Momentum oscillators are useless in consolidations where there is too much price overlap. If there is a low ADX, which measures the amount of price overlap, toss the directional oscillators out the window because there are no swing to measure.

《Trading Sardines》 153頁

當價格重疊過多的整理階段中，動量指標是沒有用的。如果平均趨向指標（ADX）較低，代表價格重疊程度高，這時就該拋棄方向性指標，因為根本沒有明顯的價格擺動可供測量。

關於動量指標（Momentum oscillators）的背景知識

Momentum oscillators are technical indicators used in financial trading to measure the rate of change in price movements. They help traders identify potential overbought or oversold conditions, as well as trend strength and potential reversals. Here's a brief overview of momentum oscillators:

Purpose: These indicators measure the speed and magnitude of price changes over a specific period.
Range-bound: Most momentum oscillators fluctuate between fixed values, often 0-100 or -100 to +100.
Overbought/Oversold: They can signal when an asset may be overvalued (overbought) or undervalued (oversold).
Divergence: They can show divergence from price action, potentially indicating upcoming trend changes.

Some common momentum oscillators include:

Relative Strength Index (RSI)
Stochastic Oscillator
Moving Average Convergence Divergence (MACD)
Commodity Channel Index (CCI)
Williams %R

動量指標是金融交易中，用來衡量價格變動速率的技術指標。它們幫助交易員識別超買或超賣，以及趨勢強度和可能的反轉。以下是動量振盪器的簡要概述：

目的：這些指標衡量特定時期內價格變化的速度和幅度。
範圍限制：大多數動量指標在固定值之間波動，通常是0-100或-100到+100。
超買/超賣：它們可以顯示資產可能被高估（超買）或低估（超賣）的信號。
背離：它們可以顯示與價格走勢的背離，可能預示即將到來的趨勢變化。

一些常見的動量指標包括：

相對強弱指數（RSI）
隨機指標（Stochastic Oscillator）
移動平均收斂發散指標（MACD）
商品通道指數（CCI）
威廉指標（Williams %R）

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Trading Sardine p.161

Once a year, the top orange juice executives from Dreyfus met in Brazil to assess the firm’s hedges in front of an orange juice report. These people had more information on the orange juice market than any other firm. They owned the crop, the processing plants, and the distribution system. But even though they knew what the report was going to be, they could not predict how the market would react to the news

It never the news itself but always the market’s reaction to the news that is most telling.

《Trading Sardines》161頁

每年，德萊福斯公司，橙汁部門的高級行政主管們，會在巴西會面，在[美國農業部]報告發布前，評估公司的對沖策略。這些主管擁有比任何其他公司更多的市場信息。他們種植作物、擁有加工廠和分銷系統。但即使他們知道報告的內容會是什麼，他們仍無法預測市場會如何對這個消息做出反應。

從來不是消息本身，而總是市場對消息的反應最能說明問題。

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Trading Sardine p.163

Trade location is essential when trading on a shorter time frame, and I traded on a tight time frame. On the flip side of the coin, the most important with a longer-term trend following approach was to get the trade on. You can’t afford to miss the one move which might make your month if you were a trend follower. But with short-term technical trading, it was more important to enter on reactions or right at the start of a breakout.

《Trading Sardines》163頁

在更短的時間框架內交易時，買入或賣出的交易點，至關重要，而我多是在極短的交易時框架內操作。相反地，對於長期趨勢跟蹤者來說，最重要的是建立交易頭寸。如果你是一個趨勢跟隨者，你不能錯過可能讓你整個月都受益的那一次行情。但對於短期技術交易而言，更重要的是在回調時進場，或在剛剛突破的起始點進場。

（系列未完待續）

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