Arkanoid trading (supports and resistances respected and broken)

November 1st, 2018, 06:10 PM

These are Gold 1h and GBPJPY 5min charts at a maximum zoom out for you to see the whole picture.

I would like to share what I see here. Someone may say that it is a wishful vision and anybody can see smth common between anything. Well maybe.

So to start with, on both charts we have pretty aggressive downtrend on the left 1/3 of the charts.
Then bretty sharp test of some level which baceme a bottom in both cases. Obviously this lvl was significant cause the downtrend was broken after the bounce and the price began to rise. Till that moment these 2 charts are identical. So lets move on.

Before the price bottomed it made a last swing, produced a level, congested, accumulated etc. call it as you want (outlined with blue rectangle) and after the bottom the price retraced so hard that it broke that last swing resistance level (black line). That was the early bird of trend change to me.

November 1st, 2018, 06:15 PM

After the breaking of previous swing which produced a new low the price retraced as it usually does. But how it retraced? Look here: red line is the retrace lvl and the green line is where it was supposed to be retraced to! It missed!

November 1st, 2018, 06:32 PM

After that miss the price produced new highs on both of the charts.
Must be honest I waited this green level to enter a long on Gold but

I was frustrated.... but it comes to those who wait lol

What was then, after a bit of sideway on these timeframes the price moved up and down and fell broking that retracement swing.
Just a bit! Oh no, stop hunt, manipulation, rigged, bloody marketmakers sucked in shorters by prodicung a swing low and rocketed the price up!

but where it fell to? To those who wait lol (remember green lines in my previous post? I just extended them to the right and voila! perfect entry)

Nothing can hold an uptrend now

does not it look like this?
but the upside down

probably Wyckoff meant the same, who knows...

November 1st, 2018, 06:38 PM

Oh yes, answer to quiz: EVERYTHING, well as I can see it.

Arkanoid trading (supports and resistances respected and broken)

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Arkanoid trading (supports and resistances respected and broken)