INDEX 7ma 20ma

700

5

939

1299

941

1398

3988

1

388

2318

2628

HSI 7ma 20ma

HSI

HSF

CEI

HHI

把學習過程分個等級.

初級(點)的分析

中級(線)的分析

高級(面)的分析

最高(體)的分析

完全是個人理解!

夜期在即 全城備戰

四月八日期指夜市（夜期）將為香港金融市場翻開新一頁！但市場聲音有彈有讚，有陰謀論斷定，夜期會被大戶操控，甚至令翌日正股市場更風起雲湧，引發熱錢流出，港股成大戶「提款機」。然而，夜期勢在必行，與其諸多揣測，不如看清夜期特質，跟勢圖利。

夜期屬全球金融市場的發展趨勢，港交所（00388）的夜期交易時段由下午五時至晚上十一時。而一向跟香港競爭的上海有意加入競賽，近日上海期貨交易所理事長楊邁軍揚言，上海爭取年內推行夜期，時間由晚上九時半至凌晨兩時半，「食正」大部分美股開市時段。

本港夜期平台首階段提供恒指期貨及H股指數期貨的收市後交易，隨後會增加小型恒指期貨及小型H股指數期貨交易。交易時段為下午五時至晚上十一時（T+1時段）（假設是周一），即在日間期指下午四時十五分收市後，稍休市便開始交易，新增六小時交易時段。交易系統設有上下5%的價限機制，即賣盤不得低於標準結算時段（T時段）現貨月合約最後成交價的95%，買盤不得高於105%。於下一個交易日的T時段正午十二時（按假設即周二），按變價調整及按金追收，投資者須在限時前補倉。

港交所四式應變

夜期事在必行，港交所作為背後的重要推手，早為夜期做好準備。港交所環球市場科股本證券與定息產品及貨幣業務部聯席主管戴志堅稱，根據海外市場數據，夜期交易時段佔整日的期指成交量的10至40%不等，相信此舉將為本港經紀業界帶來新業務。況且與海外不少衍生產品市場比較，港交所的衍生產品市場較成熟。

最低客戶按金6%

為推行夜期，港交所做了大量準備工作，包括非正式諮詢業界意見及廣泛諮詢市場意見、進行內部研究，系統發展及測試、招聘額外人手，舉行簡報會、提供資訊冊及技術文件、與業界進行全面模擬測試，以及在網站特設欄目介紹收市後夜期的各項安排等。以下屬各項的安全措施：

第一式：現時市場股份指數期貨的最低客戶按金為6%（最低結算所按金為5%），而港交所把價限設於5%上下限，防止出現過度價格變動。

第二式：與業界進行過兩場全面準備測試，現行的按金計算方法亦通過次級按揭及歐債危機的測試，當可為夜期提供穩健的風險管理基礎。

第三式：現時超過80名期交所參與者已設有夜間交易櫃枱，業界對港交所早市及午市結束後的風險管理亦具豐富經驗。

第四式：業界為參與夜期的客戶訂定較高按金水平，部分經紀公司更可能要求客戶在夜期交易時段內繳付額外按金以保障持倉，經紀行可按正常程序即時通知客戶，甚至有權為客戶平倉。

中環食肆拓商機

翠華茶餐廳發言人：「喺中環已有一間分店廿四小時營業，夜期對翠華的生意有正常幫助。而中環區的金融界人士向來喜歡『叫外賣』，而今年翠華將積極拓展『快翠送』外送中心，料可開拓吸納更多金融客。」

鏞記酒家發言人：「現時酒樓在晚上十一點半停止營業，相信該營業時間已可為深夜收工的金融界人士提供餐飲服務，同時期望夜期能為鏞記的生意帶來幫助。」

夜期推行後，大戶以至散戶都可以玩多六小時，股民應如何接招？

股民量力而為

肥手指落錯盤、閃電式崩盤等在外國不是未發生過，萬一重演，衝擊隨時反映在翌日的現貨市場，即使小投資者不沾手期指，閣下的港股及港股強積金基金或受拖累。

證券及期貨專業總會會長王國安稱，港交所強行推夜期，是威脅本港金融市場的安全及穩定，「期貨與現貨互相牽動，例如炒家夜晚借歐美的利淡消息，質低夜期收市價，投資者的心理及信心定有影響，更易令翌日期指及現貨出現裂口低開。加上一些傳統基金，當指數跌穿指定水平後，會觸發程式自動沽貨套現，隨時令市場跌得更深。」他認為，散戶投資宜量力而為，「盡可能減少買股票及期指的資金投放，又或先做資金壓力測試，計算自己可輸多少。」

注視大戶身影

夜期實施意味交易時間延長，投資者可能要花更多時間留意大戶手影。

恒豐證券董事總經理張華峰強調：「期指夜市一定對日間港股有所影響，但也可能會增加日間的交投。另一方面，政府可能會重提收市對盤機制，到時情況會更為複雜，或令夜期波動更大。」

因此，他建議散戶暫時最好按兵不動，先觀察一段時間，了解一下大戶的運作規律，之後再作決定是否參與夜期買賣。他指自己不是反對夜期，只是認為現階段的風險管理措施，對保障小投資者還有改善空間。

奇招突圍搵銀

若投資者熟悉期指，可考慮主動出擊。駿溢期貨董事總經理潘國華教路，投資者可考慮擺定300點的平倉盤，迎接大戶的舞高弄低：「在資訊流通性存差異下，散戶跟大戶炒唔着數。反而若散戶早已持倉，如持1張期指，或貨值等於1張期指的股份，可趁當晚出現突然抽高300點時，即時相反方向沽1張期指平倉，賺300點。」

哪管大戶如何把夜期舞高弄低，只要沒有實質消息支撐，翌日亦會因現貨開市而回到原地。惟他提醒，使用這招的前提是要注意有否突發重大新聞，令期指出現「真升」或「真跌」。

參考性高過ADR

期指夜市有參考作用，證券業協會主席馮煒能表示，夜期包括恒指及國指期貨，其對翌日現貨的參考性，預料較美國預託證券（ADR）高，加上現貨開市依然遲過期貨市場，意味投資者可掌握多些資訊才作買賣決定。「夜期對現貨市場多少有影響，但料影響不會好大。加上夜期可幫助投資者在夜間（十一點前）即時對沖外圍情況，有助風險管理。」

他提醒投資者，相對炒日間期指，炒夜期更要留意外圍歐美股市及相關經濟數據；若要持倉過夜，戶口資金更應預鬆動一些。

夜期交易員忙到無時停

對返夜班的期貨交易員來說，晚間正是他們搏殺之時。「唔少人以為夜班交易員好得閒，實情係英美兩大市場一同運作，落盤、問價等電話可以響唔停。如果七點前唔食飯，隨時要十點、十一點先有機會食啲嘢，甚至當晚無得食都試過。」自一九八六年入行、負責外國期貨交易的敦沛期貨副總交易員歐陽子斌（Ben）表示。

放工後約行家飲早茶

交易員的工作不單止接電話落盤，還要替公司做好風險管理，由早年落手落腳計算客戶有否足夠金錢買貨、期貨價格跌了幾多要追收孖展，到現在要監控相關系統準確度等。

Ben工作時間是下午五、六時至翌日凌晨三、四時。放工後，Ben習慣同一班交易員行家，大約於凌晨五時在西環集合上酒樓飲早茶，現在則有時轉返灣仔附近：「自己相熟的都坐滿一圍枱，傾吓當晚接過甚麼大盤、講吓行內動態等，飲到約七點就各自回家休息。」

他指自己一般約下午兩時起床，然後去健身、跑步打球等放鬆一下，到大約下午五時就回公司開始新一晚的工作。

近全年無休 陽盛陰衰

Ben提到，期貨市場幾近全年無休止運作，夜間期貨交易員一般少見親友，更常要在過時過節返工，不過現在有一些後生仔卻喜歡長期返通宵，工作時間由晚上十一點至早上八點。另這行一向男多女少，例如在Ben長達27年行內工作經歷中，只曾遇過兩位女交易員。

index macd

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DR. JEROME BAUMRING'S SUPPLEMENTARY REDING LISTS

DR. JEROME BAUMRING'S SUPPLEMENTARY REDING LISTS BAUMRING SCIENNTIFIC & METAPHYSICAL READING LIST Dr. BAUMRING compiled numerous works useful for explaining every aspect of the markets, expanding Gann’s list of recommended works. These books were carefully selected to elucidate primary aspects of knowledge essential for an understanding of Gann’s Market Cosmology. See the Seeker's Sanctum for prices and availability at the following links. The Apocalypse of the Golden Mean. This is the most important book on the golden mean and its true meaning and relationship to ancient architecture and the universe. Jerry considered this book so important that he kept it locked away and never released it to any of his students. Nature’s Harmonic Unity; Samuel Colman; 1911; 327p. Probably the best book on the harmonic ordering processes of nature. Filled with beautiful harmonic diagrams, and highly recommended by Dr. BAUMRING. Proportional Form: Further Studies In The Science Of Beauty, Being Supplemental To Those Set Forth In "Nature’s Harmonic Unity"; Colman, Samuel; Coan, C. A.; 1920; 265 pages. This is Colman’s 2nd work completed two years before he died. It is an important companion to Nature’s Harmonic Unity, and one of the best books on order and geometry in nature. The Lodge and the Craft; Rollin Blackmer; 1923; 287p. As stated by Dr. BAUMRING, this book contains one of the Three Keys to Gann. This is one of the few Masonic books which contains explicitly important knowledge and has direct connections to Tunnel Through the Air. Behold! The Circle Squared Beyond Refutation; Heisel and Faber; 1934; 238p. The solution to the squaring of the circle, giving numerical proportions meaningful to the market. Spiritism: The Hidden Secret in Einstein’s Theory of Relativity; Clara A. Speight-Humberston; 1915; 232p. This was one of Dr. BAUMRING’s secret books formative in his understanding of the markets. It relates cellular life with alchemy and sacred numbers. The Lost Solar System of the Ancients Discovered, 2 Vols.; John Wilson; 1856; 1000p. This was one of Dr. BAUMRING’s most highly recommended books and is one of the best sources of information on market cosmology, number series, astronomy and ancient architecture. This is the only source for this extremely rare and valuable book. New Laws For Natural Phenomena; Thomas Graydon; 1938. This was one of the main books on Dr. BAUMRING’s reading list. It goes into cosmic order and laws of astronomical harmony. The Emerald Tablets of Thoth The Atlantean; Doreal, 1939; 140p. This was another of Dr. BAUMRING’s goodies that he talked about but refused to release. These are the amazing translations of the original Emerald Tablets written by Hermes Trismegistus in Ancient Egypt, which were recovered by Doreal in a Mayan temple in the Yucatan and returned to the Hall of Records. The Sun Book; John Hazelrigg; 1916. Astrosophic Tractates; John Hazelrigg; 1936. Secrets of the Meridian; Alec Stuart; 1926. The Septiform System of the Cosmos; Alec Stuart; 1935. Kabbalistic, Alchemical and Occult Symbolism of the Great Pyramid; Doreal; 1939. Handbook of Mathematics; J. Claudel; 1906; 708p. This book was chosen by Jerry to give a complete mathematics introduction to his students. It covers completely all that is needed in arithmetic, algebra, trigonometry, and calculus. Ancient Mysteries and Modern Revelations; W. J. Colville; 1916; 352p. The Magic of Numbers; Eric Temple Bell; 1946;418. Kabbalah; W. J. Colville; 1916; 190p. Sunspots and Their Effects; Harlan True Stetson; 1937; 200p. Other Worlds Than Ours; Richard Proctor; 1880; 328p. Astrosophic Principles; John Hazelrigg; 1917. The Book of Enoch The Prophet; Richard Laurence; 1838; 250p. Mystic Symbolism In Bible Numerals; Leo Stalnaker; 1952; 150p. The Last Shift of the Earth’s Axis; Fred G. Plummer; 1894. Introduction to the Theory of Sets; Joseph Breuer; 1964. Planetary and Stellar Worlds; Gen. O. M. Mitchel; 1891; 182p. Cleoparta’s Needle; James King. Stars Ahead; Ray and Josephine Smyth. The Alchemy of Light and Color; Oliver Reiser; 1928. New Astronomy and Cosmic Physiology; G. E. Sutcliffe. Io Unveiled; Bozena Brydlova; 1922. A wonderful book highly recommended by Dr. BAUMRING. Key To The Bible; Harry Walton; 1952. Secret: The Gizeh Pyramids; Thothmu Tastmona; 1954. One of Dr. BAUMRING’s most highly recommended books on the pyramid. Hand-book of Astrology; Zadikiel; 1863. Eclipses and Lunations in Astrology; Sam Bartolet; 1937. Periodicity: The Law of All Life; Buchanan; 1912. This book was stored in the depth of Dr. BAUMRING’s files and has obviously great applications to the market. The Science of Numerology Through the Law of Vibration; John Laurie. Another out of Dr. BAUMRING’s files never before released. Pychoscopy; Hashnu Hara; 1905. This one also from Dr. BAUMRING’s files. Why Life Exists; Lars Carlson; 1930; 224p. This one also out of Dr. BAUMRING’s private files. The Symphony of Life; Donald Hatch Andrews; 1966; 423. From Dr. BAUMRING's reading list. Long Range Astro Weather Forecasting; George McCormack; 1965. Also from Dr. BAUMRING’s files. The Web of the Universe; E. L. Gardner; 1960. A great book on universal lattices. BAUMRING FINANCIAL MARKET READING LIST Primary Recommendations: These were the books recommended by Dr. BAUMRING to his students as the most essential and important books for any student of the markets and particularly of forecasting. They are the all time classics of Technical Analysis and fundamental to any market education. W. D. GANN COMPLETE WRITINGS Investing For Profit With Torque Analysis of Stock Market Cycles; William C. Garrett; 1997. New Quality Hardbound Edition. One of the greatest and deepest technical analysis books ever written, out of print and unattainable for the last 20 years. Graphs and Their Application to Speculation; Geo. W. Cole; 1936; 278p. Dr. BAUMRING had Gann’s own personal copy of this book in which Gann had marked numerous sections some of which he extracted and included in his own works. Technical Analysis and Stock Market Profits; Richard Schabacker; 410p. The all-time classic on technical analysis and market formations. Stock Market Profits; Richard Schabacker; 1934; 342p. George Wollsten: Expert Stock and Grain Trader; George Bayer; 1946; 235p. Bayer probably had the next deepest understanding of the esoteric aspect of the market after Gann, making his works quite valuable. Turning 400 Years of Astrology to Practical Use; George Bayer; 1944; 184p. This book gives insight into how Bayer did astrology, how to use it in the market. Tubbs’ Stock Market Correspondence Course; Frank Tubbs. One of the best courses on technical analysis discussing the famous Tubbs bottom. Benner’s Prophecies of Future Ups and Downs in Prices; Samuel Benner; 1879. Probably the earliest book on market forecasting and one of the finest. Nature’s Law: The Secret of the Universe; R. N. Elliot; 1946. This book extends Elliot’s wave principle by connecting it to universal phenomena, and natural order. The Wave Principle; R. N. Elliot; 1938. This is the original work on the Elliot Wave by its discoverer. "The Wave Principle": A Series of Articles Published in 1939; R. N. Elliot. Another exposition of the famous principle by its founder. Pickell-Daniel Extension Course of Grain Market Analysis; Pickell and Daniel; 1937; 400p. One of the greatest courses on grain market analysis includes weather pattern analysis and compass projections. Seven Studies in Stock Market Trading; M. V. Woods; 1943. Important explanation of the real meaning of periodicity. Wyler Series on Stock Market on Stock Market Speculation: Vol.1 The Application of Scientific Principles to Stock Speculation; Vol.2 Trading and Trending; Joseph A. Wyler; 174&215p. These books explain the markets in terms of Newtonian mechanics. Planetary Effects on Stock Market Prices; James Mars Langham; 1932; 179p. This book and its companion volume are the two best books on financial astrology. Cyclical market Forecasting Stocks and Grains; James Mars Langham; 1938; 191p. Economic Cycles Their Law and Cause; Henry Ludwell Moore; 1914; 114p. Forecasting the Yield and the Price of Cotton; Henry Ludwell Moore; 1917; 173p. Generating Economic Cycles; Henry Ludwell Moore; 1923; 141p. Secondary Recommendations: These books, though secondary recommendations, are still some of the best, if not the only books on market analysis available. Dr. BAUMRING required that the most serious students read the books on this list as well as those on the previous list. The One-Way Formula For Trading Stocks and Commodities; William Dunnigan;1957. This along with the I-S Method were considered by Dr. BAUMRING to be the two best trend following systems ever developed, with which one could make good profits even without the ability to forecast. New Blueprints For Gains In Stocks and Grains; William Dunnigan; 1954; 150p. Gains in Grains; William Dunnigan; 1952. Barometers For Forecasting Stock Prices; William Dunnigan. The Elliot Wave Principle: A Critical Appraisal; A. Hamilton Bolton; 1960; 115p. Stock Market Prediction; Donald Bradley; 1948. The Long Waves In Economic Life; N. D. Kondratieff; 1944. The ABC of Options and Arbitrage; S. A. Nelson; 1904. Relative Strength and Stock Market Timing; Daniel Merkle; 1966 128p. A New Technique of Stock Market Forecasting; C. S. Johnson; 1931. The Great Bull Market and Collapse; National Graphic Co.; 1932. Action-Reaction Signals; Edwin S. Quinn; 1950. Basic Trend Barometer; Emil Schultheis; 1946; 200p. Speculation As A Fine Art; Dickson F. Watts; 1865. Very Rare. Minor Swings of the Stock Market And Their Indications; B. Edlin; 1924. How Money Is Made In Security Investments; Henry Hall; 1908; 240p. An Introduction to Trend-Action; Richard Martin; 1943. I Like the Depression; Henry Ansley; 1932. A humorous book describing the pleasures of the depression. Psychology of the Stock Market; G. C. Sedlin; 1912. Magic of Making Money In The Stock Market; Clif Stewart; 1951. The "Todd Theory" of Market Measurement and Price Projection; Payson Todd; 1953. The Psychology of Speculation; Henry Harper; 1926. When to Sell To Assure Profits; James P. Morton; 1926; 158p. Wall Street: Its Mysteries Revealed Its Secrets Exposed; William C. Moore; 1921; 144p. What Makes Stock Market Prices; Warren Hickernell; 1932; 200p. Safe Methods of Stock Speculation; William Stafford; 1902.

1. Daniel Ferrera Wheels Within Wheels The Art of Forecasting Financial Market Cycles
2. Daniel Ferrera – Mysteries of Gann Analysis Unveiled
3. Daniel Ferrera – The Gann Pyramid – Square of Nine Essentials
4. Daniel Ferrera – Studies in Astrological Bible Interpretation
5. Daniel Ferrera – The Keys To Successful Speculation
6. Bradley Cowan Market Science Volume I Square of Twelve
7. Rabbi Daniel Lapin – Thou Shall Prosper – Ten Commandments for Making Money 2nd Edition
8. Bradley Cowan Market Science Volume II Market Dynamics
9. Bradley Cowan Market Science Volume I Square of Twelve
10. Tim Ord – The Secret Science of Price and Volume – Techniques for Spotting Market Trends, Hot Sectors, and the Best Stocks
11. Michael Jenkins The Secret Science of the Stock Market
12. The ART of Trading Combining the Science of Technical Analysis with the Art of Reality Based Trading
13. Richard D. Wyckoff – Stock Market Science and Technique
14. Jared Martinez Market Traders Institute Forex Course
15. Jerome Baumring – The Law of Vibration The Complete Gann I-IX Course Manuals
16. SacredScience – Jerome Baumring – The Law of Vibration The Complete Gann I-IX Course Manuals
17. Market Traders Institute – Forex Home Study Course
18. Stan Harley – Cycles, Gann & Fibonacci
19. Institute of Order Flow Analytics – Intensive Boot Camp 5 Day Course
20. Victor Ledeboer – The Master of Time