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原文链接: https://www.brookstradingcourse.com/ask-al/scaling-in-gaps-and-stops/ 生成时间: 2026-09-04 15:05
BPA trading room Q&A: June 17, 2015
BPA交易室问答：2015年6月17日
I bought the 36 low going for a two-point scalp, using a five-point stop. Planning to scale in two points lower. I ended up and exited at the 41 close. Can you comment on this and review your trades?
我买入了36低点，目标是两点剥头皮，使用了五点止损。计划在再低两点时加仓。我最终在41收盘价退出。你能评论一下这一点并复盘你的交易吗？
Video duration: 5min 48sec
视频时长：5分48秒
Video transcript
视频文字稿
Trade management: Scaling in, gaps, and stops
交易管理：加仓、缺口和止损
Bought the 36 low, added on two points lower, then got out on the 41 close. I think all of that is okay. My only thought about that is the one that I said. Whenever the market is still forming gaps going down – for example, 29 high gap, 23 low, right? As long as it’s forming gaps, I think the probability of a successful buy at a new low is much less than if the gaps close. So if 29 went above the 12 low, then I think scaling in below 28, or below 36, or below 34, had a better chance of success.
买入了36低点，在再低两点时加仓，随后在41收盘价出场。我认为这一切都可以。我唯一的想法就是我之前说过的。只要市场仍在下行过程中形成缺口——比如29点的高点缺口，23点的低点缺口，对吧？只要它还在形成缺口，我认为在新低买入成功的概率远低于缺口被填补时。所以如果29点上穿了12低点，我认为在28以下、36以下或34以下加仓成功的机会会更大。
And what about the idea of a four-point stop or a five-point stop? Well, there’s some magic number, right? The wider the stop, the less likely you get stopped out. So if you use a 10-point stop and scale in, you would have done great. And a four or five-point stop normally is enough, but you just never know.
至于四点止损或五点止损的想法呢？嗯，这背后其实有一个神奇的数字，对吧？止损越宽，被止损的概率就越低。所以如果你使用十点止损并进行加仓，你本会表现得很好。而四点或五点止损通常已经足够，但你永远不知道。
To me, I’m just a little cautious about buying below bars until the gaps are starting to close, and so that would be my only concern about that trade. Otherwise, buying the 36 low, adding on two points lower using a five-point stop usually is okay.
对我来说，在缺口开始回补之前，我对在低位买入持谨慎态度，这就是我对这笔交易的唯一担忧。否则，买入36低点，并在低两个点位加仓，使用五点止损，通常没问题。
Size of breakouts
突破的规模
Another way to look at it is in terms of size of breakouts. Breakouts should be getting smaller, okay? So this low to that low. And let’s check the next breakout. That low to this low, the breakouts are getting smaller. But then look down here; the breakout got bigger again. That is usually not what happens. But it’s an FOMC day.
另一种看待方式是从突破的规模来考量。突破应该在变小，对吧？所以从这次低点到那次低点。我们来看看接下来的突破。从那次低点到这次低点，突破的规模在变小。但接着你再往下看；突破又变大了。这通常不会发生。但今天是FOMC日。
A lot of traders thought just like I just said, that breakouts should be getting smaller, so they felt good about buying below 34, but they were all weak traders who were going to get stopped out, and you were one of them. And that’s what I was saying down here, that those scale-in bulls are all gone. This would be enough to flush them out. It’s a bigger breakout than the prior breakouts.
很多交易者就像我刚才说的那样，认为突破应该在变小，于是他们对在34点以下买入感觉不错，但他们都是弱手，最终会被止损，而你就是其中之一。这就我说的，那些进行加仓的多头都已经不在了。这足以把他们震出去。这一次的突破比之前的突破更大。
On the other hand, strong bulls will buy, and strong bears will no longer sell. I think the strong bears see the consecutive sell climaxes, the wedge, a lot of two-sided trading, a big report coming up soon. I don’t see the bears selling down there.
另一方面，强多会买入，而强空将不再卖出。我认为强空看到连续的卖出高潮、楔形、大量两边交易，以及即将发布的大型报告。我看不到空头在那儿卖出。
So, in hindsight, four-point stop, five-point stop, usually reasonable. So it should have worked, but today was an example of a day that it did not, and I think it did not because gaps did not close: 29 high, open gap on 36 high, open gap. Yes, the gap is a little bit small. I don’t know if the gap is getting smaller. But anyway, that is my concern.
事后看来，四点止损、五点止损通常是合理的。本来应该有效，但今天是一个它失效的日子，我认为原因是缺口未能填补：29高点出现未填补的缺口，36高点也出现未填补的缺口。没错，缺口有点小。我不知道缺口是否在变小。不管怎样，这就是我的担忧。
Al’s trades review
Al 的交易复盘
I bought 55 as it went up. I bought 60 as it went up. I placed a limit order to buy here too late and did not get filled. It went down, I placed the order, by the time I had my order placed, I did not get filled. And it went up, and I ended up buying late – I think at the end of 61.
我以55买入，因为价格上涨。我以60买入，因为价格上涨。我在这里太晚放置了买入限价单，未能成交。价格下跌后我下了单，等我下单时仍未成交。随后价格上涨，我最终晚买——我想是在61结束时。
I did end up selling up here, but I only got out with one point, which was dumb. But that happens. And then I did not trade here. And then I traded the Dollar Yen on the report also.
我最终确实在这里卖出了，但只赚了一点点，这很愚蠢。但这种情况确实会发生。然后我没有在这里交易。之后我也根据报告交易了美元日元。
Follow up question on stops
关于止损的补充问题
Last week you discussed proper stop management using the ES chart on June 11th as your reference. In your book, Trading Price Action Trading Ranges, you talk about initial stops just beyond the signal bar. Can you use a different stop strategy? Can you elaborate on the subject?
上周你们以6月11日的ES图表为例讨论了正确的止损管理。在你们的书《价格行为交易区间》中，你们谈到初始止损应放在信号K线略外。能否采用其他止损策略？能否就此详细说明？
In general, if a trader is buying a reversal, like “Here’s a possible reversal,” a good location for a stop is below the bar, right? So if you buy above that, protect your stop one tick below. On the other hand, if you think you might be in a trading range and you think that the market might have one more leg down, and if you’re able to trade bigger, you can, instead of getting stopped out there, buy small above 10, buy more at the 10 low and use a wider stop down here, thinking that if we do fall below 10, um, we will reverse up. And that happened, last week, Monday. Maybe this was it.
一般来说，如果交易者在做反转，比如说“这里可能是一次反转”，一个好的止损位置是在K线下方。这样的话，如果你在该K线以上买入，就应将止损保护在其下方一个跳点。另一方面，如果你认为自己可能处于交易区间，并且认为市场可能还有一腿向下，而且你能够做大仓位，那么与其在那里被止损出场，不如在10以上小额买入，在10低点加仓，并在此处使用更宽的止损，假设如果我们确实跌破10，那么我们将向上反转。这种情况上周星期一就发生过。也许就是这样。
Typically, in a situation like this, when I think we’re going to reverse up, I’ll buy above 4 and I’ll buy more at the 4 low. And on this particular day, I did not. I bought above four and put a stop below the 4 low, and then ended up buying again over here. I think both are mathematically acceptable. I think most traders, in general, if they buy, they should put a stop below their signal bar if they’re buying a reversal. So if you buy above 4, you stop out below 4. You buy above 13, you stop below 13.
通常情况下，当我认为市场将要向上反转时，我会在4以上买入，并在4低点加仓。但在那天我并没有这样做。我是在4以上买入，并将止损放在4低点下方，随后又在此处重新买入。我认为两种做法在数学上都是可以接受的。我认为大多数交易者一般来说，如果他们买入，应该将止损放在他们信号K线下方，尤其是在做反转时。所以如果你在4以上买入，就应在4下方止损；如果你在13以上买入，则应在13下方止损。
However, if you’re pretty confident about your read and you’re able to use a wide enough stop and trade small enough, you can do the opposite. Instead of buying above 4—stop below 4, you buy above 4, you buy more below 4, and use a wide stop.
然而，如果你对自己的判断很有信心，并且能够使用足够宽的止损并且交易规模足够小，你可以采取相反的做法。不是在4以上买入、止损放在4下方，而是在4以上买入，在4下方加仓，并使用宽止损。
Al Brooks
Al Brooks
Information on Al’s Online day trading room
Al的在线日间交易室信息