One of the most pleasant encounters that occur several times each year is when a trader comes up to me at some conference and tells me how he started trading for a living after studying my book or participating in a Camp. At that point, he may be living and trading on a mountaintop, and as often as not he owns the mountaintop. I noticed long ago that half-way through our conversation these people become slightly apologetic. They tell me they use Triple Screen, but not exactly the way I taught it. They may have modified an indicator, added another screen, substituted a tool, and so forth. Whenever I hear that, I know I am talking to a winner.
First of all, I tell them they owe their success primarily to themselves. I did not teach them any differently than the dozens of others in the same class. Winners have the discipline to take what is offered and use it to succeed. Second, I see their apology for having changed some aspects of my system as an indication of their winning attitude. To benefit from a system, you must test its parameters and fine-tune them until that system becomes your own, even though originally it was developed by someone else. Winning takes discipline, discipline comes from confidence, and the only system in which you can have confidence is the one you have tested on your own data and adapted to your own style.
I developed the Triple Screen trading system in the mid-1980s and first presented it to the public in 1986 in an article in Futures magazine.
I updated it in Trading for a Living and several videos. Here I will review it, focusing on recent enhancements.
What is a trading system? What’s the difference between a method, a system, and a technique?
A method is a general philosophy of trading. For example; trade with the trend, buy when the trend is up, and sell after it tops out. Or—buy undervalued markets, go long near historical support levels, and sell after resistance zones have been reached.
A system is a set of rules for implementing a method. For example, if our method is to follow trends, then the system may buy when a multi-week moving average turns up and sell when a daily moving average turns down (get in slow, get out fast). Or—buy when the weekly MACDHistogram ticks up and sell after it ticks down.
A technique is a specific rule for entering or exiting trades. For example,when a system gives a buy signal, the technique could be to buy when prices exceed the high of the previous day or if prices make a new low during the day but close near the high.
The method of Triple Screen is to analyze markets in several timeframes and use both the trend-following indicators and oscillators. We make a strategic decision to trade long or short using trend-following indicators on long-term charts. We make tactical decisions to enter or exit using oscillators on shorter-term charts. The original method has not changed, but the system—the exact choice of indicators—has evolved over the years, as have the techniques.
Triple Screen examines each potential trade using three screens or tests. Each screen uses a different timeframe and indicators. These screens filter out many trades that seem attractive at first. Triple Screen promotes a careful and cautious approach to trading.
Conflicting Indicators
Technical indicators help identify trends or turns more objectively than chart patterns. Just keep in mind that when you change indicator parameters, you influence their signals. Be careful
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not to fiddle with indicators until they tell you what you want to hear.
We can divide all indicators into three major groups:Trend-following indicators help identify trends. Moving averages, MACD lines, Directional system, and others rise when the markets are rising, decline when markets fall, and go flat when markets enter trading ranges.
Oscillators help catch turning points by identifying overbought and oversold conditions. Envelopes or channels, Force Index, Stochastic, Elder-ray, and others show when rallies or declines outrun themselves and are ready to reverse. Miscellaneous indicators help gauge the mood of the market crowd. Bullish Consensus, Commitments of Traders, New High–New Low Index,and others reflect the general levels of bullishness or bearishness in the market.Different groups of indicators often give conflicting signals. Trendfollowing indicators may turn up, telling us to buy, while oscillators become overbought, telling us to sell. Trend-following indicators may turn down, giving sell signals, while oscillators become oversold, givingbuy signals. It is easy to fall into the trap of wishful thinking and start following those indicators whose message you like.
A trader must set up a system that takes all groups of indicators into account and handles their contradictions.
Conflicting Timeframes
An indicator can call an uptrend and a downtrend in the same stock on the same day. How can this be? A moving average may rise on a weekly chart, giving a buy signal, but fall on a daily chart, giving a sell signal. It may rally on an hourly chart, telling us to go long, but sink on a 10-minute chart, telling us to short. Which of those signals should we take?
Amateurs reach for the obvious. They grab a single timeframe, most often daily, apply their indicators and ignore other timeframes. This works only until a major move swells up from the weeklies or a sharp spike erupts from the hourly charts and flips their trade upside down.
Whoever said that ignorance was bliss was not a trader. People who have lost money with daily charts often imagine they could do better by speeding things up and using live data. If you cannot make money with dailies, a live screen will only help you lose faster. Screens hypnotize losers, but a determined one can get even closer to the market by renting a seat and going to trade on the floor. Pretty soon a margin clerk for the clearing house notices that the new trader’s equity has dropped below limit. He sends a runner into the pit who taps that person on the shoulder. The loser steps out and is never seen again—he has ―tapped out.‖
The problem with losers is not that their data is too slow, but their decision-making process is a mess. To resolve the problem of conflicting timeframes, you should not get your face closer to the market, but push yourself further away, take a broad look at what’s happening, make a strategic decision to be a bull or a bear, and only then return closer to the market and look for entry and exit points. That’s what Triple Screen is all about.
What is long term and what is short term? Triple Screen avoids rigid definitions by focusing instead on the relationships between timeframes. It requires you to begin by choosing your favorite timeframe, which it calls intermediate. If you like to work with daily charts, your intermediate timeframe is daily. If you are a day-trader and like fiveminute charts, then your intermediate timeframe is the five-minute chart, and so on. Triple Screen defines the long term by multiplying the intermediate timeframe by five (see ―Time—The Factor of Five,‖ page 87). If your intermediate timeframe is daily, then your long-term timeframe is weekly.
If your intermediate timeframe is five minutes, then your long-term is half-hourly, and so forth. Choose your favorite timeframe, call it intermediate, and immediately move up one order of
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magnitude to a long-term chart. Make your strategic decision there, and return to the intermediate chart to look for entries and exits.
The key principle of Triple Screen is to begin your analysis by stepping back from the markets and looking at the big picture for strategic decisions. Use a long-term chart to decide whether you are bullish or bearish, and then return closer to the market to make tactical choices about entries and exits.
这样愉悦的谈话场景，我每年总能经历数次：在不同的场合，我会遇到一些交易者，他们在阅读了我的书籍或参加了交易训练营之后，就开始了自己的交易生涯。他们认为三重滤网交易系统是顶尖的系统，由此获得的成功感受常伴左右。我很早就留意到在交谈中，这些交易者会略有歉意地告诉我，他们采用了我的三重滤网理论，不过并没有完全遵循我的指导。而是把我教的三重滤网交易系统做了一些改动：修改一个指标，再度添加一重滤网，替换了某种工具等等。当我听到他们的做法时，就明白这些人是市场的赢家。
首先我会讲，成功主要取决于他们自己的努力。我教授给他们的内容与同一训练营里的数十位同学是一样的，别无二致。市场赢家有能力提取自己需要的内容，并用它取得成功。其次，在看待他们改动我的交易系统，并向我道歉的事情时，我认为他们的做法是赢家具有的胜利态度的体现。要想从一个交易系统中受益，必须测试相关参数，作出优化调整，直至这个系统符合自己的心智才情。即使这个系统是由别人发明的，也应如此。要想在市场上获胜，需要执行纪律，而执行纪律的效果，则取决于对系统的信心。只有你运用自己的数据来测试系统，并且将它调整成适合自己交易的风格时，你才会对这个交易系统怀有足够的信心。
上世纪80年代中期，我发明了三重滤网交易系统，并且在1986的期货杂志上将它公诸于众。后来我在《交易生涯不是梦》和几张影音资料中对三重滤网系统作了改进，在这里我们做下回顾，并将关注的焦点放在近来的系统改动上。
那么究竟什么是交易系统？方法，系统和技巧之间又存在着哪些差异？方法是一种概括的交易的哲学。比如，顺势交易，趋势向上时买入，顶部形成，趋势向下时卖出。或者在市场价值被低估时买入，在价格接近历史支撑区时买入，到达阻力区时卖出。
系统是为执行方法而建立的一套规则。比如顺势交易，交易者会在周均线向上时建立多头仓位，并在日图均线弯头向下时卖出。（缓进快出）。或者，当周图的MACD柱状线上升时买入，下降时卖出。技巧是进场和出场时采用的明确具体的规则。比如，当系统发出买入信号时，技巧能明确地提示交易者在价格超越前一日高点，或者价格当日创下新低却在高点附近收盘时，建立多头仓位。
三重滤网理论是对市场进行多周期分析，并同时运用趋势指标和振荡指标作为研判工具。在长期图表上用趋势指标进行分析，做出战略决策，确定多空方向。并在短期图表上采用振荡指标，做出战术决定，确定进场点和出场点。最初的方法没有变动，不过系统——所采用的指标——则随着年月的增长而有所演进。技巧亦是。
三重滤网理论采用三重过滤或测试的方法对每笔可能的交易进行了检验。每重滤网都采用了不同的周期和指标。这些滤网淘汰了许多乍看之下诱惑人心的交易。三重滤网采用明察审慎的态度来对待交易。
指标的冲突
在鉴别趋势和反转时，技术指标比价格形态更为客观。需要留意的是，指标参数的变动会影响指标发出的交易信号，交易者需要仔细调整指标参数，直至它适合你的风格。
指标可分为三大类：
趋势指标：此类指标有助于鉴别趋势，包括移动平均线，MACD以及其他指标。这些指标的特点是市况向上时，指标也向上，市况向下时，指标也向下。市场是盘整态势时，指
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标也随着走平。
振荡指标：此类指标通过鉴别超买超卖状态，以求捕捉趋势的反转点。包括包络线（Envelops）或通道，强力指数（Force Index），KD，艾达透视指标（Elder-ray）及其他指标。这些指标通过鉴别市况涨跌过头的情况来提示趋势的反转。
第三类指标有助于辨识大众的市场情绪。包括好友指数（Bullish Consensus），交易员持仓报告（Commitment of Traders），新高新低指数（New High-New Low Index），以及其他反映市场牛熊心理整体水平的指标。
不同类型的指标经常发出相互矛盾的信号。趋势指标向上，提示应当入市做多，而同时振荡指标却已处于超买状态，提示做空。趋势指标向下。提示应当入市做空，而振荡指标却处于超卖状态，提示做多。这种情形下，交易员容易掉进为―希望‖所诱导的陷阱，他会选择那个顺从他主观心意的指标所发出的信号。交易者需要建立起一个系统，能够对各类指标进行综合考虑，并能处理不同类型的指标之间发生的矛盾。
周期的冲突
指标可以提示我们，同一时间的一只股票既处在上升趋势，也处在下降趋势里。原因何在？周图上均线上升，发出买入信号，然而在日图上，均线却是下降的，发出卖出信号。同样，小时图均线上升，提示做多，而10分钟图均线却下降，提示做空。我们应当如何处理这些矛盾的信号呢？业余水平的交易者会选择最明显的信号，并仅仅盯着一个单一周期，通常是日图，运用指标分析并忽略其他的周期。这种做法只在周图产生上升的主趋势时才会有效，否则小时图上发生的剧烈变动会让他们的交易变得一团糟。交易者不应当忽略不同周期间的关系。
有些人用日线做交易赔了钱，他们经常一厢情愿地认为，如果加快交易频率并且采用实时数据，交易会有所起色。实际上，如果用日线图不能赚钱，那么实时数据只会让交易者赔得更惨。屏幕上纷纭变动的数据让这些输家陷入了迷乱状态。也有更顽固的人采取了极端作法，跑到交易所里租了一个席位，采用场内更为快速的数据来交易。很快，清算所的保证金监察人员就会注意到，这个新面孔的资产发生缩水，并达到风险警示水平。于是工作人员进场通知这个不幸的人，输家起身离场，从此销声匿迹——他，出局了。
发生上述的问题，原因不是数据传输太过迟缓，而是他的决策过程混乱无序，没有章法。解决周期冲突的问题，交易者不应当进一步贴近市场去考查那些繁枝缛节，而是后撤——用大视野来把握大势。首先作出战略决策，确定多空方向，然后再贴近市场，去寻找入场点和出场点。这就是三重滤网交易系统要探讨的全部内容。
那么如何界定长短周期呢？三重滤网理论避开了僵化的定义，将重心放在不同周期间的关系上，从而巧妙地解决了这个问题。首先，你要选取你最喜欢的交易周期，它被称为―中间周期‖，如果你喜欢日线交易，那么你的中间周期就是日图，如果你是一名日内交易者，喜欢采用五分钟图，那么中间周期就是五分钟图。余者依次类推。
按照三重滤网理论的定义，将中间周期乘以五倍，即可得出长周期。（参见―时间——五的因素‖，第87页）。若你的中间周期是日图，则长周期是周图。中间周期是五分钟图，则长周期是半小时图，余者类推。选择你中意的交易周期，把它定义为中间周期，旋即将它放大，形成上一级别的长周期。在长周期图表上制定战略决策，再返回至中间周期来寻找入场点和出场点。
三重滤网理论的核心原则就是开始分析时，首先后撤一步，采用大视角考察长期图表，以制定战略决策，确定多空方向。然后再贴近市场，作出战术决策以寻找入场点和出场点。
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The Principles of Triple Screen
Triple Screen resolves contradictions between indicators and timeframes. It reaches strategic decisions on long-term charts, using trendfollowing indicators—this is the first screen. It proceeds to make tactical decisions about entries and exits on the intermediate charts,using oscillators—this is the second screen. It offers several methods for placing buy and sell orders—this is the third screen, which we may implement using either intermediate- or short-term charts. Begin by choosing your favorite timeframe, the one with whose charts you like to work, and call it intermediate. Multiply its length by five to find your long-term timeframe. Apply trend-following indicators to long-term charts to reach a strategic decision to go long, short, or stand aside. Standing aside is a legitimate position. If the long-term chart is bullish or bearish, return to the intermediate charts and use oscillators to look for entry and exit points in the direction of the longterm trend. Set stops and profit targets before switching to short-term charts, if available, to fine-tune entries and exits.
SCREEN ONE
Choose your favorite timeframe and call it intermediate. Multiply it by five to find the long-term timeframe. Let’s say you prefer to work with daily charts. In that case, move immediately one level higher, to the weekly chart. Do not permit yourself to peek at the dailies because this may color your analysis of weekly charts. If you are a day-trader, you might choose a 10-minute chart as your favorite, call it intermediate, and then immediately move up to the hourly chart, approximately five times longer. Rounding off is not a problem; technical analysis is a craft, not an exact science. If you are a long-term investor, you might choose a weekly chart as your favorite and then go up to the monthly. Apply trend-following indicators to the long-term chart and make a strategic decision to trade long, short, or stand aside. The original version of Triple Screen used the slope of weekly MACD-Histogram as its weekly trend-following indicator. It was very sensitive and gave many buy and sell signals. I now prefer to use the slope of a weekly exponential moving average as my main trend-following indicator on longterm charts. When the weekly EMA rises, it confirms a bull move and tells us to go long or stand aside. When it falls, it identifies a bear move and tells us to go short or stand aside. I use a 26-week EMA, which represents half a year of trading. You can test several different lengths to see which tracks your market best, as you would with any indicator.
I continue to plot weekly MACD-Histogram. When both EMA and MACD-Histogram are in gear, they confirm a dynamic trend and encourage you to trade larger positions. Divergences between weekly MACD-Histogram and prices are the strongest signals in technical analysis, which override the message of the EMA.
SCREEN TWO
Return to the intermediate chart and use oscillators to look for trading opportunities in the direction of the long-term trend. When the weekly trend is up, wait for daily oscillators to fall, giving buy signals. Buying dips is safer than buying the crests of waves. If an oscillator gives a sell signal while the weekly trend is up, you may use it to take profits on long positions but not to sell short. When the weekly trend is down, look for daily oscillators to rise, giving sell signals.Shorting during upwaves is safer than selling new lows. When daily oscillators give buy signals, you may use them to take profits on shorts but not to buy. The choice of oscillators depends on your trading style.
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For conservative traders, choose a relatively slow oscillator, such as daily MACD-Histogram or Stochastic, for the second screen. When the weekly trend is up, look for daily MACD-Histogram to fall below zero and tick up, or for Stochastic to fall to its lower reference line, giving a buy signal.
Reverse these rules for shorting in bear markets. When trendfollowing indicators point down on the weekly charts, but daily MACDHistogram ticks down from above its zero line, or Stochastic rallies to its upper reference line, they give sell signals. A conservative approach works best during early stages of major moves, when markets gather speed slowly. As the trend accelerates, pullbacks become more shallow. To hop aboard a fast-running trend, you need faster oscillators.For active traders, use the two-day EMA of Force Index (or longer, if that’s what your research suggests for your market). When the weekly trend is up and daily Force Index falls below zero, it flags a buying opportunity.
Reverse these rules for shorting in bear markets. When the weekly trend is down and the two-day EMA of Force Index rallies above zero, it points to shorting opportunities. Many other indicators can work with Triple Screen. The first screen can also use Directional System or trendlines. The second screen can use Momentum, Relative Strength Index, Elder-ray, and others.
The second screen is where we set profit targets and stops and make a go–no go decision about every trade after weighing the level of risk against the potential gain. Set the stops. A stop is a safety net, which limits the damage from any bad trade. You have to structure your trading in such a way that no single bad loss, or a nasty series of losses, can damage your account. Stops are essential for success, but many traders shun them. Beginners complain about getting whipsawed, stopped out of trades that eventually would have made them money. Some say that putting in a stop means asking for trouble because no matter where you put it, it will be hit.
First of all, you need to place stops where they are not likely to be hit, outside of the range of market noise (see SafeZone on page 173). Second, an occasional whipsaw is the price of long-term safety. No matter how great your analytic skills, stops are always necessary. You should move stops only one way—in the direction of the trade. When a trade starts moving in your favor, move your stop to a breakeven level. As the move persists, continue to move your stop, protecting some of your paper profit. A professional trader never lets a profit turn into a loss. A stop may never expose more than 2% of your equity to the risk of loss (see Chapter 7, ―Money Management Formulas‖). If Triple Screen flags a trade but you realize that a logical stop would risk more than 2% of your equity, skip that trade. Set profit targets. Profit targets are flexible and depend on your goals and capital. If you are a well-capitalized, long-term-oriented trader, you may build up a large position at an early stage of a bull market, repeatedly taking buy signals from the daily charts, as long as the weekly trend is up. Take your profits after the weekly EMA turns flat. The reverse applies to downtrends.
Another option is to take profits whenever prices on the daily charts hit their channel line. If you go long, sell when prices hit the upper channel line and look to reposition on the next pullback to the daily moving average. If you go short, cover when prices fall to their lower channel line and look to reposition short on the next rally to the EMA.
A short-term-oriented trader can use the signals of a two-day EMA of Force Index to exit trades. If you buy in an uptrend when the twoday EMA of Force Index turns negative, sell when it turns positive. If you go short in a downtrend after the two-day EMA of Force Index turns positive, cover when it turns negative. Beginners often approach markets like a lottery—buy a ticket and sit
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in front of the TV to find out whether you have won. You will know that you are becoming a professional when you start spending almost as much time thinking about exits as looking for entries.
SCREEN THREE
The third screen helps us pinpoint entry points. Live data can help savvy traders but hurt beginners who may slip into day-trading. Use an intraday breakout or pullback to enter trades without realtime data. When the first two screens give you a buy signal (the weekly is up, but the daily is down), place a buy order at the high of the previous day or a tick higher. A tick is the smallest price fluctuation permitted in any market. We expect the major uptrend to reassert itself and catch a breakout in its direction. Place a buy order, good for one day only. If prices break out above the previous day’s high, you will be stopped in automatically. You do not have to watch prices intraday, just give your order to a broker. When the first two screens tell you to sell short (the weekly is down, but the daily is up), place a sell order at the previous day’s low or a tick lower. We expect the downtrend to reassert itself, and try to catch the downside breakout. If prices break below the previous day’s low, they will trigger your entry.
Daily ranges can be very wide, and placing an order to buy at the top can be expensive. Another option is to buy below the market. If you are trying to buy a pullback to the EMA, calculate where that EMA is likely to be tomorrow and place your order at that level. Alternatively, use the SafeZone indicator (see page 173) to find how far the market is likely to dip below its previous day’s low and place your order at that level. Reverse these approaches for shorting in downtrends.
The advantage of buying upside breakouts is that you follow an impulse move. The disadvantage is that you buy high and your stop is far away. The advantage of bottom fishing is that you get your goods on sale and your stop is closer. The disadvantage is the risk of getting caught in a downside reversal. A ―breakout entry‖ is more reliable, but profits are smaller; a ―bottom-fishing entry‖ is riskier, but the profits are greater. Make sure to test both methods in your markets. Use real-time data, if available, for entering trades. When the first two screens give you a buy signal (the weekly is up, but the daily is down), use live data to get long. You could follow a breakout from the opening range, when prices rally above the high of the first 15 to 30 minutes of trading, or apply technical analysis to intraday charts and finesse your entry. When trying to short, you may enter on a downside breakout from the opening range. You could also monitor the market intraday and use technical analysis to enter into a short trade, using live charts.
The techniques for finding buy and sell signals on real-time charts are the same as on daily charts, only their speed is much higher. If you use weeklies and dailies to get in, use them also to get out. Once a live chart gives an entry signal, avoid the temptation to exit using intraday data.
Do not forget that you entered that trade on the basis of weekly and daily charts, expecting to hold for several days. Do not be distracted by the intraday chop if you are trading swings that last several days.
三重滤网的原则
三重滤网解决了指标和交易周期存在的相互冲突的矛盾。 首先在长期图表上采用趋势指标做出战略决策。——这是第一重滤网。然后在中间图表上运用振荡指标来确定入场点和出场点。——这是第二重滤网。三重滤网理论提供了数种方法来设置多空交易单。——这是第三重滤网，我们可以采用中间图表或短期图表来安排交易
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单。
首先选取你最喜欢的交易周期，把这个合乎心意的周期定义为中间周期。然后把这个周期的长度乘以五倍，得到长周期。在这个长周期上采用趋势指标，制定战略决策，确定做多，做空或是观望。观望也是合理的做法。如果长期图表看多或看空，则返回到中期图表，用振荡指标来寻找顺应着长期趋势方向的入场点和出场点。在切换至短期图表之前，设置好停损和获利目标位，如果可能，精确地调整好入场点和出场点。
第一重滤网
选择你最喜欢的交易周期，并将它定义为中间周期。再把它的长度乘以五倍，得出长周期。
如果你选择日线作为中间周期，则立刻将注意力移至周线，即你的长期图表上进行分析。在这个决策过程里，不允许再看日图，因为这会影响你对周图的分析。如果日内交易者把十分钟图做为中间周期，则须将注意力立即移至小时图。小时图与十分钟图的五倍，即五十分钟图略有差异，不过无碍大局，毕竟交易只是一门技艺而不是精确的科学。如果你是长线交易者，你可以选择周线作为中间图表，并把月线作为长周期。在月线上采用趋势指标进行分析，并制定出战略决策以确定做多，做空或是观望。最早的三重滤网理论采用周图的MACD柱线的坡度作为趋势指标。它非常敏感并发出许多买卖信号。而现在我更喜欢采用周线上的指数加权移动平均线作为我长期图表上的主要趋势指标。当周图上的指数加权均线上升时，则表明是上升趋势，应当做多或观望。当它下降时，则表明是下降趋势，应当做空或观望。我采用26周均线，原因是它代表了半年来市场大众的交易活动。交易者可以测试均线的参数并寻找到适应特定市场的优化均线。其他指标亦如此。
我在周图上继续运用MACD柱线，当指数加权均线与MACD柱线协调一致，彼此呼应时，则表明确立了动力十足的趋势，鼓励交易者投入较重仓位。而周图上MACD柱线与价格发生的背离，则是技术分析中最强烈的信号，甚至超过了指数加权均线的提示。
第二重滤网
返回到中间图表，并且采用振荡指标来寻找顺应长期趋势方向的交易机会。当周线趋势看涨时，等待日线振荡指标回落并发出买入信号。在回调时买进，比在浪顶买入要安全。周线看涨，而日线振荡指标看跌时，也可以把先前的多单平仓，获利出局，不过，交易者不能在此位置建立空头仓位。
当周线看跌时，等待日线震荡指标上涨并发出做空信号。在反弹时做空，要比创新低时跟进做空安全。当日线上的振荡指标发出买入信号时，可以把空单平掉，获利出局，不过不应当在此建立多头头寸。振荡指标的选择，取决于你的交易风格。
保守的交易者会选择一个相对慢速的振荡指标，例如日线上的MACD柱线或KD，以用于第二重滤网的分析。当周图看涨时，等待MACD柱线回落至零轴之下，并再度弯头向上时，或者等KD回落至超卖区发出买入信号时寻找作多机会。
熊市则反之。当周图的趋势指标表明趋势向下，则日图的零轴之上MACD柱线掉头向下，或者KD上涨至超卖线并且发出作空信号时寻找做空机会。
在主要趋势的早期阶段，慢速振荡指标效果颇佳，此阶段价格运行较为迟缓。而在趋势的加速期，价格拉回修正的幅度较浅，要想跳上快速运动的趋势，交易者需采用快速的振荡指标。
积极的交易者可采用强力指数（Force Index）的双日加权指数均线（参数可长一些，依据对市场的研究，得出最优化的均线参数。）周图趋势向上，日图上的强力指数回落至零轴之下，则出现买入机会。熊市则反之。周图趋势向下，强力指数的两日加权指数均线回升至零轴之上，则出现卖出机会。
其他指标也可应用于三重滤网，第一重滤网可采用趋向系统（Directional System）或趋
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势线。第二重滤网可采用MTM，RSI，艾达透视指标（Elder-ray Index）等。在第二重滤网阶段，设立盈利和止损目标，并在衡量风险与潜在的收益之后，作出是否交易的决定。
设立止损。止损是安全网，它会截断糟糕的交易招致的损失。交易必须设损，以防止一笔或一连串的不利交易带来的损失毁掉帐户。要想成为赢家，这是必经的步骤，然而许多人却不设止损，认为那样做会两面挨打。如果不设止损，原来的亏损单最终会获利。设损会让他们很快遇到麻烦，因为无论如何设损，市场一定会打掉他们的止损单。
首先要在市场不易打掉的位置设损，将停损指令放在市场噪音区间的外围。（参见安全区域，第173页）。
其次，偶尔发生的两面挨打，是为保证长期安全应当付出的代价。即使你的分析能力卓然出众，也应设损操作。只用一种方式移动止损，那就是顺着交易盈利的方向。当市场朝你有利的方向运动时，将先前的停损单调整成持平止损。在有利趋势前进的时候，一路调整止损以保护你的账面利润。专业交易者永不让盈利变成止损。
一笔损失不能让你的总资产损失超过2%（参见第7章，资金管理公式），如果三重滤网发出交易信号，经过权衡，认为这笔交易采用合理的止损，可能损失2%资产的风险，那么就放弃这笔交易。
设立盈利目标，设立盈利目标时要灵活，这取决于你的目的和资金情况。如果你的资金充裕，并且是长线交易者，则在牛市的开始阶段建立一个较大的头寸，在周线趋势看涨的前提下，在日图出现买入机会时连续建仓。在周图指数加权平均线走平时获利出局。熊市反之。
另一种做法就是当价格触及通道的轨道时获利平仓，做多，则在价格抵达通道上轨时获利平仓，并在价格再度拉回至日均线时做多。做空，则在价格回落至通道下轨平仓，并在价格再度反弹至均线时做空。
短线交易者会采用强力指数（Force Index）的两日指数加权均线作为出场依据。上升趋势中，在强力指标均线呈负值时做多，在转为正值时平仓。如果在下降趋势里做空，那么在强力指数的两日均线呈正值时做空，并在转为负值时平仓。
新手做交易的方式就象买彩票一样——买完彩票后，就呆坐在电视前看他是否中彩。而专业水准的交易者不仅考虑进场，也会认真地考虑出场问题，其中花费的精力，与进场相比毫不逊色。
第三重滤网
第三重滤网用于制定精确的入场点，实时传导的数据对机智的交易者有益，不过有可能伤害那些做日内交易的缺乏经验的新手。若不能获取实时数据，交易者可采用日间突破和拉回修正的方法入市。
当前两重滤网发出买入信号时（周线看涨，日线回调），在前日高点或比高点高一个Tick值的位置放一张买单。Tick是市场中采用的最小的波动单位。我们期待主要趋势再度延续并且在价格发生顺势突破时跟进。这种挂单方法，只适用于当天的交易。如果价格突破前一日的高点，你的多单会自动成交进场。交易者甚至不须观察日间的波动，将它交给经纪人打理即可。
在前两重滤网提示做空时（周线看跌，日线反弹，），在前一日的低点或者距低点低一个TICK值的地方挂一张空单。我们期待跌势再现，并在发生向下的突破时跟进，如果价格突破了前日的低点，那么空单成交。
日图波幅可能很大，因此在顶部挂单做多，成本较高。另一种做法就是回调买入。如果打算在价格回调至指数加权平均线时买进，计算出第二天均线将要到达的位置，在相应的价位入场。亦可采用安全区域指标（SafteZone indicator）（参见173页）来观察市场跌破前日低点的距离，并在相应价位入市。熊市做空则反之。
向上突破时买进的优点是跟随了运行的趋势。缺点是买进的点位相对较高，并且止损设
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得较宽。回调买进的好处是买的点位较低，并且止损设得较窄。坏处是容易遭遇掉头向下的反转趋势。―突破跟进‖比较可靠，只是利润较少。―回调进场‖风险较大，不过利润也较多。
尽量用实时图表入场，当前面的二重滤网提示做多时（周线升势，日线回调），观察实时数据，并确定做多。开盘后一段时间内(Opening Range)，若价格超过前15分钟至30分钟的高点，发生突破时则及时跟进，或者采用技术分析，分析日内图表以确定合适的入场点。做空，则观察开盘后一段时间的行情，发生向下突破时跟进。或者通过分析日内图表寻找机会，并采用实时数据入场。
在实时图表上寻找买卖点的方法与日图相同，只是前者提示出入场的频率要加快许多。交易者若采用周图或月图入场，那么也必须用同样的周期出场。若采用实时数据进场，则应抵制日内图表信号的诱惑。周线和日线框架的交易，往往需要持仓数日，交易者不应受日内图表价格波动的困扰。
SCREEN ONE
Analyze your market on a longer-term chart, using trend-following indicators, and make a strategic decision to trade long, short, or stand aside.
Choose the timeframe you prefer to trade and call it intermediate. Let us select a five-minute chart for our intermediate timeframe, with each bar representing five minutes of trading. You can choose a longer chart if you wish, but not much shorter, as that might pit you against institutional scalpers. To stand completely apart from the crowd, you may select an unorthodox length, such as seven or nine minutes. Some day-traders, intoxicated by the promise of technology, use one-minute or even tick charts. These provide the illusion that you are present on the floor, even though it can easily take half a minute or longer for the data to be keyed in, uploaded to the satellite, and broadcast to your screen. You are not on the floor, you are behind. When markets begin to run, time lags get even worse.
Multiply your intermediate timeframe by five to find the long-termtimeframe. If your intermediate timeframe is five minutes, use a 25-minute chart. If your software does not allow plotting 25-minute charts, round it off to half an hour. A successful trader needs to stand apart from the crowd. This is why it pays to use uncommon parameters for charts and indicators. There are probably thousands of people using half-hourly charts, but only a tiny minority uses 25-minute charts and gets its signals a little faster.
Apply a trend-following indicator to the long-term chart and use its direction to make a strategic decision to trade long, short, or stand aside.
Start with a 20- or 30-bar EMA and adjust its length until it tracks your market with a minimum of whipsaws. When the 25-minute EMA rises, it identifies an uptrend and tells you to trade from the long side or stand aside. When the EMA falls, it identifies a downtrend and tells you to trade only from the short side or stand aside. Make a strategic decision on this long-term chart before returning to your intermediate-term charts. Successful day-traders tend to rely less on indicators and more on chart patterns. The gaps between trading days can distort intraday
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indicators. Still, some indicators, such as moving averages and envelopes, also called channels, are useful even with intraday charts. SCREEN TWO
Return to the intermediate (five-minute) charts to look for entries in the direction of the trend. Plot a 22-bar EMA on the five-minute chart and draw a channel that contains about 95% of price action. Moving averages reflect the average consensus of value, while channels show the normal limits of bullishness and bearishness. We want to get long during up trends, buying below the EMA on a five-minute chart, and short in downtrends, above the EMA. Do not get long above the upper channel line, where the market is overvalued, or sell short below the lower channel line, where it is undervalued.
Use oscillators, such as MACD-Histogram and Force Index, to identify overbought and oversold areas. Trade in the direction of the tide, entering when a wave goes against the tide. When the 25-minute trend is up, falling prices and oscillators on a five-minute chart reflect a temporary bearish imbalance—a buying opportunity. When the 25-minute trend is down, rising prices and oscillators on a five-minute chart reflect a temporary bullish imbalance—a shorting opportunity. Day-traders sometimes ask whether they should analyze weekly and daily charts. The weekly trend is essentially meaningless for them, and even the daily is of limited value. Looking at too many timeframes can lead to ―paralysis from analysis.‖ Place SafeZone stops.
After entering a trade, place a protective stop, using the SafeZone method (see page 173). Consider making it ―on close only‖; watch the screen and give an order to exit only if the five-minute bar closes beyond your stop level. This way, a brief penetration caused by market noise will not touch off a stop. Naturally, there is no bargaining or waiting for another tick. To be a day-trader, you must have iron discipline! SCREEN THREE
This screen handles entries and exits. Enter in the vicinity of a moving average on a five-minute chart. If the 25-minute trend is up, buy pullbacks to the EMA on a five-minute chart, especially when oscillators are oversold. Reverse the procedure in downtrends. This is better than chasing breakouts, buying at the highs, or shorting at the lows. Take profits in the vicinity of the channel line. If you buy near the moving average, aim to sell near the upper channel line. If your five-minute oscillators, such as MACD-Histogram, are making new highs and related markets are rallying, you may wait for the channel to be hit or penetrated. If the indicators are weak, grab your profit fast without waiting for prices to touch the channel. Measure your performance as the percentage of the channel width. You must be an A trader to make day-trading worthwhile. Even then, you have to prove to yourself that you can make more money day trading than position trading. Try to trade only a few times a day and aim to catch at least a third of that day’s range. Enter cautiously, but run fast. Do not trade during after-hours sessions when markets tend to be
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very thin.
第一重滤网
运用趋势指标，分析长期图表，制定战略决策，确定做多，做空或观望。 选择你最喜欢的周期，并把它定义为中间周期。
在此，我们选择五分钟图表作为中间周期，每根柱线都代表五分钟的交易活动。当然交易者也可以选择稍长周期的图表来满足需要。不过，不应选择太短的周期，否则是与抢短差的机构交易商较劲。
你也可以与大众的作法完全脱离，选择一个非正统的周期长度，比如七分钟或九分钟图。一些日内交易者，沉迷于技术分析，采用一分钟图甚至闪电图进行分析，并认为与场内数据同步。这是一种错觉。交易场内的数据，需要半分钟或更长的时间来录入上传至卫星并传到交易者电脑屏幕前。所以，普通交易者获取的数据要比场内落后。当市场开始飞奔时，获取数据的时间延迟会让交易者殆误先机。
将中间周期乘以五倍，得到长周期。若中间周期是五分钟图。则长周期是25分钟图。若交易软件件不能查看25分钟图，就用半小时图来替代。一个成功的交易者需要与大众保持距离，所以需采用不同的周期和指标参数。成千上万的人使用半小时图，只有一小撮人采用25分钟图，并得到较快的信号。
用趋势指标分析长期图表，作出战略决策，确定多空方向，决定做多，做空或是观望。 采用20或30单位的指数加权均线，调整均线参数直至适应特定的市场，尽可能减少两面受损的场面。当25分钟均线向上时，表明是上升市道，应当做多或观望。25分钟均线向下的时候，则是下降市场，应做空或观望。分析长周期图表并做出战略决定，然后才能返回中间周期分析图表。成功的日内交易者更重视图表形态，而较少地依赖指标。因为日线产生的缺口会让日内图表的技术指标发生变形。不过，依然有一些指标在日内图表上也是有效的，例如均线和包络线（Envelope），后者也被称为通道。
第二重滤网
返回至中间图表（五分钟图）寻找顺应趋势方向的入场点。
观察五分钟图上的22单位指数加权均线，并画出相应的通道，通道应包括大约95%的价格波动。
均线反映了平均的价值共识，而通道则表明了牛熊状态下的正常波动范围。在上升趋势里做多，那么应在五分钟图表价格回落至均线之下买入，在下降趋势里做空，则在价格反弹至均线之上卖出。注意不要在通道上轨上方做多，因为在那里，市场价值已被高估，也不要在通道下轨做空，在那里市场价值被低估。
采用振荡指标，比如MACD柱线和强力指数（Force Index），来确定超买超卖区域。 顺着浪潮的方向交易，在出现与浪潮反向的波浪时，入市。（注，就是顺应着主要趋势的方向交易，在拉回修正时入场。）
当25分钟图表趋势向上的时候，五分钟图回落的价格和振荡指标都反映了，市场处在临时的熊市不平衡状态，应当做多，当25分钟图表趋势向下的时候，5分钟图上升的价格
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和震荡指标都反映了，市场处在临时的牛市不平衡状态，应当做空。有时，日内交易者会询问，是否应当分析周图和日图。对日内交易来讲，周线基本没有意义，而日线的价值也是有限的。分析过多的周期会导致―分析瘫痪症‖，以致无法交易。
设置安全区域止损
入市后，运用安全区域（参见173页）方法，设立一个保护性的止损。采用―以收盘价为准‖的方法，观察价格的波动。只有当五分钟棒图的收盘价收在你的停损水平之外时，才执行止损。由市场噪声引起的短暂的穿越我们将不予理会。当然，也不应当在执行止损时，心怀侥幸地有所拖延。作为日内交易者，你必须有钢铁纪律！
第三重滤网
第三重滤网处理进场点与出场点的问题。 在五分钟图的指数加权均线附近入市。
当二十五分钟图表趋势向上的时候，则在价格拉回至5分钟图表的均线时买进。若此时振荡指标超卖，则更是做多良机。下降趋势则反之。这种入场方式，胜于突破后追单，追涨杀跌的做法。
在通道的上轨和下轨附近获利出局。在靠近均线处买进，并计划在价格到达通道上轨时平仓。如果五分钟振荡指标，比如MACD柱线，创出新高并且相关市场也在上涨，你可以等待通道被触发或突破，如果指标走弱，则快速获利出局，不须等待价格触发通道。
测试不同的通道宽度与你的交易绩效的关系。
你必须成为一流的交易者，才能证明日内交易是有价值的。
不唯如此，你还必须用更出色的成绩来证实日间短线交易胜过中长线交易。在一天里交易数次，力争抓取日波幅的三分之一以上的利润。谨慎入市，迅捷离场。不要在交易后时段(after-hours trading)入场，此时价格波动很小，没有获利良机。
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