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For about three years, Michael Huddleston taught a price-action trading

methodology here on Babypips. He began several threads, and posted dozens of
videos, using the screen-name InnerCircleTrader. He acquired the
nickname ICT here on this forum, and now he uses that nickname often instead of
his real name.

迈克尔•哈德勒斯顿(Michael Huddleston)在 Babypips 上教授了大约三年的价

格走势交易方法。他用网名 InnerCircleTrader 开了几个帖子，发布了几十个视频。他在

这个论坛上获得了 ICT 这个昵称，现在他经常用这个昵称来代替他的真名。

In February 2013, Michael removed all of his videos from this forum and from his
youtube channel, and left the Babypips community. For 4 years thereafter, he
used his own website, Twitter account, and a re-built youtube channel to teach an
updated version of his methodology. Michael promised that his teaching would
always be his gift to aspiring traders, and he would never charge a fee for it.

2013 年 2 月，迈克尔从这个论坛和他的 youtube 频道上删除了他所有的视频，并离开了

Babypips 社区。在此后的 4 年里，他利用自己的网站、Twitter 账户和一个重建的

youtube 频道来教授他的方法论的更新版本。迈克尔承诺，他的教学将永远是他给有抱负的交易

者的礼物，他永远不会为此收取任何费用。

Sometime in 2016, Michael began teaching his methodology by subscription (fee)

only. And in April 2017, he removed all of his new videos from his website and
from his youtube channel, and closed his public Twitter account.

|2016 年的某个时候，迈克尔开始以收费的方式教授他的方法。2017 年 4 月，他从自己的网

站和 youtube 频道上删除了所有新视频，并关闭了他的公共推特账户

The Glossary which follows (below) refers to Michael’s original methodology – the
one he taught here on Babypips. A lot of the material in this Glossary does not
relate well to his more recent teaching. Nevertheless, the Glossary remains here
on this forum as a reference for those who have access to the original ICT posts
and videos.
下面的术语表参考了迈克尔最初的方法——他在 Babypips 这里教授的方法。本词汇表中的许

多材料与他最近的教学没有很好的联系。尽管如此，术语表仍然在这个论坛上，供那些能够接触到原始

ICT 帖子和视频的人参考。

The older videos have been archived as torrents by certain members of this forum
who were early ICT followers. Search this forum for those torrents, if you are
interested.

较早的视频被本论坛的一些早期 ICT 追随者存档为 torrent。如果您感兴趣，请在论坛中搜索这

些种子。

Page 1
ICT Terms and Abbreviations

ICT 术语和缩略语

Certain words and phrases, below, are italicized to indicate that they are defined
separately, elsewhere in the Glossary.

下面的某些词和短语用斜体显示，表示它们在术语表的其他地方单独定义。

In the following definitions, two abbreviations are used frequently: i.e., meaning
“that is”; and e.g., meaning “for example”.

在下列定义中，经常使用两个缩写:即，意为“那是”;还有 e.g.，意思是“例如”

• Alphabetical terms and abbreviations — A through G

按字母顺序排列的术语和缩写- A 到 G

Accumulation — smart money buying at, or near, a swing low, in order to (1)
enter long positions, or (2) cover short positions (i.e., smart money “buying low”)
积累——聪明的钱在或接近低点时买入，以便(1)进入多头头寸，或(2)回补空头头寸(即，聪明的

钱“低价买入”)。

AD (or A/D) — accumulation and/or distribution

AD(或 A/D) -积累和/或分配

ADR — (see average daily range)

ADR -(见平均日范围)

A-KZ — (see Asian Kill Zone)

A-KZ -(见亚洲收割区)

Anticipatory trade analysis phase — top-down analysis, phase 2: seasonal

tendencies, SMT divergences (yields, USDX, etc.), COT report, and key S/R levels

预期交易分析阶段-自上而下的分析，第二阶段:季节性趋势，SMT 差异(收益率，USDX 等)，

COT 报告和关键 S/R 水平

Asian Kill Zone — nominally 8am-12pm Tokyo time (this time period may be
expanded at the discretion of the trader); this is one of 4 kill zones

亚洲收割区-名义上为东京时间上午 8 点至下午 12 点(此时间段可由交易员酌情扩大);这里是 4 个

收割区之一

Asian range — this term may refer to (1) the 9am-2pm Tokyo time period, (2)
the H-L price range within that period, or (3) price action within that H-L range

亚洲区间-此术语可能指(1)东京时间上午 9 点至下午 2 点期间，(2)该期间的 H-L 价格区间，

或(3)该 H-L 区间内的价格走势

Asian session — 9am-7pm Tokyo time (a low-volume trading session, typically

characterized by price consolidation within a restricted range)

亚洲时段-东京时间上午 9 点至下午 7 点(低成交量交易，典型特征是价格在限制区间内盘整)

ATR — (see average true range)

ATR -(见平均真实距离)

AU — AUD/USD pair

AU-澳元/美元对

Aussie — nickname of the AUD/USD pair

AUSSIE-澳元/美元对的别名

Average daily range (ADR) — the average of the most recent daily H-L ranges;
typically, the last 5 daily H-L ranges are averaged to yield the ADR for day 6

平均每日范围(ADR) -最近的每日 H-L 范围的平均值;通常，最后 5 个日 H-L 范围的平均值

得到第 6 天的 ADR

Average true range (ATR) — daily ATR is similar to average daily range (ADR),
except that ATR accounts for price gaps (e.g., Sunday gaps), but ADR does not

平均真实范围(ATR)——每日 ATR 与平均每日范围(ADR)相似，除了 ATR 考虑了价格

差距(例如，周日差距)，但 ADR 不考虑

Banks (or “big banks”) — top-tier investment banks I[/I] in the interbank
network, engaged in high-volume currency trading — see list on page 5

银行(或“大银行”)——在银行间网络中从事大量货币交易的顶级投资银行 I[/I]——见第 5 页

列表

Bazooka (or ICT bazooka) — Michael sometimes refers to a standard type 2

oscillator divergence as a “bazooka”, to contrast it with the more powerful stinger

巴祖卡(或 ICT 巴祖卡)——迈克尔有时将标准的 2 型振荡器散度称为“巴祖卡”，以便与更强大

的毒刺进行对比

BE — (see break-even)

BE -（见收支平衡）。
Bear flag — a fairly tight, fairly short-duration consolidation pattern formed at
the bottom of a sharp down-move, marking a pause in the down-move

熊旗--在急剧下降运动的底部形成的相当紧密、相当短的盘整形态，标志着下降运动的暂停。

Bias — (see directional bias)

偏见 -（见方向性偏见）。

Big figure — (see figure)

大数字-(见 Figure)

Bill Wolfe — originator of the 5-point wave concept called Wolfe Waves

比尔·沃尔夫——沃尔夫波五点波概念的鼻祖

Break-even — the price at which closing a position (either manually, or by being

stopped-out) results in zero profit and zero loss

盈亏平衡 - 平仓（手动或被止损）导致零利润和零损失的价格。

BST — British Summer Time (BST=GMT+1), the time zone in the U.K. and Ireland
between March and October — see London time

BST -英国夏季时间(BST=GMT+1)，英国和爱尔兰在 3 月到 10 月之间的时区-参见

伦敦时间

Bull flag — a fairly tight, fairly short-duration consolidation pattern formed at the
top of a sharp up-move, marking a pause in the up-move

牛旗 - 在急剧上升的顶部形成的相当紧密、相当短的盘整形态，标志着上升运动的暂停。

Bunds — German government debt instruments; e.g., 2-year Bund, 5-year Bund,
10-year Bund, 30-year Bund

德国国债——德国政府债务工具;例如，2 年期、5 年期、10 年期、30 年期的德国国债

Buy program — a trending market profile in which the directional bias is up

(bullish), and trades in the direction of the trend are long (buys)
买入方案 - 趋势性的市场概况，其中方向性的偏见是向上的（看涨），趋势方向的交易是做多的（买

入）。

Buy zone — given either (1) a HTF bullish bias, or (2) a ranging market, a buy
zone is the price range below the pivot I[/I], or below the TT fair-value zone

买入区--鉴于(1)HTF 看涨的倾向，或(2)区间市场，买入区是指枢轴 I[/I]以下的价格范围，或

TT 公平价值区以下的价格范围。

Cable — one of the nicknames of the GBP/USD pair

镑美-英镑/美元对的别名之一

Caddie — one of the nicknames of the USD/CAD pair

美加 - USD/CAD 对的别名之一

Central bank — the entity responsible for overseeing the monetary system of a
nation, or group of nations — see list on page 5

中央银行——负责监督一个国家或国家集团的货币体系的实体——见第 5 页的列表

CFTC — (see Commodity Futures Trading Commission)

CFTC -(见商品期货交易委员会)

Chris Lori — athlete, fund manager, forex trader, and teacher/mentor — often
mentioned positively by Michael

克里斯·洛里——运动员、基金经理、外汇交易员和教师/导师——经常被迈克尔正面提及

City of London (or The City, or The Square Mile) — the financial district in
London

伦敦市（或称城市，或称广场一英里）--伦敦的金融区

Classic Asian session buy signal — a signal to go long after (1) a late NY
session price decline, and (2) an Asian session price bounce off a key support
level
经典的亚洲时段买入信号--在(1)纽约尾盘价格下跌，以及(2)亚洲时段价格从关键支撑位反弹后的做

多信号

Classic Asian session sell signal — a signal to go short after (1) a late NY
session price rise, and (2) an Asian session price bounce off a key resistance level

经典的亚洲时段卖出信号--在(1)纽约尾盘价格上涨，以及(2)亚洲时段价格从关键阻力位反弹后的做

空信号

Coil expansion pattern — a consolidation pattern (the coil) which is followed by

a break-out (the expansion) whose extent depends on the dimensions of the coil

线圈扩张模式—一种盘整模式（线圈），随后是突破（扩张），其程度取决于线圈的尺寸。

Commercials — large futures and options hedgers whose position sizes require
reporting to the CFTC; their net (aggregate) position appears in the COT report

商业机构--大型期货和期权对冲者，其头寸规模需要向 CFTC 报告；其净（总）头寸出现在 COT

报告中

Commitment of Traders (report) — weekly CFTC report on positions held by 3

classes of traders in individual futures and options contracts (including currencies)

交易员持仓报告-美国商品期货交易委员会关于三类交易员在个别期货和期权合约(包括货币)中的持仓情

况的每周报告

Commodity Futures Trading Commission — U.S. regulator of commodity

futures and spot forex; the CFTC compiles and publishes the COT report

商品期货交易委员会 - 美国商品期货和现货外汇的监管机构；CFTC 汇编和发布 COT 报告。

Commodity Research Bureau Index (CRB Index)— an index of 19

commodities (agriculturals, metals, oil & gas); it is used as one element of inter-
market analysis

商品研究局指数（CRB 指数）--19 种商品（农业、金属、石油和天然气）的指数；它被用作市场

间分析的一个要素。
Confluence — occurrence of two or more significant technical levels (e.g., a pivot
level and an OTE) at the same (or nearly the same) price on a chart

汇合 - 在图表上出现两个或更多的重要技术水平（例如，枢轴水平和 OTE），且价格相同（或几乎

相同）。

Consolidation — a time period (consolidation period) in which price moves in a

narrow range (consolidation range), typically bounded by short-term S/R levels

盘整-一段时间(盘整期)，价格在一个狭窄的范围内移动(盘整范围)，通常受短期 S/R 水平的限制

Correlated pairs — two currency pairs whose prices move roughly in tandem
(example: EUR/USD and GBP/USD; another example: AUD/USD and NZD/USD)

相关货币对-两种货币对的价格波动大致一致(例如:欧元/美元和英镑/美元;另一个例子:澳元/美元和纽

元/美元)

Correlated pair SMT — (see the list of Smart Money Tools on page 5)

相关性的 SMT-(见第 5 页 Smart Money 工具列表)

COT (or COT report) — (see Commitment of Traders report)

COT（或 COT 报告）--（见交易员持仓报告）

CRB Index — (see Commodity Research Bureau Index)

CRB 指数 - （见商品研究局指数）。

Day trade (or intraday trade) — a trade in which the entry and exit are
expected to occur within the same trading day, and the profit target is 30-100
pips

日间交易（或日内交易） - 预期在同一交易日内进场和出场的交易，盈利目标为 30-100 点。

DD — (see drawdown)

DD — (见 缩减)

Demo — a practice platform, practice account, or practice trade, etc.

模拟 - 练习平台，练习账户，或练习交易等。
Directional bias — current direction of price movement (as determined
on HTF’s), deemed to be the tradable trend (see buy program, and sell program)

方向性偏见——当前价格运动的方向(由 HTF 决定)，被视为可交易趋势(见买入程序和卖出程序)

Distribution — smart money selling at, or near, a swing high, in order to (1)
enter short positions, or (2) liquidate long positions, (i.e., smart money “selling
high”)

分配——聪明的资金在高位或附近卖出，以便(1)进入空头头寸，或(2)出清多头头寸(也就是说，

聪明的资金“高价卖出”)。

Doji — a candlestick having a very small real body (or no real body), with upper
and/or lower wicks of any length; it often indicates a swing high or swing low

Doji -烛台有一个非常小的实体(或没有实体)，上面和/或下灯芯的长度任意;它通常表示波段高点或

波段低点

Dollar — proper name of the U.S., Canadian, Australian and New Zealand
currencies, often abbreviated $, C$, A$ and NZ$, respectively

Dollar - 美国、加拿大、澳大利亚和新西兰货币的正式名称，通常分别缩写为$、C$、A$和

NZ$。

Duble-tap — given an OTE retracement from a SH (or SL), a double-tap involves

taking 1st profit at the SH (or SL), and 2nd profit at a higher profit-target

两次利用 - 给出一个从 SH（或 SL）开始的 OTE 回撤，两次利用包括在 SH（或 SL）上获

取第一笔利润，并在更高的利润目标上获取第二笔利润。

Double zeros (00’s) — (see figure)

双零（00's）--（见 Figure）。

Drawdown — a measure of account depletion due to accumulated losses

缩减 - 衡量因累积损失而导致的账户耗损
Dumb money — (see street money)

傻子钱--（见街头钱）。

EDT — Eastern Daylight Time (EDT=GMT-4), the time zone in the eastern U.S. and
Canada between March and November — see New York time

EDT - 东部夏令时间（EDT=GMT-4），美国东部和加拿大在 3 月至 11 月期间的时区

- 见纽约时间

EG — EUR/GBP pair

EG -欧元兑英镑

EJ — EUR/JPY pair

EJ - 欧元/日元对

EMA — (see exponential moving average)

EMA - （见指数移动平均线）。

Equity management — (see risk management)

股权管理——(见风险管理)

EPA — estimated price at arrival; in a classic Wolfe Wave set-up, the price-point
at the intersection of the EPA line and a vertical line drawn from the ETA

EPA - 估计到达价格；在经典的沃尔夫波浪设置中，EPA 线和从 ETA 画出的垂直线相交处的

价格点。

EPA line — in a classic 5-point Wolfe Wave set-up, the EPA line is a line drawn
through points 1 and 4, and projected to the right; the EPA lies on this line

EPA 线--在经典的 5 点沃尔夫波浪设置中，EPA 线是一条穿过 1 点和 4 点并向右投射的线；

EPA 位于这条线上。

EST — Eastern Standard Time (EST=GMT-5), the time zone in the eastern U.S.
and Canada between November and March — see New York time
EST - 东部标准时间（EST=GMT-5），美国东部和加拿大在 11 月至 3 月期间的时区

- 参见纽约时间

ET — Eastern Time in the U.S. and Canada (New York time) — ET is

either EST or EDT, depending on time of year

ET - 美国和加拿大的东部时间（纽约时间） - ET 是 EST 或 EDT，取决于一年中的时间

ETA — estimated time of arrival; in a classic 5-point Wolfe Wave set-up, the time
(on a chart) indicated by the intersection of line 1-3 and line 2-4

ETA - 预计到达时间；在经典的 5 点沃尔夫波浪设置中，由 1-3 线和 2-4 线的交叉点表示的

时间（在图表上）。

ETA line — in a classic 5-point Wolfe Wave set-up, the ETA line is a line drawn
through points 1 and 3, and projected to the right; the ETA lies on this line

ETA 线--在经典的 5 点沃尔夫波浪设置中，ETA 线是一条穿过 1 点和 3 点并向右投射的线；

ETA 位于这条线上。

EU — EUR/USD pair

EU - 欧元/美元对

Euro — proper name of the European Union single currency, symbol €; also, one
of the nicknames of the EUR/USD pair

欧元 - 欧盟单一货币的正式名称，符号为€；也是欧元/美元对的昵称之一。

Exponential moving average — a moving average of data from n-number of

periods, weighted exponentially to give greater weight to more recent data

指数移动平均线-n 个周期的数据的移动平均，以指数方式加权，以赋予更大的权重最近的数据

Fair value — the median price in a previous H-L price range (e.g., a previous
Daily price range, or a Trader’s Trinity price range); see no-man’s land

公允价值--以前的 H-L 价格区间（例如，以前的每日价格区间，或交易员的三位一体价格区间）的中

值；见 no-man’s land

Fib — shorthand for fibonacci tool, or fibonacci level; (note: in common usage,
fibonacci is sometimes capitalized)

Fib - 斐波那契工具或斐波那契水平的缩写；（注意：在通常的用法中，斐波那契有时被大写。）

Fibonacci expansion — the use of a fibonacci tool (in the opposite direction to
a fib retracement measurement) in order to establish swing projection price
targets

斐波那契扩展 - 使用斐波那契工具（与斐波回撤测量方向相反），以建立波段预测价格目标

Fibonacci extension — continuation of a fibonacci retracement scale, beyond

the 100% retracement level, typically to 127.2%, 161.8%, 200%, etc.

斐波那契延伸 - 斐波那契回撤尺度的延续，超过 100%的回撤水平，通常是到

127.2%，161.8%，200%，等等。

Fibonacci retracement — a scale for measuring retracements as percentages of

a price range, typically 0%, 23.6%, 38.2%, 50%, 61.8%, 76.4% and 100%

斐波那契回调 - 以价格范围的百分比来衡量回调的尺度，通常是

0%、23.6%、38.2%、50%、61.8%、76.4%和 100%。

Fibonacci tool — a price-measuring tool which divides a price range into

percentages (see fibonacci retracement, fibonacci extension, and fibonacci
expansion)

斐波那契工具 - 一种价格测量工具，将价格范围划分为百分比（见斐波那契回撤、斐波那契扩展和斐波

那契扩展）。

Fiber — one of the nicknames of the EUR/USD pair

Fiber--欧元/美元货币对的绰号之一

Fig — shorthand for figure

FIG--数字的简写

Figure — price of the form x.xx00 (or xxx.00 in the case of yen pairs) — also
called fig, big figure, full figure, and double zeros (00’s); compare to handle
数字 - 形式为 x.xx00（或在日元对的情况下为 xxx.00）的价格 - 也称为数字、大数字、

全数字，以及双零（00）。比较与 handle

Fractal — (def.1) one of the many price patterns which repeat themselves in all
markets, on all time frames from 1-minute (or lower) to 1-Month (or higher)

分形 - (def.1)在所有市场中，在 1 分钟（或更低）到 1 个月（或更高）的所有时间框架上重复

出现的许多价格模式之一。

Fractal — (def.2) a pattern of 5 consecutive candles, in which the center candle

has the highest high of the 5 candles, or the lowest low of the 5 candles

分形 - (def.2)由 5 根连续的蜡烛组成的形态，其中中心蜡烛具有 5 根蜡烛中的最高点，或 5

根蜡烛中的最低点。

Fractal high — in a 5-candle fractal pattern, if the center candle has the highest
high of the 5 candles, then that high is a fractal high

分形高点--在 5 根蜡烛的分形形态中，如果中心蜡烛有 5 根蜡烛中的最高点，那么这个高点就是分形

高点。

Fractal low — in a 5-candle fractal pattern, if the center candle has the lowest
low of the 5 candles, then that low is a fractal low

分形低点--在 5 根蜡烛的分形形态中，如果中心蜡烛有 5 根蜡烛的最低点，那么这个低点就是分形低

点。

Franc — proper (French language) name of the Swiss currency, symbol Fr, SFr or
₣ (German language name - frank; Italian language name - franco)

Franc - 瑞士货币的专有名词（法语），符号 Fr、SFr 或₣（德语名称 - frank；意大利

语名称 - franco）。

Full figure — (see figure)

全图--（见 Figure）
Fundamental analysis — analysis of macro-economic factors (interest rates,
inflation, GDP, unemployment, etc.) which influence long-term currency trends

基本面分析 - 分析影响长期货币趋势的宏观经济因素（利率、通货膨胀、GDP、失业等）。

Feneral market analysis phase — top-down analysis, phase 1: analysis of

interest rates, USDX, Treasuries, stock indices, CRB Index, and gold and oil

一般市场分析阶段--自上而下的分析，第一阶段：分析利率、USDX、国债、股票指数、CRB 指

数，以及黄金和石油。

Gilts — British government debt instruments; e.g., 2-year Gilt, 5-year Gilt, 10-
year Gilt, 30-year Gilt

金边债券 - 英国政府债务工具；例如，2 年期金边债券、5 年期金边债券、10 年期金边债券、30

年期金边债券

GJ — GBP/JPY pair

GJ - 英镑/日元对

GLGT — “Good Luck and Good Trading”, the signature used by Michael (and
others)

GLGT - "好运和好交易"，迈克尔（和其他人）使用的签名。

GMT — Greenwich Mean Time - the time of day at the Prime Meridian (defined as
longitude 0°) in Greenwich England; also, the basis for a world system of 24
hourly time-zones, designated by GMT offsets (GMT-1, GMT+1, GMT+5½, etc.).
See UTC.

GMT - 格林威治标准时间 - 英国格林威治主子午线（定义为经度 0°）的一天的时间；也是世界

24 小时时区系统的基础，由 GMT 偏移量指定（GMT-

1，GMT+1，GMT+5½，等等）。见 UTC。

GMT pivots — see London pivots

GMT 枢轴 - 见伦敦枢轴
GU — GBP/USD pair

GU - 英镑/美元对

Gunning stops — (see stop hunt)

狙击止损--（见止损狩猎）

– continued on page 2 –

Page 2
ICT Terms and Abbreviations

B[/B]

• Alphabetical terms and abbreviations — H through O

•字母术语和缩写-H 到 O

H&S (or HS, or H-S, or H/S) — (see head-and-shoulders top)

H&S（或 HS，或 H-S，或 H/S）-（见头肩顶和头肩底）

H1, H4, D1, etc. — chart time-frames (1-hour chart, 4-hour chart, Daily chart,
etc.); expanded list: m1, m5, m15, m30, H1, H2, H3, H4, H6, H8, D1, W1, M1

H1、H4、D1 等-图表时间框架（1 小时图表、4 小时图表、每日图表等）；展开列表：

m1、m5、m15、m30、H1、H2、H3、H4、H6、H8、D1、W1、m

Hammer — a candlestick (of either color) having a short real body, a very short
upper wick, and a long lower wick; it typically occurs following a down-move

锤子线——一根烛台（任何一种颜色），实体很短，上烛芯很短，下烛芯很长； 它通常发生在下跌之

Handle — given a price of the form x.xxyy (or xxx.yy in the case of yen pairs),
the part of the price denoted by x’s is referred to as the “handle”
手柄 - 给定一个形式为 x.xyy（或 xxx.yy，如果是日元对）的价格，由 x 表示的价格部分被

称为 "手柄"

Hanging man — a candlestick identical to a hammer, except that it typically

occurs following an up-move

上吊线——与锤子相同的烛台，除了它通常发生在上涨之后

Head-and-shoulders top — an ITH (the “head”) preceded by, and followed by, a
lower ITH; or a LTH (the “head”) preceded by, and followed by, a lower LTH

头肩顶——一个 ITH（“头”）前面和后面是一个较低的 ITH； 或一个 LTH（“头部”），

前面和后面是一个较低的 LTH

HH — higher high

HH-更高的高点

Hidden divergence — trend-following divergence (see Type 2 divergence)

隐藏背离——趋势跟踪背离（见 Type 2 divergence 类型 2 背离）

Hidden OTE — an OTE found by pulling a fib (1) from a price point other
than a SH or SL (e.g., a KSR, a fig, or mid-fig), or (2) from SH to SH, or
from SL to SL

隐藏的 OTE - 通过从 SH 或 SL 以外的价格点（例如，KSR、数字或中型数字）或（2）

从 SH 到 SH，或从 SL 到 SL，发现的 OTE

High probability price patterns — certain candlestick patterns and chart

patterns which reliably signal price direction — see list on page 5

高概率价格模式——某些烛台模式和图表模式能够可靠地指示价格方向——见第 5 页的列表

Higher time frame — for most day traders and short-term traders, HTF means a
time frame higher than 1-hour (e.g., 4-hour, Daily, Weekly, or Monthly)

更高的时间范围——对于大多数日内交易者和短期交易者来说，HTF 是指高于 1 小时的时间范

围（例如，4 小时、每日、每周或每月）
HL — higher low

HL——更高的低点

H-L — high-low (or high minus low) referring to a price range (e.g., Daily H-L
range, Weekly H-L range, etc.)

H-L——高点-低点（或高点到低点）指价格范围（例如，每日 H-L 范围、每周 H-L 范围

等）

Holy grail (or ICT grail, or ICT holy grail) — an OTE (either buy or sell)
confirmed by a type 2 (hidden, trend-following) oscillator divergence

圣杯（或 ICT 圣杯，或 ICT 圣杯）——由类型 2（隐藏、趋势跟踪）振荡器背离确认的

OTE（买入或卖出）

HTF — (see higher time frame)

HTF-（见更高时间范围）

ICT — (see InnerCircleTrader)

ICT-（请参阅 InnerCircleTrader）

Indi — (see indicator)

Indi-（见 indicator）

Indicator — a derivative of recent price data, computed in real time by

algorithm, which purports to reveal certain trends or tendencies regarding future
prices

指标——近期价格数据的衍生品，通过算法实时计算，旨在揭示未来价格的某些趋势或趋势

InnerCircleTrader — may refer to Michael Huddleston, his methodology, his

tools, his forum threads, or his videos

InnerCircleTrader——可能指的是 Michael Huddleston、他的方法、

他的工具、他的论坛线程或他的视频
Inside day — a daily candle with a lower high, and a higher low, than the
previous daily candle; usually it signals a trend continuation

内包线 - 一个每日蜡烛，其高点和低点均低于前一个每日蜡烛； 通常它标志着趋势的延续

Institutional level (or institutional price level) — price of the form x.xx20
(the 20 level), or x.xx80 (the 80 level)

机构水平（或机构价格水平）——x.xx20（20 水平）或 x.xx80（80 水平）形式的

价格

Interbank network — a group of top-tier banks, electronically linked through

EBS or Reuters for currency trading among themselves and with major clients

银行间网络——一组顶级银行，通过 EBS 或路透社进行电子连接，用于它们之间以及与主要客户

的货币交易

Inter-market analysis — analysis of correlations between interest rates,

equities, commodities and currencies during conditions of inflation or deflation

跨市场分析——在通货膨胀或通缩条件下分析利率、股票、商品和货币之间的相关性

Intermediate-term high — a fractal high preceded by, and followed by, a

lower fractal high

中期高点——分形高点之前和之后是较低的分形高点

Intermediate-term low — a fractal low preceded by, and followed by, a

higher fractal low

中期低点——分形低点之前和之后是更高的分形低点

Inverted head and shoulders bottom — an ITL (the “head”) preceded by, and
followed by, a higher ITL; or a LTL preceded by, and followed by, a higher LTL

倒置的头肩底 - ITL（“头部”）之前和之后是更高的 ITL； 或 LTL 之前和之后是更高的

LTL

ITH — (see intermediate-term high)

ITH——（见中期高点）
ITL — (see intermediate-term low)

ITH——（见中期低点）

JST — Japanese Standard Time (JST=GMT+9), the time zone, year-round,

throughout Japan — see Tokyo time

JST——日本标准时间 (JST=GMT+9)，时区，全年，日本各地——见东京时间

Judas swing — a false price move (by smart money) to run stops and lure street
money to the wrong side of the market, ahead of the real (opposite) move

犹大摇摆——一种虚假的价格变动（通过聪明的钱），在真正的（相反的）变动之前停止并引诱街头

资金进入市场的错误一边

Ken Roberts — trading and lifesyle guru, author, and lecturer; Michael credits
Ken Roberts with the 62%-79% retracement concept (which Michael calls OTE)

肯·罗伯茨——交易和生活方式大师、作家和讲师； Michael 将 62%-79% 回撤概念

归功于 Ken Roberts（Michael 称之为 OTE）

Key S/R — (see key support and resistance levels)

关键 S/R——（见关键支撑位和阻力位）

Key support and resistance levels — S/R levels identified on HTF charts (H4,
D1, W1), and then transferred to the LTF charts being analyzed or traded

关键支撑位和阻力位 - 在 HTF 图表（H4、D1、W1）上确定的 S/R 水平，然后转移到

正在分析或交易的 LTF 图表

Kill zone — one of 4 high-probability time periods (typically 2 hours each) in

which to find trade set-ups using ICT tools; see A-KZ, LO-KZ, NYO-KZ, and LC-KZ

收割区——使用 ICT 工具查找交易设置的 4 个高概率时间段之一（通常每个时间段为 2 小

时）； 参见 A-KZ、LO-KZ、NYO-KZ 和 LC-KZ

Kiwi — nickname of the NZD/USD pair

Kiwi——纽元/美元货币对的昵称
KSR — (see key support and resistance levels)

KSR——（见关键支撑位和阻力位）

KZ — (see kill zone)

KZ——（见收割区）

Large range day — a day whose H-L price range (the day’s high minus the day’s
low) substantially exceeds the day’s ADR

大范围日 - H-L 价格范围（当日最高价减去当日最低价）大大超过当日 ADR 的日子

Large specs — large futures and options speculators whose position sizes
require reporting to the CFTC; their net (aggregate) position appears in
the COT report

大型投机者——头寸规模需要向 CFTC 报告的大型期货和期权投机者； 他们的净（总）头寸出

现在 COT 报告中

Larry Williams — well-known millionaire commodity trader, author, and

lecturer; Michael refers to Larry Williams as one of his mentors

拉里·威廉姆斯——著名的百万富翁商品交易商、作家和讲师； 迈克尔称拉里·威廉姆斯为他的导师之

LC — (see London Close)

LC — (见伦敦收盘)

LC-KZ — (see London Close Kill Zone)

LC -KZ— (见伦敦收盘收割区)

LH — lower high

LH——更低的高点

LL — lower low

LH——更低的低点
L/NY overlap — London/New York overlap (both markets open) 1pm-5pm London
time, 8am-noon, New York time; see London session and New York session

L/NY 重叠 - 伦敦/纽约重叠（两个市场都开放）伦敦时间下午 1 点至下午 5 点，纽约时间上午

8 点至中午； 见伦敦会议和纽约会议

LO — (see London Open)

LO— (见伦敦开盘)

LO-KZ — (see London Open Kill Zone)

LO -KZ— (见伦敦开盘收割区)

London Close — 5pm London time, the end of the normal business day in
London

伦敦收盘——伦敦时间下午 5 点，伦敦正常工作日结束

London Close Kill Zone — nominally 4pm-6pm London time (this time period
may be expanded at the discretion of the trader); this is one of 4 kill zones

伦敦收盘收割区——通常是伦敦时间下午 4 点至下午 6 点（此时间段可根据交易者的判断延长）；

这是 4 个收割区之一

London Open — 8am London time, the beginning of the normal business day in
London

伦敦开盘——伦敦时间上午 8 点，伦敦正常工作日的开始

London Open Kill Zone — nominally 7am-9am London time (this time period
may be expanded at the discretion of the trader); this is one of 4 kill zones

伦敦开盘收割区——名义上是伦敦时间上午 7 点至上午 9 点（此时间段可由交易者自行决定延

长）； 这是 4 个收割区之一

London pivots — daily pivot levels based on midnight London time as the start
of each forex trading day

伦敦枢轴 - 每日枢轴水平基于伦敦时间午夜作为每个外汇交易日的开始
London session — 8am-5pm London time; the final 4 hours of this session
(the L/NY overlap) typically constitute the highest-volume period of the trading
day

伦敦会议——伦敦时间上午 8 点至下午 5 点； 该时段的最后 4 小时（伦敦/纽约 重叠）通常

构成交易日的最高交易量时段

London time — GMT (October-March), or BST=GMT+1 (March-October) —

Note: Michael always refers to London time as GMT, regardless of time of year

伦敦时间——格林威治标准时间（10 月至 3 月），或 BST=GMT+1（3 月至 10

月）——注意：迈克尔总是将伦敦时间称为格林威治标准时间，无论一年中的什么时间

Long-term high — an intermediate-term high preceded by, and followed by, a

lower intermediate-term high

长期高点 - 一个中期高点，然后是较低的中期高点

Long-term low — an intermediate-term low preceded by, and followed by, a

higher intermediate-term low

长期低点——中期低点之前和之后是较高的中期低点

Loonie — one of the nicknames of the USD/CAD pair

Loonie——美元/加元货币对的昵称之一

Lower time frame — for most day traders and short-term traders, LTF means a
time frame lower than 1-hour (e.g., 30-minute, 15-minute, or 5-minute)

更短的时间范围——对于大多数日内交易者和短期交易者来说，LTF 是指低于 1 小时的时间范围

（例如，30 分钟、15 分钟或 5 分钟）

LTF — (see lower time frame)

LTF——（更短的时间范围）

LTH — (see long-term high)

LTH——（长期高点）
LTL — (see long-term low)

LTL——（长期低点）

MA (or SMA) — (see moving average)

MA（或 SMA）——（移动平均线）

MACD — (see moving average convergence/divergence indicator)

MACD——（移动平均收敛/发散指标）

Mjor market analysis (MMA) — (see inter-market analysis)

主要市场分析 (MMA)——（参见跨市场分析）

Market flow — market direction (trend) indicated by the most recent break of
a fractal high or low on a HTF chart (H1, H4, D1, W1); compare to market
structure

市场流向——由 HTF 图表（H1、H4、D1、W1）上分形高点或低点的最新突破所指示

的市场方向（趋势）； 与市场结构比较

Market-maker — a top-tier bank, a member of the interbank network (where the

currency market is literally “made”); see banks, and smart money

做市商——顶级银行，银行同业网络的成员（货币市场实际上是“制造”的）； 查看银行和智能货币

Market-maker profile —

做市商简介——

Market profile — one of 4 current market environments: consolidation range

profile, breakout (real or false) profile, trending profile, and reversal profile

市场概况 - 当前 4 种市场环境之一：盘整范围概况、突破（真实或虚假）概况、趋势概况和反转概况

Market structure —an analysis method based on patterns of STH’s, STL’s, ITH’s,
ITL’s, LTH’s and LTL’s on higher time frame (HTF) charts (H4, D1, and W1)

市场结构——一种基于更高时间框架 (HTF) 图表（H4、D1 和 W1）上的

STH、STL、ITH、ITL、LTH 和 LTL 模式的分析方法

MF — (see market flow)

MF——（市场流动）

Michael — Michael Huddleston (screen-names: InnerCircleTrader and ICT),

American stock/commodity/currency trader, and former contributor on the
Babypips site

Michael — Michael Huddleston（网名：InnerCircleTrader 和

ICT），美国股票/商品/货币交易员，Babypips 网站的前撰稿人

Mid fig — (see mid figure)

Mid fig——（见 mid figure）

Mid figure — price of the form x.xx50 (the 50 level)

中位数 - x.xx50 形式的价格（50 级别）

Millionaire Traders’ Guild — Michael’s thread (closed) on the “Show Me the

Money - Daytrading” forum, emphasizing a plan-based approach to using
the ICT tools

Millionaire Traders' Guild - Michael 在“Show Me the

Money - Daytrading”论坛上的主题（已关闭），强调使用 ICT 工具的基于计划的方

MM — def.1 (see market-maker)

MM——def.1（见做市商）

MM — def.2 (see money management)

MM——def.2（见资金管理）

MMA — major market analysis (see inter-market analysis)

MMA——主要市场分析（见跨市场分析）
MMP — (see market-maker profile)

MMP——（参见做市商简介）

Momentum indicator — a technical indicator (e.g., MACD) which measures the

strength of a prevailing trend; it can be used instead of a price oscillator

动量指标——衡量主流趋势强度的技术指标（例如 MACD）； 它可以用来代替价格振荡器

Money management — the proper use (in planning a trade) of position

size, stop-loss, and R/R (reward/risk) ratio in order to limit losses and preserve
capital

资金管理——正确使用（在计划交易中）头寸规模、止损和 R/R（回报/风险）比率，以限制损失

和保存资本

Moving average (or simple moving average) — the average of the data from
the most recent n-number of periods, not weighted (compare to EMA)

移动平均线（或简单移动平均线）——最近 n 个周期的数据平均值，未加权（与 EMA 相比）

Moving average convergence/divergence indicator I[/I] — a momentum

indicator which uses 3 EMA’s to compute a histogram depicting price momentum

移动平均收敛/发散指标 I[/I] - 一个动量指标，它使用 3 个 EMA 来计算描述价格动量的直方

MR1, MR2, etc. — intermediate resistance levels (computed from pivot-point

formulas) — see ICT Pivot-Point Formulas on page 5

MR1、MR2 等——中间阻力水平（根据枢轴点公式计算）——参见第 5 页的 ICT 枢

轴点公式

MS — (see market structure)

MS——（见市场结构）

MS1, MS2, etc. — intermediate support levels (computed from pivot-point

formulas) — see ICT Pivot-Point Formulas on page 5
MS1、MS2 等——中间支撑水平（根据枢轴点公式计算）——请参阅第 5 页的 ICT

枢轴点公式

MT4 — a retail trading platform, licensed worldwide to brokers, popular for its
MQL4 scripting language allowing creation of EA’s, custom indicators, and scripts

MT4 - 一个零售交易平台，在全球范围内向经纪人授权，因其 MQL4 脚本语言而广受欢迎，允

许创建 EA、自定义指标和脚本

MTG — (see Millionaire Traders’ Guild)

MTG——（参见百万富翁交易商协会 Millionaire Traders’ Guild）

Negatively correlated pairs — two currency pairs whose prices move (roughly)
in opposite directions (example: EUR/USD and USD/CHF)

负相关货币对——价格（大致）朝相反方向移动的两个货币对（例如：欧元/美元和美元/瑞士法郎）

Nested OTE — an OTE within an OTE — a smaller I[/I] price swing with
an OTE retracement, nested within a larger I[/I] price swing with its (larger) OTE

嵌套 OTE - OTE 中的 OTE - 具有 OTE 回撤的较小 I[/I] 价格波动，嵌套在具有

（较大）OTE 的较大 I[/I] 价格波动中

New York Open — 8am New York time, the beginning of the normal business
day in New York

纽约开盘——纽约时间上午 8 点，纽约正常工作日的开始

New York Open Kill Zone — nominally 7am-9am New York time (this time
period may be expanded at the discretion of the trader); this is one of 4 kill zones

纽约开盘收割区——名义上是纽约时间上午 7 点至上午 9 点（此时间段可根据交易者的判断延

长）； 这是 4 个杀伤区之一

New York pivots — daily pivot levels based on midnight New York time as the
start of each forex trading day

纽约枢轴——每日枢轴水平基于纽约时间午夜作为每个外汇交易日的开始
New York session — 8am-5pm New York time; the first 4 hours of this session
(the L/NY overlap) typically constitute the highest-volume period of the trading
day

纽约时段——纽约时间上午 8 点至下午 5 点； 本交易时段的前 4 小时（纽约/伦敦 重叠）通

常构成交易日的最高交易量时段

New York time — EST=GMT-5 (Nov-March), or EDT=GMT-4 (March-Nov) —

Note: Michael always refers to New York time as EST, regardless of time of year

纽约时间——EST=GMT-5（11 月至 3 月）或 EDT=GMT-4（3 月至 11

月）——注意：Michael 始终将纽约时间称为 EST，无论一年中的什么时间

News — shorthand for scheduled economic data releases, whose release dates
and times are known in advance, and whose metrics are forecast in advance

新闻——预定经济数据发布的简写，其发布日期和时间是提前知道的，其指标是提前预测的

NFP — (see Non-Farm Payroll report)

NFP——（参见非农工资报告）

Nick Van Nice — originator of the concept of hidden

divergence (which Michael refers to as type 2 divergence)

Nick Van Nice - 隐藏背离概念的创始人（迈克尔将其称为 2 型背离）

No man’s land — on a Trader’s Trinity chart, no-man’s land is the middle 25% of
the (previous) H-L price range; the center of this zone is the fair-value price

无人区——在交易者三位一体图表上，无人区是（之前）H-L 价格范围的中间 25%； 该区域

的中心是公允价值价格

Non-Farm Payroll (report) — U.S. employment report released on the first

Friday of each month by the U.S. Department of Labor; NFP is often a market
mover

非农工资（报告）——美国劳工部在每个月的第一个星期五发布的美国就业报告； NFP 通常是市

场推动者
NYO — (see New York Open)

NYO——（见纽约开盘）

NYO-KZ — (see New York Open Kill Zone)

NYO——（见纽约开盘收割区）

OB/OS — overbought or oversold (this term usually refers to readings generated

by a price oscillator)

OB/OS——超买或超卖（该术语通常指价格振荡器产生的读数）

OHLC (or O-H-L-C) — Open, High, Low and Close — the 4 prices which are
displayed graphically on each candle, or each price bar

OHLC（或 O-H-L-C）——开盘价、最高价、最低价和收盘价——以图形方式显示在每

根蜡烛或每根价格柱上的 4 个价格

OI — (see open interest)

OI——（见未平仓合约）

One-shot-one-kill — ICT sniper tactic: Lie in wait (for a set-up), take aim (at the
set-up), pull the trigger (enter the trade), nail the target (collect pips)

一击一杀——ICT 狙击战术：等待（设置），瞄准（设置），扣动扳机（进入交易），锁定目标

（收集点数）

Open interest — the number of open contracts (those not yet offset or
delivered) in a specific commodity/delivery month; one of the metrics in
a COT report

未平仓合约——特定商品/交割月份的未平仓合约（尚未抵消或交割）的数量； COT 报告中的一

项指标

Optimal trade entry — entry zone between the 62% and 79% retracement
levels — note that 62% and 79% are not standard fib retracement levels
最佳交易入场(OTE) - 62% 和 79% 回撤位之间的入场区域 - 请注意，62% 和

79% 不是标准的斐波拉契回撤位

ORO pattern (or ICT ORO pattern) — Overlapping Reflection and OTE — a
smaller reflection pattern within a larger OTE pattern

ORO 模式（或 ICT ORO 模式）-重叠反射和 OTE-较大 OTE 模式中的较小反射模式

OTE — (see optimal trade entry)

OTE——（参见最佳交易入场）

Oscillator — a technical indicator (e.g., RSI, stochastics, or W%-R) which plots

price as a percentage (from 0% to 100%) of some variable

振荡器——一种技术指标（例如，RSI、随机指标或 W%-R），将价格绘制为某个变量的百分

比（从 0% 到 100%）

Outside day with a down close — an engulfing Daily candle with a lower
close; if confirmed by an oversold indicator, it signals a reversal to the upside

下跌的外包线——收盘较低的吞没日蜡烛；如果被超卖指标所确认，它标志着上涨行情的反转

Overbought — a price which appears to have moved too far counter to a bearish
bias (as indicated by pivots, Trader’s Trinity, or any of various oscillators)

超买 - 与看跌偏见背道而驰的价格（如枢轴点、交易者三位一体或任何各种振荡器所示）

Oversold — a price which appears to have moved too far counter to a bullish
bias (as indicated by pivots, Trader’s Trinity, or any of various oscillators)

超卖 - 似乎与看涨偏见背道而驰的价格（如枢轴点、交易者三位一体或任何各种振荡器所示）

– continued on page 3 –

Page 3
ICT Terms and Abbreviations
B[/B]

• Alphabetical terms and abbreviations — P through S

• 按字母顺序排列的术语和缩写 - P 到 S

P (or PP, or CP) — pivot, or pivot-point, or central piviot (computed from pivot-
point formulas) — see ICT Pivot-Point Formulas on page 5

P（或 PP，或 CP）— 枢轴、或枢轴点或中心枢轴（根据枢轴点公式计算）- 请参阅第 5 页的

ICT 枢轴点公式

PA — (see price action)

PA——（见价格行为）

PSLO — (see protective stop-loss order)

PSLO——（见保护性止损指令）

Pac-man — slang term referring to smart money “gobbling up” stops (like Pac-
Man gobbling up Pac-dots in the 1980’s arcade game)

吃豆人——俚语，指聪明的金钱“吞下”止损(就像 20 世纪 80 年代街机游戏中吃豆人狼吞虎吞

虎咽的吃豆点)

PerfChart — (see Performance Chart)

绩效图表-（请参阅绩效图表）

Performance Chart — chart tracking %-change in price (or yield, etc.) over a
selected time period, starting from a 0% base-line — see list of symbols on page 5

绩效图-图表跟踪%-在选定的时间段内价格（或收益率等）的变化，从 0%基线开始-见第 5 页的符

号列表

Pin — shorthand for pin-bar

Pin-Pin bar 的简写

Pin-bar — a candlestick, of either color, having a long upper or lower wick (or
both), signaling market “hesitation” in the direction of the long wick
Pin-bar - 一根烛台，无论是哪种颜色，都具有较长的上灯芯或下灯芯（或两者兼有），表明市场

在长灯芯的方向上“犹豫”

Point 1, point 2, point 3, point 4, and point 5 — the 5 consecutive short-term

price swing points which constitute a classic Wolfe Wave set-up

第 1 点、第 2 点、第 3 点、第 4 点和第 5 点——构成经典沃尔夫波浪设置的 5 个连续短

期价格摆动点

Position trade — a trade in which the entry and exit are expected to occur
weeks, months (or even years) apart, and the profit target is 1,000 pips or more

持仓交易——预计进入和退出相隔数周、数月（甚至数年），利润目标为 1000 点或更多的交

Pound — informal name of the U.K. currency (proper name: pound sterling); also,
one of the nicknames of the GBP/USD pair

Pound—英国货币的非正式名称（专有名称：Pound sterling）；此外，英镑/美元对

的昵称之一

Pound sterling — proper name of the U.K. currency, symbol £

英镑-英国货币的专有名称，符号£

Power of Three — entry immediately after the close of a three-bar high (or low)
at a key resistance (or support) level on a Daily chart (an advanced technique)

三的力量 - 在日线图上的关键阻力（或支撑）水平的三条高点（或低点）收盘后立即进入（一种高级技

术）

Price action — a method of analyzing and/or trading any market, based only on
price patterns and simple price measuring tools, but excluding indicators

价格行为——一种分析和/或交易任何市场的方法，仅基于价格模式和简单的价格测量工具，但不包括

指标
Profit release phase — in a typical accumulation/distribution scenario, this is
the price range between the accumulation phase and the distribution phase

利润释放阶段——在典型的积累/分配场景中，这是积累阶段和分配阶段之间的价格范围

Protective stop-loss order (PSLO) — formal term meaning the price at which
a stop-loss is initially placed, or the price(s) to which the stop-loss is moved
(trailed)

保护性止损订单 (PSLO) - 正式术语，表示最初设置止损的价格，或移动止损的价格（追踪）

Pro Traders’ Club — Michael’s active thread on the “Newbie Island” forum,
devoted to daily reviews and ICT tool application

Pro Traders' Club - Michael 在“新手岛”论坛上的活跃帖子，致力于日常评论和

ICT 工具应用

PTC — (see Pro Traders’ Club)

PTC——（参见 Pro Traders' Club）

Pull a fib — use a fibonacci tool to delineate a price swing (from initial price to
final price) showing fibonacci retracement levels and fibonacci extension levels

拉斐波那契 - 使用斐波那契工具描绘价格波动（从初始价格到最终价格），显示斐波那契回撤水平和斐

波那契扩展水平

R1, R2, R3, etc. — resistance levels (computed from pivot-point formulas) —
see ICT Pivot-Point Formulas on page 5

R1、R2、R3 等 - 阻力水平（根据枢轴点公式计算） - 请参阅第 5 页的 ICT 枢轴点公式

Range contraction — the tendency for a series of large range days to be

followed by one or more small range days

范围收缩——一系列大范围日之后是一个或多个小范围日的趋势

Range expansion — the tendency for a series of small range days to be followed
by one or more large range days

范围扩大——一系列小范围日之后紧跟一个或多个大范围日的趋势
Reflection pattern — a pattern in which price retraces beyond the OTE zone,
the 100% fib retracement, and the 127% fib extension, creating a “reflected” OTE

反射模式(reflective pattern)——一种价格回撤超出 OTE 区域、100% fib

回撤和 127% fib 延伸，从而创建“反射”OTE 的模式

Regular divergence — trend-reversal divergence (see type 1 divergence)

常规背离——趋势反转背离（见类型 1 背离）

Relative strength index I[/I] — one of 3 price oscillators (RSI,

stochastics, and W%-R) included in the ICT tool-set; use one of these (or
use MACD)

相对强度指数 I[/I] — ICT 工具集中包含的 3 个价格摆动指标（RSI、随机指标和 W%-

R）之一； 使用其中一种（或使用 MACD）

Reversal profile — an early-day price swing (up or down), taking out a key Daily
or Weekly S/R level, followed by a reversal and a larger late-day price swing

反转形态 - 早盘价格波动（上涨或下跌），突破关键的每日或每周 S/R 水平，随后出现反转和较大

的晚盘价格波动

Rip-tide reversal — similar to a turtle soup reversal, but based on a false

breakout of a SH or SL which formed more than 20 periods prior

高潮反转——类似于乌龟汤反转，但基于 20 多个时期之前形成的 SH 或 SL 的虚假突破

Risk — the size of the loss (in pips or in dollars) which will be sustained if a stop-
loss is hit; note that risk is not the probability of sustaining such a loss

风险——如果止损被击中，损失的大小（以点数或美元为单位）； 请注意，风险不是承受这种损失的

概率

Risk management (or equity management) — the combination of money

management plus trade management

风险管理（或股权管理）——资金管理与交易管理的结合
Risk off — widespread trader attitude (or sentiment) in which high-risk positions
are abandoned in favor of lower-risk-lower-return safe-haven positions

避险——普遍的交易者态度（或情绪），放弃高风险头寸，转而支持低风险低回报的避险头寸

Risk on — widespread trader attitude (or sentiment) in which low-risk safe-haven

positions are abandoned in favor of higher-risk-higher-return positions

风险敞口——普遍的交易者态度(或情绪),即放弃低风险的避险头寸，转而持有高风险、高回报的头

RR (or R/R, or R:R) — risk/reward ratio (e.g., SL/TP), or reward/risk ratio

(e.g., TP/SL), depending on the order in which the numbers are stated

RR（或 R/R，或 R:R）——风险/回报比（例如，SL/TP）或回报/风险比（例如，

TP/SL），取决于数字的排列顺序

RR tracks — railroad tracks (refers to two, long, side-by-side candle bodies, with
opposite colors, denoting an engineered price reversal)

RR 轨道—铁路轨道(指两个并排的长蜡烛体，颜色相反，表示价格反转)

RSI — (see relative strength index)

RSI——（见相对强弱指数）

Running stops — (see stop hunt)

流动止损-（参见狩猎止损）

S1, S2, S3, etc. — support levels (computed from pivot-point formulas) —
see ICT Pivot-Point Formulas on page 5

S1、S2、S3 等-支持水平（根据枢轴点公式计算）-见第 5 页的 ICT 枢轴点计算公式

S&D — (see seek and destroy)

S&D —(请参阅“寻找并摧毁”)

Scalp (or scalping trade) — a trade in which the entry and exit are expected to
occur seconds or minutes apart, and the profit target is 30 pips or less
剥头皮交易（或剥头皮交易）——进场和出场预计相隔数秒或数分钟，利润目标为 30 点或更少的

交易

Search and destroy — (see seek and destroy) — note that Michael uses both
terms interchangeably

寻找并摧毁——（参见寻找和摧毁）——请注意，迈克尔可以互换使用这两个术语

Seasonal tendencies — tendencies of many markets (currencies, equities,

commodities, bonds) to make LTH’s or LTL’s at specific times of year

季节性趋势——许多市场（货币、股票、商品、债券）在一年中的特定时间产生 LTH 或 LTL

的趋势

Seek and destroy — a smart money tactic (which savvy retail traders can stalk)
of systematically gunning stops above and below a consolidation range

寻找并摧毁——一种聪明的货币策略（精明的散户交易者可以跟踪）系统地在盘整区间上下止损

Sell program — a trending market profile in which the directional bias is down
(bearish), and trades in the direction of the trend are short (sells)

卖出计划 - 趋势市场概况，其中方向偏见向下（看跌），并且在趋势方向上的交易是空头（卖出）

Sell zone — given either (1) a HTF bearish bias, or (2) a ranging market, a sell
zone is the price range above the pivot I[/I], or above the TT fair-value zone

卖出区域 - 考虑到 (1) HTF 看跌偏见，或 (2) 区间市场，卖出区域是高于枢轴 I[/I] 或高

于 TT 公允价值区域的价格范围

Session — daily period of high-volume forex trading in a particular market,

generally 8am-5pm local time (see Asian session for an exception to this rule)

时段——特定市场的每日大宗外汇交易时段，通常为当地时间上午 8 点至下午 5 点（有关此规则

的例外情况，请参阅亚洲时段）
SH — (see swing high)

SH——（见波段高点）

Shorter time frame (STF)— a time frame shorter than the time frame being
discussed; “shorter time frame” is not necessarily synonymous with lower time
frame (LTF)

更短的时间框架——比正在讨论的时间框架更短的时间框架； “较短的时间范围”不一定与较低的时

间范围 (LTF) 同义

Short-term high — a fractal high which has not evolved into an intermediate-
term high (ITH) or a long-term high (LTH)

短期高点——尚未演变成中期高点 (ITH) 或长期高点 (LTH) 的分形高点

Short-term low — a fractal low which has not evolved into an intermediate-term
low (ITL) or a long-term low (LTL)

短期低点 - 没有演变成中期低点 (ITL) 或长期低点 (LTL) 的分形低点

Short-term trade — a trade in which the entry and exit are expected to occur
within 2 to 5 trading days, and the profit target is 100-300 pips

短线交易——预计在 2 至 5 个交易日内进出的交易，盈利目标为 100-300 点

SL — def.1 (see stop-loss)

SL——def.1（见止损）

SL — def.2 (see swing low)

SL——def.2（见波段低点）

SM — (see smart money)

SM——（见聪明钱）

SMA — simple moving average (see moving average)

SMA——简单移动平均线（见移动平均线）
Small range day — a day whose H-L price range (the day’s high minus the day’s
low) falls substantially short of the day’s ADR

小范围日 - H-L 价格范围（当日最高价减去当日最低价）远低于当日 ADR 的日子

Smart money — large banks and certain other institutions which have
information on resting (stop and limit) orders – information not available to street
money

智能货币或聪明钱——大型银行和某些其他机构，它们拥有关于静止（止损和限价）订单的信息—

—街头货币无法获得信息

Smart Money Tool — an overlay of line charts of 2 (or 3) correlated instruments,

on which short-term price divergences are readily seen — see list on page 5

聪明钱工具——由 2 种(或 3 种)相关工具组成的折线图，从中可以很容易地看到短期价格差异—

—请参见第 5 页的列表

SMT — (see Smart Money Tool)

SMT —(参见聪明钱工具)

SMT div — (see SMT divergence)

SMT div——（参见 SMT 背离）

SMT divergence — deviation from the normal positive or negative correlation

between instruments on an SMT chart, signaling a potential price move

SMT 背离——偏离 SMT 图表上工具之间正常的正相关或负相关，表明潜在的价格变动

Sniper — a trader “lying in wait” for a trade set-up to come into range

狙击手——“等待”交易设置进入范围的交易者

S/R (or S-R, or S&R) — (see support and resistance)

S/R（或 S-R，或 S&R）——（见支撑和阻力）

Sterling — informal name of the U.K. currency (proper name: pound sterling);
also, one of the nicknames of the GBP/USD pair

Sterling——英国货币的非正式名称（专有名称：英镑）； 也是英镑/美元货币对的昵称之一

STF — (see shorter time frame)

STF——（见更短的时间框架）

STH — (see short-term high)

STH——（见短期高点）

STL — (see short-term low)

STL——（见短期低点）

Stinger — in an upmove, a bullish type 1 divergence nested inside a bullish type

2 divergence; in a downmove, nested bearish type 1 and type 2 divergences

毒刺——在上涨行情中，看涨的 1 型背离嵌套在看涨的 2 型背离中； 在下跌趋势中，嵌套的看跌

类型 1 和类型 2 背离

Stoch — (see stochastics)

随机——（见随机）

Stochastics — one of 3 price oscillators (stochastics, RSI, and W%-R) included in

the ICT tool-set; use one of these (or use MACD)

随机指标——包含在 ICT 工具集中的 3 个价格振荡器之一（随机指标、RSI 和 W%-

R）； 使用其中一种（或使用 MACD）

Stock index SMT — (see the list of Smart Money Tools on page 5)

股票指数 SMT —（请参阅第 5 页的 Smart Money 工具列表）

Stop hunt — a price move engineered by smart money in order to trigger stop
and limit orders resting above or below the current market price

狩猎止损 - 由智能货币设计的价格变动，以触发高于或低于当前市场价格的止损和限价订单
Stop-loss — the price level at which a resting order has been placed to close a
position at a loss; or, the anticipated loss, in pips, when that price is hit

止损——在某一价格水平下，已下达止损单以结清亏损头寸；或者，当价格触及时的预期损失，以点

数为单位

Stops — a loose term referring to buy-stop or buy-limit orders resting above the
current market, or sell-stop or sell-limit orders resting below the current market

止损单——一个松散的术语，指高于当前市场的止损单或限价单，或低于当前市场的止损单或限价单

Street money — market participants other than smart money; street money is
not privy to the inside information (resting orders) on which smart money trades

街头货币——智能货币以外的市场参与者；街头货币并不了解聪明货币交易的内部信息(静态订单)

Sunday gap — price difference between Friday’s close and Sunday’s open,
representing price movement over the weekend, while the retail market was
closed

周日跳空——周五收盘价和周日开盘价之间的差价，代表周末价格变动，而零售市场休市

Support and resistance — significant levels below and above the current
market where price has reacted in the past, and might do so again in the future

支撑位和阻力位——价格在过去曾发生反应的当前市场下方和上方的显着水平，并且将来可能会再次

发生反应

Sweet spot — the center of the target area for an OTE, at the 70.5%
retracement level (which is midway between the 62% and 79% retracement
levels)

最佳点——OTE 目标区域的中心，位于 70.5% 回撤位（位于 62% 和 79% 回撤位

之间）

Swing high — any of the following: a three-bar high, a standard 5-bar fractal
high, an intermediate-term high (ITH), or a long-term high (LTH)

波段高点——以下任何一种：三条高点、标准 5 条分形高点、中期高点 (ITH) 或长期高点

(LTH)
Swing low — any of the following: a three-bar low, a standard 5-bar fractal low,
an intermediate-term low (ITL), or a long-term low (LTL)

波段低点 - 以下任何一种：三根柱线低点、标准 5 根分形低点、中期低点 (ITL) 或长期低点

(LTL)

Swing point — a swing high or a swing low

摆动点——摆动高点或摆动低点

Swing projection — given a price swing (in the direction of a clear trend), swing
projection uses fibonacci ratios to estimate the extent of the next price swing

摆动预测——给定价格摆动（在明确趋势的方向上），摆动预测使用斐波那契比率来估计下一个价格

摆动的程度

Swing trade — a trade in which the entry and exit are expected to occur a week
or more (up to several weeks) apart, and the profit target is 300-1,000 pips

波段交易——进场和离场预计相隔一周或更长时间（最多数周）的交易，利润目标为 300-

1,000 点

Swissy — nickname of the USD/CHF pair

Swissy——美元/瑞士法郎货币对的昵称

– continued on page 4 –

Page 4
ICT Terms and Abbreviations

B[/B]

• Alphabetical terms and abbreviations — T through Z

• 按字母顺序排列的术语和缩写 - T 到 Z
TA (or T/A) — (see technical analysis)
TA（或 T/A）——（见技术分析）

Take-profit — the price level at which a resting order has been placed to close a
position with a profit; or, the anticipated profit, in pips, when that price is hit

止盈——为完成某一获利仓位而下达静止订单时的价格水平；或当价格触及时的预期利润(以点子为单

位)

Technical analysis — market analysis based on price action, with or without

technical indicators, but not utilizing fundamental analysis

技术分析——基于价格行为的市场分析，有或没有技术指标，但不利用基本面分析

TF — (see time frame)

TF——（见时间框架）

The City — (see City of London)

城市——（见伦敦金融城）

The Square Mile — (see City of London)

平方英里——（见伦敦金融城）

Three-bar high — a truncated fractal high, containing 3 bars (instead of 5), with
the center bar having the highest high of the 3 bars

三柱高点 - 截断的分形高点，包含 3 个柱（而不是 5 个），中间柱具有 3 个柱中的最高点

Three-bar low — a truncated fractal low, containing 3 bars (instead of 5), with
the center bar having the lowest low of the 3 bars

三柱低点 - 截断的分形低点，包含 3 个柱（而不是 5 个），中间柱具有 3 个柱中最低的低点

Three Indians climax reversal — a series of 3 closely-spaced impulse price

moves (higher or lower), followed by a price reversal

三推高潮反转（三个印第安人激流反转）——一系列 3 个紧密间隔的价格波动(上涨或下跌),然后是

价格反转
Time and price theory — the use of (1) higher time frames (H4, D1, W1, and
M1) to find key S/R, MS, and MF, and (2) confluences (on LTF’s) to time trades

时间和价格理论——使用 (1) 更高的时间框架（H4、D1、W1 和 M1）来找到关键的

S/R、MS 和 MF，以及 (2) 汇合（在 LTF 上）时间交易

Time frame — usually refers to a chart time frame, such as a 5-minute chart, a
4-hour chart, etc.

时间范围——通常是指图表时间范围，例如 5 分钟图表、4 小时图表等。

Time zone — a designated geographical area whose time-of-day is determined in

relation to GMT-time (or UTC-time); example: Moscow time = MSK = GMT+4

时区——一个指定的地理区域，其时间根据 GMT 时间（或 UTC 时间）确定； 例如：莫斯科

时间 = MSK = GMT+4

Tokyo session — 8am-5pm Tokyo time — compare to Asian Session, which

includes the Tokyo session plus the (GMT+8) Singapore and Hong Kong sessions

东京会议——东京时间上午 8 点至下午 5 点——与亚洲会议相比，亚洲会议包括东京会议以及

(GMT+8) 新加坡和香港会议

Tokyo time — JST=GMT+9 (year-round) — note that Japan does not observe
daylight saving time

东京时间——JST=GMT+9（全年）——注意日本没有夏令时

Top-down analysis — (1) general market analysis phase, (2) anticipatory trade
analysis phase, (3) trade execution phase, and (4) trade reaction phase

自上而下分析——(1) 一般市场分析阶段，(2) 预期交易分析阶段，(3) 交易执行阶段，以及

(4) 交易反应阶段

Top-down approach — (see top-down analysis)

自上而下的方法——（参见自上而下的分析）
TP — (see take-profit)

TP——（见止盈）

TPDS — (see Trading Plan Development Series)

TPDS——（参见交易计划开发系列）

Trade execution phase — top-down analysis, phase 3: market tone, risk on or

off, buy or sell program, HTF S/R levels, MS, MF, time and price, and trade entry

交易执行阶段——自上而下分析，第 3 阶段：市场基调、风险开启或关闭、买入或卖出程序、

HTF S/R 水平、MS、MF、时间和价格以及交易入场

Trade management — management of open trades to (1) reduce trade-risk to

zero and protect profits on profitable trades; or (2) cut losses on losing trades

交易管理——管理未平仓交易以 (1) 将交易风险降至零并保护盈利交易的利润； 或 (2) 减少亏

损交易的损失

Trade reaction phase — top-down analysis, phase 4: market failure to move,

price rejection at S/R, news releases, global events, and/or trader issues

交易反应阶段——自上而下的分析，第 4 阶段：市场失灵、S/R 价格拒绝、新闻发布、全球事件

和/或交易者问题

Trader’s Trinity — chart dividing a Daily, Weekly or Monthly H-L range into
zones: lower 25% I,[/I] middle 25% (fair value), and upper 25% I[/I]

交易者三位一体图——将每日、每周或每月的盈亏范围划分为多个区域的图表:较低的 25% I 、

[/I]中间的 25%(公允价值)和较高的 25% I[/I]

Trading plan — written rules specifying the pairs, sessions, times of day, etc., to
be traded; and the analysis methods, money management, etc., to be used

交易计划——指定交易对、交易时段、一天中的时间等的书面规则； 以及使用的分析方法、资金管理

等
Trading Plan Development Series — a video series detailing the use of risk
management, plus fundamental, inter-market, technical, and top-down analysis

交易计划开发系列 - 一个视频系列，详细介绍了风险管理的使用，以及基本面、跨市场、技术和自上而

下的分析

Treasuries — U.S. government debt instruments; e.g., 2-year T-note, 5-year T-

note, 10-year T-note, 30-year T-bond

国库券——美国政府债务工具； 例如，2 年期国债、5 年期国债、10 年期国债、30 年期国

Trend line — an upward-sloping line below a series of progressively higher lows;

or a downward-sloping line above a series of progressively lower highs

趋势线——在一系列逐渐走高的低点下方的向上倾斜线； 或一系列逐渐降低的高点上方的向下倾斜线

Triangle — a consolidation pattern bounded by upper and lower lines which

converge at a point somewhere to the right of the current candle

三角形 - 一种以上下线为界的整合模式，它们在当前蜡烛右侧的某个点处汇合

TT — (see Trader’s Trinity)

TT——（参见交易者三位一体）

Turtle soup — a smart money trade placed counter (opposite) to a typical “turtle
trade”, anticipating a failure of the turtle trade (i.e., the turtles get “eaten”)

海龟汤——一个聪明钱交易将计数器(相反)放置在典型的“海龟交易”，预测海龟交易的失败（即，

海龟交易者被止损）

Tweezers — refers to two, long, side-by-side, upper (or lower) candle wicks, with
opposite colors, typically at a swing high (or swing low)

镊子 - 指两个长的、并排的、上（或下）烛芯，颜色相反，通常处于摆动高点（或摆动低点）

Type 1 divergence — price and oscillator diverge, signaling a probable trend

reversal — bullish: price-LL, oscillator-HL — bearish: price-HH, oscillator-LH
类型 1 背离 - 价格和摆动指标背离，表明可能的趋势反转 - 看涨：价格-LL，摆动指标-HL -

看跌：价格-HH，摆动指标-LH

Type 2 divergence — price and oscillator diverge, signaling a probable trend

continuation — bullish: price-HL, oscillator-LL — bearish: price-LH, oscillator-HH

类型 2 背离——价格和摆动指标背离，表明趋势可能延续——看涨：价格-HL，摆动指标-LL

——看跌：价格-LH，摆动指标-HH

TZ — (see time zone)

TZ——（见时区）

UJ — USD/JPY pair

UJ——美元/日元对

U.S. Dollar Index — the USD measured against a weighted basket of 6

currencies: EUR 57.6%, JPY 13.6%, GBP 11.9%, CAD 9.1%, SEK 4.2%, and CHF
3.6%

美元指数——美元兑 6 种货币的加权篮子衡量：57.6% 欧元、13.6% 日元、

11.9% 英镑、9.1% 加元、4.2% 瑞典克朗和 3.6% 瑞士法郎

USDX — (see U.S. Dollar Index)

USDX——（见美元指数）

USDX SMT — (see the list of Smart Money Tools on page 5)

USDX SMT——（参见第 5 页的智能货币工具列表）

UTC — Coordinated Universal Time - the modern name for the GMT time/time-
zone system. For our purposes, UTC=GMT, and UTC offsets = GMT offsets.

UTC - 协调世界时 - GMT 时间/时区系统的现代名称。 就我们而言，

UTC=GMT，UTC 偏移量 = GMT 偏移量。

W%-R — (see Williams%-R)

W%-R——（见威廉姆斯%-R）

Wall Street — the financial district in Lower Manhattan (New York)

华尔街——曼哈顿下城（纽约）的金融区

What Every New & Or Aspiring Forex Trader…Still Wants To

Know — Michael’s thread (now closed) on the “Newbie Island” forum; starting
point for ICT instruction

每个新的或有抱负的外汇交易者......仍然想知道什么——迈克尔在“新手岛”论坛上的帖子（现已

关闭）； ICT 教学的起点

Whiplash long and catapult short — trading long, then short, when Sunday’s
open gaps lower; the whiplash fills the gap; the catapult extends the down-move

鞭打式多头和弹射式空头——— 当周日的开盘缺口走低时，先做多，然后做空； 回测填补了缺口；

弹射器扩展了向下移动(这翻译凑合看吧)

Whiplash short and catapult long — trading short, then long, when Sunday’s
open gaps higher; the whiplash fills the gap; the catapult extends the up-move

鞭打式空头和弹射式多头——当周日的开盘缺口走高时，先做空，然后做多； 回测填补了缺口； 弹

射器扩展了向上移动

Williams%-R (or Williams%-Range) — one of 3 price oscillators (W%-R,

stochastics, and RSI;) included in the ICT tool-set; use one of these (or use MACD)

威廉姆斯%-R(或威廉姆斯%-范围)-3 个价格振荡指标之一(W%-R，随机指标，RSI)包含

在信息和通信技术工具包中；使用其中之一(或使用 MACD)

Wolfe Waves — a fractal (see def.1) price pattern, consisting of 5 swing

points (point 1, point 2, … etc.), used to predict a target price point 6 (the EPA)

沃尔夫浪 - 一种分形（参见定义 1）价格模式，由 5 个摆动点（点 1、点 2、……等）组成，

用于预测目标价格点 6（EPA）
WW — (see Wolfe Waves)

WW——（参见沃尔夫波浪）

WW1, WW2, etc. — Wolfe Wave point 1, Wolfe Wave point 2, etc.

WW1、WW2 等 - 沃尔夫波点 1、沃尔夫波点 2 等

Yen — proper name of the Japanese currency, symbol ¥; also, nickname of the
USD/JPY pair

日元——日本货币的专有名称，符号 ¥； 此外，美元/日元货币对的昵称

Yield triad SMT — (see the list of Smart Money Tools on page 5)

收益率三合一 SMT-（见第 5 页智能货币工具列表）

Z-configuration — a fractal (see def.1) price consolidation pattern, seen on

all time frames, of which the Z-day is the most often observed

Z 配置-一种分形（见定义 1）价格整合模式，在所有时间框架中都可以看到，其中 Z 日是最常见的

Z-day — a day of price consolidation within a defined range, clearly bounded

by S/R levels; Z-days often evolve into seek and destroy stop hunts

Z 日——在定义范围内的价格盘整日，明确以 S/R 水平为界； Z-days 通常演变成寻找和

摧毁停止狩猎

• Numerical terms

• 数字术语

00’s (double zeros) — x.xx00 (or xxx.00) price level (see figure)

00（双零）-x.xxx00（或 xxx.00）价格水平（见 Figure）

1R, 2R, 3R, etc. — an alternative way of specifying a Reward/Risk I[/I] ratio (i.e.,
Reward = n x Risk); ex: if TP/SL = 3/1, then TP = 3 x SL; that is, TP = 3R

1R、2R、3R 等——指定奖励/风险 I[/I] 比率的另一种方法（即奖励 = n x 风险）；

例如：如果 TP/SL = 3/1，则 TP = 3 x SL； 也就是说，TP = 3R

1.28 projection — this rule says that, if the 2 most recent SL’s were n days
apart, then the next SH will form (approx.) 1.28 x n days after the most recent SH

1.28 投影——这条规则说，如果 2 个最近的 SL 相隔 n 天，那么下一个 SH 将在最近

的 SH 之后（大约）1.28 x n 天形成

5k-1mil — Michael’s 3-year, real-time, live trading demonstration, begun January

2013, to trade 5,000 USD to 1 million USD

5k-100 万——迈克尔的 3 年实时实时交易演示，从 2013 年 1 月开始，交易额为

5,000 美元至 100 万美元

18 EMA — 18-period EMA; together, the 18 EMA and the 40 EMA comprise a
moving-average-crossover indicator, useful for day-trading and short-term trading

18 EMA——18 周期 EMA； 18 EMA 和 40 EMA 共同构成一个移动平均线

交叉指标，可用于日内交易和短期交易

20 level — x.xx20 price level (see institutional level)

20 水平——x.xx20 价格水平（见机构水平）

40 EMA — 40-period EMA; (see 18 EMA, above, for an explanation of its use)

40 EMA——40 周期 EMA； （参见上文 18 EMA，了解其使用说明）

50 level — x.xx50 price level (see mid figure)

50 水平 - x.xx50 价格水平（见中间图）

62 level — shorthand for the 62% retracement level (not a standard fib
retracement level)

62 水平 — 62% 回撤水平的简写（不是标准的斐波拉契回撤水平）

70 level — shorthand for the 70.5% retracement level, which is the OTE sweet
spot (not a standard fib retracement level)

70 水平 — 70.5% 回撤水平的简写，它是 OTE 甜蜜点（不是标准的斐波那契回撤水平）

79 level — shorthand for the 79% retracement level (not a standard fib
retracement level)

79 水平 — 79% 回撤位的简写（不是标准的斐波拉契回撤位）

80 level — x.xx80 price level (see institutional level)

80 水平 — x.xx80 价格级别（参见机构水平）

• PerfChart symbols (a partial list) — note that all prices and yields plotted in
PerfCharts are end-of-day (EOD)

•标的图表代号（部分列表）-请注意，PerfChart 中绘制的所有价格和收益率都是日终

（EOD）

$USD — U.S. Dollar Index (Intercontinental Exchange pricing) — see U.S. Dollar
Index in the alphabetical listing

$USD - 美元指数（洲际交易所定价） - 请参阅按字母顺序排列的美元指数

$CRB — Commodity Research Bureau (CRB) Index (compiled by Reuters/Jefferies)

— see Commodity Research Bureau Index in the alphabetical listing

$CRB——商品研究局 (CRB) 指数（由 Reuters/Jefferies 编制）——参见

商品研究局指数（按字母顺序排列）

$GOLD — spot gold (Chicago Mercantile Exchange pricing)

$GOLD——现货黄金（芝加哥商品交易所定价）

$XBP — one British pound priced in U.S. dollars (PHLX pricing, not spot forex
pricing)

$XBP - 以美元计价的一英镑（PHLX 定价，不是即期外汇定价）

$XEU — one euro priced in U.S. dollars (PHLX pricing, not spot forex pricing)

$XEU - 以美元计价的一欧元（PHLX 定价，不是现货外汇定价）

$XJY — 100 yen priced in U.S. dollars (PHLX pricing, not spot forex pricing) —
note: this chart is the inverse of a standard USD/JPY forex chart
$XJY - 以美元计价的 100 日元（PHLX 定价，不是现货外汇定价） - 注意：此图表是标准

美元/日元外汇图表的倒数

$XAD — one Australian dollar priced in U.S. dollars (PHLX pricing, not spot forex
pricing)

$XAD — 以美元计价的一澳元（PHLX 定价，不是即期外汇定价）

$NZD — one New Zealand dollar priced in U.S. dollars (PHLX pricing, not spot
forex pricing)

$NZD — 以美元计价的一新西兰元（PHLX 定价，不是即期外汇定价）

$UST1M — U.S. Treasury 1-month treasury bill (T-bill) yield

UST100 万美元 - 美国国库券 1 个月期国库券 (T-bill) 收益率

$UST1Y — U.S. Treasury 1-year treasury bill (T-bill) yield

$UST1Y - 美国国库券 1 年期国库券 (T-bill) 收益率

$UST2Y — U.S. Treasury 2-year treasury note (T-note) yield

$UST2Y - 美国国库券 2 年期国债 (T-note) 收益率

$UST5Y — U.S. Treasury 5-year treasury note T-note) yield

$UST5Y - 美国国库券 5 年期国库券 T-note) 收益率

$UST10Y — U.S. Treasury 10-year treasury note (T-note) yield

$UST10Y - 美国 10 年期国库券 (T-note) 收益率

$UST30Y — U.S. Treasury 30-year treasury bond (T-bond) yield

$UST30Y - 美国国库券 30 年期国债 (T-bond) 收益率

(Note that Perf Charts are not currently available for U.K. Gilts or German Bunds)、

（请注意，目前英国金边债券或德国国债没有性能图表）
$INDU — Dow Jones Industrial Average (DJIA)

$INDU——道琼斯工业平均指数 (DJIA)

$SPX — Standard and Poor’s 500 Index (S&P500)

$SPX——标准普尔 500 指数 (S&P500)

$COMPQ — Nasdaq Composite Index

$COMPQ——纳斯达克综合指数

$NDX — Nasdaq 100 Index

$NDX——纳斯达克 100 指数

– continued on page 5 –

Page 5
Selected Lists and Resources

• High probability price patterns — listed in the order in which Michael presented
them; for definitions, refer to the alphabetical listing (pages 1-4)

• 高概率价格模式——按迈克尔介绍它们的顺序列出； 有关定义，请参阅按字母顺序排列的列表

（第 1-4 页）

Doji 十字星

Dammer 锤子

Hanging man 上吊线

Tweezers 镊子

RR tracks RR 轨道

Head-and-shoulders top 头肩顶

Inverted head and shoulders bottom 反转的头肩底

Three Indians climax reversal 三推高潮反转

Triangle 三角形

Bull flag 牛旗

Bear flag 熊旗

Coil expansion pattern 线圈扩张模式

Turtle soup reversal 海龟汤反转

Rip-tide reversal 高潮反转

Reflection pattern 反射模式

Outside day with a down close 下跌的外包线

Inside day 内包线

• Smart Money Tools (SMT’s)

• 聪明钱工具（SMT）

Yield triad SMT’s — in each of the following, the SMT consists of an overlay of
line charts (of yields, not prices) of the positively correlated instruments listed:

收益率三元组 SMT——在以下每一项中，SMT 由列出的正相关工具的折线图（收益率，而不

是价格）的叠加组成：

US Treasury yield triad SMT — the U.S. 2-yr, 5-yr, and 10-yr T-notes; (the U.S.
30-yr T-bond may be included in this overlay, as well)

美国国债收益率三元组 SMT——美国 2 年期、5 年期和 10 年期国债； （美国 30 年期

国债也可能包含在此覆盖范围内）

US/UK/German 2-yr yield triad SMT — the U.S. 2-yr T-Note, the U.K. 2-
yr Gilt, and the German 2-yr Bond
美国/英国/德国 2 年期国债收益率三元组 SMT — 美国 2 年期国债、英国 2 年期金边债券

和德国 2 年期债券

US/UK/German 5-yr yield triad SMT — the U.S. 5-yr T-note, the U.K. 5-
yr Gilt, and the German 5-yr Bond

美国/英国/德国 5 年期国债收益率三元组 SMT — 美国 5 年期国债、英国 5 年期金边债券

和德国 5 年期债券

US/UK/German 10-yr yield triad SMT — the U.S. 10-yr T-note, the U.K. 10
yr Gilt, and the German 10-yr Bond

美国/英国/德国 10 年期国债收益率三合会 SMT — 美国 10 年期国债、英国 10 年期国

债和德国 10 年期债券

USDX SMT’s — in each of the following, the SMT consists of an overlay of line
charts (of closing prices, unless noted otherwise) of the instruments listed:

美元指数 SMT——在以下每一项中，SMT 由所列工具的折线图（收盘价，除非另有说明）叠

加组成：

USDX/fiber SMT — the U.S. Dollar Index and the EUR/USD pair; note that
the USDX is negatively correlated with the fiber

USDX/fiber SMT — 美元指数和欧元/美元对； 请注意，USDX 与欧/美呈负相关

USDX/cable SMT — the U.S. Dollar Index and the GBP/USD pair; note that
the USDX is negatively correlated with the cable

USDX/cable SMT — 美元指数和英镑/美元对； 请注意，USDX 与电缆负相关

USDX/yield triad SMT — the U.S. Dollar Index price, the U.S. 5-yr T-note yield,
and the U.S. 10-yr T-note yield; note the positive correlations

USDX/yield triad SMT — 美元指数价格、美国 5 年期国债收益率和美国 10 年

期国债收益率； 注意正相关
Correlated pair SMT’s — in each of the following, the SMT consists of an
overlay of line charts (of closing prices) of the positively correlated pairs listed:

相关对 SMT——在以下每一个中，SMT 由列出的正相关对的折线图（收盘价）的叠加组成：

fiber/cable SMT — the EUR/USD and the GBP/USD

fiber/cable SMT — 欧元/美元和英镑/美元

aussie/kiwi SMT — the AUD/USD and the NZD/USD

aussie/kiwiSMT —澳元/美元和新西兰元/美元

Stock index SMT — this SMT consists of an overlay of line charts (of closing
prices) of three positively correlated stock indices

股票指数 SMT——这种 SMT 由三个正相关的股票指数(收盘价)的折线图叠加而成

US stock index triad SMT — the DJIA, the S&P500 index, and the Nasdaq index

美国股票指数三元组 SMT——DJIA、S&P500 指数和纳斯达克指数

• ICT Session Times and Kill Zones — expanded descriptions of the session times
and kill zones defined in the alphabetical listing (pages 1-4)

ICT 会话时间和终止区—对按字母顺序排列的列表(第 1-4 页)中定义的会话时间和终止区的扩展

描述

1. The London Session is defined as the normal business day in London, 8am-
5pm London time. During northern hemisphere winter, London time is GMT;
during summer, it is GMT+1. The London Open Kill Zone is a (minimum) 2-hour
period which brackets the 8am opening of the session. The London Close Kill
Zone is a (minimum) 2-hour period which brackets the 5pm close of the session.

1.伦敦时段是指伦敦的正常工作日，伦敦时间上午 8 点到下午 5 点。在北半球冬季，伦敦时间是

GMT 在夏季，它是 GMT+1。伦敦开放杀伤区是一个(最少)2 小时的时间段，包括上午 8 点

的会议开幕。伦敦收盘区是一个(至少)2 小时的时间段，包括下午 5 点收盘。

2. The New York Session is defined as 8am-5pm New York time, which is GMT-5
in the winter, and GMT-4 in the summer.

2.纽约时段被定义为纽约时间上午 8 点至下午 5 点，冬季为 GMT-5，夏季为 GMT-4。

The New York Open Kill Zone is a (minimum) 2-hour period which brackets the
8am opening of the New York Session.

纽约开盘收割区是一个(最少)2 小时的时段，包括纽约时段上午 8 点的开市。

There is no New York close kill zone, because the New York close (5pm New York
time) occurs at the lowest-volume time of the entire 24-hour trading day.
Typically, worldwide forex trading volume is lowest between 5pm and 6pm New
York time each trading day. By contrast, the London Close occurs at the end of
the London/New York Overlap period (1pm-5pm London time, and 8am-noon New
York time), which is the highest-volume 4-hour period of the trading day.

没有纽约收盘收割区，因为纽约收盘(纽约时间下午 5 点)发生在全天 24 小时交易量最低的时候。通

常，全球外汇交易量在每个交易日纽约时间下午 5 点到 6 点之间最低。相比之下，伦敦收盘发生在伦

敦/纽约重叠时段(伦敦时间下午 1 点至 5 点，纽约时间上午 8 点至中午)结束时，这是一个交易日中

交易量最大的 4 小时时段。

3. The Asian Session — as its name implies — does not fit the pattern of the

other two trading sessions. It comprises the trading sessions in Tokyo (and Seoul)
in the GMT+9 time zone, plus the trading sessions in Singapore and Hong Kong
(and several smaller markets) in the GMT+8 time zone. Tokyo is no longer the
largest Asian forex market — Singapore has recently captured that distinction.
Together, Singapore and Hong Kong (which operate simultaneously) account
for 76% more daily forex trading volume than Tokyo.

3. 亚洲时段——顾名思义——不符合其他两个交易时段的模式。 它包括 GMT+9 时区的

东京（和首尔）交易时段，以及 GMT+8 时区的新加坡和香港（以及几个较小市场）的交易时段。

东京不再是亚洲最大的外汇市场——新加坡最近获得了这一优势。 新加坡和香港（同时运作）的每

日外汇交易量比东京多 76%。

The Asian Session is 10 hours long, unlike the London and New York sessions,
which are each 9 hours long. The Session begins at 9am Tokyo time (8am in
Singapore and Hong Kong), and ends at 7pm Tokyo time (6pm in Singapore and
Hong Kong).

亚洲时段长达 10 个小时，不同于伦敦和纽约时段的 9 个小时。会议从东京时间上午 9 点开始(新加

坡和香港为上午 8 点)，到东京时间下午 7 点结束(新加坡和香港为下午 6 点)。

The 5-hour Asian Range is defined as the first half of the 10-hour Asian Session.
The Asian Range has special significance as a bellwether of the new trading day
which has begun in Asia. (Newcomers to the ICT methodology often confuse
the Asian Session and the Asian Range.)

5 小时亚洲时段被定义为 10 小时亚洲时段的前半部分。亚洲区间作为亚洲新交易日的风向标，具有

特殊的意义。(信通技术方法的新来者常常混淆亚洲时段和亚洲范围。)

Finally, the Asian Kill Zone can be thought of as the Asian “open” kill zone. It
begins one hour earlier than the start of the Asian Session, but it continues for a
(minimum) 4 hours (rather than the minimum 2 hours of the other 3 kill zones).
Basically, the Asian Kill Zone extends throughout the morning stock-trading
sessions in Tokyo, Singapore and Hong Kong, prior to their lunch-time recesses.

最后，亚洲收割区可以被认为是亚洲的“开盘”收割区。它比亚洲时段早一个小时开始，但持续了(最

少)4 个小时(而不是其他 3 个收割区的最少 2 个小时)。基本上，亚洲收割区贯穿东京、新加坡和香

港股市早盘交易时段，然后是午休时间。

• ICT pivot-point formulas — these formulas are commonly referred to as

“Classic” pivot-point formulas; they are built into many trading platforms.

• ICT 枢轴点公式——这些公式通常被称为“经典”枢轴点公式； 它们内置于许多交易平台中。

H, L, and C represent the High, Low, and Close of the previous time period
(yesterday, for example, in the case of Daily pivots).

H、L 和 C 代表前一个时间段的最高价、最低价和收盘价（例如，在每日枢轴的情况下，昨天）

P, R1, S1, etc. are price levels computed from H, L, and C, which are projected
onto the current time period (today, in the case of Daily pivots).
P、R1、S1 等是根据 H、L 和 C 计算的价格水平，这些价格水平投影到当前时间段（今天，

在每日枢轴的情况下）。

Here are 9 ICT pivot-levels and their formulas, listed in order from highest price to
lowest price (as they would appear plotted on a chart):

以下是 9 个 ICT 枢轴级别及其公式，按从最高价格到最低价格的顺序列出（它们会显示在图表上）：

Second major resistance level — R2 = P + H - L

第二个主要阻力位— R2 = P + H - L

Second intermediate resistance level — MR2 = (R1 + R2) / 2

第二中间阻力位— MR2 = (R1 + R2) / 2

First major resistance level — R1 = 2P - L

第一个主要阻力位——R1 = 2P-1

First intermediate resistance level — MR1 = (P + R1) / 2

第一个中间阻力位— MR1 = (P + R1) / 2

Pivot (also called pivot-point, or central pivot) — P = (H + L + C) / 3

枢轴(也称为枢轴点或中心枢轴)— P = (H + L + C) / 3

First intermediate support level — MS1 = (P + S1) / 2

第一个中间支撑位— MS1 = (P + S1) / 2

First major support level — S1 = 2P - H

第一个主要支撑位— S1 = 2P - H

Second intermediate support level — MS2 = (S1 + S2) / 2

第二个中间支撑位——MS2 = (S1 + S2) / 2

Second major support level — S2 = P - H + L

第二个主要支撑位 - S2 = P - H + L
(Note that Michael does not use, or refer to, these resistance levels: R4, MR4, R3,
MR3; or these support levels: MS3, S3, MS4, or S4)

（请注意，Michael 没有使用或参考这些阻力位：R4、MR4、R3、MR3；或这些支撑

位：MS3、S3、MS4 或 S4）

• Top-tier investment banks (10 largest in the interbank network) — showing

each bank’s country of domicile and share of the currency market

• 顶级投资银行（银行间网络中最大的 10 家）——显示每家银行的注册国和货币市场份额

CitiGroup (USA) — 10.74% 花旗集团（美国）—— 10.74%

JPMorgan (USA) — 10.34% 摩根大通（美国）—— 10.34%

UBS AG (Switzerland) — 7.56% 瑞银集团（瑞士）——7.56%

Bank of America Merrill Lynch (USA) — 6.73% 美银美林（美国）——6.73%

Deutsche Bank (Germany) — 5.68% 德意志银行（德国）——5.68%

HSBC (UK) — 4.99% 汇丰银行（英国）——4.99%

Barclays Investment Bank (UK) — 4.69% 巴克莱投资银行（英国）——4.69%

Goldman Sachs (USA) — 4.43% 高盛（美国）——4.43%

Standard Chartered (UK) — 4.26% 渣打银行（英国）—— 4.26%

BNP Paribas (France) — 3.73% 法国巴黎银行（法国）——3.73%

(Note that these 10 banks transact more than 63% of the world’s currency trading
volume; source: Euromoney, May 2017)

（请注意，这 10 家银行的交易量占全球货币交易量的 63% 以上；来源：

Euromoney，2017 年 5 月）

• Central banks (a partial list)

• 中央银行（部分列表）
BdeM — Bank of Mexico BdeM —墨西哥银行

BOC — Bank of Canada BOC—加拿大银行

BOE — Bank of England BOE—英格兰银行

BOJ — Bank of Japan BOJ —日本银行

ECB — European Central Bank (presides over the central banks of the 18
countries which are members of both the EU and the EuroZone)

ECB——欧洲中央银行(掌管欧盟和欧元区 18 个成员国的中央银行)

FRS (or Fed) — Federal Reserve System (the central bank of the U.S., consisting of
12 regional Federal Reserve Banks)

美联储体系(美国中央银行，由 12 家美联储地区银行组成)

HKMA — Hong Kong Monetary Authority HKMA —香港金融管理局

MAS — Monetary Authority of Singapore MAS—新加坡金融管理局

NY Fed — Federal Reserve Bank of New York (the largest and most powerful of the
12 regional Federal Reserve Banks in the U.S.)

NY Fed — 纽约联邦储备银行（美国 12 家地区联邦储备银行中最大和最强大的）

PBOC — People’s Bank of China PBOC——中国人民银行

RBA — Reserve Bank of Australia RBA：澳大利亚储备银行

RBNZ — Reserve Bank of New Zealand RBNZ——新西兰储备银行

SNB — Swiss National Bank SNB：瑞士国家银行

• ICT book recommendations — books that Michael has recommended in his

threads and/or in his videos

• ICT 书籍推荐——Michael 在他的主题和/或视频中推荐的书籍

约翰·墨菲 ：

Intermarket Technical Analysis (1991) — John J. Murphy

Technical Analysis of the Financial Markets (1999) — John J. Murphy
Intermarket Analysis (2004) — John J. Murphy
The Visual Investor: How to Spot Market Trends (2009) — John J. Murphy

杰克 D. 《》

Market Wizards (1988) — Jack D. Schwager

The New Market Wizards (1994) — Jack D. Schwager
Stock Market Wizards (2003) — Jack D. Schwager
Market Wizards - Updated (2012) — Jack D. Schwager

拉瑞·威廉姆斯-《与
》
舞
共
狼
Trade Stocks and Commodities with the Insiders: Secrets of the COT
Report (2005) — Larry Williams

The Commitments of Traders Bible (2008) — Stephen Briese 暂无中文出版

亚历山大.埃尔德-《以交易为生》
Trading for a Living: Psychology, Trading Tactics, Money
Management (1993) — Alexander Elder

劳伦斯·A.《》
Street Smarts: High Probability Short-Term Trading Strategies (1996) —
Linda Bradford Raschke and Laurence A. Connors
 /》
瑞安·琼斯-《交
戏
游
易
The Trading Game: Playing by the Numbers to Make Millions (1999) —
Ryan Jones

Trade What You See: How To Profit from Pattern Recognition (2007) —

Larry Pesavento and Leslie Jouflas 暂无中文出版