are 200,000 shares on the bid and 100 on the offer? It 发生的水平。
means that the stock will probably trade higher because there is greater demand for stock at a given level
then there is supply. Remember to keep note of these bids and to remember the levels at which they
occurred.
If this big bid gets filled and holds then that means the stock will probably trade higher. If it drops, then it is 如果这个大出价被填补并持有，那么这意味着股票可能会走高。如果它下降，那么它可能很弱。您还应该注
probably weak. You should also notice what happens to the stock when the big bid is placed. 意当大出价时股票会发生什么。

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What do you do when there is a big bid? 出价高的时候怎么办？
When you see a big bid hold then you usually want to step in front of that bid to go long, exiting if it starts to 当您看到一个大的出价持有时，您通常希望在该出价之前走多头，如果它开始递减（或快速递减）或下降，则
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decrement (or decrement quickly) or drops. Also, keep in mind your real risk and what the underlying bids 退出。此外，请记住您的真实风险以及潜在的出价在做什么。当大出价下跌时，滑点可能会比常规出价下跌更
多。当出价的规模大于报价时，通常表明股票应该走高。
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are doing. When a big bid drops then there will likely be more slippage than if a regular bid drops. When
there is more size on the bids than there are offers then it usually indicates that the stock should trade
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higher.
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What does a Big bid look like on the Level II? II级的大出价是什么样的？
Big bids are very easy and simple to spot on the Level II. They stick out like a sore thumb. If you see a few 在二级上很容易发现大出价。它们像疼痛的拇指一样突出。如果您看到有几个出价100股，然后有一个出价10
bids for 100 shares then one bid for 100,000 then that is the big bid. It would look like this: 0,000股，那么这就是大出价。它看起来像这样：

1 NYSE 30.20 1 NYSE 30.20

2 arca 30.19 2 arca 30.19

1000 nsdq 30.18 1000 nsdq 30.18

2 edgx 30.16 2 edgx 30.16
In the example above, the big bid is at $30.18 showing 100,000 shares in size while the other bids are 在上面的示例中，大出价为30.18美元，显示100,000股，而其他出价显示100股和200股。就像我之前所说
showing 100 and 200 shares. Like I previously stated, this is easy to spot and should be noted when 的，这很容易发现，发现时应该注意。
spotted.

趣卡翻译（[Link]）
TXN had a big bid at 28.50 on NYSE TXN在纽约证券交易所以28.50的高价出价

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BBY had a big bid at 25.35 BBY出价25.35

趣卡翻译（[Link]）
GMCR had a big bid at 51 GMCR出价高达51

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CHK had a big bid at 28.95 CHK出价28.95

Flash orders 快闪订单

Flash orders are when big bids are flashed at a price and disappear. This usually happens when the order Flash订单是指大的出价以某个价格闪现并消失。这通常发生在订单被隐藏但有时会显示，或者如果他们想查看
is hidden but sometimes shows or if they want to see what happens to the stock when a big bid is being 在大出价时股票会发生什么情况。这些订单有时可能是假的，因此您必须跟踪印刷品，以查看在其闪现的价
格下会发生什么。记下这些价格并记下闪电出价的大小。这与大出价相同，只是它只是在二级中闪烁。观察
placed. These orders can sometimes be fake so you would have to keep track of the prints to see what 并记下股票对这些闪电订单的反应。
happens at that price it flashed at. Keep note of these prices and note the size of the flash bids. It is the
same thing as a big bid except it is just flashing in the level II. Watch and take notes how the stock reacts to
these flash orders.

趣卡翻译（[Link]）
Big Orders stepping down/up 大订单下降/上升
Sometimes when there is a big order on the bid or offer it will just stay there and wait to get filled. 有时，当出价或报价上有大订单时，它只会呆在那里等待被填满。
Sometimes these orders will step up in price or down in order to get filled. When you see a big order you 有时，这些订单会涨价或跌价以便成交。当您看到一个大订单时，您通常想走到它前面，如果它上升/下降
usually want to step in front of it, follow the order and exit if it lifts/drops or decrements. This is a simple 或减少，请按照订单并退出。这是一个简单的交易，可以非常有利可图。
trade that can be very profitable.

When you spot a big bid you usually want to step in front of it and exit if it drops or decrements quickly. 当你发现一个大出价时，你通常想走到它前面，如果它迅速下降或减少，你就退出。
Sometimes that big bid will get hit for some stock and the stock will trade higher. Sometimes that big bid will 有时，某些股票的大出价会受到打击，股票会走高。有时，这个大出价会提高出价几美分，以便得到填补。
step up on the bid by a few cents in order to get filled. You want to step in front of these orders and follow 您想走在这些订单的前面并跟随它们直到它们被执行。一旦他们被填满，你就退出。简单吧？
them until they get filled. Once they get filled you exit. Simple right?
When a big bid continues to get hit for size you have to take note of how quickly it did and at what prices. 当一个大出价继续受到规模的打击时，您必须注意它的速度有多快以及价格是多少。
You usually want to follow these big bids and exit if they drop/decrement. When a big bid is filled and drops 您通常希望跟随这些大出价并在它们下降/减少时退出。当一个大的出价被填补并下跌时，你通常想退出你的
then you usually want to be out of your long position (maybe enter short?) because it indicates that the 多头头寸（也许进入空头头寸？），因为这表明股票刚刚被击中规模并且可能会走低。
stock was just hit for size and will probably trade lower.
The same thing goes with big offers. You usually want to step in front of them and follow them until it lifts or 大优惠也是如此。您通常想走到他们面前并跟随他们，直到它上升或下降。您想遵循这些命令，因为这是机
decrements. You want to follow these orders because it is what the institutions are doing and they dictate 构正在做的事情，它们决定了股票的去向。如果有一个很大的报价，受到一定尺寸的打击，然后下台，那么
这意味着卖家想要摆脱库存，即使它的价格较低。如果大报价随后被填补并提升，那么你应该退出你的空头
where the stock is going to go. If there is a big offer, gets hit for some size, then steps down, then that 头寸（也许进入多头？），因为它表明在那个水平上对该股票有更多的需求。
means the seller wants to get rid of the stock even if it’s at lower prices. If the big offer then gets filled and

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lifts then you should exit your short position (maybe enter long?) because it shows that there is more
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demand for that stock at that level.
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What is Decrementing? 什么是递减？

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Decrementing is when a bid or offer is reduced in size. This usually happens when the bid or offer is getting 递减是指投标或报价的规模减小。这通常发生在出价或出价被填写并且第二级实时表示时。出价或报价递减的
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filled and the level II is representing that in real time. The faster a bid or offer is decrementing then the more 越快，它就越重要。您应该注意这一点并权衡这些信息。
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important it is. You should take note of this and trade off of this information.
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Before 前

趣卡翻译（[Link]）
After 后

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What do you do when a Big Bid/Offer decrements? 当大出价/出价减少时，您会怎么做？
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When a big order decrements then you should think about exiting the position, if you are trading in front of 当大订单减少时，如果您在该大订单前进行交易，您应该考虑退出头寸。如果它迅速减少，那么你真的应该
考虑退出该头寸，因为订单下降/提升的机会很高。当大出价递减或快速递减时，您应该考虑退出多头头寸或
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that big order. If it is decrementing quickly then you should really consider exiting the position because the
考虑进入空头头寸。请记住，您的所有其他指标都应该为更高概率的交易排队。大报价也是如此。如果大报
chances of the order dropping/lifting are high. When a big bid decrements or decrements quickly, you 价开始减少或迅速减少，那么您应该考虑退出您的空头头寸或考虑做多。
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should consider exiting your long position or consider entering a short position. Remember that all of your
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other indicators should line up for a higher probability trade. The same goes with a big offer. If the big offer
starts to decrement, or decrement quickly, then you should considering exiting your short position or
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consider getting long.

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Sometimes there will be a stock on the verge of a break out. If there is a big offer at the whole number and 有时会有一只即将突破的股票。如果整个数字有一个大的报价并且它开始迅速减少，那么这可能意味着股票即
it starts to decrement quickly then that can mean the stock is about to break out and might be a decent spot 将爆发并且可能是一个不错的做多点。股票即将崩盘并且有很大的出价也是如此。如果它减少或迅速减少，那
么您应该考虑退出您的多头头寸或进入空头头寸。
to enter long. The same goes with a stock that’s about to break down and there is a big bid. If it
decrements, or decrements quickly, then you should consider exiting your long position or maybe enter
short.

Can big bids/offers be fake? 大出价/报价会是假的吗？

Sometimes big bids/offers can be fake. You will know if they are real when the stock reaches that level, you 有时大出价/出价可能是假的。当库存达到该水平时，您将知道它们是否真实，您开始看到打印出来并且出价/
start to see prints come through and the bid/offer decrements. You will know that they are fake if it gets to 报价减少。如果它达到那个价格，你就会知道它们是假的，它消失了，并且它通过那个价格进行交易而没有成
交量。交易者有时会提出大的出价/出价，以了解股票的反应。他们还将这些放在这些订单中，以欺骗其他交
that price, it disappears, and it trades through that price with no volume. Traders sometimes put big 易者或算法。
bids/offers in order to see what the stock does in reaction. They also put these in these orders to fool other
traders or algorithms.

趣卡翻译（[Link]）
Big Offers 大优惠

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CAT shows a big offer at $113.07 of 48,200 shares CAT以113.07美元的价格出售48,200股股票
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What are Big Offers and why are they important? 什么是大优惠？为什么它们很重要？
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A big offer is exactly what it name says. It is an offer that is way bigger than the normal offers that are 一个大报价正是它的名字所说的。这是一个比显示并代表机构规模的正常报价要大得多的报价。这些很重要，
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shown and represent institutional size. These are important to watch and to keep note of because these are 需要注意和注意，因为这些是机构命令，您希望遵循机构正在做的事情。请记住，机构是大笔资金，是推动股
价的人。
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institutional orders and you want to follow what institutions are doing. Remember, institutions are the big
money and are the guys that move stock prices.
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When a stock is showing 200 shares on the offer and 100 shares on the underlying offer above that then 当一只股票的报价显示为200股，标的报价为100股时，这通常是正常的小规模报价。假设您看到一个高于此
this is usually normal, small sized offers. Let’s say that you see an offer above that or flash for 100,000 的报价或闪现100,000股，那么这是一个值得关注和记录的报价。那么，当要约中有100,000股，要约中有200
股时，这意味着什么？这意味着该股可能会走低。请记住记下这些优惠并记住它们所处的位置。
shares then this is an offer to watch and keep note of. So what does it mean when there are 100,000
shares on the offer and 200 on the bid? It means that the stock will probably trade lower. Remember to
keep note of these offers and to remember the levels of where they are at.
If this big offer gets filled and holds then that means the stock will probably trade lower. If it lifts, then it is 如果这个大报价被执行并持有，那么这意味着股票可能会走低。如果它升起，那么它可能很强大。您还应该
probably strong. You should also notice what happens to the stock when the big offer is placed. Finally, a 注意在发出大报价时股票会发生什么。最后，一个大报价是指有一个报价明显大于所有其他报价，通常超过
10,000股，但请记住，所有这些都与其他报价的显示和交易量有关。股票。
big offer is when there is an offer that is noticeably bigger than all of the other offers, usually over 10,000
shares in size, but remember that all of this is relative to what the other offers have been showing and the
volume in the stock.

What do you do when there is a Big offer? 有大优惠时你会怎么做？

When you see a big offer then you usually want to step in front of that offer and exit if it starts to decrement 当你看到一个大的报价时，你通常想走在那个报价的前面，如果它开始减少（或迅速减少）或上升，你就退
(or decrement quickly) or lifts. Also, keep in mind your real risk and what the underlying offers are doing. 出。此外，请记住您的真实风险以及潜在报价的作用。
When a big offer lifts then there will be more slippage than if a regular offer lifts and you should factor that 当大报价提升时，滑点会比常规报价提升时更多，您应该在交易中考虑到这一点。当报价的大小大于出价时，
into your trading. When there is more size on the offers than there are bids then it usually indicates that the 通常表明

趣卡翻译（[Link]）
stock should trade lower. When you see these big offers you usually want to get in front of them by 1 cent 股票应该走低。当您看到这些大报价时，您通常希望在它们前面获得1美分，因为由于FIFO，您可能不会以
because you will probably not get filled at the same price of the big offer due to FIFO, first orders in first 与大报价相同的价格成交，先入先出，这意味着第一个订单在这个价格将被填补。最后，这些大报价的退出
将是它开始减少（或迅速减少）或上升。
orders out, which means the first order at that price will get filled. Finally, the exit of these big offers would
be if it starts to decrement (or decrement quickly) or lifts.

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FTNT shows a big offer at $25.15 of 98,300 shares FTNT在98,300股中以25.15美元的价格提出了高额报价
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What does a Big offer look like on the Level II? II级的大优惠是什么样的？
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Big offers are very easy and simple to spot on the Level II. They stick out like a sore thumb. If you see a few 大优惠非常容易在二级上发现。它们像疼痛的拇指一样突出。如果您看到几个200股的报价，然后一个50,000股
的报价，那么这就是大报价。它看起来像这样：
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offers for 200 shares then one offer for 50,000 then that is the big offer. It would look like this:
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2 arca 40.40 2 arca 40.40

500 NYSE 40.41 500 NYSE 40.41
1 nsdq 40.42 1 nsdq 40.42
In the example above, the big offer is at $40.41 showing 50,000 shares in size while the other offers are 在上面的示例中，大报价为40.41美元，显示50,000股，而其他报价显示100股和200股。就像我之前所说的
showing 100 and 200 shares. Like I previously stated, this is easy to spot and should be noted when ，这很容易发现，发现时应该注意。
spotted.

Flash orders 快闪订单

Flash orders are when big offers are flashed at a price and disappear. This usually happens when the Flash订单是指大报价以某个价格闪现并消失的时候。这通常发生在订单被隐藏但有时会显示，或者如果他们
order is hidden but sometimes shows or if they want to see what happens to the stock when a big offer is 想查看在发出大报价时股票会发生什么情况。这些订单有时可能是假的，因此您必须跟踪印刷品，以查看在
其闪现的价格下会发生什么。记下这些价格并注意闪存报价的大小。它与大报价相同，只是它只是在二级中
being placed. These orders can sometimes be fake so you would have to keep track of the prints to see 闪烁。观察并注意股票对这些闪电订单的反应。
what happens at that price it flashed at. Keep note of these prices and note the size of the flash offers. It is
the same thing as a big offer except it is just flashing in the level II. Watch and take note how the stock
reacts to these flash orders.

Big Orders stepping down/up 大订单下降/上升

趣卡翻译（[Link]）
Sometimes when there is a big order on the bid or offer it will just stay there and wait to get filled. 有时，当出价或报价上有大订单时，它只会呆在那里等待被填满。
Sometimes these orders will step up in price or down in order to get filled. When you see a big order you 有时，这些订单会涨价或跌价以便成交。当您看到一个大订单时，您通常想走到它前面，如果它上升/下降
usually want to step in front of it, follow the order and exit if it lifts/drops or decrements. This is a simple 或减少，请按照订单并退出。这是一个简单的交易，可以非常有利可图。
trade that can be very profitable.
When you spot a big bid you usually want to step in front of it and exit if it drops or decrements quickly. 当你发现一个大出价时，你通常想走到它前面，如果它迅速下降或减少，你就退出。
Sometimes that big bid will get hit for some stock and the stock will trade higher. Sometimes that big bid will 有时，某些股票的大出价会受到打击，股票会走高。有时，这个大出价会提高出价几美分，以便得到填补。
step up on the bid by a few cents in order to get filled. You want to step in front of these orders and follow 您想走在这些订单的前面并跟随它们直到它们被执行。一旦他们被填满，你就退出。简单吧？
them until they get filled. Once they get filled you exit. Simple right?
When a big bid continues to get hit for size you have to take note of how quickly it did and at what prices. 当一个大出价继续受到规模的打击时，您必须注意它的速度有多快以及价格是多少。
You usually want to follow these big bids and exit if they drop/decrement. When a big bid is filled and drops 您通常希望跟随这些大出价并在它们下降/减少时退出。当一个大的出价被填补并下跌时，你通常想退出你的
then you usually want to be out of your long position (maybe enter short?) because it indicates that the 多头头寸（也许进入空头头寸？），因为这表明股票刚刚被击中规模并且可能会走低。
stock was just hit for size and will probably trade lower.
The same thing goes with big offers. You usually want to step in front of them and follow them until it lifts or 大优惠也是如此。您通常想走到他们面前并跟随他们，直到它上升或下降。您想遵循这些命令，因为这是机
decrements. You want to follow these orders because it is what the institutions are doing and they dictate 构正在做的事情，它们决定了股票的去向。如果有一个很大的报价，受到一定尺寸的打击，然后下台，那么
这意味着卖家想要摆脱库存，即使它的价格较低。如果大报价随后被填补并提升，那么你应该退出你的空头
where the stock is going to go. If there is a big offer, gets hit for some size, then steps down, then that 头寸（也许进入多头？），因为它表明在那个水平上对该股票有更多的需求。
means the seller wants to get rid of the stock even if it’s at lower prices. If the big offer then gets filled and
lifts then you should exit your short position (maybe enter long?) because it shows that there is more

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demand for that stock at that level.
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What is Decrementing? 什么是递减？
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Decrementing is when a bid or offer is reduced in size. This usually happens when the bid or offer is getting 递减是指投标或报价的规模减小。这通常发生在出价或出价被填写并且第二级实时表示时。出价或报价递减的
filled and the level II is representing that in real time. The faster a bid or offer is decrementing then the more 越快，它就越重要。您应该注意这一点并权衡这些信息。
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important it is. You should take note of this and trade off of this information.
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Before 前

趣卡翻译（[Link]）
After 后

What do you do when a Big Bid/Offer decrements? 当大出价/出价减少时，您会怎么做？

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When a big order decrements then you should think about exiting the position, if you are trading in front of 当大订单减少时，如果您在该大订单前进行交易，您应该考虑退出头寸。如果它迅速减少，那么你真的应该
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that big order. If it is decrementing quickly then you should really consider exiting the position because the 考虑退出该头寸，因为订单下降/提升的机会很高。当大出价递减或快速递减时，您应该考虑退出多头头寸或
考虑进入空头头寸。请记住，您的所有其他指标都应该为更高概率的交易排队。大报价也是如此。如果大报
chances of the order dropping/lifting are high. When a big bid decrements or decrements quickly, you 价开始减少或迅速减少，那么您应该考虑退出您的空头头寸或考虑做多。
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should consider exiting your long position or consider entering a short position. Remember that all of your
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other indicators should line up for a higher probability trade. The same goes with a big offer. If the big offer
starts to decrement, or decrement quickly, then you should considering exiting your short position or
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consider getting long.

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Sometimes there will be a stock on the verge of a break out. If there is a big offer at the whole number and 有时会有一只即将突破的股票。如果整个数字有一个大的报价并且它开始迅速减少，那么这可能意味着股票即
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it starts to decrement quickly then that can mean the stock is about to break out and might be a decent spot 将爆发并且可能是一个不错的做多点。股票即将崩盘并且有很大的出价也是如此。如果它减少或迅速减少，那
么您应该考虑退出您的多头头寸或进入空头头寸。
to enter long. The same goes with a stock that’s about to break down and there is a big bid. If it
decrements, or decrements quickly, then you should consider exiting your long position or maybe enter
short.
Can big bids/offers be fake? 大出价/报价会是假的吗？

Sometimes big bids/offers can be fake. You will know if they are real when the stock reaches that level, you 有时大出价/出价可能是假的。当库存达到该水平时，您将知道它们是否真实，您开始看到打印出来并且出价/
start to see prints come through and the bid/offer decrements. You will know that they are fake if it gets to 报价减少。如果它达到那个价格，你就会知道它们是假的，它消失了，并且它通过那个价格进行交易而没有成
交量。交易者有时会提出大的出价/出价，以了解股票的反应。他们还将这些放在这些订单中，以欺骗其他交
that price, it disappears, and it trades through that price with no volume. Traders sometimes put big 易者或算法。
bids/offers in order to see what the stock does in reaction. They also put these in these orders to fool other
traders or algorithms.

趣卡翻译（[Link]）
What are Held Bids and Offers and why are they important? 什么是持有的投标和报价，为什么它们很重要？
Held bids and offers are one of the more used indicators in tape reading. By spotting them you will be able 持有的买入和卖出是磁带阅读中更常用的指标之一。通过发现它们，您将能够识别出巨大的风险/回报机会。
to identify great risk/reward opportunities. Also, you will be able to spot great entries where you can literally 此外，您将能够发现可以冒1美分风险的出色条目。该指标在阅读磁带时非常重要，因为它会提供很多您无法
在图表中看到的机会。此外，通过发现这些，您会发现您想要进入的股票的绝佳入场点。在开盘期间，日内
risk 1 cent. This indicator is very important when reading the tape because it will present a lot of 图表的发展并不多，因此通过发现持有的买入或卖出并阅读磁带，您将能够发现很大的风险/奖励机会，其中
opportunities that you will not be able to see in the charts. Also, by spotting these you will find great entries 一些您无法在图表中发现。当一只股票以某个价格成交大量时，我们想知道这一点，跟踪它并围绕该价格进
行交易，因为该价格现在是一个水平。以某个价格完成的交易量越多，该水平就越重要。这是非常重要的信
for stocks you want to be in. During the open not much of the intraday chart has developed, so by spotting 息，我们应该在盘中跟踪并进行交易。最后，请记住所有音量都是相对的。这意味着相对于每个价格的交易
a held bid or offer and reading the tape you will be able to find great risk/reward opportunities, some of 量，交易量必须很大。
which you can’t spot on the charts. When a stock does a lot of volume at a certain price then we want to
know this, keep track of it and trade around that price because that price is now a level. The more volume
that is done at a certain price the more important the level is. This is very important information that we
should keep track of intraday and trade around. Finally, remember that all volume is relative. This means
that the volume has to be a lot relative to what has been trading at every price.

What is a Held Bid? 什么是持有投标？

A Held Bid is one of the more used indicators in tape reading. By spotting a Held Bid you will be able to find 持有投标是磁带阅读中使用较多的指标之一。通过发现持有的投标，您将能够找到巨大的风险/回报机会。持
a great risk/reward opportunity. A Held Bid is when there is at least 2-3 times more volume traded on the bid 有的买入价是指买入价的交易量至少比第二级显示的数量多2-3倍或超过您的预期并且持有。按预期，我的意
思是交易量比任何其他价格都多。如前所述，该水平的交易量越大，持有越重要。该指标非常适合在开盘时使
than it shows on the Level II or more than you expect and it holds. By expect, I mean traded relatively more 用，并且可以与趋势上涨的股票一起使用，以发现具有高概率淘汰的巨大风险/回报机会。无论您是多头还是
volume than any other price. As previous stated, the more volume trading at the level and holding the more 空头，都应始终考虑持有的出价。如果您已经做空，这可能是一个补仓的理由，如果持有的买入价下降，甚至

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可能增加更多仓位。就像其他指标一样，您需要的不仅仅是这个指标来支持您的交易。如前所述，持有的买入
important it is. This indicator is great to use at the open and with stocks that are trending up to find great
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价是指买入价的交易量至少是第二级显示的或超出您预期并持有该价格的2-3倍。请记住，这一切都与在其他
risk/reward opportunities with high probabilities of panning out. Held bids should always be considered 价格下的交易量有关，在该水平上交易的数量越多，持有就越重要。您还应该牢记持有投标的供需动态。当持
when spotted whether you are long or short. If you are short already, this might be a reason to cover some 有的投标下降时，这意味着卖家正在获胜，也就是供大于求，价格应该会更低。反之亦然，如果出价保持不变
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，则意味着买家变得更加激进，即以该价格对股票的需求更多，并且应该会看到更高的价格。持有的投标可以
or maybe even add more if the Held Bid drops. Just like the other indicators, you will need more than just 刷新并且不显示他们正在购买或想要购买的尺寸数量。
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this indicator in your favor to get in the trade. As previously stated, a Held Bid is when there is at least 2-3
times more volume traded on the bid than it shows on the Level II or than you expect and holds that price.
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Remember that it is all relative to how much has been trading at other prices, the more volume traded at
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that level and holding then the more important it is. You should also keep in mind the supply and demand
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dynamics of a held bid. When the Held Bid drops that means that the sellers are winning aka there is more
supply than demand and the prices should see lower prices. In vice versa, if the bids hold that means the
buyers are getting more aggressive aka there is more demand for stock at that price and it should see
higher prices. Held bids can refresh and not show the amount of size they are buying or want to buy.

What do you do when a bid holds? When a bid drops? 当投标成立时，你会怎么做？什么时候出价下降？

When a bid is holding then you should get long. If a bid drops then you should not be long, possibly short 当出价持有时，你应该做多。如果出价下降，那么你不应该做多，可能做空取决于股票的整体交易情况以及其
depending how the stock is trading overall and what the other indicators are saying. It’s that simple! If there 他指标的含义。就是这么简单！如果有一个HeldBid那么我应该很长，对自己重复该声明5次并将其根植于您的
大脑，因为它应该是本能地对此做出反应。你做多股票的原因是有人在那个水平上支持它。此外，您应该注意
is a Held Bid then I should be long, repeat that statement to yourself 5 times and ingrain that into your brain 出价何时下降。如果出价下降，那么您不再有理由持有该股票，因此如果出现这种情况，您就出价（如果您在
since it should be instinct to react upon it. The reason you are getting long the stock is because someone is 持有出价时做多股票）。如果出价下降，那么您应该抛售股票，重新评估并收集信息。您进行的每笔交易都会
为您提供有关股票的信息，因此请充分利用它。这并不意味着你应该做空它，请记住，如果你想进入一个位置
supporting it at that level. Also, you should pay attention to when a bid drops. If the bid drops then you no ，你应该拥有所有对你有利的指标。
longer have a reason to be in the stock so you hit out if it (if you are long the stock at the Held Bid). If the
bid drops then you should hit out of the stock, reevaluate, and gather information. Every trade you make
gives you information about a stock, so use it to your advantage. This doesn’t mean that you should short
it, remember that you should have all of your indicators in your favor if you’re looking to get into a position.
If all of your indicators are in your favor and it is looking like the stock is going to head lower then it would 如果您的所有指标都对您有利并且看起来股票将走低，那么当持有的买入价下跌时添加空头头寸将是一个不
be a good position to add to a short when the Held Bid drops, or initiate a short position if you are not 错的位置，或者如果您还没有进入空头头寸则开始空头头寸一个位置。同样，所有其他指标都对您有利。以
出价的价格购买
already in a position. Again, with all the other indicators in your favor. Buying at the price where a bid is

趣卡翻译（[Link]）
held is good technique for up trending stocks, it allows you to capture most of the up move while having a 持有是上涨趋 势股票的好方法，它可以让您在承担少量风险的同时捕捉大部分上涨趋势。最后，请记住投标
small amount of risk. Finally, keep in mind the supply and demand dynamics of a bid holding and dropping. 持有和放弃的供需动态。
If the bid drops then there is more supply, if the bid holds then there is more demand for the stock at that 如果出价下降，则供应更多，如果出价保持不变，则对该水平的股票有更多需求。
level.

DANG held bid and drops, trades lower DANG持有买入下跌，交易走低

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DRI keeps holding the bid then dropping DRI保持投标然后下降

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DRI trades lower DRI交易走低

What does a Held Bid look like on the Prints and Level II? 印刷品和二级上的持有投标是什么样的？
On the Level II and Prints a Held Bid is easy to spot when you are 100% focused and reading the tape. As 当您100%专注并阅读磁带时，在II级并打印一个持有的投标很容易发现。如前所述，持有的买入价是指买入价
previously stated, a Held Bid is when there is at least 2-3 times more volume traded on the bid than it shows 的交易量至少是二级市场上显示的交易量的2-3倍，或者比您预期和持有的更多。预期我的意思是交易量比任
何其他价格（相对）都多。如前所述，该水平的交易量越大，持有越重要。持有的投标应该看起来像这样（这
on the Level II or more than you expect and holds. By expect I mean traded more volume than any other 是一个基本示例，所以在寻找持有的投标时使用它作为蓝图）：假设LVS刚刚从45美元上涨到45.25美元并且处
price (relative). As previous stated, the more volume trading at the level and holding the more important it 于上升趋势中。在那之后快速起来
is. A Held Bid should look something like this (this is a basic example, so use this as the blueprint when
looking for Held Bid): Let’s say LVS just went up from $45 to $45.25 and is in an uptrend. After that quick up

趣卡翻译（[Link]）
move you see that some bids are hit and starts to pull back a bit. The bid now drops to $45.16 and at that 移动你会看到一些出价被击中并开始回落一点。出价现在降至45.16美元，以该价格纽约证券交易所出价200股
price there is an NYSE bid for 200 shares in the Level II. You now see a bunch of prints for 100 shares at 二级股票。您现在看到一堆100股的印刷品，价格为45.16美元（超出您的预期，也超出了相对于那里的任何其
他价格的交易），但出价从未低于该价格。这就是您在持有竞价时所看到的。股票以特定价格在二级上显示一
$45.16 (more than you expected and more than it has traded relatively to any other price there), but the bid 定数量的股票，并以相同价格打印至少2-3倍，或者至少是您预期以该价格打印并持有的2-3倍。这意味着那里
never drops below that price. That is what you see when there is a Held Bid. A stock shows a certain 有一个买家购买了很多他没有展示的股票。您现在注意到有一个45.15美元的潜在出价，因此您可以在不同的E
CN上以45.16美元做多或以45.17美元做多，如果出价跌至45.15美元，您就会退出股票。
amount of stock on the Level II at a certain price and prints at least 2-3 times that amount at that same price
or at least 2-3 times more than you expected it to print at that price and holds. This means that there is a
buyer there buying a lot of stock that he is not showing. You now notice that there is an underlying bid at
$45.15, so the play would be you get long at $45.16 on a different ECN or long at $45.17 and you get out
of the stock if the bid drops to $45.15.

ji

i
uj
ou

to
et

ie
xi

jix
:ji
X

CRK is holding the bid at 19. Only showing a little bit of size but trading a lot more than its showing and has CRK持有19美元的出价。只显示了一点点规模，但交易量比其显示的要多得多，并且以其他价格交易。
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traded at the other prices.

Before 前

趣卡翻译（[Link]）
After 后

What does a Held Bid look like on a chart? 图表上的持有投标是什么样的？

ji

ji
ou

ou
et

et
xi

xi
:ji

:ji
TEVA holds the bid at 52 TEVA以52的价格出价
X

X
W

W
DANG holds the bid at 30 DANG持标价30

趣卡翻译（[Link]）
CRK holds the bid CRK中标

ji

ji
ou

ou
CRK holds the bid at 18.50 CRK在18.50持有出价
et

et
xi

xi
:ji

:ji
X

X
W

W
CRK trades higher CRK交易走高

CRK trades higher CRK交易走高

趣卡翻译（[Link]）
TXN holds the bid on the open at 28.50, 28.80, and 29.10 TXN在28.50、28.80和29.10持有开盘价

ji

ji
ou

ou
et

et
TXN trades higher TXN交易走高
xi

xi
:ji

:ji
X

X
W

W
RIG holds the bid at 41.85 RIG持有41.85的出价

RIG trades higher RIG交易走高

趣卡翻译（[Link]）
Pot holds the bid at 39.90 and 39.95 底池在39.90和39.95持有出价

ji

ji
ou

ou
Pot trades higher 底池交易走高
et

et
xi

xi
:ji

:ji
X

X
W

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MLM holds the bid and holds higher 传销中标并持有更高

趣卡翻译（[Link]）
What are Held Bids and Offers and why are they important? 什么是持有的投标和报价，为什么它们很重要？

Held bids and Offers are one of the more used indicators in tape reading. By spotting them you will be able 持有的买入和卖出是磁带阅读中更常用的指标之一。通过发现它们，您将能够识别出巨大的风险/回报机会。
to identify great risk/reward opportunities. Also, you will be able to spot great entries where you can literally 此外，您将能够发现可以冒1美分风险的出色条目。该指标在阅读磁带时非常重要，因为它会提供很多您无法
在图表中看到的机会。此外，通过发现这些，您会发现您想要进入的股票的绝佳入场点。在开盘期间，日内
risk 1 cent. This indicator is very important when reading the tape because it will present a lot of 图表的发展并不多，因此通过发现持有的买入或卖出并阅读磁带，您将能够发现很大的风险/奖励机会，其中
opportunities that you will not be able to see in the charts. Also, by spotting these you will find great entries 一些您无法在图表中发现。当一只股票以某个价格成交大量时，我们想知道这一点，跟踪它并围绕该价格进
行交易，因为该价格现在是一个水平。以某个价格完成的交易量越多，该水平就越重要。这是非常重要的信
for stocks you want to be in. During the open not much of the intraday chart has developed, so by spotting 息，我们应该在盘中跟踪并进行交易。最后，请记住所有音量都是相对的。这意味着相对于每个价格的交易
a held bid or offer and reading the tape you will be able to find great risk/reward opportunities, some of 量，交易量必须很大。
which you can’t spot on the charts. When a stock does a lot of volume at a certain price then we want to
know this, keep track of it and trade around that price because that price is now a level. The more volume
that is done at a certain price the more important the level is. This is very important information that we
should keep track of intraday and trade around. Finally, remember that all volume is relative. This means
that the volume has to be a lot relative to what has been trading at every price.

What is a Held Offer? 什么是保留报价？

A Held Offer is one of the more used indicators in tape reading. By spotting a Held Offer you will be able to 持有报价是磁带阅读中使用较多的指标之一。通过发现持有的报价，您将能够找到巨大的风险/回报机会。持

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find a great risk/reward opportunity. A Held Offer is when there is at least 2-3 times more volume traded on 有的报价是指报价的交易量至少比第二级显示的数量多2-3倍或超过您预期和持有的数量。预期我的意思是交
易量比任何其他价格（相对）都多。如前所述，该水平的交易量越大，持有越重要。该指标非常适合在开盘时
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the offer than it shows on the Level II or more than you expect and holds. By expect I mean traded more 使用，并且可以与趋势上涨的股票一起使用，以发现具有高概率淘汰的巨大风险/回报机会。无论您是多头还
volume than any other price (relative). As previous stated, the more volume trading at the level and holding 是空头，都应始终考虑持有的报价。如果您已经做空了，这可能是增加一些，或者如果持有的报价提升，甚至
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可能覆盖一些的理由。就像其他指标一样，您需要的不仅仅是这个指标来支持您的交易。如前所述，持有的报
the more important it is. This indicator is great to use at the open and with stocks that are trending up to 价是指报价的交易量至少比第二级显示的数量或您预期和持有的数量多2-3倍。
find great risk/reward opportunities with high probabilities of panning out. Held offers should always be
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considered when spotted whether you are long or short. If you are short already, this might be a reason to
:ji

add some or maybe even cover some if the Held Offer lifts. Just like the other indicators, you will need more
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than just this indicator in your favor to get in the trade. As previously stated, a Held Offer is when there is at
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least 2-3 times more volume traded on the offer than it shows on the Level II or than you expect and holds.
Remember that it is all relative to how much has been trading at other prices, the more volume traded at 请记住，这一切都与在其他价格下的交易量有关，在该水平上交易的数量越多，持有就越重要。您还应该牢记
that level and holding then the more important it is. You should also keep in mind the supply and demand 持有报价的供需动态。当持有的报价提高时，这意味着买家正在获胜，也就是需求多于供应，价格应该会上涨
。反之亦然，如果报价保持不变，则意味着卖家变得更加激进，即以该价格有更多的库存供应，应该会看到更
dynamics of a held offer. When the Held offer lifts that means that the buyers are winning aka there is more 低的价格。保留的报价可以刷新并且不显示他们正在出售或想要出售的尺寸数量。
demand than supply and the prices should see higher prices. In vice versa, if the offer hold that means the
sellers is getting more aggressive aka there is more supply for stock at that price and it should see lower
prices. Held offers can refresh and not show the amount of size they are selling or want to sell.

What do you do when an offer holds? When an offer lifts? 当offer成立时你会怎么做？什么时候提价？

When an offer is holding then you should get short. If an offer lifts then you should not be short, possibly 当一个报价被持有时，你应该做空。如果报价提升，那么你不应该做空，可能做多取决于股票的整体交易情况
long depending how the stock is trading overall and what the other indicators are saying. It’s that simple! If 以及其他指标的含义。就是这么简单！如果有保留报价，那么我应该做空，对自己重复该声明5次并将其根植
于您的大脑，因为它应该是本能地对此做出反应。你做空股票的原因是因为有人在那个水平上卖它。另外，您
there is a Held offer then I should be short, repeat that statement to yourself 5 times and ingrain that into 应该注意报价何时取消。如果报价提高，那么您不再有理由持有该股票，因此如果出现该股票，您就会出局（
your brain since it should be instinct to react upon it. The reason you are getting short the stock is because 如果您在持有的报价处做空股票）。如果报价提升，那么您应该退出库存，重新评估并收集信息。您进行的每
笔交易都会为您提供有关股票的信息，因此请充分利用它。.如果你所有的指标都对你有利，而且看起来股票会
someone is selling it at that level. Also, you should pay attention to when an offer lifts. If the offer lifts then 走高，那么这将是一个很好的仓位。
you no longer have a reason to be in the stock so you hit out if it (if you are short the stock at the held
offer). If the offer lifts then you should hit out of the stock, reevaluate, and gather information. Every trade
you make gives you information about a stock, so use it to your advantage. . If all of your indicators are in
your favor and it is looking like the stock is going to head higher then it would be a good position to add to a

趣卡翻译（[Link]）
long when the Held Offer lifts, or initiate a long position if you are not already in a position. Again, with all 当持有的报价解除时做多，或者如果您还没有持仓，则开始做多。同样，所有其他指标都对您有利。以持有
the other indicators in your favor. Shorting at the price where an offer is held is good technique for down 报价的价格做空是下跌趋势股票的好方法，它可以让您在承担少量风险的同时捕捉大部分下跌趋势。最后，
请记住要约持有和解除的供需动态。如果报价提高，那么需求就会增加，如果报价保持不变，那么该水平的
trending stocks, it allows you to capture most of the down move while having a small amount of risk. Finally, 股票就会有更多的供应。
keep in mind the supply and demand dynamics of an offer holding and lifting. If the offer lifts then there is
more demand, if the offer holds then there is more supply for the stock at that level.

What does a Held offer look like on the Prints and Level II? 在Prints和LevelII上的保留报价是什么样的？
On the Level II and Prints a Held Offer is easy to spot when you are 100% focused and reading the tape. As 当您100%专注并阅读磁带时，很容易发现在II级并打印持有的报价。如前所述，持有的报价是指买入的交易量
previously stated, a Held Offer is when there is at least 2-3 times more volume traded on the bid than it 至少是二级上显示的交易量的2-3倍，或超过您预期和持有的数量。预期我的意思是交易量比任何其他价格（
相对）都多。如前所述，该水平的交易量越大，持有越重要。持有的报价应该看起来像这样（这是一个基本示
shows on the Level II or more than you expect and holds. By expect I mean traded more volume than any 例，因此在寻找持有的报价时将其用作蓝图）：假设GMCR刚刚从52美元跌至51.75美元并且处于下降趋势。在
other price (relative). As previous stated, the more volume trading at the level and holding the more 快速向下移动之后，您会看到一些报价被击中并开始拉升一点。该报价现在升至51.86美元，以该价格纽约证券
交易所提供200股二级股票的报价。您现在看到一堆100股的印刷品，价格为51.86美元（超出您的预期，也超出
important it is. A Held Offer should look something like this (this is a basic example, so use this as the 了相对于那里任何其他价格的交易价格），但报价从未高于该价格。这就是你在举行时看到的
blueprint when looking for Held Offer): Let’s say GMCR just went down from $52 to $51.75 and is in a
downtrend. After that quick down move you see that some offers are hit and starts to pull up a bit. The offer
now lifts to $51.86 and at that price there is an NYSE offer for 200 shares in the Level II. You now see a
bunch of prints for 100 shares at $51.86 (more than you expected and more than it has traded relatively to
any other price there), but the offer never lifts above that price. That is what you see when there is a Held

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Offer. A stock shows a certain amount of stock on the Level II at a certain price and prints at least 2-3 times 提供。股票以特定价格在二级上显示一定数量的股票，并以相同价格打印至少2-3倍，或者至少是您预期以该
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that amount at that same price or at least 2-3 times more than you expected it to print at that price and 价格打印并持有的2-3倍。这意味着那里有一个卖家出售了很多他没有展示的股票。您现在注意到有51.87美元
的基础报价，因此您可以在不同的ECN上以51.86美元做空或以51.85美元做空，如果报价升至51.86美元，您将
holds. This means that there is a seller there selling a lot of stock that he is not showing. You now notice 退出股票。
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that there is an underlying offer at $51.87, so the play would be you get short at $51.86 on a different ECN
or short at $51.85 and you get out of the stock if the offer lifts to $51.86.
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What does a Held Offer look like on a chart? 图表上的持有报价是什么样的？

:ji
X
W

W
FMCN holds the offer at 18 and trades lower FMCN持有18点报价，交易走低

FSLR holds the offer at 50.60 and lifts FSLR将报价维持在50.60并提升

趣卡翻译（[Link]）
FSLR trades higher FSLR交易更高

ji

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ou
HAL holds the offer at 34.28 and 34.20 then briefly trades lower HAL持有34.28和34.20的报价，然后短暂走低
et
xi

xi
:ji

:ji
X

X
W

W
HAL holds the offer at 35.65, 35.40 and 35.20 trades lower HAL将报价维持在35.65、35.40和35.20交易低点

MJN holds the offer at 73 and trades lower MJN将报价维持在73并且交易走低

趣卡翻译（[Link]）
 W
X
:ji
xi
et
ou
ji

W
X
:ji
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ou
趣卡翻译（[Link]）

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What are Held Bids and Offers and why are they important? 什么是持有的投标和报价，为什么它们很重要？
Held bids and Offers are one of the more used indicators in tape reading. By spotting them you will be able 持有的买入和卖出是磁带阅读中更常用的指标之一。通过发现它们，您将能够识别出巨大的风险/回报机会。
to identify great risk/reward opportunities. Also, you will be able to spot great entries where you can literally 此外，您将能够发现可以冒1美分风险的出色条目。该指标在阅读磁带时非常重要，因为它会提供很多您无法
在图表中看到的机会。此外，通过发现这些，您会发现您想要进入的股票的绝佳入场点。在开盘期间，日内
risk 1 cent. This indicator is very important when reading the tape because it will present a lot of 图表的发展并不多，因此通过发现持有的买入或卖出并阅读磁带，您将能够发现很大的风险/奖励机会，其中
opportunities that you will not be able to see in the charts. Also, by spotting these you will find great entries 一些您无法在图表中发现。当一只股票以某个价格成交大量时，我们想知道这一点，跟踪它并围绕该价格进
行交易，因为该价格现在是一个水平。以某个价格完成的交易量越多，该水平就越重要。这是非常重要的信
for stocks you want to be in. During the open not much of the intraday chart has developed, so by spotting 息，我们应该在盘中跟踪并进行交易。最后，请记住所有音量都是相对的。这意味着相对于每个价格的交易
a held bid or offer and reading the tape you will be able to find great risk/reward opportunities, some of 量，交易量必须很大。
which you can’t spot on the charts. When a stock does a lot of volume at a certain price then we want to
know this, keep track of it and trade around that price because that price is now a level. The more volume
that is done at a certain price the more important the level is. This is very important information that we
should keep track of intraday and trade around. Finally, remember that all volume is relative. This means
that the volume has to be a lot relative to what has been trading at every price.

What is a Held Offer? 什么是保留报价？

A Held Offer is one of the more used indicators in tape reading. By spotting a Held Offer you will be able to 持有报价是磁带阅读中使用较多的指标之一。通过发现持有的报价，您将能够找到巨大的风险/回报机会。持
find a great risk/reward opportunity. A Held Offer is when there is at least 2-3 times more volume traded on 有的报价是指报价的交易量至少比第二级显示的数量多2-3倍或超过您预期和持有的数量。预期我的意思是交
易量比任何其他价格（相对）都多。如前所述，该水平的交易量越大，持有越重要。该指标非常适合在开盘时
the offer than it shows on the Level II or more than you expect and holds. By expect I mean traded more

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使用，并且可以与趋势上涨的股票一起使用，以发现具有高概率淘汰的巨大风险/回报机会。无论您是多头还
是空头，都应始终考虑持有的报价。如果您已经做空了，这可能是增加一些，或者如果持有的报价提升，甚至
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volume than any other price (relative). As previous stated, the more volume trading at the level and holding
可能覆盖一些的理由。就像其他指标一样，您需要的不仅仅是这个指标来支持您的交易。如前所述，持有的报
the more important it is. This indicator is great to use at the open and with stocks that are trending up to 价是指报价的交易量至少比第二级显示的数量或您预期和持有的数量多2-3倍。
et

find great risk/reward opportunities with high probabilities of panning out. Held offers should always be
considered when spotted whether you are long or short. If you are short already, this might be a reason to
xi

add some or maybe even cover some if the Held Offer lifts. Just like the other indicators, you will need more
:ji

than just this indicator in your favor to get in the trade. As previously stated, a Held Offer is when there is at
least 2-3 times more volume traded on the offer than it shows on the Level II or than you expect and holds.
X

Remember that it is all relative to how much has been trading at other prices, the more volume traded at 请记住，这一切都与在其他价格下的交易量有关，在该水平上交易的数量越多，持有就越重要。您还应该牢记
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that level and holding then the more important it is. You should also keep in mind the supply and demand 持有报价的供需动态。当持有的报价提高时，这意味着买家正在获胜，也就是需求多于供应，价格应该会上涨
。反之亦然，如果报价保持不变，则意味着卖家变得更加激进，即以该价格有更多的库存供应，应该会看到更
dynamics of a held offer. When the Held offer lifts that means that the buyers are winning aka there is more 低的价格。保留的报价可以刷新并且不显示他们正在出售或想要出售的尺寸数量。
demand than supply and the prices should see higher prices. In vice versa, if the offer hold that means the
sellers is getting more aggressive aka there is more supply for stock at that price and it should see lower
prices. Held offers can refresh and not show the amount of size they are selling or want to sell.

What do you do when an offer holds? When an offer lifts? 当offer成立时你会怎么做？什么时候提价？

When an offer is holding then you should get short. If an offer lifts then you should not be short, possibly 当一个报价被持有时，你应该做空。如果报价提升，那么你不应该做空，可能做多取决于股票的整体交易情况
long depending how the stock is trading overall and what the other indicators are saying. It’s that simple! If 以及其他指标的含义。就是这么简单！如果有保留报价，那么我应该做空，对自己重复该声明5次并将其根植
于您的大脑，因为它应该是本能地对此做出反应。你做空股票的原因是因为有人在那个水平上卖它。另外，您
there is a Held offer then I should be short, repeat that statement to yourself 5 times and ingrain that into 应该注意报价何时取消。如果报价提高，那么您不再有理由持有该股票，因此如果出现该股票，您就会出局（
your brain since it should be instinct to react upon it. The reason you are getting short the stock is because 如果您在持有的报价处做空股票）。如果报价提升，那么您应该退出库存，重新评估并收集信息。您进行的每
笔交易都会为您提供有关股票的信息，因此请充分利用它。.如果您的所有指标都对您有利，并且看起来股票会
someone is selling it at that level. Also, you should pay attention to when an offer lifts. If the offer lifts then 走高，那么当持有的报价提升时，增加多头头寸将是一个不错的位置，或者如果您还没有进入多头头寸，那么
you no longer have a reason to be in the stock so you hit out if it (if you are short the stock at the held 这将是一个不错的头寸一个位置。再次，与所有
offer). If the offer lifts then you should hit out of the stock, reevaluate, and gather information. Every trade
you make gives you information about a stock, so use it to your advantage. . If all of your indicators are in
your favor and it is looking like the stock is going to head higher then it would be a good position to add to a
long when the Held Offer lifts, or initiate a long position if you are not already in a position. Again, with all

趣卡翻译（[Link]）
the other indicators in your favor. Shorting at the price where an offer is held is good technique for down 其他对您有利的指标。以持有报价的价格做空是下跌趋势股票的好方法，它可以让您在承担少量风险的同时
trending stocks, it allows you to capture most of the down move while having a small amount of risk. Finally, 捕捉大部分下跌趋势。最后，请记住要约持有和解除的供需动态。如果报价提高，那么需求就会增加，如果
报价保持不变，那么该水平的股票就会有更多的供应。
keep in mind the supply and demand dynamics of an offer holding and lifting. If the offer lifts then there is
more demand, if the offer holds then there is more supply for the stock at that level.

What does a Held offer look like on the Prints and Level II? 在Prints和LevelII上的保留报价是什么样的？
On the Level II and Prints a Held Offer is easy to spot when you are 100% focused and reading the tape. As 当您100%专注并阅读磁带时，很容易发现在II级并打印持有的报价。如前所述，持有的报价是指买入的交易量
previously stated, a Held Offer is when there is at least 2-3 times more volume traded on the bid than it 至少是二级上显示的交易量的2-3倍，或超过您预期和持有的数量。预期我的意思是交易量比任何其他价格（
相对）都多。如前所述，该水平的交易量越大，持有越重要。持有的报价应该看起来像这样（这是一个基本示
shows on the Level II or more than you expect and holds. By expect I mean traded more volume than any 例，因此在寻找持有的报价时将其用作蓝图）：假设GMCR刚刚从52美元跌至51.75美元并且处于下降趋势。在
other price (relative). As previous stated, the more volume trading at the level and holding the more 快速向下移动之后，您会看到一些报价被击中并开始拉升一点。该报价现在升至51.86美元，以该价格纽约证券
交易所提供200股二级股票的报价。您现在看到一堆100股的印刷品，价格为51.86美元（超出您的预期，也超出
important it is. A Held Offer should look something like this (this is a basic example, so use this as the 了相对于那里任何其他价格的交易价格），但报价从未高于该价格。这就是你在举行时看到的
blueprint when looking for Held Offer): Let’s say GMCR just went down from $52 to $51.75 and is in a
downtrend. After that quick down move you see that some offers are hit and starts to pull up a bit. The offer
now lifts to $51.86 and at that price there is an NYSE offer for 200 shares in the Level II. You now see a
bunch of prints for 100 shares at $51.86 (more than you expected and more than it has traded relatively to
any other price there), but the offer never lifts above that price. That is what you see when there is a Held
Offer. A stock shows a certain amount of stock on the Level II at a certain price and prints at least 2-3 times 提供。股票以特定价格在二级上显示一定数量的股票，并以相同价格打印至少2-3倍，或者至少是您预期以该
价格打印并持有的2-3倍。这意味着那里有一个卖家出售了很多他没有展示的股票。您现在注意到有51.87美元

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that amount at that same price or at least 2-3 times more than you expected it to print at that price and
的基础报价，因此您可以在不同的ECN上以51.86美元做空或以51.85美元做空，如果报价升至51.86美元，您将
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holds. This means that there is a seller there selling a lot of stock that he is not showing. You now notice 退出股票。
that there is an underlying offer at $51.87, so the play would be you get short at $51.86 on a different ECN
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or short at $51.85 and you get out of the stock if the offer lifts to $51.86.
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What does a Held Offer look like on a chart? 图表上的持有报价是什么样的？

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FMCN holds the offer at 18 and trades lower FMCN持有18点报价，交易走低

趣卡翻译（[Link]）
FSLR holds the offer at 50.60 and lifts FSLR将报价维持在50.60并提升

FSLR trades higher FSLR交易更高

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HAL holds the offer at 34.28 and 34.20 then briefly trades lower HAL持有34.28和34.20的报价，然后短暂走低
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X
W

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HAL holds the offer at 35.65, 35.40 and 35.20 trades lower HAL将报价维持在35.65、35.40和35.20交易低点

MJN holds the offer at 73 and trades lower MJN将报价维持在73并且交易走低

趣卡翻译（[Link]）
 W
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趣卡翻译（[Link]）

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Below you will see a list of emailed questions I have received in regards to tape reading and trading in 您将在下面看到我收到的有关磁带阅读和一般交易的电子邮件问题列表。它将被格式化，以便引用的文本成为
general. It will be formatted so that the quoted text will be the question and my response will be below. If you 问题，我的回答将在下面。如果您有任何未在下面列出的问题，请随时给我发送电子邮件至[email protected]
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have any questions that are not listed below, do not hesitate to e-mail me at jose@[Link]

Is there any other filters you use except for the gapping stocks and the 除了跳空股票和盘前赢家/输家之外，您是否使用了任何其他过滤器，
premarket gainers/losers, because otherwise you must be having 否则您必须拥有数百只股票？
hundreds of stocks available right?
Do you mean filters during the day or in the pre-market when I am picking my stocks? 当我挑选股票时，您是指白天过滤还是在上市前进行过滤？

Both! I used to trade always the same stocks in the european market so 两个都！我曾经在欧洲市场交易相同的股票，所以现在我有点不知所措:)
now i'm a bit overwhelmed :)
For premarket, I have a gap filter to see what stocks are gapping up and down. I also look to see what 对于盘前市场，我有一个缺口过滤器来查看哪些股票在上下跳空。我还想看看当天有哪些股票有新闻。然后，
stocks have news on them for the day. I then check to see if the stocks have any premarket movement and 我检查股票是否有任何盘前走势，并选择将其添加到我的观察名单中。我早上的主要2个焦点通常是那些变动
最大且成交量大的股票。白天，我使用lightspeed提供的相同的上升和下降列表。它几乎是当日名单的最大赢家
pick those to add to my watch list.. My main 2 focuses in the morning are usually the ones that have moved /输家。我还使用当日最高价/当日最低价和交易理念的动量过滤器来捕捉那一秒向右移动的股票。
the most and a good amount of volume. During the day, I use the same risers and fallers list that lightspeed
offers. It is pretty much a top gainers/losers for the day list. I also use the high of day/low of day ticker and
the trade-ideas’s momentum filter to catch stocks that are moving right that second.

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I know from your videos that you mostly only use the tape + chart 我从您的视频中知道，您大多只使用磁带+图表模式来选择您的交易，
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patterns to choose your trades, but is there also some other indicators 但您还使用其他一些指标吗？
you use?
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Yes for the most part I only use the tape and chart patterns, but the only real "indicator" I use is the VWAP 是的，在大多数情况下，我只使用磁带和图表模式，但我使用的唯一真正的“指标”是我盘中1分钟图表上的
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on my intraday 1 min chart. ( [Link] for more VWAP。（[Link]

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information)
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Concerns the Time and Sales window: When market/price is falling we 关注时间和销售窗口：当市场/价格下跌时，我们在T&S上看到红色条目
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see RED entries on T&S as Market Order SELLERS hit Resting BID ，因为市场订单卖家击中了正在休息的BID订单……这是真的吗？随着
orders… is this true? What happens with resting STOPs being filled as 市场下跌，静止的STOP被填充会发生什么？（即卖出止损单被击中。
）这些是否也像市价单一样显示为满足静止出价的红色条目？或者，绿
market falls? (ie SELL Stop Orders being hit.) Do these also appear as 色条目是完成卖出止损的买方（市场或静止投标）？（IE
RED entries satisfying resting Bids as for Market Orders? Or, GREEN
entries being Buyers (Market or resting Bids) fulfilling the Sell Stop? (ie
On the Offer side.) 在报价方面。）
When you see red orders going through on the time and sales it means the stock is being traded on the 当您看到红色订单在时间和销售中通过时，这意味着股票正在竞价交易。当您看到绿色订单时，这意味着它正
bid. When you see green orders it means its being traded on the offer. It doesn't mean that it is just a seller 在报价中进行交易。这并不意味着它只是一个卖家或买家点击/支付差价，记住，每个买家都有一个卖家，反
之亦然。你提到这个很有趣，因为当我第一次开始阅读磁带时，我也对此感到困惑。至于止损，这真的取决于
or buyer hit/paying the spread, remember, for every buyer there is a seller and vice versa. Funny you ..它可以是止损单或市价单，这完全取决于情况。
mention this because I was confused as well about it when I first started tape reading. As far as the stops
go, it really depends.. it can be stop orders or market orders it all depends on the situation.

My question is how to interpret big prints that are above or below the 我的问题是如何解释高于或低于内部出价/要价的大字样。示例：假设
inside bid/ask. Example: Say the bid/offer on a stock is: 15.25 x 15.28 股票的买入/卖出是：15.25x15.28
How do you interpret a big print that is above (or below) such as 10,000 您如何解释高于（或低于）10,000股在15.35的大字？
shares at 15.35?
Yes it does, those are usually out of market orders. I note those levels and see what else the tape is doing. 是的，它们通常没有市场订单。我记下这些水平，看看磁带还在做什么。我还看到了当印刷品通过时股票价格
I also see what happens to the price of the stock when that print goes through and also what happens when 会发生什么，以及当印刷品通过时会发生什么

趣卡翻译（[Link]）
the stock gets to that price. 股票达到那个价格。

I use Thinkorswim and IB, my understanding is that you use trade 我用Thinkorswim和IB，我的理解是你们用的是交易站，我能用我
station, will I be able to use my platforms for tape reading? 的平台读盘吗？
I do not use trade station myself to trade equities. I am on Lightspeed. My partner, Bidhitter, is the one that 我自己不使用交易站来交易股票。我在光速。我的搭档Bidhitter是使用贸易站的人。是的，您可以在任何提供
uses trade station. Yes, you are able to tape read on any platform that offers Level II and prints (time and 二级和打印（时间和销售）访问的平台上进行磁带读取。
sales) access.

1. Based off a daily stop of 150.00 and BP of 50k – I am not sure what 1.基于150.00的每日止损和50k的BP——我不确定每笔交易和每天的最佳
the optimal risk amount per trade and per day should be…. 2. Should I 风险金额应该是多少……。2.我应该在每笔交易中承担固定金额的风险吗
risk a fixed dollar amount on every trade? If so, how much? 10.00 per ？如果有，多少钱？每笔交易10.00、每笔交易30.00或每笔交易50.00。我
会假设你可能会通过阅读磁带遇到更多的止损，所以也许少冒风险是最
trade, 30.00 per trade or 50.00 per trade. I would assume you probably 好的。你怎么认为？？3.我应该在每笔交易中建立大小头寸还是在每笔交
encounter more stop outs by reading the Tape, so perhaps risking less 易中以固定的份额大小入场？我在调整头寸时遇到的挑战之一是我错过
would be best. What are your thoughts?? 3. Should I position size 了很多交易，因为我需要很长时间才能输入我的入场价和止损价来计算
every trade or enter with a fixed share size on every trade? One of the 买入或卖空多少股票。我有一个我为此设计的电子表格，使用起来非常
challenges I have had with position sizing is that I miss a lot of trades b/c 简单。
it takes too long to enter my entry price and stop price to figure how
many shares to buy or short. I have a spreadsheet I use for this which I
designed and is extremely simple to use.
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With a daily stop of $150 per day (not sure what % risk that is of the overall account) you should be trading 每天止损150美元（不确定整个账户的风险百分比是多少），您应该交易的股票不超过200股。我个人为每笔交
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no more than 200 shares. I personally risk a fixed dollar amount per trade, but it all depends on my 易承担固定金额的风险，但这完全取决于我的风险/回报和交易的概率。此外，这取决于我当天的交易情况（
如果我是+P/L，我可以承担更多风险）。您应该始终降低风险，并着眼于提供至少6:1风险回报的交易。这些
risk/reward and probability of the trade. Also, it depends on how well my trading is for the day (if I am + P/L I
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很容易每天多次在磁带上发现。至于“通过阅读磁带更频繁地停止”，我不同意这种评论。有些日子我只有1
can take on more risk). You should always risk less and look to put on trades that offer at least 6:1 risk to 笔交易会被止损……其他日子我会被更多的交易止损……这完全取决于交易设置。通过阅读磁带，您将能够降
:ji

低风险，有机会进行更好的交易，获得更好的回报，并获得更高的概率。看看我昨天的数据，我的胜率是81%
reward. These are easily spotted on the tape multiple times a day. As far as "getting stopped out more ，平均胜率是我平均亏损的4倍。这是通过仅阅读磁带并仅在市场的第一个小时交易来完成的，因为我必须完
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frequently by reading the tape", I do not agree with that comment. There are days where I get stopped out 成我正在从事的另一个项目。速度是日内交易最重要的方面之一。我可以随时进出仓位。这也在磁带阅读课程
of only 1 trade... other days I get stopped on a bunch more.. it all depends on the trade setup. With reading 中进行了讨论。至于在飞行中正确定位尺寸，是的，你必须在心理上做到这一点并训练自己。同样，在150美
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元的风险限额下，您交易的股票不应超过200股。用100股和200股训练自己快速进行数学运算。您应该根据每
the tape you will be able to lower your risk, have a chance at taking better trades with better risk to reward, 笔交易的风险和可能性来调整每笔交易的规模。每个交易都是不同的。您不能在A+设置上冒50美元的风险，
and with higher probabilities. Just looking at my stats from yesterday, I had a win rate of 81% with my 在C设置上冒50美元的风险。我喜欢为A+++设置冒更高的风险，因为它们锻炼的可能性更高。哦，我只耐心
average win 4 times larger than my average loss. This was done by just reading the tape and only trading 地等待A、A+和A++设置……我不喜欢有20%的时间进行交易的几率……不管风险/回报如何。
the first hour of the market since I had to finish up another project I was working on. Speed is one of the
most important aspects of day trading.. I can enter and exit positions on the fly. This is also discussed in the
Tape Reading Course. As far as properly position sizing on the fly, yes you have to do that mentally and
train yourself. Again, with a $150 risk limit, you shouldn't be trading more than 200 shares. Train yourself to
do quick on the fly math with 100 shares and 200 shares. You should position size every trade depending
on the risk and probability of it working out. Each trade is different. You can't risk $50 on an A+ setup and
$50 on a C setup. I like to risk higher amounts for A+++ setups because they're is a higher probability of
them working out. Oh, and I sit patiently for only A, A+, and A++ setups... I don't like the odds of a trade
working out 20% of the time.. regardless of the risk/reward.

How do you choose stock for tape reading? Do you tape read the same 您如何选择磁带阅读的股票？你是每天用磁带读取相同的股票还是每天
stocks every day or change stocks from day to day? Ideally how many 更换股票？理想情况下，我们应该专注于阅读磁带并随后每天交易多少
stocks we should concentrate for tape reading and subsequently trade a 只股票？
day?
I usually pick in play stocks for reading the tape. Those change day to day for the most part.. but I do have 我通常会挑选股票来阅读磁带。大多数情况下，那些每天都在变化..但我确实有

趣卡翻译（[Link]）
my "go to" stocks that I watch daily. Tape reading works for all stocks, but yes each one does have its own 我每天看的“去”股票。磁带阅读适用于所有股票，但是是的，每只股票都有自己的模式或节奏。这就是我“
pattern or rhythm. That is what my "go to" stocks are for. I only pick TWO stocks (primary and secondary) to 去”股票的目的。我只选择两只股票（一级和二级）在开盘时进行交易和观察。我通常只是尝试交易一只股票
，这样我就可以充分观察和理解它的走势。这并不意味着我的观察名单上没有其他股票，因为我有，但这两只
trade and watch on the open. I usually just try to trade one stock so I can fully watch and understand its 股票是我将在开盘时进行磁带阅读的股票。我通常平均每天交易的股票不超过5只。
tape. This doesn't mean I do not have other stocks on my watch list, because I do, but those two are the
ones I will be tape reading off the open. I don't usually trade more than 5 stocks per day on average.

How do you manage a trade after entering a buy order? Do you 输入买单后如何管理交易？您是否立即设置止损单？买入后，你遵循
immediately set a stop order? After entering a buy, what is the exit 的退出策略是什么，你如何确定你的盈利目标？一旦交易获利，您是
strategy that you follow, how do you determine your profit target? Do 否立即输入追踪止损单？
you immediate enter a trailing stop order as soon as a trade becomes
profitable?
Whenever I enter a trade always have a plan and follow it, so yes I have an exit plan right away. My exit 每当我进入交易时，总是有一个计划并遵循它，所以是的，我马上就有了一个退出计划。我的退出策略是通
strategy is by stop loss or potential target based on the tape. Finally, no I do not use trailing stops, but I do 过止损或基于大盘的潜在目标。最后，不，我不使用追踪止损，但我确实获利了结以快速降低/消除风险。
take profits to lower/eliminate risk quickly.

1. Highlighted prints are just market orders? Basically irrelevant except 1.高亮印花只是市价单？基本上无关紧要，除非当一只股票移动得非常快
when a stock is moving very fast then you can have a feel of the 时，你才能感觉到这种势头？2.“中标”是什么意思？不只是市价单吗？
momentum? 2. What does it mean by "hitting the bid/offer"? It is not just 3.你说期货可以显示出价格效率低下的情况。如何？我需要寻找什么？4.
识别交易所的字母是什么意思（Z-Q-N-B）。我必须认识他们吗？
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a market order? 3. You say that the futures can show price inefficiencies
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to exploit. How? What do I have to look for? 4. What is the meaning of
the letter identifying the exchanges (Z-Q-N-B). Do I have to know them?
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Is that important for trading? 5. Can you tell me which are the most 这对交易很重要吗？5.你能告诉我哪些是最重要的ECN，我应该更好地交
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important ECNs to look at and which one I should better trade on? My 易吗？我的平台（Speedtrader）具有以下用于订单路由的ARCA、INET、
Platform (Speedtrader) has the following for order routing ARCA, INET, BRUT，然后是以下MM、TRAC、LAMP、FANC、NITE、SBSH。您是
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否将交易路由到MM？6.您说有时您以当前报价报价并且报价下降，如果
BRUT then the following MMs, TRAC, LAMP, FANC, NITE, SBSH. Do
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您取消订单，报价又恢复。这告诉我什么？也许股票没有需求，无法填补
you route trades to MMs? 6. You say that sometimes you offer at the ，这就是下台的原因？说它弱？7.如果我在一个大卖家面前做空并且他举
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current offer and the offer steps down and if you cancel the order the 牌并且我决定补仓，我将不得不买入头寸并击中出价，对吗？（不是报价
offer goes back up. What does this tells me? Maybe that there is no ）。比如大卖家在10.20，我在10.19出价。最佳出价现在是10,20。然后大
demand for the stock and cannot get filled that's why is stepping down? 卖家提升到10,21，最好的出价也提升到10,20，我覆盖了10,20的出价。我
That it is weak? 7. If I am shorting in front of a big seller and he lifts and I 的损失是0.01美分。除了如果大卖家抬高股票还有需求之外，它告诉我什
么？8.你如何放置虚假的投标/报价？如何隐藏订单？
decide to cover I will have to Buy the position and hit the bids right? (not
the offer). For instance Big Seller at 10.20, I offer at 10,19. Best Bid is
now 10,20. Then the Big Seller lifts to 10,21 and the best Bid lifts also at
10,20 and I cover hitting the 10,20 bid. My loss is 0,01 cent. What does
it tells me except that there is demand for the stock if the big seller lifts?
8. How do you put fake bids/offers? How do you hide orders?
1: Yes, they're pretty much market orders and usually happen when there is large momentum on either 1：是的，它们几乎是市场订单，通常发生在任何一方都有大势头的时候。2：击中买/卖是市场订单。3：我
side. 2: Hitting the bid/offer is a market order. 3: I mean this by when there is a divergence between the 的意思是当期货和你交易的实际股票之间存在差异时。如果期货交易走高，而您交易的股票还没有变动，那
么它可以提供一个不错的交易机会。4：它们不是那么重要，我只记录这封信，而不是它在哪个交易所。5：
futures and the actual stock you are trading. If the futures are trading higher and the stock you are trading 没有“一个”ecn可以看，而是看所有的。我通常通过ARCA发送我的订单，但如果我难以完成订单，我会将
hasn't moved yet, then it can offer a decent opportunity for a trade. 4: They are not that important, I just 其切换到另一个。6：可能只是有一个算法/hft试图让你获得最差的价格。你应该
keep track of the letter but not which exchange it is on. 5: There is not "one" ecn to look at, but rather look
at all of them. I usually route my orders through ARCA but switch it out to another if I am having a difficult
time getting filled. 6: It can just be that there is an algo/hft trying for you to get a worst price. You should

趣卡翻译（[Link]）
keep an eye on that level and offer and see what happens when the bid gets there. 7: I do not fully 密切关注该水平并提供报价，看看出价到达那里时会发生什么。7：这个问题我不是很明白，你能说清楚一点
understand this question, can you be a bit clearly? :) 8: You can't put fake bids or offers, but you can hide 吗？:)8：您不能进行虚假的投标或报价，但您可以隐藏订单。使用lightspeed[我的平台]，我只需按下“H”按
钮，它就会隐藏起来。请记住，这需要更多的佣金。
orders. With lightspeed [my platform] I just hit the "H" button and it hides. Remember, this costs more in
commission.

Sometimes I see big white prints well above/below the current bid/ask 有时我会看到大大高于/低于当前出价/要价的大白字。你认为这些印刷
prices. What meaning do you attribute to those prints? You already 品有什么意义？您已经向我解释了白字是什么，我的意思是，如果您将
explained me what the white prints are, here what I mean is if you 特定含义归因于这些交易远高于或低于当前买卖价格这一事实。前任。
更高看涨，更低看跌？前几天，我看到一个大大高于买入价/卖出价的印
attribute a specific meaning to the fact that those transactions are going 刷品，股票正在下跌，而且也没有放缓。
on well above or below the current bid/ask prices. Ex. higher bullish,
lower bearish? The other day I saw one large print well above the
bid/ask price and the stock was declining and it did not slow down
either.
It all depends, it is best to watch what happens at that price and keep an eye/remember the volume. Watch 这一切都取决于，最好观察以该价格发生的情况并密切关注/记住交易量。观察价格如何在该水平上进行交易
how price trades off that level. 。

How do you find “in play” stocks during the day? I do start scanning the 你如何在白天找到“在场”的股票？我确实开始扫描上午8点开盘的盘前
premarket open at 8.00 am so I do get to know the gaps up/down. I 交易，因此我确实了解了向上/向下的差距。我也查看了纳斯达克和cnn

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check the Nasdaq and cnn premarket lists as well. Then I scan the 的上市前名单。然后我浏览了来自FlyontheWall的新闻。但对我来说，主
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要问题似乎是在上午11点之后的白天寻找戏剧。那时我唯一要做的就是
news from the FlyontheWall. But the main problem seems for me to find 在我的平台上查看高低命中列表，但当时进入可玩股票似乎更多的是运
plays during the day after say 11.00 am. At that time the only thing I do 气而不是其他任何事情。您白天是否使用了其他扫描/仪器？
et

is to check the high-low hit list in my platform but getting into a playable
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stock at that time seems far more a matter of luck that anything else. Is
:ji

there some other scan/instrument that you use during the day?
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It is best that I offer this free video tutorial to you guys that have taken the course, click here to download 最好将这个免费的视频教程提供给参加过课程的你们，点击这里下载视频。
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the video.

I see a bunch of red prints at the current ask price (therefore printing 我在当前要价上看到一堆红色印刷品（因此印刷品高于当前投标价）
higher than the current bid price) is that a bullish sign? 是看涨信号吗？
Usually, yes 通常，是的

Can you please give me an idea of your position sizing? For example 你能告诉我你的职位规模吗？例如，假设我将交易一个25.000的账户，
assuming that I will be trading a 25.000 account I will not take a position 我不会持有风险大于整个账户1-2%的头寸，因此每个头寸的最大止损风
with a risk bigger that 1-2% of the whole account, so a max Stop Loss 险为250/500。
risk of 250/500 for each position.
I do not use %, but depending on how much money I want to risk per trade. If I am trading well, I will take on 我不使用百分比，但取决于我想为每笔交易承担多少风险。如果我交易好，我会做大。如果我交易不好，我
large size.. If I am trading badly, I will lower size. It is all dependent on account size. 会做小。这完全取决于帐户大小。

Do you trade swing positions as well? If so do you use a different broker 你也交易摆动头寸吗？如果是这样，您是否使用与日内交易不同的经纪人
and different fee structure from that of your intraday trading? Maybe also 和不同的费用结构？也许还有一个完全不同的帐户？
a different account altogether?
I do not actively swing stocks, just pure day trading. I sometimes swing in another account, but you should 我不积极摆动股票，只是纯粹的日内交易。我有时会在另一个账户中波动，但你应该只关注一种交易风格/
only focus on one trading style/strategy. 策略。

趣卡翻译（[Link]）
 You told me that you use Lightspeed as broker. Do you divide risks 你告诉我你使用Lightspeed作为经纪人。您是否在更多经纪人之间分担风
between more brokers or are there anyone else you would consider as a 险，或者是否有其他人您会考虑作为自己的候选经纪人？（有长期声誉的
candidate broker for yourself ? (someone with long standing reputation 人与客户的钱一起消失的风险较低，不幸的是有时会发生这种情况）。您
如何看待盈透证券？
who has lower risk of disappearing with clients money like unfortunately
happens sometimes). What do you think of Interactive Brokers?
I use only lightspeed for my day trading, they have been good to me and will continue to use them. I do not 我在日间交易中只使用lightspeed，它们对我很好，并将继续使用它们。我不使用IB
use IB

Can you please tell me what is your fee structure and what volumes you 你能告诉我你的费用结构是什么以及你通常交易的交易量是多少（我的
normally trade (I mean if it is not a problem for you to tell of course). 意思是如果你当然不觉得有问题的话）。
This is useful for me to try to understand what type of deal I should get 这有助于我尝试根据我在演示中交易的交易量记录来了解开始交易时我
when starting to trade according to the record of volumes I am trading in 应该获得什么类型的交易。Speedtrader向我推荐了0,0035x股的标准套餐，
the demo. Speedtrader has proposed me the standard package of 每笔订单最低1美元。但我也不太相信经纪人的声誉，从网上一些经纪人
的评论来看，这似乎有点阴暗……
0,0035 x share with min $ 1 per order. But I am not very much convinced
also by the Broker’s reputation which from some broker’s reviews on the
web seems to be a bit shady…
0.0035 is a pretty good deal per share.. commission shouldn’t really matter if you are profitable. Overall, 每股0.0035是一笔相当不错的交易。如果您盈利，佣金并不重要。总的来说，0.0035是好的。最好对公司进行

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0.0035 is good. It is best to do your due diligence on a firm and make sure they follow all of the regulations. 尽职调查，并确保他们遵守所有规定。
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Another issue for me at the moment is the Chart package…Now I am 目前对我来说另一个问题是图表包……现在我使用的是来自[Link]
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using the basic package which comes from [Link] and which is m的基本包，用于模拟账户。这是非常基本的，当然还有更好的。您已经
used for the demo account. It is very basic and there is certainly much 告诉我您的图表软件不再可用，但如果您现在被迫切换到其他软件，您
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还会使用什么？
better to it. You told me already that your Chart software is not available
:ji

anymore, but if you were forced now to switch to something else what
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else would you use?

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I currently use the magic charts, sometimes the lightspeed integrated charts, and thinkorswim charts 我目前使用魔术图表，有时使用光速综合图表和thinkorswim图表

Do you have access to Open Book data? Do you think it is useful? if so 您可以访问OpenBook数据吗？你觉得有用吗？如果是，我应该访问哪
to which market data should I get access to? 些市场数据？
I currently get all the stock data feeds that lightspeed offers. 我目前获得了lightspeed提供的所有股票数据源。

What is your practical experience in getting better fills in the market: do 您在获得更好的市场填充方面的实际经验是什么：您通常下订单有一定
you normally place orders with some time limit for execution or you live it 的执行时间限制，还是您当天开放？您是否还使用其他条件来获得更好
open for the day? Also do you use other conditions to get better filling 的填充，例如AllorNothing？持有？
such as All or Nothing? N Hold?
I always try to bid/offer for stock.. if I cant get filled then sometimes I will sweep for a fill. I do fill or kill, I do 我总是试图投标/报价股票。如果我不能被填满，那么有时我会扫一扫。我确实填充或杀死，我不会整天打
not leave it open throughout the day. 开它。

Say we have $ 10,270 BID and 10,280 ASK and you place a LIMIT BUY 假设我们有10,270美元的买入价和10,280美元的卖出价，您在队列前以10,
order ahead of the queue at $ 10,280 (which is the current ask price) 280美元（即当前卖出价）下达限价买入订单，然后您就被成交了。就价
and you get filled . In terms of price this is equivalent to a market order 格而言，这相当于市价单，因为您是以当前要价买入，但您将其放置为
because you are a buying at the current ask price but you placed it as a
Limit order. Will you get a rebate for that or the broker will treat that as 限价单。您会因此获得回扣还是经纪人将其视为
趣卡翻译（[Link]）
 a market order? 市价单？
Usually, no.. you will have to be on the bid/offer in order to get filled. If it is a market order then you will be 通常，不..您必须参加出价/出价才能获得填补。如果是市价单，那么您将获得流动性并收取更多佣金。
taking liquidity and charged more for commission.

Can you give me some practical tips on how to place orders on real 你能给我一些关于如何在真实市场条件下下订单以获得最佳成交机
market conditions to get best chances of filling? 会的实用技巧吗？
SPEED,be as fast as possible on the key board. I use f1 f2 f3 f4 for bid, offfer, sweep buy sweep sell. I am SPEED，在键盘上尽可能快。我使用f1f2f3f4进行出价、出价、扫买扫卖。我快如闪电。请记住，订单是先进
lightning fast. Remember, orders are first in and first out. 先出的。

You said that you are avoiding stocks with a short float above 10%. Why 你说你要避免做空流通量高于10%的股票。为什么？这仅在考虑多头时才
exactly? And is this valid only when considering a LONG? I mean a 有效吗？我的意思是您希望以较高的空头流通量比率做空的股票不是更
stock that you wish to short with higher short-float ratio is not a better 好的空头前景吗？
short prospect?
They trade abit more erratic..Sometimes theydont have shares to short.. I like being able to get long and 他们的交易更加不稳定..有时他们没有股票可以做空..我喜欢能够毫无问题地做多和做空。
short without a problem.

Based on your personal experience can you tell me what are the 根据您的个人经验，您能告诉我在交易中我应该为自己设定的合理目标
reasonable targets that I should set for myself in my trading? Based on 是什么？基于25.000账户，我应该每天返回什么目标？我可以采用最大

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the 25.000 account what should I aim to return daily? Shall I adopt a 值吗？如果达到每日亏损阈值，我会在当天阻止我进一步交易吗？您是
ou
否为自己设定了一个带有目标的进步量表来衡量您的职业进步？
max. loss daily threshold that if reached stops me from trading further
that day? Did you set yourself a progression scale with targets to
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measure you career progress?

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You should NOT set fiscal goals… that will make you force trades which is terrible. Just stick to try tomaking 你不应该设定财政目标……那会让你强迫交易，这很糟糕。只要坚持尝试进行良好的交易。耐心。按大小交易
:ji

good trades. Patience. Trade by size, goal should be to get big size on great r/r setups. Daily loss is more ，目标应该是在出色的r/r设置上获得大大小。每日损失更重要..可能将其设置为每日损失限额0.05%左右。如果
你达到了这个限制，那么就停下来。
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important.. prob set it at around 0.05% daily loss limit. If you hit that limit then STOP FOR THE DAY.
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The first is on finding the key price levels. I know you mention volume 首先是寻找关键的价格水平。我知道你在价格上提到了体积（尺寸），印
(size) at price, prints. The other on the charts, where price appears to be 刷品。图表上的另一个，价格似乎从某个水平反弹。另一个是缩放到一个
bouncing off a certain level. The other is on scaling into a position. 位置。
Example in uptrend buying the dip off moving avg. 上升趋势中的示例在移动平均价下跌时买入。
You identify key price levels by a few ways. I consider a key level when there is a big bid/offer, held 您可以通过几种方式确定关键价格水平。当有大的出价/出价、持有的出价/出价和/或以该价格大写时，我认
bid/offer, and/or big print at that price. It also helps when the charts agree on that level, have it be support 为是一个关键水平。当图表在该水平上达成一致时，它也有帮助，它是支撑还是阻力。关键水平各不相同，
但这完全取决于有多少指标（不是图表指标，而是磁带指标）在该水平“活跃”。例如，是否持有一堆尺寸
or resistance. Key levels vary, but it all depends on how many indicators (not chart indicators, but tape 的出价，在该价格上看到一个大字，以及它在图表上的支撑位？那么这是一个关键的水平。大量活动是否以
indicators) are “active” at that level. For example, does the bid hold for a bunch of size, see a big print at 磁带上的价格发生，并且在价格到达时往往会逆转？然后是关键级别。每个人的头寸规模都各不相同，这取
决于他们如何管理风险。我不使用移动平均线，但是当我在上涨趋势中买入时，如果磁带非常强劲，我会买
that price, and its a support level on the chart? Then that is a key level. Does a lot of activity happen at the 一小块，以便有一个“感觉”。这只能是100-200股，原因是我有一部分。这迫使我观看它，因为我在其中占
price on the tape and tends to reverse at the price when it gets to it? Then it is a key level. Scaling into 有一席之地。当我看到磁带排队时，我会继续添加更多，持续关注我的风险，特别是当有一个持有的买入或
positions varies for everyone dependent on how they’re managing their risk. I don’t use moving averages, 大量打印更高的时候（如果我看多头，上升趋势）。总体而言，这完全取决于您愿意承担多少风险、您的止
损位置以及您计划如何扩展。每个交易的每个缩放比例都不同。上升趋势？在回调时购买。看涨
but when I am buying into an uptrend I will buy a small piece if the tape is very strong in order to have a
“feeler”. This can be 100-200 shares only and the reason for this is so I have a piece of it. This forces me
to watch it because I have a position in it. I’ll continue to add more when I see the tape line
up, consistently watching my risk, especially when there is a held bid or large prints higher (if I am looking
long, uptrend). Overall, it is all dependent on how much risk you are willing to take, where your stop is, and
how you plan on scaling. Each scaling is different for each trade. Uptrend? Buy on pull backs. Bullish
Range? Buy on the support level and buy more when it breaks resistance. 范围？在支撑位买入，在突破阻力位时买入更多。
趣卡翻译（[Link]）
 Can the big buyer or big seller occupy both sides of the bid or offer at 大买家或大卖家能否同时占据报价或报价的双方？当大买家在投标方下一
the same time? When the big buyer places a big order on the bid side as 个大订单作为限价订单并且它迅速减少时，这是否意味着如果大卖家想要
a limit order and it gets decremented rapidly does that mean that a big 倾销他的库存，大卖家会看到该订单并出价以填写他的卖单。如果在出价
大幅减少后出价下降，则表明买家或激进的卖家出价，反之亦然。提供大
seller sees that order and hits the bid to fill his sell order if the big seller 尺寸的卖家或激进的买家？
wants to dump his inventory. And if the bid drops after a large size on
the bid gets decremented is that a buyer or an aggressive seller hitting
the bid and visa versa for the opposite side ex. big size on offer getting
decremented seller or aggressive buyer?
It all depends, remember, that there is a buyer for every seller. If the bid gets hit hard and drops, then it is 请记住，这一切都取决于每个卖家都有一个买家。如果出价受到重创并下跌，则看跌。如果报价被迅速接受
bearish. If the offer gets taken quickly and lifted, then it is bullish Does this answer your question? 并取消，那么它是看涨的这是否回答了您的问题？

I understand that if the bids get hit hard and drop then it's bearish and if 我知道，如果出价受到重创并下跌，则看跌，如果报价被迅速接受，则
the offers get taken quickly then lifts that is bullish, but what if the bids 上涨，这是看涨的，但如果出价受到重创并上涨或报价被迅速接受并下
get hit hard and lift or the offers get taken quickly and drops what does 跌，这意味着什么在第一个响应中发生相反的情况。我看到订单的确认
和销售情况，所以我知道这不是一个快速订单。我想了解如果出价被击
that mean if the opposite happens in the first response. I see the 中并快速下降并且价格上涨或报价被快速接受并且价格下跌，我应该寻
confirmation of the orders on time and sales so I know it's not a flash 找或假设什么。
order. I want to understand what to look for or assume if the bid gets hit

ji
and decrements fast and price lift or the offer gets taken quickly and the
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price drops.
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When you say "offers get taken quickly then drop" do you mean that there is a lot of volume at the offer 当您说“报价被迅速接受然后下降”时，您的意思是报价有很多成交量然后它会降低？如果发生这种情况
then it goes lower? If that happens, it is bearish. We usually use the term "drop" for when the bids get hit ，则看跌。我们通常使用术语“下降”来表示出价被击中然后走低，而“提升”则表示出价被接受然后走
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高。
then go lower and "lift" for when the offers get taken then go higher.
:ji

I understand how to spot a hidden buyer when he is hiding his hand by 我了解如何通过在投标方显示小尺寸（例如100或200sh）但在时间和销售
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showing a small size (ex. 100 or 200 sh) on the bid side but showing 2 to 印刷（大量红色印刷）上显示2到3倍的尺寸来隐藏他的手时如何发现隐藏
的买家当大买家不隐藏时，我需要寻找什么？我正在寻找的只是一个10K
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3 times the size on times and sales print (lots of red printing) what do I
或更多的大出价被递减并保持在持有的出价之上？
have to look for when a big buyer is not hidden? What I'm looking for just
a big bid 10K or more getting decremented and holding above the held
bid price?
If they are not hidden then they are usually showing. It can just be large size stacked on the bid or a big 如果它们没有隐藏，那么它们通常会显示。它可以只是在出价或大出价上堆叠的大尺寸。如果它正在减少
bid. If it is decrementing then it has the risk of dropping, so yes, it does have to HOLD that price if it ，那么它就有下跌的风险，所以是的，如果它减少到100股，它确实必须持有这个价格。
decrements to 100 shares.

I just want to make sure I understand it correctly. When I spot a hidden 我只是想确保我理解正确。当我发现一个隐藏的卖家时，一个隐藏的卖家
seller, can a hidden seller be classified as either a short seller borrowing 可以归类为从他的经纪人那里借入股票的卖空者和已经有库存的机构卖家
shares from his broker and an institution seller who has inventory 吗？我试图理解卖家提升的目的。如果他是机构卖家，我可以理解卖家的
观点，因为他有股票库存。他是否举牌并不重要，因为他的股票价格上涨
already? I'm trying to make sense of the purpose of a seller lifting. I can 以及对股票的更多需求意味着该机构有更多的钱。对？现在，如果他是一
understand the perspective of the seller lifting if he is a institutional seller 个想要大量空头头寸的隐藏卖家，他宁愿不平仓，因为他没有
since he has inventory of shares. It wouldn't matter if he lifts because
higher prices on his shares with more demand for the stock means more
money for the institution. Right? Now if he is a hidden seller who wants a
large short position he would prefer not to lift because he has no

趣卡翻译（[Link]）
inventory and his short position would be at a lost if he lifts right? 如果他抬高库存，他的空头头寸会亏本吗？
Because I notice with technical chart display on certain stocks that a 因为我注意到某些股票的技术图表显示，隐藏的卖家试图持有报价，当
hidden seller trying to hold the offers it wouldn't make sense to hold 股票明显想要反转模式时持有是没有意义的，我注意到当股票下跌时卖
when the stock clearly wants to reverse on the pattern and I notice the 家抬高了很多点。我可以理解机构卖家的库存提升。
seller lifts when the stock is depressed by so many points. I can
understand the lifting at that point of an institutional seller with inventory.

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Reading The Tape 101 阅读磁带101
INTRODUCTION TO READING THE TAPE INTRODUCTION TO READING THE TAPE

[Link] [Link]

BIDHITTER HOLDINGS, LLC BIDHITTER HOLDINGS, LLC

Copyright 2012 BIDHITTER HOLDINGS LLC 版权所有2012BIDHITTERHOLDINGSLLC 趣卡翻译（[Link]）

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Disclaimer 免责声明

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 BIDHITTER HOLDINGS LLC (“Company”) is not an investment advisory service, nor a registered investment advisor or broker-dealer and  BIDHITTERHOLDINGSLLC（“公司”）不是投资咨询服务机构，也不是注册投资顾问或经纪自营商，也不打算告诉或建议客户应该为自己
does not purport to tell or suggest which securities customers should buy or sell for themselves. The analysts and employees or affiliates of 购买或出售哪些证券。的分析师和员工或关联公司
Company may hold positions, long or short, in the financial instruments discussed here. You understand and acknowledge that there is a very 公司可能持有此处讨论的金融工具的多头或空头头寸。您理解并承认交易任何金融工具，尤其是衍生品，都存在非常高的风险。公司、作者、出
high degree of risk involved in trading any financial instrument especially derivatives. The Company, the authors, the publisher, and all 版商和公司的所有附属公司对您的交易和投资结果不承担任何责任或义务。不应假设这些产品中呈现的方法、技术或指标会盈利或不会导致亏损
affiliates of Company assume no responsibility or liability for your trading and investment results. It should not be assumed that the methods, 。公司发布的任何个人交易者或交易系统的过去结果并不表示该交易者或系统的未来回报，也不表示您实现的未来回报。此外，公司产品的指标
、策略、专栏、文章、聊天室评论和所有其他功能（统称“信息”）仅供参考和教育目的，不应解释为投资建议。公司网站上提供的示例仅用于
techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader 教育目的。此类设置不是任何买卖订单的招揽。因此，您不应仅依赖该信息进行任何投资。相反，您应该仅将这些信息用作进行额外独立研究的
or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns 起点，以便您对投资形成自己的看法。您应始终咨询您的持牌财务顾问和税务顾问，以确定任何投资的适用性。此处引用的公司名称、产品、服
which be realized by you. In addition, the indicators, strategies, columns, articles, chat room commentary and all other features of Company’s 务和品牌可能是其各自所有者的商标或注册商标，所有者保留所有合法权利。使用他人的商标或服务标志并不代表他人隶属于、赞助商、由BID
products (collectively, the “Information”) are provided for informational and educational purposes only and should not be construed as HITTERHOLDINGSLLC赞助、认可或认可。
investment advice. Examples presented on Company’s website are for educational purposes only. Such set-ups are not solicitations of any order
to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information
only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You
should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment. Company names,
products, services and branding cited herein may be trademarks or registered trademarks of their respective owners and the owners retain all
legal rights. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored
by, endorses, or is endorsed by BIDHITTER HOLDINGS LLC.
 Futures, Options and stock trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to  期货、期权和股票交易具有巨大的潜在回报，但也存在巨大的潜在风险。您必须意识到风险并愿意接受它们才能投资于期货、期权和股票市场
accept them in order to invest in the futures, options and stock markets. Don’t trade with money you can’t afford to lose. This is neither a 。不要用你输不起的钱进行交易。这既不是招揽，也不是买卖期货或期权、股票或任何其他类型的金融工具的要约。不代表任何帐户将或可能
solicitation nor an offer to Buy/Sell futures or options, or stock or any other type of financial instrument. No representation is being made that 实现与本视频中讨论的类似的利润或损失。任何交易系统或方法的过去表现不一定代表未来的结果。
any account will or is likely to achieve profits or losses similar to those discussed on this video. The past performance of any trading system or
methodology is not necessarily indicative of future results.

Copyright 2012 BIDHITTER HOLDINGS LLC 版权所有2012BIDHITTERHOLDINGSLLC 趣卡翻译（[Link]）

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Disclaimer 免责声明

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 CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL  CFTC规则4.41 假设或模拟的业绩结果有一定的限制。与实际业绩记录不同，模拟结果不代表实际交易。此外，由于交易尚未执行，因此对某
PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT 些市场的影响（如果有）的补偿可能不足或过高
BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET
FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT 流动性不足等因素。一般的模拟交易程序也受制于以下事实：
THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS 它们的设计是为了事后诸葛亮。不代表任何帐户将或现在
LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN. 可能实现与所示类似的盈利或亏损。
 All trades, patterns, charts, systems, etc., discussed in this advertisement and the product materials are for illustrative purposes only and not to  本广告和产品材料中讨论的所有交易、模式、图表、系统等仅用于说明目的，不应解释为具体的咨询建议。所提供的所有想法和材料完全是作者
be construed as specific advisory recommendations. All ideas and material presented are entirely those of the author and do not necessarily 的想法和材料，并不一定反映出版商或BIDHITTERHOLDINGSLLC的想法和材料。
reflect those of the publisher or BIDHITTER HOLDINGS LLC.

Copyright 2012 BIDHITTER HOLDINGS LLC 版权所有2012BIDHITTERHOLDINGSLLC 趣卡翻译（[Link]）

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Introduction 介绍
READING THE TAPE 101 READING THE TAPE 101

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Introduction 介绍

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 About me 关于我
 Actively Day Trading since 2007 自2007年起积极进行日间交易
 Traded for multiple prop desks in Miami and NYC 在迈阿密和纽约交易了多个道具台
 Head of training and new traders for Miami Desk MiamiDesk培训和新交易员主管
 Became head trader after 3 months 3个月后成为首席交易员
 What to expect 期待什么
 To learn the basic foundation behind tape reading 学习磁带阅读的基本基础
 Do not expect to become an expert instantly 不要期望立即成为专家
 Learning curve, do not get frustrated 学习曲线，不要沮丧
 You will get better everyday you watch tape 每天看磁带，你会变得更好

Copyright 2012 BIDHITTER HOLDINGS LLC 版权所有2012BIDHITTERHOLDINGSLLC 趣卡翻译（[Link]）

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Introduction 介绍

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 What to do after watching it 看完之后怎么办
 Read the book that came with it 阅读随附的书籍
 Re-watch DVD  Re-watch DVD
 Watch tape from Tape Reading Archive and/or live market 从TapeReadingArchive和/或livemarket观看磁带
 Email me if you have any questions 如果您有任何问题，请给我发电子邮件
 Contact information: jose@[Link] 联系方式：jose@[Link]

Copyright 2012 BIDHITTER HOLDINGS LLC 版权所有2012BIDHITTERHOLDINGSLLC 趣卡翻译（[Link]）

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Introduction 介绍

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Introduction 介绍

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What Is Reading The Tape? 什么是读磁带？
READING THE TAPE 101 READING THE TAPE 101

Copyright 2012 BIDHITTER HOLDINGS LLC 版权所有2012BIDHITTERHOLDINGSLLC 趣卡翻译（[Link]）

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What Is Reading The Tape? 什么是读磁带？

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 Art of studying pure price action in real time based on 实时研究纯价格行为的艺术
the Level II box. 二级盒子。
 Gauge psychology and imbalances in supply/demand 衡量心理和供需失衡
 Leading indicator 领先指标
 See real time where there is buying/selling at a level 实时查看某个级别的买入/卖出情况
 Improve efficiency, risk/reward, and catch more moves 提高效率、风险/回报并捕捉更多动作
 Helps you lower risk 帮助您降低风险

Copyright 2012 BIDHITTER HOLDINGS LLC 版权所有2012BIDHITTERHOLDINGSLLC 趣卡翻译（[Link]）

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What Is Reading The Tape? 什么是读磁带？

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 Tool of trading veterans 交易老手的工具
 Gives you an edge over chart traders 让您比图表交易者更有优势
 Brings consistency to your trading 为您的交易带来一致性
 Shows available plays that charts don’t 显示图表没有的可用剧本
 Can determine where a stock is going to go 可以判断股票的走向

Copyright 2012 BIDHITTER HOLDINGS LLC 版权所有2012BIDHITTERHOLDINGSLLC 趣卡翻译（[Link]）

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What Tape Reading Is Not 什么不是磁带阅读

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 Not a trading system 不是交易系统
 Not buy or sell signals 非买入或卖出信号
 Not something you learn overnight 不是一夜之间就能学到的东西
 Not something that will make you instantly 不会立即让你
profitable 有利可图

Copyright 2012 BIDHITTER HOLDINGS LLC 版权所有2012BIDHITTERHOLDINGSLLC 趣卡翻译（[Link]）

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How Does Tape Reading Give You An Edge? 磁带阅读如何为您带来优势？

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 Real time indicator, not based on past data 实时指标，不基于过去的数据
 Reading real-time order flow 读取实时订单流
 Go with the flow 随波逐流
 Great entries, lower risk 优秀的参赛作品，更低的风险
 Art that was around before charts 图表出现之前的艺术
 Edge over algorithms and HFTs 边缘算法和高频交易

Copyright 2012 BIDHITTER HOLDINGS LLC 版权所有2012BIDHITTERHOLDINGSLLC 趣卡翻译（[Link]）

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What Is On The Tape That’s Not On The Chart? 没有在图表上的磁带上有什么？

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 See what active buyers and sellers are doing in real- 看看活跃的买家和卖家在做什么
time 时间
 Notice important levels that there are big battles 注意重要的关卡有大的战斗
 Can follow buyers, sellers, and/or certain patterns 可以跟随买家、卖家和/或某些模式
 Get a feel for the market 了解市场
 Charts are based on past data 图表基于过去的数据

Copyright 2012 BIDHITTER HOLDINGS LLC 版权所有2012BIDHITTERHOLDINGSLLC 趣卡翻译（[Link]）

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Tape Reading is an art, not a science 磁带阅读是一门艺术，而不是一门科学

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 Tape reading is not a science 磁带阅读不是一门科学
 Can’t just read a book on it and become an expert 不能只看书就成为专家
 Something you learn over long observation and 通过长期观察学到的东西
personal experience 个人经验
 Basics are simple 基础很简单
 You will get better over time 随着时间的推移，你会变得更好

Copyright 2012 BIDHITTER HOLDINGS LLC 版权所有2012BIDHITTERHOLDINGSLLC 趣卡翻译（[Link]）

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Tape reading affects efficiency with entries & exits 磁带阅读影响进入和退出的效率

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 Find great entries with low risk that aren’t shown on 找到未在网站上显示的低风险优秀条目
the charts 图表
 Get in front of real buyers and sellers 站在真正的买家和卖家面前
 Spot reasons for exits that are not on charts 找出图表上没有的退出原因

Copyright 2012 BIDHITTER HOLDINGS LLC 版权所有2012BIDHITTERHOLDINGSLLC 趣卡翻译（[Link]）

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Tape reading affects efficiency with entries & exits 磁带阅读影响进入和退出的效率

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 GMCR Example GMCR示例
 Accumulation not shown on chart in real time 累积未实时显示在图表上

Copyright 2012 BIDHITTER HOLDINGS LLC 版权所有2012BIDHITTERHOLDINGSLLC 趣卡翻译（[Link]）

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How does tape reading it lower risk? 磁带阅读如何降低风险？

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 Spot buyers/sellers and get in front of them 发现买家/卖家并站在他们面前
 Follow the big money 跟随大钱
 Get out if the big money stops 如果大笔资金停止，请退出
 Can’t see on charts 在图表上看不到
 Not just getting in a random prices, but real levels 不仅仅是随机价格，而是真实水平

Copyright 2012 BIDHITTER HOLDINGS LLC 版权所有2012BIDHITTERHOLDINGSLLC 趣卡翻译（[Link]）

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How does tape reading it lower risk? 磁带阅读如何降低风险？

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 ASTM Example ASTM示例

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How does skill at tape reading improve understanding chart 阅读磁带的技巧如何提高理解图表

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 You will be able to see the supply and demand 您将能够看到供需情况
dynamic in real time 实时动态
 Adding it all together to gain an edge 将它们加在一起以获得优势
 Example from GMCR 来自GMCR的例子
 See what buyers and sellers are doing at certain chart 在特定图表上查看买家和卖家在做什么
levels 水平
 See how patterns develop on the tape to spot if it is 看看磁带上的图案是如何形成的，如果它是
strong or weak 强或弱
Copyright 2012 BIDHITTER HOLDINGS LLC 版权所有2012BIDHITTERHOLDINGSLLC 趣卡翻译（[Link]）
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How do you improve your tape reading skills? 你如何提高你的磁带阅读技巧？

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 Takes time 需要时间
 You will get better every day you watch tape 每天看录像你都会变得更好
 Watch video of your trading 观看您的交易视频
 [Link]’s Tape Reading Video Archive [Link]的磁带阅读视频档案
 Easier to spot stuff on tape when not in a trade or trading 不进行交易或交易时更容易发现磁带上的内容
 Speed up the improvement process by watching your 通过观察你的工作来加快改进过程
recorded trading video after the close and BH’s Video 收盘后录制的交易视频和BH的视频
Archive 档案

Copyright 2012 BIDHITTER HOLDINGS LLC 版权所有2012BIDHITTERHOLDINGSLLC 趣卡翻译（[Link]）

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Trading the open with only reading the tape 只看盘就开盘交易

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 Charts haven’t developed first few minutes of open 图表在开盘的最初几分钟还没有发展 边缘在磁带上 盘中交
 Edge is on the tape 者在开盘和开盘时赚了大部分钱
 Intraday traders make most of there money on open and
close 关闭
 Most volume on open 大部分开盘交易量 图表未显示的现货水平 可以发现并跟踪
 Spot levels the charts don’t show 来自机构的买入/卖出订单
 Can spot and follow buy/sell orders from institutions on
the open 开放的
 Real time order flow of a stock to follow 实时跟踪的股票订单流

Copyright 2012 BIDHITTER HOLDINGS LLC 版权所有2012BIDHITTERHOLDINGSLLC 趣卡翻译（[Link]）

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Predicting where the chart will go 预测图表的走向

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 Find key levels that a lot of volume has been done off 找出成交量很大的关键水平
 See how price reacts at certain levels 了解价格在特定水平上的反应
 Able to hold for larger moves while keeping risk low 能够在保持低风险的同时持有更大的波动
 Able to spot an order and follow it 能够发现订单并遵守订单
 Going with the big money and following them 与大钱同行并跟随他们

Copyright 2012 BIDHITTER HOLDINGS LLC 版权所有2012BIDHITTERHOLDINGSLLC 趣卡翻译（[Link]）

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Quotes From A Tape Reading Great 磁带阅读中的名言

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 Jesse Livermore 杰西·利弗莫尔
 “A battle goes on in the stock market and the tape is your “股票市场上的一场战斗，磁带是你的
telescope. You can depend upon it seven out of ten cases.” 望远镜。十分之七，你可以依赖它。”

Copyright 2012 BIDHITTER HOLDINGS LLC 版权所有2012BIDHITTERHOLDINGSLLC 趣卡翻译（[Link]）

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Level I & Level II 一级和二级
READING THE TAPE 101 READING THE TAPE 101

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What is Level I? 什么是一级？

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 What Does Level 1 Mean? 1级是什么意思？
A trading service consisting of real-time bid/ask 一种交易服务，包括股票市场上证券交易的实时
quotes for securities trading on the stock market. 买卖报价。
 Investopedia explains Level 1 Investopedia解释1级
Basically, this just consists of real-time quotes. Also 基本上，这只是由实时报价组成。也称为一级。
known as Level I.

 -[Link]  -[Link]

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What is Level II? 什么是二级？

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 What Does Level 2 Mean? 2级是什么意思？
A trading service consisting of real-time access to the 一种交易服务，包括实时访问在每种证券中注册的单
quotations of individual market makers registered in 个做市商的报价。
every security.
 Investopedia explains Level 2 Investopedia解释Level2
This allows you to watch the trades being executed right 这使您可以在您面前观看正在执行的交易。也称为二级
in front of you. Also known as Level II. 。
 -[Link]  -[Link]
 Advanced Level I 高级一级
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Level I and II 一级和二级

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 “Reading The Tape” refers to reading the Level I, Level II, and 磁带”是指阅读一级、二级和
prints 印刷
 Level II shows us who is willing to bid and who is willing to 愿意出价
offer at what price and how much 提供什么价格和多少
 Shows you the real time order flow 显示实时订单流 查看未结订单（二级）和已完成的交易
 See the open orders (Level II) and trades that have been
executed (Prints) 执行（打印）
 Prints show if trades have been made on bid, offer, or in 示交易是否按出价、出价或进价进行
between 之间
 Level II are the open orders that are being shown LevelII是显示的未结订单

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Level I and Level II Box 一级和二级盒子

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Level II Box 二级盒子

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 Grey = Level I 灰色=I级
 White = Stock symbol and 白色=股票代码和
position 位置
 Green = Bids 绿色=投标
 Red = Offers 红色=优惠
 Purple = Prints 紫色=印花

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Level II Box 二级盒子

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 Level II shows the open orders LevelII显示未结订单
 Offers 优惠
 Best price people are willing to sell 人们愿意卖的最好的价格
 Above lowest offer are underlying 高于最低报价是潜在的
offers 优惠
 Bids 投标
 Best price people are willing to buy 人们愿意购买的最优价格
 Below highest bid are the 低于最高出价的是
underlying bids 标的出价

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Level II Box 二级盒子

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 Bids 投标
 Size times 100 shares 规模乘以100股 交易所 价
 Exchange 格
 Price
 Offers 优惠
 Size times 100 Shares 规模乘以100股 交换 价格
 Exchange
 Price
 Prints 印刷品
 Exchange 交易所 价格 股票乘
 Price 以100
 Shares times 100

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Level II Box 二级盒子

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 Highest Bid 最高出价
 $35.88  $35.88
 Lowest Offer 最低报价
 $35.91  $35.91
 Spread is the difference 点差就是区别
between the bid and the offer 出价和出价之间
 3 cents 3美分

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Level II Box 二级盒子

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 Watch spread of stocks when 观察股票的价差
trading 贸易
 Watch underlying bids and 观察标的出价和
offers to measure real risk 提供衡量实际风险的方法
 There are also hidden orders 还有隐藏订单
not being shown in level II 没有显示在二级
 Underlying bids/offers show 标的买/卖显示
you how strong/weak stock 你的股票有多强/弱
is
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Real Risk 真实风险

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 Underlying bids/offers 标的买/卖
show what your real risk is 显示您的真正风险是什么
 Shows where you are able 显示你的能力
to exit the stock if it hits 如果股票达到您的退出
your exit price 价格，则退出股票
 Use this to calculate your 用这个来计算你的
real risk/reward 真正的风险/回报

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Level II Box 二级盒子

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Prints 印刷
READING THE TAPE 101 READING THE TAPE 101

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What are the Prints? 什么是版画？

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 Prints are an important indicator 印花是一项重要指标
 Prints are each transaction or trade 印刷品是每一笔交易或交易
 Can be on bid, offer, or between 可以是投标、报价或介于两者之间
both 两个都

 Shows which exchange it came 显示它来自哪个交易所

from, size, and price 来自、尺寸和价格
 Shows where the stock is trading at 显示股票在哪里交易
and last transaction 和最后一笔交易

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What are the Prints? 什么是版画？

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 Prints are important piece of 的组成部分
reading the tape 读磁带
 The prints are what the old
school traders (back in the early 学校交易员（早在1900年代初期）
1900s) used to determine the 用来确定股票的强弱。
strength and weakness of a stock.
 Able to see the strength or
weakness and where there are 弱点以及某些价格有买家/卖家
buyers/sellers at certain prices 的地方

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Prints 印刷

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 Prints 印刷品
 Green Prints 绿色印刷
 Traded on Offer 有价交易
 Red Prints 红印
 Traded on Bid 竞价交易
 White Prints 白色印刷品
 Traded between offer and bid 在报价和报价之间进行交易
 Highlighted Prints 突出显示的印刷品
 Through the market 通过市场
 Don’t pay much
attention, only when 注意，只有在疯狂时
frenzy they appear 才会出现

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Prints 印刷

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 There is a buyer for every seller 每个卖家都有一个买家
and seller for every buyer 和每个买家的卖家
 Common mistake for new 新的常见错误
traders 贸易商
 “if printing red they are “如果打印红色，它们是
selling” selling”
 “if printing green they are “如果打印绿色，它们是
buying” buying”
 WRONG!  WRONG!

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Prints 印刷

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 Last traded 500 shares on 最后交易500股
the offer at $35.91 优惠价为35.91美元
 Means someone paid/sold 表示某人支付/出售
at the offer for 500 shares 以35.91美元的价格收购50
at $35.91 0股
 Before that $35.91 traded 在那之前35.91美元的交易
100 shares on the offer 100股要约

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Using Prints as an indicator 使用印刷品作为指标

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 Shows you where the stock is currently printing and 显示当前打印的库存位置和
with what size 有什么尺寸
 Shows you where volume is being done and 向您显示音量在哪里完成，以及
important levels 重要级别
 Remember how much volume is done at each level 记住每个级别完成了多少音量
 Always gathering information from the prints 总是从印刷品中收集信息
 Can spot where big players are and follow patterns 可以发现大玩家的位置并遵循模式
by how the prints are printing 通过印刷品的印刷方式
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Printing repeating on the bid, repeating on the offer 打印重复投标，重复报价

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 Keeps printing on the bid at lower prices 继续以较低的价格打印投标书
 Sign of weakness 软弱的迹象
 Keeps printing on the offer at higher prices 继续以更高的价格打印报价
 Sign of strength 实力的象征
 Continues to print on the offer? 继续打印报价？
 Someone really wants the stock and are aggressive to pay the offer 股票并且积极地支付报价
and spread 并传播
 Not willing to bid for the stock, waiting/hoping to get hit 不愿竞购股票，等待/希望受到打击
 Not always the case, but with experience you will be able 经验，您将能够
to know the difference 知道区别

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Big Prints 大版画

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 Stock continues to trade 100 and 200 share lots at a 股票继续以100股和200股的价格交易
certain price then see a big print for 100,000 shares at 一定的价格，然后以相同的价格看到100,000股的大字
the same price
 Usually institutions 通常是机构
 Most of the time they dictate order flow since they have more money 大多数时候他们决定订单流，因为他们有更多的钱
than you 比你
 Clue to what they are doing, pay attention and remember it 提示他们在做什么，注意并记住它
 That 100,000 share print at that price is now important 以这个价格印刷100,000股现在很重要

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Big Prints 大版画

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 If it continues to trade at that price and bids hold then it 它
is strong, if bid drops then probably going lower 很强，如果出价下降，那么可能会走低
 If it continues to trade at that price and offers hold then
it is weak, if offers lift then probably going higher 它很弱，如果提供提升，那么可能会更高
 Watch the prints and see how they react to that price and 印刷品，看看它们对该价格有何反应，
size 尺寸
 Big prints are relative to the amount of volume being 打印的体积有关
traded 交易
 Also to the amount of shares traded per price 也适用于每个价格交易的股票数量

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Big Prints 大版画

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 Usually sticks out compared to other 100 share 通常比其他100股更突出
prints and current volume traded 印刷品和当前交易量
 Sometimes means it might be the end of an order 有时意味着它可能是一个订单的结束
being filled by institutions/algorithm 由机构/算法填充

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Big Prints 大版画

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Big Prints 大版画

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Big Prints 大版画

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Big Prints 大版画

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Big Print and Big Print Higher 大字和大字更高

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 Important indicator, indicates the stock is about to trade 重要指标，表示股票即将交易
higher 更高
 Example:  Example:
 Stock trading at $50 股票交易价格为50美元
 Big print of 100,000 shares at $50 100,000股大字报50美元
 Trades higher 交易更高
 Big print for 125,000 at $50.25 125,000美元的大字体，50.25美元
 Big institutions willing to get more stock higher with size 大型机构愿意随着规模的扩大而获得更多股票
 Notice and pay attention, bullish indicator 注意注意，看涨指标
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Big Print and Big Print Lower 大字和大字下

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 Important indicator, indicates the stock is about to trade 标，表示股票即将交易
lower 降低
 Example:  Example:
 Stock trading at $20.50 股票交易价格为20.50美元
 Big print of 150,000 shares at $20.50 150,000股大字报20.50美元
 Trades lower 交易走低
 Big print for 225,000 at $20 225,000美元的大字体，20美元
 Big institutions willing to get rid/short more stock lower 意卖出/卖空更多股票
with size 有大小
 Notice and pay attention, bearish indicator 注意并注意，看跌指标
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Speed 速度

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 Each stock trades with a certain rhythm and pattern 每只股票都有一定的节奏和规律
 Not all stocks are the same, your job is to recognize the pattern 不是所有的股票都是一样的，你的工作是识别模式
 Prints fast – important 打印速度快——很重要
 Prints slow – not that important 打印速度慢——没那么重要
 When a stock is printing quickly on the offer then prints faster – bullish 当股票在报价上快速打印时，打印速度会更快——看涨
 Indicator showing buyers are getting more aggressive and paying for 指标显示买家变得更加积极并愿意支付
stock 股票
 Can mean its about to break out if its at a resistance level or buy 如果处于阻力位或买入，可能意味着即将突破
order about to get filled 订单即将被填满

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Speed 速度

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 When a stock is printing quickly on the bid then prints faster – bearish 当一只股票在投标上快速打印时，打印速度更快——看跌
Indicator showing sellers are getting more aggressive and hitting the 指标显示卖家变得更加激进并击中
bids 出价
 Can mean its about to break down if its at a support level or sell is 如果它处于支撑位或卖出，可能意味着它即将崩溃
order about to get filled 订单即将被填满
 Notice if offer steps down and gets taken quickly 注意报价是否下降并被迅速接受
 Means there is demand at that price 表示该价格有需求
 Notice if bid steps up and gets taken quickly 注意出价是否上升并被迅速接受
 Means there is supply at that price 表示该价格有供应

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Speed 速度

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 If an offer steps down, lifts and quickly prints on the offer then it means 如果报价下降、提升并快速打印在报价上，则意味着
the stock is strong and offer is being taken—buyer really wants stock 股票强劲，报价正在接受——买家真的想要股票
 If an bid steps up, drops and quickly prints on the bid then it means the 如果出价上升、下降并迅速打印在出价上，则意味着
stock is weak and bid is being hit—sellers in control 库存疲软，出价受到打击——卖家控制住了
 Stock slows its printing then might not be in play at the moment 库存放慢印刷速度，那么目前可能不会发挥作用
 Doesn’t print much then probably not in play/illiquid and should move 打印不多，可能不在游戏中/流动性差，应该移动
on 在

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Volume 体积

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 Watch, notice, and remember how much volume is done 观察、注意并记住完成了多少音量
at certain prices 在某些价格
 Very important when reading the tape/prints 阅读磁带/打印时非常重要
 Unusual amount of volume done at a certain price then it 以特定价格完成的异常数量的交易量
becomes important 变得重要
 Important level to note 需要注意的重要级别
 Rule of thumb: 经验法则：
 More volume done at a price the bigger the move that is expected 以某个价格完成的交易量越大，预期的波动就越大

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Volume 体积

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 Volume is all relative to: 交易量都与：
 How much the stock has traded 股票的交易量
 How much you expected to trade at that price via Level II 您希望通过第二级以该价格交易多少
 How much volume is done around the level 关卡周围做了多少音量
 Just because a stock does a bunch of volume and trades 和交易
up doesn’t mean you should be long up并不意味着你应该做多
 Combine the level with charts and what the tape has been 表和磁带的内容结合起来
telling you 告诉你
 Amount of volume done at a level gives you an idea of 您了解
how much it should move 它应该移动多少
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Volume 体积

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 Example:  Example:
 Stock trades 300,000 shares (relative to overall volume) in a 10 cent 10美分交易300,000股（相对于总交易量）
range 范围
 Breaks out of range, can expect a 25 cent move 突破范围，预计上涨25美分
 Stock trades 3,000,000 shares (relative to overall volume) in a 10 cent 10美分交易3,000,000股（相对于总交易量）
range 范围
 Breaks out of range, can expect a one point move 突破范围，可以预期单点移动
 Don’t be stubborn and wait if the stock doesn’t do what you 票没有做你想做的事，不要固执等待
expect 预计
 Amount of volume done at a level gives you an idea of how 何
much it should move away from it 它应该远离它

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Big Buyer with a refreshing ECN 具有令人耳目一新的ECN的大买家

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 Refreshing ECN: 刷新ECN：
 Shows a few 100 shares on ECN at a price and refreshes to show more size after it 0股，然后刷新以显示更大的大小
has been filled at same price 已以相同价格成交
 Example of a big buyer: 大买家的例子：
 Bid is $50 and offer is $50.10 出价50美元，出价50.10美元
 See a bunch of red prints on the bid for size (remember relative volume) at $50 量）的投标上看到一堆红色印刷品
and the buyer doesn’t drop 买家不放弃
 Notice how much they are buying 注意他们买了多少 如果他在投标中买了一堆，刷新并持有投标，那
 If he buys a bunch on the bid, refreshes, and holds the bid then it 么
can be a good entry for a long with stop if he drops (if everything 如果他下跌（如果其他一切都对您有利），可能是一个很好的长
else is in your favor) 期入场
 Great risk/reward setup 巨大的风险/回报设置

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Big Buyer with a refreshing ECN 具有令人耳目一新的ECN的大买家

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 Example of refreshing ECN: 刷新ECN的例子：
 BATS on bid at $30 and they’re showing 100 shares BATS出价30美元，他们显示100股
 Notice a bunch of prints at $30 (over a thousand shares) and 注意到一堆30美元（超过1000股）的印刷品，并且
he continues to hold 他继续持有
 Buyer is hiding his size and trying to accumulate 买家隐藏他的大小并试图积累
stock 股票
 Can get long there with stop if he drops 如果他摔倒，可以在那里停下来
 Follow the refreshing ECN too 也跟着清爽的ECN

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Big Buyer with a refreshing ECN 具有令人耳目一新的ECN的大买家

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 Sometimes there will be a big buyer at a price (say 有时会有一个大买家以某种价格购买（比如
$50) and they drop the bid for 5 cents then rebids 50美元），他们放弃5美分的出价，然后重新出价
the price (back to $50) (Advanced) （回到50美元）（高级）
 Games they play to shake people out 他们玩的游戏是为了让人们振作起来
 Should always follow plan if it was to hit out if buyer 如果要出击，应始终按计划进行
drops 滴
 Can always reenter with stop below the move 总是可以在移动下方停止重新进入

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Big Seller with a refreshing ECN 具有令人耳目一新的ECN的大卖家

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 Refreshing ECN: 刷新ECN：
 Shows a few 100 shares on ECN at a price and refreshes to show more size after it 0股，然后刷新以显示更大的大小
has been filled at same price 已以相同价格成交
 Example of a big seller: 大卖家的例子：
 Bid is $25and offer is $25.10 出价25美元，出价25.10美元
 See a bunch of green prints on the offer for size (remember relative volume) at 寸（记住相对体积）
$25.10 and the seller doesn’t lift 25.10美元，卖家不提货
 Notice how much they are selling 注意他们卖了多少
 If he sells a bunch on the offer, refreshes, and holds the offer then it
can be a good entry for a short with stop if he lifts (if everything else 如果他举牌（如果其他一切都对您有利），则可能是一个很好的短期
is in your favor) 止损入场
 Great risk/reward setup 巨大的风险/回报设置

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Big Seller with a refreshing ECN 具有令人耳目一新的ECN的大卖家

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 Example of refreshing ECN: 刷新ECN的例子：
 ARCA on offer at $60 and they’re showing 100 shares ARCA的报价为60美元，他们展示了100股
 Notice a bunch of prints at $60 (over a thousand shares) and 注意一堆60美元（超过1000股）的印刷品，并且
he continues to hold 他继续持有
 Seller is hiding his size and trying to accumulate 卖家隐藏他的大小并试图积累
stock 股票
 Can get short there with stop if he lifts 如果他举起，可以在那里做空并停下来
 Follow the refreshing ECN too 也跟着清爽的ECN

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Big Seller with a refreshing ECN 具有令人耳目一新的ECN的大卖家

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 Sometimes there will be a big seller at a price (say 有时会有一个大卖家以某种价格出售（比如
$70) and they lift the offer for 5 cents then reoffers 70美元），他们将报价提高5美分，然后重新报价（
the price (back to $70) (Advanced) 回到70美元）（高级）
 Games they play to shake people out 他们玩的游戏是为了让人们振作起来
 Should always follow plan if it was to hit out if seller 如果要打击卖方，应始终按计划进行
lifts 升降机

 Can always reenter with stop above the move 总是可以在移动上方停止重新进入

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Big buyer/seller drops or lifts 大买家/卖家下降或提升

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 If we notice a big buyer/seller and we are in the opposite side of them 如果我们注意到一个大买家/卖家，而我们在他们的对面
then we exit assuming it will go against us 然后我们退出假设它会不利于我们
 Example:  Example:
 You’re long AMZN 你很长AMZN
 Notice a big seller 通知一个大卖家
 Exit thinking it goes down 认为它下降了就退出
 If they lift, then you can reenter long since they’re done selling 如果他们解除，那么你可以重新进入，因为他们已经完成了销售
 Same goes with the opposite 反之亦然
 Isn’t the only reason to get in/out of a trade, make sure you have other 不是进入/退出交易的唯一原因，确保你有其他的
indicators in your favor too 指标也对你有利

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Big buyer drops 大买家下降

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Big seller lifts 大卖家电梯

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Big seller lifts 大卖家电梯

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Big seller lifts 大卖家电梯

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Hidden buyers/sellers 隐藏的买家/卖家

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 If the bid is at $50.10 and the offer is at $50.20 but you 如果出价为50.10美元，出价为50.20美元，但您
notice white prints $50.12 continuously. 注意白色连续打印$50.12。
 You should pay attention to this and gather information 你应该注意这一点并收集信息
about it. 关于它。
 If you notice that the offers step down to $50.18 and they 如果你注意到报价下降到50.18美元并且他们
get taken immediately then this means the buyer is 立即采取，这意味着买方愿意以您出售的任何价格购买，
willing to buy at whatever price you are selling at and it is 这是一个看涨信号。
a bullish signal.
 This will present a great risk/reward setup. 这将带来巨大的风险/回报设置。
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Hidden buyers/sellers 隐藏的买家/卖家

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 Same goes for bid. 投标也是如此。
 If you notice that the bids step up to $50.12 and they 如果你注意到出价上升到50.12美元并且他们
get taken immediately then this means the seller is 立即采取，这意味着卖方愿意以您购买的任何价格出
willing to sell at whatever price you are buying at and 售，这是一个看跌信号。
it is a bearish signal.
 This will present a great risk/reward setup. 这将带来巨大的风险/回报设置。

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Hidden buyers 隐藏的买家

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Hidden buyers 隐藏的买家

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Hidden buyers 隐藏的买家

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Hidden buyers 隐藏的买家

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Hidden buyers 隐藏的买家

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Probabilities 概率

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 Indicators mentioned previously are usually reliable 前面提到的指标通常是可靠的 交易是概率游戏 指标有时
 Trading is a game of probabilities 可能是错误的 必须有更多对你有利的指标，而不仅仅是
 Indicators can be false sometimes 一个 更多对你有利的指标=更高的概率
 Must have more indicators in your favor, not just one
 More indicators in your favor = higher probability of
trade working 贸易工作
 Have multiple in your favor for a trade, including
technicals, to spot high probability trades with good 技术，以发现具有良好风险/回报率的高概率交易
risk/reward ratios

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Using Prints and Level II Together 结合使用Prints和LevelII

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 Reading the tape is using the prints and level II 阅读磁带是使用印刷品和二级
together 一起
 Using level II you see how much they want to show 使用第二级，你会看到他们想要展示多少
 Prints show you what they are actually doing 打印显示他们实际在做什么
 Have an edge over most traders 比大多数交易者更有优势

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Using Prints and Level II Together 结合使用Prints和LevelII

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 Be able to determine the amount of size you can use 能够确定您可以使用的尺寸量
and see your REAL risk 看看你的真正风险
 Advantage to spot algorithms/HFTs 发现算法/高频交易的优势
 Can see and follow a buy/sell order by the trading 可以通过交易查看和跟踪买入/卖出订单
pattern 图案
 Using both together will provide great opportunities 两者一起使用将提供巨大的机会
that you won’t see on charts 你不会在图表上看到的

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What different prints means and what are some bullish and 不同的印刷品意味着什么，什么是看涨和

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bearish prints 看跌印刷品

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 Different prints mean different things 不同的印花意味着不同的东西
 Prints are your edge 印刷品是你的优势
 Will show you if a stock is strong or weak and you 会告诉你股票是强还是弱，而你
use this information to develop a plan 使用此信息制定计划

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What different prints means and what are some bullish and 不同的印刷品意味着什么，什么是看涨和

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bearish prints 看跌印刷品

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 Reminder:  Reminder:
 1 ARCA = 100 shares on ARCA 1ARCA=100份ARCA
 10 ARCA = 1,000 shares on ARCA 10ARCA=1,000股ARCA
 100 ARCA = 10,000 on ARCA. 100ARCA=ARCA上的10,000。
 Whatever the number is multiply it by 100 and that is how 无论数字是多少，乘以100就是这样
many shares. 很多股份。
 Single digits = hundred(s) which can be 100-900. Double 个位数=百，可以是100-900。双倍的
digits = thousand(s) which can be 1000-9900. Triple digits = 数字=千位，可以是1000-9900。三位数=万，可以是10,000-9
ten thousand(s) which can be 10,000-99,900 and so on) 9,900等等）

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Bullish and Bearish Prints Examples 看涨和看跌打印示例

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The bid shows 10 ARCA and prints 60k on the bid at Bullish 出价显示10ARCA并以相同的价格在出价上打印60k并持有 看涨
the same price and holds
The offer shows 10 ARCA and prints 60k on the offer at the Bearish 报价显示10ARCA并以相同价格在报价上打印60k并持有 看跌
same price and holds
The bid shows 70 ARCA, prints 9k on the bid, and refreshes Bullish 出价显示70ARCA，出价上打印9k，刷新 看涨

The offer shows 70 ARCA, prints 9k on the offer, and Bearish 报价显示70ARCA，报价上打印9k，刷新 看跌
refreshes
The bid shows 70 ARCA, prints 7k on the bid, and then the Bullish 出价显示70ARCA，在出价上打印7k，然后出价更高 看涨
bid steps higher
The offer shows 70 ARCA, prints 7k on the offer, and then Bearish 报价显示70ARCA，报价上打印7k，然后报价降低 看跌
the offer steps lower
The offer shows 70 ARCA, prints 7k on the offer, and then Bullish 报价显示70ARCA，在报价上打印7k，然后出价更高 看涨
the bid steps higher

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Bullish and Bearish Prints Examples 看涨和看跌打印示例

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The bid shows 70 ARCA, prints 7k on the bid, and then Bearish 出价显示70ARCA，在出价上打印7k，然后出价逐步降低 看跌
the offer steps lower

The bid shows 5 ARCA, prints 7k on the bid, drops, then rebids at Bullish 出价显示5ARCA，在出价上打印7k，下降，然后以相同的价格重 看涨
the same price 新出价

The offer shows 5 ARCA, prints 7k on the offer, lifts, then steps Bearish 报价显示5ARCA，在报价上打印7k，提升，然后降到相同的价 看跌
down to the same price 格

The bid shows 60 ARCA, prints 6k on the bid, drops, and the offer Bearish 出价显示60ARCA，在出价上打印6k，下降，出价低于前一个出价 看跌
steps down lower than the previous bid

The bids get hit quickly and drop, moving the price lower Bearish 出价迅速下降，价格走低 看跌

The offers get taken quickly and lift moving the price higher Bullish 报价被迅速接受并抬高价格 看涨

The stock is quickly taking the offers and taking the offers and Bullish overall but bearish for that price 股票正在迅速接受报价并接受报价并接受更高的报价，然后不会接受下一个报价并放缓整体看涨但对该价格看跌
taking offers higher and then will not take the next offer and slows

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Bullish and Bearish Prints Examples 看涨和看跌打印示例

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The bid gets hit and holds and steps up and gets hit and Bullish overall but bearish for that price 出价被击中并保持并加紧并被击中并保持并向上加高并被击中并 整体看涨，但看跌该价格
holds and steps up higher and gets hit and holds higher 保持更高并向上加高然后被击中并下降
and steps up higher and then gets hit and drops

Big print and the next prints are higher Bullish 大字号和下一个字号更高 看涨

Big print and the next prints are lower Bearish 大字号和下一个字号较低 看跌

Big prints and big prints higher Bullish 大版画和大版画更高 看涨

Big prints and big prints lower Bearish 大版画和大版画更低 看跌

The bids are tested and holds Bullish 投标经过测试并持有 看涨

The offer is tested and holds Bearish 报价经过测试并持有 看跌

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Bidding, Offering, Overlapping, 投标，提供，重叠，

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And Sweeping 和扫地
READING THE TAPE 101 READING THE TAPE 101

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What is Bidding and Offering? 什么是招投标？

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 Bidding means that you are buying 你在购买
on the bid. 在出价上。
 Offering means that you are selling 在销售
on the offer. 在报价上。
 They are limit orders 它们是限价订单 以你的价格购买股票
 Purchase the stock at the price you
want it at 想要在
 Should bid or offer most of the
time when you are entering a trade 您进入交易的时间
Above, It shows BID 1,000 DANG, which 上
means you are bidding 1,000 shares 表示您为DANG出价1,000股
for DANG

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What is Bidding and Offering? 什么是招投标？

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 Should always bid/offer wider 应始终更广泛地出价/出价
spread stocks 传播股票
 Doesn’t have to be at 不必在
bid/offer.. Can go between 出价/报价..可以在价差之
spread 间
 Will save you money over your 会为你省钱
trading career 交易生涯
 By providing liquidity, it lowers Above, It shows OFFER 1,000 DANG,
which means you are offering 1,000
通过提供流动性，降低 上
这意味着
your commission shares of DANG.
你的佣金 DANG的股份。

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What is Bidding and Offering? 什么是招投标？

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 Helps give you patience 帮助给你耐心
 Puts you in a position of 让你处于
strength 力量
 Have patience to wait for the fill 耐心等待补货
 Should bid/offer when a stock 股票时应出价/出价
isn’t going to move right away 不会很快移动
very quickly Above, It shows OFFER 1,000 DANG, 上
which means you are offering 1,000 这意味着
shares of DANG. DANG的股份。

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What is sweeping? 什么是扫地？

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 Market order that will limit your entry 限制您入场的市价单
 Use when you want to get in or out quickly 当你想快速进出时使用
 Difference between market order? 市价单的区别？
 Limits the price you will get filled up to (mine is set 10 cents 限制您将被填满的价格（我的设置为10美分）
from market) 来自市场）
 Have more control with your price entry 更好地控制您的价格输入

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What is sweeping? 什么是扫地？

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 Great for illiquid stocks that you want to get in/out of 非常适合您想要进出的非流动性股票
quickly 迅速地
 Some algorithms know you are using a market order and 一些算法知道你使用的是市价单，并且
give you bad fills 给你不好的填充物
 Useful for stocks that are about to break out or down 适用于即将突破或下跌的股票
 Reduces slippage 减少滑点
 Makes your commission and trade more expensive since 使您的佣金和交易更加昂贵，因为
removed liquidity from the market 消除市场流动性

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What is sweeping? 什么是扫地？

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 Market orders fill your order regardless of price 市场订单执行您的订单，无论价格如何
 Sweep orders fill you up to XX amount away from 扫一扫订单让您从
offer/bid you wanted 您想要的报价/出价
 Better than market since it gives you control—always 比市场更好，因为它可以让你控制——总是
have to be in control when trading 交易时必须控制
 Should always use when you want a stock RIGHT 当你想要股票时应该总是使用RIGHT
NOW 现在

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When to bid/offer VS sweeping? 什么时候出价/出价VS扫荡？

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 Should always try to bid or offer stock, both entry and 应始终尝试买入或卖出股票，无论是入场还是卖出
exit 出口
 Sweeping is when you want to get in/out very quickly 清扫是你想快速进出的时候
 Bidding and offering is when the stock is not going to 投标和报价是当股票不
move in the direction right away 立即向该方向移动
 Sweep when your bids/offers aren’t getting filled 当你的出价/出价没有被填写时扫一扫
 Sweeping is good for momentum trades 扫荡有利于动量交易
 Use your judgment when to use them 判断何时使用它们

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How does bidding/offers lower your cost? 出价/报价如何降低您的成本？

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 Two ways 两种方式
 Providing liquidity to the market so you receive a 向市场提供流动性，以便您获得
rebate—lower commission 回扣——更低的佣金
 Better prices 更优惠的价格
 No slippage 无滑点
 This adds up over a career 这在整个职业生涯中累积起来

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Hidden Orders and Different ECNs 隐藏订单和不同的ECN

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 Sometimes you won’t get filled on a certain ECN 有时你不会被某个ECN填满
 Hidden orders are orders that are hidden from others 隐藏订单是对他人隐藏的订单
 Try using a different ECN, sweep, or hide your order 尝试使用不同的ECN、扫描或隐藏您的订单
 Hiding orders do not show the algorithms or other 隐藏订单不显示算法或其他
traders your orders 交易您的订单
 Orders are filled FIFO, First In First Out 订单是先进先出的，先进先出
 Huge order at a price? 高价大单？
 Step in front of it or use a different ECN to get filled 走在它前面或使用不同的ECN来填充

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What is Overlapping? 什么是重叠？

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 When your put your offer 当你提出要约时
below the best bid by a 低于最佳出价一定数量，以便
certain amount in order to hit 将出价提高到该特定价格
the bids up to that certain
price
 When you put your bid above 当你把你的出价放在上面时
the best offer by a certain 一定数量的最佳报价，以支付
amount in order to pay the 该特定价格的报价
offers up to that certain price Shows that you want to buy 1,000 shares up to 表明您想买入1,000股，最高33.55美元。只需查
$33.55. Order should get filled up to 54 cents 看II级，订单就会被填满54美分
just by looking at the level II
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Overlapping 重叠

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 Used when you have to flip or want
to get filled up to a certain amount 填满到一定数量
 Pretty much same as the sweep key
but with more control.. Removes 但有更多控制权..消除流动性
liquidity
 Would use to make sure you get
filled with all the available stock up 装满了该价格之前的所有可用库存
to that price
 Will fill you up to a certain price
that you set and try to fill you up to 您设置并尝试用所有可用的库存将
that price with all the stock that is Shows that you want to hit the bids for 1,000 您填充到该价格 表明您希望将1,000股的出价一直降至37.40美
元，但仅通过查看第二级，您的订单应该以37.
shares all the way down to $37.40, but just by
available looking at the level II your order should get 48美元的价格成交。
filled by $37.48.
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Things to consider when sweeping, bidding or offering 清扫、投标或提供时要考虑的事项

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 Consider the pros and the cons when you are 当你遇到困难时，考虑利弊
deciding whether to bid, offer or sweep. 决定是投标、报价还是扫荡。
 Ask yourself: 问问自己：
 What is your risk if you do not take the offer? Hit the bids? 如果您不接受报价，您的风险是什么？中标？
 How easy is the stock to buy on the bid? Sell on the offer? 买入股票的难易程度如何？卖出报价？
 What effect will placing a bid have on the stock? Placing an 出价对股票有什么影响？放置一个
offer? offer?
 What is your trading style? 你的交易风格是什么？

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Examples of when to sweep, bid or offer 何时扫荡、出价或出价的示例

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 Note: The examples go both ways and you should have
multiple indicators in your favor when trading certain 在交易某些场景时，多个指标对您有利。
scenarios.
 If the stock has fallen quickly and there are no bids 如果股票迅速下跌并且没有出价
 Throw in your own bid, if the down move slows and keep a tight stop 如果下行速度减慢并保持紧停，请自行出价
 If the stock has fallen quickly and there are bids 如果股票迅速下跌并且有买盘
 Get in front of the bids with your own bid 以自己的出价领先于出价
 If the stock has a down move and there is a refreshing ECN 如果股票有下跌趋势并且有一个令人耳目一新的ECN
 Get in front of the ECN with your own bid or match the bid with a 进入ECN或将出价与
different ECN 不同的ECN

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Examples of when to sweep, bid or offer 何时扫荡、出价或出价的示例

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 If the stock is in a range and breaks out 如果股票在一个范围内并突破
 Pay the offer when the stock breaks out 股票突破时支付报价
 You are long and the stock climbs quickly 你做多，股价快速攀升
 Try and sell on the offer, but if you can’t get filled then hit the 尝试出售报价，但如果您无法获得满足，请点击
bids 出价
 The stock climbs and then stops because of a 股票上涨然后停止，因为
refreshing ECN 刷新ECN
 Try and sell just below or at the refreshing ECN on a different 尝试在低于或在令人耳目一新的ECN上以不同的方式出售
ECN ECN

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Generating Information by your trades and orders 通过您的交易和订单生成信息

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 Each time we place an order we generate information. 每次下订单时，我们都会生成信息。
 Whenever you put on a trade, there is someone that sold or 每当你进行交易时，总会有人卖出或
bought from you. 从你那里买的。
 Each time you place a trade you are gaining information from 每次您进行交易时，您都会从
the stock. 股票。
 You will notice how quickly your orders are getting filled, at 你会注意到你的订单被执行的速度有多快，在
what price, or if you are even getting filled at all at that price. 什么价格，或者如果你甚至以那个价格被填满。
 You must gather all of this information when analyzing a 在分析一个项目时，您必须收集所有这些信息
stock. 股票。

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Generating Information by your trades and orders 通过您的交易和订单生成信息

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 Sometimes you will notice that you put a bid in and it will 出价
get filled quickly. 快速填满。
 This means that someone quickly sold to you. 这意味着有人很快卖给了你。
 Sometimes you will post an offer and you won’t get filled ，但你不会被填满
for a while, even at all. 有一段时间，甚至完全没有。
 This means that someone is not willing to buy at that price so you
will have to lower your offer in order to get filled. 将不得不降低您的报价才能获得填补。
 The speed of which you get your orders fill is important
because it shows how fast people want to get in or out of 因为它显示了人们想要以多快的速度买入或卖出股票。
a stock.

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Generating Information by your trades and orders 通过您的交易和订单生成信息

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 Sometimes you will be long in a momentum move 有时你会在动量走势中做多
upward. 向上。
 You can generate information by trying to sell a very 你可以通过尝试销售一个非常好的产品来生成信息
small piece of your position on the offer 您在报价上的一小部分头寸
 If you get filled quickly then the stock might still 如果你很快被填满，那么股票可能仍然
have more room upward. 有更多向上的空间。
 If you do not, then the stock might about to slow 如果你不这样做，那么股票可能会放缓
down. 向下。

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Generating Information by your trades and orders 通过您的交易和订单生成信息

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 This is all information that you are generating from 这是您从中生成的所有信息
your trades that you should take note of. 您应该注意的交易。
 This will all give you more information about the 这将为您提供更多关于
stock than just the prints and level II. 库存不仅仅是印刷品和二级。
 Ask yourself how easy was it to get filled? 问问自己，被填满有多容易？
 How much slippage, if at all, did your exit give you? 你的退出给你带来了多少滑点？
 How did the bids and offers react to you putting in a 出价和出价对您的报价有何反应？
bid or offer? 出价还是出价？

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Big Bids 大出价
READING THE TAPE 101 READING THE TAPE 101

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What are Big Bids and why are they important? 什么是大出价？为什么它们很重要？

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 It is a bid that is way bigger than the normal bids that are
shown and represent institutional size. 显示并代表机构规模。
 At least 10x larger than what the bids have previously been 出10倍
showing (Relative) 显示（相对）
 A Big bid is when there is a bid that is noticeably bigger than
all of the other bids, usually over 10,000 shares in size. 所有其他出价，通常超过10,000股。
 They are institutional orders and you want to follow what 遵循什么
institutions are doing 机构正在做
 Institutions are the big money and are the guys that move 金，是推动者
stock prices 股票价格

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Big Bids Example 大出价示例

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 TXN shows 234,300 TXN显示234,300
shares on the bid (NYSE) 出价（纽约证券交易所）
at $28.50. 的股票价格为28.50美元。
 Watch and keep note of 观察并记录
that level to trade off. 该水平进行权衡。

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Big Bids Example 大出价示例

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 What does it mean when 什么意思
there is 234,300 shares on 要约中有234,300股，要约
the bid and 300 on the 中有300股？
offer?
 It means that the stock will 这意味着股票将
probably trade higher. 可能交易更高。
 Keep note of these bids and 记下这些投标和
to remember the levels of 记住他们所处的水平。
where they are at.

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Big Bids Example 大出价示例

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 TXN low was at that Big Bid of $28.50 and ended TXN低点在28.50美元的大买价处，并以28.50美元的价格收盘
up going 1 point higher to $29.50 上涨1点至29.50美元

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What is Bid Decrementing? 什么是递减投标？

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 When a bid is reduced in size. 当投标规模缩小时。
 This usually happens when the bid is getting filled 这通常发生在投标完成时
and the level II is representing that in real time. 第二级是实时表示的。
 The faster a bid is decrementing then the more 出价下降得越快，
important it is. 重要的是。
 You should take note of this and trade off of this 你应该注意这一点并权衡这一点
information. 信息。

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What do you do when a Big Bid is Decrementing? 当大出价递减时，您会怎么做？

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 When a big bid decrements then you should think about
exiting the position, if you are trading in front of that big 如果您在该大订单前进行交易，则退出该头寸。
order.
 If it is decrementing quickly then you should really consider
exiting the position because the chances of the order dropping 退出头寸，因为订单下降的机会很高。
are high.
 When a big bid decrements, or decrements quickly, you
should consider exiting your long position or consider 应考虑退出多头头寸或考虑进入空头头寸。
entering a short position.
 Remember that all of your other indicators should line up for 都应与
a higher probability trade. 更高概率的交易。

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What do you do when a Big Bid is Decrementing? 当大出价递减时，您会怎么做？

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 Sometimes there will be a stock on the verge of a 有时会有一只股票在
break down. 分解。
 If there is a big bid and it starts to decrement quickly 如果有一个大的出价并且它开始迅速递减
then that can mean the stock is about to break down. 那么这可能意味着股票即将崩溃。
 Might be a decent spot to exit long (or enter short). 可能是退出多头（或进入空头）的好时机。

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Decrementing Decrementing

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 rimmheldbidoffereverything have to edit rimmheldbidoffereverything必须编辑
 Bby vid- 比比视频
bbyopen35c60cheldoffer40cheldbiddrop bbyopen35c60cheldoffer40cheldbiddrop
 chkbidbigflashorderdecrementingspeed  chkbidbigflashorderdecrementingspeed

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What to do when there is a Big Bid 有大出价时该怎么办

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 You usually want to step in front of that bid and exit 你通常想抢在那个出价之前并退出
if it starts to decrement (to drop in size) or drops. 如果它开始减少（尺寸减小）或下降。
 Keep in mind your real risk and what the underlying 牢记您的真实风险和潜在风险
bids are doing 出价正在做
 When a big bid drops then there will be more 当一个大的出价下降时，会有更多
slippage than if a regular bid drops and you should 与常规出价下降相比，滑点，您应该将其纳入您的
factor that into your trading 交易

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What to do when there is a Big Bid 有大出价时该怎么办

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 When there is more size on the bids than there are offers
then it usually indicates that the stock should trade 那么它通常表明股票应该走高。
higher.
 When you see these big bids you usually want to get in ，你通常想加入
front of them by 1 cent 他们前面1美分
 You will probably not get filled at the same price of the big bid due to
FIFO, first orders in first orders out, which means the first order at 先进先出，先入先出，这意味着该价格的第一个订单将被执行。
that price will get filled.
 Exit of these big bids would be if it starts to decrement 果它开始减少
(drop in size) or drops. （尺寸下降）或下降。

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What does a Big Bid look like on the Level II II级的大出价是什么样的

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 Easy to spot on Level II, stick out like a sore thumb. 易于在二级上发现，像拇指酸痛一样突出。
 Few bids for 100 shares then one bid for 100,000 then that 很少有人出价100股，然后有人出价100,000股，然后
is the big bid. It would look like this: 是大出价。它看起来像这样：
 1 NYSE 30.20  1 NYSE 30.20
 2 arca 30.19  2 arca 30.19
 1000 nsdq 30.18  1000 nsdq 30.18
 2 edgx 30.16  2 edgx 30.16
 Big bid is at $30.18 showing 100,000 shares in size while 大出价为30.18美元，规模为100,000股，而
the other bids are showing 100 and 200 shares. 其他出价分别显示100股和200股。
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What does a Big Bid look like on the Level II II级的大出价是什么样的

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 Remember, they 记住，他们
should be noted when 发现时应注意
spotted
 Example:  Example:
 BBY is showing a big BBY大放异彩
bid of 20,100 shares at 以25.35美元的价格在纽约
$25.35 on NYSE 证券交易所出价20,100股

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What does a Big Bid look like on the Level II II级的大出价是什么样的

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 Remember, they 记住，他们
should be noted when 发现时应注意
spotted
 Example:  Example:
 GMCR has a big bid of GMCR的出价很高
41,500 shares at $51 on 41,500股，价格为51美元
UBSS. UBSS.

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What does a Big Bid look like on the Level II II级的大出价是什么样的

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 Remember, they 记住，他们
should be noted when 发现时应注意
spotted
 Example:  Example:
 CHK is showing a big CHK表现出很大的
bid of 18,700 shares at 在纽约证券交易所以28.95
$28.95 on NYSE 美元的价格出价18,700股

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What does a Big Bid look like on the Level II II级的大出价是什么样的

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 AAPL shows 63,100 AAPL显示63,100
shares on NSDQ, NSDQ的股票，6
63,100 shares on 3,100股
UBSS, and 19,900 瑞银和EDGX的19,900
shares on EDGX at the 股，价格为540美元
price of $540
 Total of 146,100 shares 共计146,100股
at $540 540美元

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Big Bid 大出价

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 bbyopen35c60cheldoffer40cheldbiddrop 35c  bbyopen35c60cheldoffer40cheldbiddrop 35c
drops 滴
 rimmheldbidoffereverything have to edit rimmheldbidoffereverything必须编辑
 txnbidbid  txnbidbid
 txnopen50bigbidheldbid  txnopen50bigbidheldbid
 chkbidbigflashorderdecrementingspeed  chkbidbigflashorderdecrementingspeed
 chkheldofferliftsheldbiddropbigbid  chkheldofferliftsheldbiddropbigbid
 krrefreshbuyerheldbiddropbigbidhiddensellerhel  krrefreshbuyerheldbiddropbigbidhiddensellerhel
dofferhiddenbuyer dofferhiddenbuyer

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Flash Bids 闪电出价

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 When big bids are flashed at a price and disappear. 当大的出价以一个价格闪现并消失时。
 This usually happens when the order is hidden. 这通常发生在订单被隐藏时。
 Sometimes shows if they want to see what happens 有时显示他们是否想看看会发生什么
to the stock when a big bid is being placed. 当一个大的出价被放置的股票。
 These orders can sometimes be fake 这些订单有时可能是假的

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Flash Bids 闪电出价

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 Sometimes they are fake so you would have to keep track 有时它们是假的，所以你必须跟踪
of the prints to see what happens at that price it flashed 看看在它闪现的那个价格下会发生什么。
at.
 Keep note of these prices and note the size of the flash 记下这些价格并注意闪光灯的大小
bids. 出价。
 It is the same thing as a big bid except it is just flashing 与大出价相同，只是闪烁而已
in the level II. 在二级。
 Watch and take note how the stock reacts to these flash 观察并记录股票对这些闪现的反应
orders. 订单。
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Flash Bids 闪电出价

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 rimmheldbidoffereverything have to edit rimmheldbidoffereverything必须编辑

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Big Bids Stepping Up 大出价加紧

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 Sometimes when there is a big order on the bid it will 有时，当投标中有大订单时，它会
just stay there and wait to get filled. 就呆在那里等着被填满。
 Sometimes these orders will step up in price in order to 有时这些订单会涨价，以便
get filled. Buyers are getting more aggressive. 得到填补。买家越来越激进。
 When you see a big order you usually want to step in 当你看到一个大订单时，你通常想介入
front of it, follow the order and exit if it drops or 在它前面，如果它下降或减少，请按照顺序退出
decrements. 。
 This is a simple trade that can be very profitable. 这是一个简单的交易，可以非常有利可图。
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Big Bid Stepping Up 大出价加紧

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 When you spot a big bid you usually want to step in front of 当你发现一个大的出价时，你通常想走在前面
it and exit if it drops or decrements quickly. 如果它迅速下降或减少，则退出。
 Sometimes that big bid will get hit for some stock and the 有时，一些股票的高价会受到打击，而
stock will trade higher. 股票将走高。
 Sometimes that big bid will step up on the bid by a few 有时，大出价会使出价高出几个
cents in order to get filled. 美分才能得到填补。
 You want to step in front of these orders and follow them 你想走在这些命令的前面并遵循它们
until they get filled. Once they get filled you exit. 直到他们被填满。一旦他们被填满，你就退出。
 Simple right? 简单吧？
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Big Bids Stepping Up 大出价加紧

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 When a big bid continues to get hit for size you have to 当一个大的出价继续被击中时，你必须
take note of how quickly it did and at what prices. 注意它的速度和价格。
 You usually want to follow these big bids and exit if they 你通常想追随这些大的出价，如果它们出现就退出。
drop/decrement. drop/decrement.
 When a big bid is filled and drops then you usually want 当一个大的出价被成交并下跌时，你通常想要
to be out of your long position (maybe enter short?) 退出你的多头头寸（也许进入空头？）
 It indicates that the stock was just hit for size and will 表示该股票只是大小受打击，将
probably trade lower. 可能交易走低。
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Can Big Bids Be Fake? 大出价会是假的吗？

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 Sometimes big bids can be fake. 有时高价可能是假的。
 You will know if they are real when the stock reaches 到货后你就知道是不是真的了
that level, you start to see prints come through and 在那个级别，您开始看到打印出来并且出价减少。
the bid decrements.
 You will know that they are fake if it gets to that 你会知道他们是假的
price, it disappears, and it trades through that price 价格，它就消失了，它在没有成交量的情况下通过
with no volume. 该价格进行交易。

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Can Big Bids Be Fake? 大出价会是假的吗？

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 Traders sometimes put big bids in order to see what 交易者有时会出高价，以了解什么
the stock does in reaction. 股票做出反应。
 They also puts these in these orders to fool other 他们还把这些放在这些命令中以愚弄其他人
traders or algorithms. 交易者或算法。

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Big Offers 大优惠
READING THE TAPE 101 READING THE TAPE 101

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What are Big Offers and why are they important? 什么是大优惠？为什么它们很重要？

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 It is a offer that is way bigger than the normal offers that 这是一个比正常报价大得多的报价，
are shown and represent institutional size. 显示并代表机构规模。
 At least 10x larger than what the offers have previously 至少比之前的报价大10倍
been showing (Relative) 一直在显示（亲戚）
 They are institutional orders and you want to follow what 它们是机构命令，你想遵循什么
institutions are doing 机构正在做
 Institutions are the big money and are the guys that move 机构是大笔资金，是推动者
stock prices 股票价格

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Big Offer 大优惠

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 If this big offer gets filled and holds then that means the stock 如果这个大报价被执行并持有，那么这意味着股票
will probably trade lower. 可能会走低。
 If it lifts, then it is probably strong. 如果它升起，那么它可能很坚固。
 You should also notice what happens to the stock when the 您还应该注意股票在
big offer is placed. 大报价被放置。
 A Big offer is when there is an offer that is noticeably bigger 大报价是指有明显更大的报价
than all of the other offers, usually over 10,000 shares in size. 比所有其他要约，通常超过10,000股。
 All is relative to what the other offers have been showing and 所有都与其他优惠所展示的内容相关，并且
the volume in the stock. 股票的数量。

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Big Offer Example 大优惠示例

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 LLY at $39 big offers show: LLY39美元大优惠显示：
 16,400 shares NSDQ 16,400股NSDQ
 12,200 shares EDGX 12,200股EDGX
 7,000 shares NATX 7,000股NATX
 etc 等
 Total of 52,700 on the offer 共有52,700个优惠
 Watch and keep note of that 观察并注意这一点
level to trade off. 水平进行权衡。

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Big Offer Example 大优惠示例

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 What does it mean when 什么意思
there is 52,700 shares on 要约中有52,700股，要约中
the offer and 3,700 on the 有3,700股？
bid?
 It means that the stock will 这意味着股票将
probably trade lower 可能会走低
 Keep note of these offers 留意这些优惠
and to remember the levels 并记住他们所处的水平。
of where they are at.

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Big Offer Example 大优惠示例

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 CAT has a big offer of CAT提供大量
48,200 shares at $113.07 48,200股，113.07美元

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Big Offer Example 大优惠示例

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 FTNT has a big offer of FTNT提供大量
98,300 shares at $25.15 98,300股，25.15美元

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Big Offer 大优惠

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 llydecrementing_reoffer  llydecrementing_reoffer
 grpnipobigofferheldofferlifts  grpnipobigofferheldofferlifts

 grpnipoheldofferbigofferdecrementliftsheldbid  grpnipoheldofferbigofferdecrementliftsheldbid

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What is Offer Decrementing? 什么是优惠递减？

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 When a offer is reduced in size. 当报价缩小时。
 This usually happens when the offer is getting filled 这通常发生在要约完成时
and the level II is representing that in real time. 第二级是实时表示的。
 The faster an offer is decrementing then the more 报价递减的越快，
important it is. 重要的是。
 You should take note of this and trade off of this 你应该注意这一点并权衡这一点
information. 信息。

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What is Decrementing? 什么是递减？

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What do you do when a Big Offer is Decrementing? 当大优惠递减时，您会怎么做？

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 When a big offer decrements then you should think about exiting the 当一个大的报价减少时，你应该考虑退出
position, if you are trading in front of that big offer. 头寸，如果您在该大报价前进行交易。
 If it is decrementing quickly then you should really consider exiting the 如果它迅速减少，那么你真的应该考虑退出
position because the chances of the order lifting are high. 位置，因为订单解除的机会很高。
 When a big offer decrements, or decrements quickly, you should 当一个大的报价递减或快速递减时，你应该
consider exiting your short position or consider entering a long 考虑退出您的空头头寸或考虑进入多头头寸。
position.
 Remember that all of your other indicators should line up for a higher 请记住，您的所有其他指标都应该与更高的
probability trade. 概率交易。

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What do you do when a Big Offer is Decrementing? 当大优惠递减时，您会怎么做？

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 Sometimes there will be a stock on the verge of a 有时会有一只股票在
break out. 爆发。
 If there is a big offer at the whole number and it 如果整数有大报价，
starts to decrement quickly then that can mean the 开始迅速下降，这可能意味着股票即将爆发，可能
stock is about to break out and might be a decent 是一个不错的做多点。
spot to enter long.

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Decrementing Decrementing

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 llydecrementing_reoffer 39  llydecrementing_reoffer 39
 grpnipoheldofferbigofferdecrementliftsheldbid  grpnipoheldofferbigofferdecrementliftsheldbid

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What to do when there is a Big Offer 有大优惠时该怎么办

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 You usually want to step in front of that offer and 你通常想抢在那个offer前面，并且
exit if it starts to decrement (to drop in size) or lifts. 如果它开始减小（尺寸减小）或升高，则退出。
 Keep in mind your real risk and what the underlying 牢记您的真实风险和潜在风险
offers are doing 优惠正在做
 When a big offer lifts then there will be more 当一个大的报价提升时，将会有更多
slippage than if a regular offer lifts and you should 滑点比常规报价提升时要高，您应该将其纳入您的
factor that into your trading 交易
 Remember, they should be noted when spotted 记住，发现时应注意

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What to do when there is a Big Offer 有大优惠时该怎么办

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 When there are more size on the offers than there are
bids then it usually indicates that the stock should trade 出价那么它通常表明股票应该交易更低。
lower.
 When you see these big offers you usually want to get in ，你通常想加入
front of them by 1 cent 他们前面1美分
 You will probably not get filled at the same price of the big offer due
to FIFO, first orders in first orders out, which means the first order 对于先进先出，先入先出的订单，这意味着该价格的第一笔订单将
at that price will get filled. 被执行。
 Exit of these big offers would be if it starts to decrement 些大报价的退出将是
(drop in size) or lifts. （尺寸减小）或升降机。

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What does a Big Offer look like on the Level II II级的大优惠是什么样的

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 Easy to spot on Level II, stick out like a sore thumb. 易于在二级上发现，像拇指酸痛一样突出。
 Few offers for 100 shares then one offer for 50,000 then 100股的报价很少，然后50,000股的报价很少
that is the big offer . It would look like this: 这是一个很大的提议。它看起来像这样：
 2 arca 40.40  2 arca 40.40
 500 nyse 40.41  500 nyse 40.41
 1 nsdq 40.42  1 nsdq 40.42
 Big offer is at $40.41 showing 50,000 shares in size while 大报价为40.41美元，规模为50,000股，而
the other offers are showing 100 and 200 shares. 其他要约显示100股和200股。

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Flash Offers 快闪优惠

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 When big offers are flashed at a price and disappear. 当大报价以某种价格闪现并消失时。
 This usually happens when the order is hidden. 这通常发生在订单被隐藏时。
 Sometimes shows or if they want to see what 有时表演或如果他们想看什么
happens to the stock when a big offer is being 当一个大的报价被放置时，股票会发生。
placed.
 These orders can sometimes be fake 这些订单有时可能是假的

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Flash Offers 快闪优惠

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 Sometimes they are fake so you would have to keep track 有时它们是假的，所以你必须跟踪
of the prints to see what happens at that price it flashed 看看在它闪现的那个价格下会发生什么。
at.
 Keep note of these prices and note the size of the flash 记下这些价格并注意闪光灯的大小
offers. 优惠。
 It is the same thing as a big offer except it is just flashing 与大报价相同，只是闪烁而已
in the level II. 在二级。
 Watch and take note how the stock reacts to these flash 观察并记录股票对这些闪现的反应
orders. 订单。
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Flash Orders 快闪订单

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 chkbidbigflashorderdecrementingspeed  chkbidbigflashorderdecrementingspeed

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Big Offers Stepping Down 大优惠下台

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 Sometimes when there is a big order on the offer it 有时当报价单上有大订单时，
will just stay there and wait to get filled. 只会呆在那里等着被填满。
 Sometimes these orders will step down in price in 有时这些订单的价格会在
order to get filled. Sellers are getting more aggressive 为了得到填补。卖家越来越激进
 When you see a big order you usually want to step in 当你看到一个大订单时，你通常想介入
front of it, follow the order and exit if it lifts or 在它前面，如果它上升或下降，请按照命令退
decrements. 出。
 This is a simple trade that can be very profitable. 这是一个简单的交易，可以非常有利可图。

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Big Offers Stepping Down 大优惠下台

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 When you spot a big offer you usually want to step in front 当你发现一个大offer时，你通常想走在前面
of it and exit if it lifts or decrements quickly. 如果它迅速上升或下降，则退出。
 Sometimes that big offer will get hit for some stock and the 有时，一些股票的大报价会受到打击，而
stock will trade lower. 股票将走低。
 Sometimes that big offer will step down on the offer by a 有时，这个大报价会比报价低
few cents in order to get filled. 几美分才能被填满。
 You want to step in front of these orders and follow them 你想走在这些命令的前面并遵循它们
until they get filled. Once they get filled you exit. 直到他们被填满。一旦他们被填满，你就退出。
 Simple right? 简单吧？
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Big Offers Stepping Down 大优惠下台

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 When a big offer continues to get hit for size you have to 当一个大的报价继续受到规模的打击时，你必须
take note of how quickly it did and at what prices. 注意它的速度和价格。
 You usually want to follow these big offers and exit if 你通常想追随这些大优惠并在以下情况下退出
they lift or decrement. 他们提升或减少。
 When a big offer is filled and lifts then you usually want 当一个大的报价被填写并提升时，你通常想要
to be out of your short position (maybe enter long?) 退出你的空头头寸（也许进入多头？）
 It indicates that the stock was just hit for size and will 表示该股票只是大小受打击，将
probably trade higher. 可能交易更高。
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Big Offers Stepping Down 大优惠下台

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 You usually want to step in front of them and follow 你通常想走在他们的前面，跟在他们后面
them until it lifts or decrements. 它们直到它上升或下降。
 You want to follow these orders because it is what 你想要遵循这些命令，因为它是
the institutions are doing and they dictate where the 机构正在做，他们决定股票的去向。
stock is going to go.

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Big Offers Stepping Down 大优惠下台

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 If there is a big offer, gets hit for some size, then 如果有一个大的报价，被击中一些尺寸，然后
steps down, then that means the seller wants to get 下台，那么这意味着卖方想要摆脱股票，即使它的
rid of the stock even if its at lower prices. 价格较低。
 If the big offer then gets filled and lifts then you 如果大报价随后被填补并提升，那么您
should exit your short position (maybe enter long?) 应该退出你的空头头寸（也许进入多头？）
 It shows that there is more demand for that stock at 这表明在
that level. 那个水平。

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Can Big Offers Be Fake? 大优惠会是假的吗？

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 Sometimes big offers can be fake. 有时大报价可能是假的。
 You will know if they are real when the stock reaches 到货后你就知道是不是真的了
that level, you start to see prints come through and 在那个级别，您开始看到打印通过并且报价减少。
the offer decrements.
 You will know that they are fake if it gets to that 你会知道他们是假的
price, it disappears, and it trades through that price 价格，它就消失了，它在没有成交量的情况下通过
with no volume. 该价格进行交易。

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Can Big Offers Be Fake? 大优惠会是假的吗？

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 Traders sometimes put big offers in order to see 交易者有时会提出高价以观察
what the stock does in reaction. 股票的反应。
 They also puts these in these orders to fool other 他们还把这些放在这些命令中以愚弄其他人
traders or algorithms. 交易者或算法。

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Held Bids 举行的投标

READING THE TAPE 101 READING THE TAPE 101

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What are Held Bids and why are they important? 什么是持有投标，为什么它们很重要？

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 One of the most used indicators in tape reading 磁带阅读中最常用的指标之一
 Spotting them will provide great trade opportunities 发现它们将提供巨大的贸易机会
 Risk can literally be 1 cent sometimes 有时风险实际上是1美分
 Very important because it will provide opportunities 非常重要，因为它会提供机会
that are not on the chart 不在图表上的
 Will give you great entries with low risk 将为您提供低风险的优秀作品

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What are Held Bids and why are they important? 什么是持有投标，为什么它们很重要？

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 During the open there isn’t much of a chart, can use held 开盘时图表不多，可以使用hold
bids to find great opportunities---some you won’t be able 出价寻找绝佳机会——有些是您无法在图表上发现的
to spot on the chart
 When a stock does a lot of volume at a price you want to 当一只股票以你想要的价格做大量交易时
keep track and trade around that price because it is a 跟踪并围绕该价格进行交易，因为它是一个水平
level
 Very important information to keep track of intraday 非常重要的信息来跟踪盘中
 All volume is relative, has to be a lot of volume compared 所有的量都是相对的，必须是很多量的比较
to what has been trading at every price 以每个价格交易的东西
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What is a Held Bid? 什么是持有投标？

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 When there is at least 2 to 3 times more volume traded
on the bid than it shows on the Level II or more than you 出价高于其在II级上显示的或超出您预期的出价，并且持
expected and it holds that bid 有该出价
 Remember that all volume is relative 记住所有的交易量都是相对的 一个水平的交易量越多越重
 The more volume at a level the more important it is 要 非常适合在股票趋势上涨的开盘时使用 高
 Great to use on the open with a stock trending up – high
probability trade 概率交易
 Should always be considered when spotted, whether long 始终考虑，无论是否长
or short 或短

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What is a Held Bid? 什么是持有投标？

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 If you are short already, it might be a reason to cover 如果你已经做空了，这可能是一个补仓的理由
some or even add if the bid drops 如果出价下降，一些甚至添加
 Need more than just this indicator in your favor for a 需要的不仅仅是这个有利于你的指标
trade 贸易
 When there is at least 2-3 times more volume traded on 当交易量至少增加2-3倍时
the bid than it shows on the Level II or than you expect 出价比它在二级上显示的或超出您预期的出价并持有该
and holds that bid– all relative 出价——所有相关的
 The more volume traded at that level and holding then 在那个水平上的交易量和持有量越多
the more important it is. 它越重要。
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Supply & Demand dynamics of a held bid 持有投标的供需动态

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 You should also keep in mind the supply and demand
dynamics of a held bid. 持有投标的动态。
 When the Held Bid drops that means that the sellers are 标下降时，意味着卖方
in control 掌控之中
 There is more supply than demand and the stock should see lower 求，库存应该会走低
prices 价格
 If the bids hold that means the buyers are getting more 持不变，这意味着买家得到了更多
aggressive 挑衅的
 There is more demand for stock at that price and it should see higher 格对股票有更多需求，应该会更高
prices. 价格。

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What do you do when a bid holds? When a bid drops? 当投标成立时，你会怎么做？什么时候出价下降？

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 Its simple 简单
 When a bid is holding you should get long 当一个叫价持续时，你应该做多
 Higher probability if other indicators are in your favor 如果其他指标对您有利，则概率更高
 When a bid drops you should not be long, maybe short 当出价下降时，你不应该做多，也许做空
 Depends how the stock is trading and what the other indicators are 取决于股票的交易方式和其他指标是什么
saying 说
 Repeat this over and over and over again 一遍又一遍地重复这个动作
 Make it an instinct 让它成为一种本能

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What do you do when a bid holds? When a bid drops? 当投标成立时，你会怎么做？什么时候出价下降？

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 Reason behind getting long a held bid? 做多持仓的原因是什么？
 Someone is supporting it at that level 有人在那个级别支持它
 If the bid drops then you no longer have a reason to be in 与
the stock so you should hit out of it 股票，所以你应该摆脱它
 If you are long the stock at the held bid and if that was apart of your 有的出价做多股票并且如果那是您的
trade plan 贸易计划
 Gather information 收集信息
 Every trade you make gives you information about a 有关交易的信息
stock, use it to your advantage 库存，利用它来发挥你的优势
 How were your orders taken? Quickly? Took a while? 你的订单是如何被接受的？迅速地？用了一段时间？

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What do you do when a bid holds? When a bid drops? 当投标成立时，你会怎么做？什么时候出价下降？

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 Doesn’t mean you should short it if the bid drops 并不意味着如果出价下降你应该做空它
 Remember about the other indicators 记住其他指标
 If a stock looks like its going to go lower then a good
position would be to add short when the held bid drops 头寸将是在持有的出价下降或启动头寸时做空
or initiate a position
 Again, with all the other indicators 同样，所有其他指标
 Buying on a bid being held is a good technique for up
trending stocks, great risk/reward 趋势股票，巨大的风险/回报
 Same thing goes for adding/entering short on a held bid
drop in a down trending stock, great risk/reward 下跌趋势股票下跌，巨大的风险/回报
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Supply & Demand Dynamics of Bids holding and dropping 持标和下标的供需动态

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 Remember 记住
 If the bid drops then there is more supply 如果出价下降，那么就会有更多的供应
 If the bid holds then there is more demand for the 如果投标成立，那么对投标的需求就会增加
stock at that level 该水平的股票

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Supply & Demand Dynamics of Bids holding and dropping 持标和下标的供需动态

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Supply & Demand Dynamics of Bids holding and dropping 持标和下标的供需动态

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What does a Held Bid look like on the Prints & Level II? Prints&LevelII上的持有投标是什么样的？

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 Easy to spot when focused 专注时容易发现
 Remember, a held bid is when there is at least 2 to 3 请记住，持有投标是指至少有2到3个
times more volume traded on the bid than it shows 出价的交易量是第二级显示的多倍或超过您的预期
on the Level II or more than you expected and it ，并且它认为出价-交易量是相对的
holds that bid– volume is relative
 Also, the more volume traded at a level the more 此外，同一水平的交易量越多，
important that level is 重要的是这个水平是

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What does a Held Bid look like on the Prints & Level II? Prints&LevelII上的持有投标是什么样的？

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 Example:  Example:
 AAPL just went up from $400 to $400.25 and it is in an AAPL刚刚从400美元涨到400.25美元，处于
uptrend uptrend
 The bid drops to $400.17 and at that price there is an 出价降至400.17美元，在该价格下，有
NYSE bid for 300 shares on the Level II 纽约证券交易所在二级市场竞购300股
 AAPL has been trading about 600 shares per price level AAPL已在每个价格水平交易约600股
 You see a bunch of prints for about 1,900 shares total at 你看到一堆印刷品，总共约1,900股
$400.17 on the bid and never drops below that bid 出价400.17美元，并且永远不会低于该出价

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What does a Held Bid look like on the Prints & Level II? Prints&LevelII上的持有投标是什么样的？

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 Means there is a buyer there buying a lot of stock that he 买家买了很多他的股票
is not showing 没有显示
 You notice that there is an underlying bid at $400.16, so
the play would be you get long at $400.17 on a different
ECN or long at $400.18 and you get out of the stock if the ECN或多头400.18美元，如果出价跌至400.17美元，您将退
bid drops to $400.17. 出该股票。
 A stock shows a certain amount of stock on the Level II at
a certain price and prints at least 2-3 times that amount 一个特定的价格并以相同的价格打印至少2-3倍或至少是
at that same price or at least 2-3 times more than you 您预期以该价格打印并持有的2-3倍。
expected it to print at that price and holds.

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What does a Held Bid look like on the Prints & Level II? Prints&LevelII上的持有投标是什么样的？

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 Before, you see that $30
has about 1,500 shares 有约1,500股在出价
at the bid
 Stock has been trading a
few hundred shares per 每个价格几百股
price
 Notice that it printed
about 5,000 shares on 此时以30美元的价格买
the bid at $30 at this 入约5,000股
point

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What does a Held Bid look like on the Prints & Level II? Prints&LevelII上的持有投标是什么样的？

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 After, you see that $30 has
about 200 shares at the 约200股出价
bid
 Stock has been trading a
few hundred shares per 每个价格几百股
price
 Notice that it printed
about 7,100 shares on the 此时以30美元的价格收购
bid at $30 at this point 约7,100股股票并持有
and holding
 That is a held bid 这是持有的投标

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What does a Held Bid look like on the Prints & Level II? Prints&LevelII上的持有投标是什么样的？

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 This upcoming 这个即将到来的
reason is why you 原因是为什么您不
do not only get long 仅因为竞价持有而
because a bid is 做多
holding
 DANG was weak DANG很弱
and down 8.5% that 当天下跌8.5%
day

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What does a Held Bid look like on the Prints & Level II? Prints&LevelII上的持有投标是什么样的？

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 It was weak, gapped 它很弱，有差距
down, weak 下跌，反弹乏力，
bounces, and down 上午大部分时间呈
trended most of the 下跌趋势。
morning.
 There was a held bid 有投标
at the $30 level and 在30美元的水平，
it dropped 它下降了

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What does a Held Bid look like on the Prints & Level II? Prints&LevelII上的持有投标是什么样的？

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 $19 is showing about 19美元正在显示
2,400 shares on the bid 投标2,400股
 Prints are showing that 印刷品表明
its printing a lot more 它在投标和持有中印
than 2,400 shares on 刷了超过2,400股
the bid and holding

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Held Bid After 之后举行的投标

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What do held bids look like on a chart? 持有的投标在图表上是什么样子的？

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What do held bids look like on a chart? 持有的投标在图表上是什么样子的？

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What do held bids look like on a chart? 持有的投标在图表上是什么样子的？

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What do held bids look like on a chart? 持有的投标在图表上是什么样子的？

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What do held bids look like on a chart? 持有的投标在图表上是什么样子的？

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What do held bids look like on a chart? 持有的投标在图表上是什么样子的？

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What do held bids look like on a chart? 持有的投标在图表上是什么样子的？

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What do held bids look like on a chart? 持有的投标在图表上是什么样子的？

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What do held bids look like on a chart? 持有的投标在图表上是什么样子的？

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What do held bids look like on a chart? 持有的投标在图表上是什么样子的？

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What do held bids look like on a chart? 持有的投标在图表上是什么样子的？

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What do held bids look like on a chart? 持有的投标在图表上是什么样子的？

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What do held bids look like on a chart? 持有的投标在图表上是什么样子的？

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What do held bids look like on a chart? 持有的投标在图表上是什么样子的？

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Video Examples of Held Bids 持有投标的视频示例

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 19 crkheldbidheldbidbhigher  19 crkheldbidheldbidbhigher
 25c driheldbid  25c driheldbid

 potheldbidaccumalation  potheldbidaccumalation

 rigbidholddrop  rigbidholddrop

 righeldbidaccumalation  righeldbidaccumalation

 rimmheldofferandbid  rimmheldofferandbid

 rimmheldbidoffereverything have to edit rimmheldbidoffereverything必须编辑

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Video Examples of Held Bids 持有投标的视频示例

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 txn18cheldoffer10cheldbid  txn18cheldoffer10cheldbid
 txn80cheldbidaccumalation  txn80cheldbidaccumalation
 txnopen50bigbidheldbid  txnopen50bigbidheldbid
 chkheldofferliftsheldbiddropbigbid  chkheldofferliftsheldbiddropbigbid
 grpnipoheldofferbigofferdecrementliftsheldbid  grpnipoheldofferbigofferdecrementliftsheldbid
 sbuxheldofferhiddensellerheldbid refreshseller  sbuxheldofferhiddensellerheldbid refreshseller
 krrefreshbuyerheldbiddropbigbidhiddensellerhe  krrefreshbuyerheldbiddropbigbidhiddensellerhe
ldofferhiddenbuyer ldofferhiddenbuyer

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Held Offers 持有优惠
READING THE TAPE 101 READING THE TAPE 101

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What are Held Offers and why are they important? 什么是保留报价，为什么它们很重要？

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 Same as held bid except with the offer 除要约外，与持有的投标相同
 One of the most used indicators in tape reading 磁带阅读中最常用的指标之一
 Spotting them will provide great trade opportunities 发现它们将提供巨大的贸易机会
 Risk can literally be 1 cent sometimes 有时风险实际上是1美分
 Very important because it will provide opportunities 非常重要，因为它会提供机会
that are not on the chart 不在图表上的
 Will give you great entries with low risk 将为您提供低风险的优秀作品
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What are Held Offers and why are they important? 什么是保留报价，为什么它们很重要？

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 During the open there isn’t much of a chart, can use held 开盘时图表不多，可以使用hold
offers to find great opportunities---some you won’t be able 提供寻找绝佳机会的机会——有些您无法在图表上发现
to spot on the chart
 When a stock does a lot of volume at a price you want to 当一只股票以你想要的价格做大量交易时
keep track and trade around that price because it is a level 跟踪并围绕该价格进行交易，因为它是一个水平
 Very important information to keep track of intraday 非常重要的信息来跟踪盘中
 All volume is relative, has to be a lot of volume compared to 所有的量都是相对的，与
what has been trading at every price 每个价格都在交易什么

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What is a Held Offer? 什么是保留报价？

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 When there is at least 2 to 3 times more volume traded
on the offer than it shows on the Level II or more than 比它在二级上显示的要约或比您预期的要多，并且它持
you expected and it holds that offer 有该要约
 Remember that all volume is relative 记住所有的交易量都是相对的 一个水平的交易量越多越
 The more volume at a level the more important it is 重要 非常适合在股票趋势下跌的开盘时使用
 Great to use on the open with a stock trending down–
high probability trade 大概率交易
 Should always be considered when spotted, whether long 始终考虑，无论是否长
or short 或短

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What is a Held Offer? 什么是保留报价？

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 If you are long already, it might be a reason to sell some 如果你已经长了，这可能是卖一些的理由
or even add if the offer lifts 甚至在报价提升时添加
 Need more than just this indicator in your favor for a 需要的不仅仅是这个有利于你的指标
trade 贸易
 When there is at least 2-3 times more volume traded on 当交易量至少增加2-3倍时
the offer than it shows on the Level II or than you expect 报价比它在II级上显示的或超出您的预期并持有该报价—
and holds that offer– all relative —所有相关的
 The more volume traded at that level and holding then 在那个水平上的交易量和持有量越多
the more important it is. 它越重要。
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Supply & Demand dynamics of a held offer 持有报价的供需动态

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 You should also keep in mind the supply and demand
dynamics of a held offer. 持有报价的动态。
 When the Held offer lifts that means that the buyers are 价上升时，意味着买家是
in control 掌控之中
 There is more demand than supply and the stock should see higher 于供应，库存应该会更高
prices 价格
 If the offer holds that means the sellers are getting more 立，这意味着卖家得到更多
aggressive 挑衅的
 There is more supply for stock at that price and it should see lower 格有更多的库存供应，应该会走低
prices. 价格。

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What do you do when a offer holds? When a offer lifts? 当offer成立时你会怎么做？什么时候提价？

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 Its simple 简单
 When a offer is holding you should get short 当一个报价被持有时，你应该做空
 Higher probability if other indicators are in your favor 如果其他指标对您有利，则概率更高
 When a offer lifts you should not be short, maybe long 当报价提升时，你不应该做空，也许应该做多
 Depends how the stock is trading and what the other indicators are 取决于股票的交易方式和其他指标是什么
saying 说
 Repeat this over and over and over again 一遍又一遍地重复这个动作
 Make it an instinct 让它成为一种本能

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What do you do when a offer holds? When a offer lifts? 当offer成立时你会怎么做？什么时候提价？

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 Reason behind getting short a held offer? 做空持有的要约的原因是什么？
 Someone is selling it at that level 有人在那个级别卖
 If the offer lifts then you no longer have a reason to be in 入
the stock so you should get out of it 股票，所以你应该摆脱它
 If you are short the stock at the held offer and if that was apart of 报价中做空股票并且如果那是
your trade plan 你的交易计划
 Gather information 收集信息
 Every trade you make gives you information about a 有关交易的信息
stock, use it to your advantage 库存，利用它来发挥你的优势
 How were your orders taken? Quickly? Took a while? 你的订单是如何被接受的？迅速地？用了一段时间？

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What do you do when a offer holds? When an offer lifts? 当offer成立时你会怎么做？什么时候提价？

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 Doesn’t mean you should get long it if the offer lifts 并不意味着如果报价提升你就应该做多
 Remember about the other indicators 记住其他指标
 If a stock looks like its going to go higher then a good
position would be to add long when the held offer lifts or 当持有的要约解除或启动头寸时，头寸将增加多头
initiate a position
 Again, with all the other indicators 同样，所有其他指标
 Shorting on a offer being held is a good technique for
down trending stocks, great risk/reward 下跌趋势股票，巨大的风险/回报
 Same thing goes for adding/entering longs on a held
offer lift in a up trending stock, great risk/reward 提供上涨趋势股票的提升，巨大的风险/回报
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Supply & Demand Dynamics of offers holding and lifting 报价持有和提升的供需动态

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 Remember 记住
 If the offer lifts then there is more demand 如果报价上升，那么需求就会增加
 If the offer holds then there is more supply for the 如果报价成立，则有更多供应
stock at that level 该水平的股票

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What does a Held Offer look like on the Prints & Level II? Prints&LevelII上的保留报价是什么样的？

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 Easy to spot when focused 专注时容易发现
 Remember, a held offer is when there is at least 2 to 请记住，持有的要约是指至少有2个
3 times more volume traded on the offer than it 报价的交易量是二级上显示的交易量的3倍或超过您
shows on the Level II or more than you expected and 的预期，并且持有该报价-交易量是相对的
it holds that offer– volume is relative
 Also, the more volume traded at a level the more 此外，同一水平的交易量越多，
important that level is 重要的是这个水平是

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What does a Held Offer look like on the Prints & Level II? Prints&LevelII上的保留报价是什么样的？

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 Example:  Example:
 NFLX just went down from $68 to $67.75 and it is in an NFLX刚刚从68美元跌至67.75美元，处于
downtrend downtrend
 The offer lifts to $67.89 and at that price there is an 报价提升至67.89美元，在该价格下，
NYSE offer for 100 shares on the Level II 纽约证交所提供100股二级股票
 NFLX has been trading about 800 shares per price level NFLX每个价格水平的交易量约为800股
 You see a bunch of prints for about 2,600 shares total at 你看到一堆印刷品，总共大约2600股
$67.89 on the offer and never lifts above that offer 67.89美元的优惠，并且永远不会超过该优惠

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What does a Held Offer look like on the Prints & Level II? Prints&LevelII上的保留报价是什么样的？

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 Means there is a seller there selling a lot of stock that he 卖家卖了很多他的股票
is not showing 没有显示
 You notice that there is an overlying offer at $67.90, so
the play would be you get short at $67.89 on a different
ECN or short at $67.88 and you get out of the stock if the ECN或以67.88美元做空，如果报价升至67.90美元，您将
offer lifts to $67.90 退出股票
 A stock shows a certain amount of stock on the Level II at
a certain price and prints at least 2-3 times that amount 一个特定的价格并以相同的价格打印至少2-3倍或至少是
at that same price or at least 2-3 times more than you 您预期以该价格打印并持有的2-3倍。
expected it to print at that price and holds.

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What do held offer look like on a chart? 持有的报价在图表上是什么样的？

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What do held offer look like on a chart? 持有的报价在图表上是什么样的？

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What do held offer look like on a chart? 持有的报价在图表上是什么样的？

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What do held offer look like on a chart? 持有的报价在图表上是什么样的？

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What do held offer look like on a chart? 持有的报价在图表上是什么样的？

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What do held offer look like on a chart? 持有的报价在图表上是什么样的？

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What do held offer look like on a chart? 持有的报价在图表上是什么样的？

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What do held offer look like on a chart? 持有的报价在图表上是什么样的？

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Conclusion 结论
READING THE TAPE 101 READING THE TAPE 101

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How do you improve your tape reading skills? 你如何提高你的磁带阅读技巧？

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 Takes time 需要时间
 You will get better every day you watch tape 每天看录像你都会变得更好
 Watch video of your trading 观看您的交易视频
 [Link]’s Tape Reading Video Archive [Link]的磁带阅读视频档案
 Easier to spot stuff on tape when not in a trade or trading 不进行交易或交易时更容易发现磁带上的内容
 Speed up the improvement process by watching your 通过观察你的工作来加快改进过程
recorded trading video after the close and BH’s Video 收盘后录制的交易视频和BH的视频
Archive 档案

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What are some good tape reading stocks? 有哪些好的磁带阅读股票？

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 Some good tape reading stocks are stocks that are 一些好的磁带阅读股票是
going to be active during the day and in play. 白天和玩耍时会很活跃。
 You can tell which stocks these are because they are 你可以分辨出这些是哪些股票，因为它们是
moving in the premarket with more volume than 以比平时更多的成交量进入盘前市场，向上或向
usual, gapping up or down, or have news. 下跳空，或有消息。

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What are some good tape reading stocks? 有哪些好的磁带阅读股票？

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 These stocks are the ones you should actively be trading 这些股票是你应该积极交易的股票
because they will present to you high probability trades 因为他们会向你展示高概率的交易，并且比非活跃股票
and have a cleaner tape to read than non active stocks. 有更清晰的磁带可供阅读。
 Like I said earlier, these stocks are stocks that have news, 就像我之前说的，这些股票是有新闻的股票，
are gapping up or down, have a lot of volume, have tight 上下跳空，交易量很大，点差很小，波动性足以进行交
spreads, and are volatile enough to trade. They can also 易。他们还可以有一个很好的技术设置，这将使股票上
have a nice technical setup that will make the stock 涨。
move.

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Boosting your experience and learning curve 提升您的经验和学习曲线

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 There are a few ways to boost your experience and shorten your learning 方法可以提升你的经验并缩短你的学习时间
curve. 曲线。
 You can start by reviewing your trading tape of your trading every day. 您可以从每天查看您的交易记录开始。 这将让您在没有情绪的情况下实时查
 This will let you see what trades you did in real time without the emotion 看您所做的交易
that is attached to it. 附在它上面。
 [Link] Tape reading achieve [Link]磁带阅读实现 没有这些工具，您将受制于您在
 Without those tools you would be subject to what you did during the
trading day and sometimes your mind clouds your judgment when you’re 交易日，有时您在进行交易时会影响您的判断。
in a trade.
 This wouldn’t allow you to see the clear picture the tape paints sometimes 的清晰画面
due to your position in a stock. 由于您在股票中的位置。

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Boosting your experience and learning curve 提升您的经验和学习曲线

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 Now you should know the basics to tape reading, 现在你应该知道磁带阅读的基础知识了，
 Remember that it is not something you can learn 请记住，这不是你能学到的东西
overnight. 过夜。
 You must practice and practice your tape reading 你必须练习和练习你的磁带阅读
stills day in and day out if you want to improve. 如果您想改进，请日复一日地坚持下去。
 You should also use tape reading along with charts 您还应该使用磁带阅读和图表
and market psychology for higher probability trades. 和更高概率交易的市场心理。

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Putting it all together 把它们放在一起

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 We are going to go over some raw trading tape with 我们将回顾一些原始交易磁带
audio commentary 音频评论
 Watch and follow what is being dictated about the 观察并遵守关于
tape 胶带

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The End 结束
READING THE TAPE 101 READING THE TAPE 101

[Link] [Link]

ANY QUESTIONS EMAIL ME AT ANY QUESTIONS EMAIL ME AT

JOSE@[Link] JOSE@[Link]

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Leave an honest review and provide me with feedback to make this course better! 留下诚实的评论并向我提供反馈，以使这门课程变得更好！
Thank you! 谢谢！

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