一、震倉
市場專家希望在趨勢強勁時增加自己的或客戶的頭寸。那麼他將如何做呢？如果他大量的買入，那麼價格將會直線上升。他們的黃金法則是：逢低買進。
耐心
市場專家等待交易時機：等待趨勢鞏固或者短期調整。他們知道此時市場波動小：買方暫時失去興趣。他們也知道大部分的交易者的止損位置：在一個強勁走勢中，大部分交易者都會通過在短期或中期低點處設置止損以鎖定利潤。而在鞏固階段，他們通常在趨勢通道的下方設置止損。
在市場波幅有限的時候，一些精心設計的賣單就會將股價拖離支撐位。止損被觸發，同時一部分交易者恐慌性賣出，市場上因此充斥著賣單。此時，市場專家不斷以低價買入股票，價格逐漸回升到正常水平。在虧損的一批交易者抱怨命運的時候，股價卻在飙升。
例：
下圖股票在幾年的強勁增長後，在$6.00附近進行了短期調整。
[1]處短暫低點之後，股價在$6.00處迎來了為期兩個月的調整。在[2]處跌落至[1]處支撐位$5.80的下方並觸發恐慌性賣空。市場專家迅速買入，收盤價最終回升到支撐位之上。[3]、[4]處的支撐位在$6.00，市場在[5]處進行了第二輪震倉。
二、假突破
如果市場專業人士在股票市場鞏固（市場買賣均衡的信號）過程中想平掉手中所持有的大部分股票，他知道，不能簡單的大量抛售，因為這會破壞市場平衡並導致價格下跌。黃金法則是：逢高賣出。所以，他會等待時機，當價格上探阻力位時賣出。有時，他甚至會利用一些精心策劃的買單使價格假性突破趨勢通道的阻力位。
突破後交易：趨勢鞏固過程中的突破交易是最受歡迎的，同時也是過去交易者盈利了主要手段。問題是，大部分交易者都可以輕而易舉的識別鞏固趨勢，找到支撐和阻力位：如果不是整數點位，那麼至少將會有兩個高點在同一價位。當價格突破阻力位後，市場上會立刻產生一陣興奮。大量的挂單被觸發，多單不斷的進入，每個人都希望盡早的進場。此時，誰會在觀望，並適時的釋放出部分流動性？市場專業人士逐漸的賣出股票（不驚動市場整體趨勢），直到賣出手中大部分股票。
另外一些市場專業人士意識到了趨勢的變化，並開始賣出股票。股價因此逐漸失去上升的動力並回撤到新的支撐位下方（原阻力位），大量的止損被觸發，引發新一輪的大規模平倉。
在幾個小時之内，市場專業人士獲得了相當大的盈利。這是一個相當有難度的遊戲——你需要依靠自己的智慧生存——同時，回報也是巨大的。他們很高興的向客戶匯報自己過去幾天的盈利狀況，並從中抽取豐厚的佣金——他們應得的。
例：
澳大利亞西太平洋銀行股價於2003年初期在經歷了一個寬幅的雙底之後開始反彈，並在$13.00出下跌。價格從[2]處開始了窄幅鞏固，伴隨著少量交易量，並在[3]處震倉：
• 價格突破阻力位；
• 價格反彈引起大量賣單；
• 價格被拉至阻力位之下；
• 以上都是發生在一天之中。
交易者在[5]處變得更加的謹慎，價格波動幅度小，交易量也沒有增加。[6]處缺口形成，產生了真實突破。在進一步上漲之前，於[7]處遇到了一輪抛售。
The Shakeout
(Tricks of the Trade)
A market professional may want to accumulate a large position in a stock that is trending strongly; either for his own account or for a major client. How does he/she do this? If he starts placing buy orders in the pool, he will chase the stock up sky high, without being able to build a big enough line. The golden rule is: buy into weakness.
Patience
The professional bides his time, waiting for the stock to consolidate or start a short-term correction. He knows that trading will be quiet during this phase: buyers lose interest for a while and look elsewhere. He also knows where most traders have their stops.
Adjusting Stops
In a strong-trending stocks, most traders will seek to lock in profits by placing their stops below the previous short-term (or intermediate) low. In a consolidation they tend to move their stops up to just below the base.
For further details see Adjusting Stop Levels.
A few well-placed sell orders on a quiet day will drive the stock below its' support level. Stops are triggered, sending a flood of sell orders into the market. Everyone takes fright while our market professional steps forward and scoops the pool; buying in the face of the correction. Selling dries up when the stops are filled and the stock soon recovers back into its normal trading range. Everything returns to normal; except that our market professional now has a sizeable parcel of stock, accumulated at bargain-basement prices; and a group of punters curse their luck while the stock soars into the stratosphere.
EXAMPLE
Unitab Limited holds various gambling monopolies in Australia. The stock had been in a strong up-trend for several years before a consolidation around $6.00.
After a brief low (at [1] on the chart below) the stock consolidated for 2 months around the $6.00 mark before stops were triggered at [2] by a fall below $5.80. There was a flurry of selling, quickly scooped up by the market pros, with the stock retreating back above the support level before the close.
A further support level was established at $6.00, by lows at [3] and [4], before another shakeout at [5].
False Breaks: the Fakeout
(Tricks of the Trade)
If a market professional sits with a large sell order and the stock is consolidating (a sign that the market is in equilibrium) he knows that he cannot merely dump his orders on the market. That would upset that equilibrium and he would be selling into a weak market, chasing prices down. The golden rule is: sell into strength, so our trader bides his time and waits for the market to test resistance at the top of the range. If impatient, he may even help to nudge prices across the line with a few well-timed buy orders.
Trading Breakouts
Trading breakouts from a consolidation pattern is one of the most popular and (in the past) most profitable trades that a trader can make. The problem is that everyone knows this. It is fairly easy to identify a consolidation pattern and to identify the resistance level that everyone is watching. If not a round number there will be at least one, if not many, highs at the same level.
As soon as price crosses the line there is a tremor of excitement. Conditional buy orders placed in anticipation of a breakout are triggered. Traders watching their screens notice the activity and send in a flood of new buy orders; everyone hopes to get on board before price rallies too far above the former resistance levels. And who is standing in the face of the rally, happy to accommodate them? Our market professional releases a steady stream of sell-orders into the market, careful not to saturate the market until he has offloaded most of his stock.
Other professionals pick up on what is happening and start shorting the stock. The rally fizzles and the punters are left high and dry. Price retreats back below the new support level (formerly resistance) and triggers their stops. A fresh round of selling ensues as the punters struggle to clear their positions. The professionals cover their short positions and go home having made a tidy profit for a few hours work. It's a hard game -- you have to live by your wits -- but the rewards are big.
Our market professional reports back to his clients that he has offloaded the large parcel of stock at well above the average price traded over the past few days. They congratulate themselves and are happy to pay his fat commission -- he has earned it.
EXAMPLE
Westpac Banking Corporation on the ASX had started to rally in early 2003 after a broad double-bottom and ashakeout below $13.00. The stock entered a narrow consolidation, with low volume for the three days starting at [2]. A shakeout follows at [3]:
• a break through resistance;
• the rally meets with strong selling;
• price is driven back below the resistance level;
• all in the same day.
Punters are more cautious the second time at [5], with a narrow price range and lower volumes. Then we have a real breakout at [6], with a gap above the resistance line and a strong blue bar on average volume. The rally meets further selling at [7] before it continues on its' way.
本文翻譯由兄弟財經提供
文章來源：http://www.incrediblecharts.com/trading/fakeout.php