Wykoff/VSA theorists, what's your take on the current short term market manipulation with the USDJPY?
Chart for reference: http://i.imgur.com/qL413v3.png This week has been particularly good for market maker manipulation, with two ultimately inconsequential, but high profile speeches from Yellen and Draghi. For new players who are not familiar with this tactic, market makers will often use these speeches to drive price in a certain direction at least expense to themselves, and low volume mark-ups are typically indicative that the next "trend" play is in the other direction. This week, they used the Yellen speech to drive the USDJPY up on very little volume, thanks to the highly fortunate coincidence of thin liquidity and the speech itself. Could it be they're actually priming for a "pump and dump" (where market makers inflate the price so they can sell at a profit, and then in forex, short at much better level) and continue the down trend of the USDJPY? The obvious target for a "pump and dump" is the very well respected down trendline that has been used to contain any up move in the USDJPY. You can see how past contacts with the downtrend line result in forceful down moves with strong engulfs. So what happened with the downtrend line contact just recently? Well, for those not watching, the USDJPY was pushed up over the down trendline on the back Draghi's speech. Whilst USDJPY movements on ECB policy aren't necessarily abnormal, it's still noteworthy to see a significant trendline and level (the daily pivot point) attacked on a Draghi speech in the current risk climate. What's even more noteworthy is that they chose not to maintain price above that level, instead letting it sink back down, and thus creating the impression the trendline is holding. This leads to two possible interpretations, but I'm undecided as to which is true. 1) There will be false break of the trendline and then an aggressive mark-down, likely timed to Trump's speech. Market makers want a deeper retrace of the USDJPY, and recent manipulation was oriented at generating a consensus amongst major participants. 2) The low volume associated with the Yellen speech mark-up is simply coincidental, and it represents pre-positioning to commence marking the USDJPY up, breaking the trendline and resuming the uptrend. Either way, I'm anticipating the mark-up/mark-down will occur on the back of the inauguration speech. What's your Wykoff/VSA interpretation?
Measuring the volume when trading stocks is an easy process, but the Forex Market is an OTC market and measuring directly volume is a little bit tricky. Hence, Forex traders can use other data sources, for example, the aggregate number of positions in the Forex Futures market. (2) The Law of Cause and Effect VSA occurs on any chart, the definition is volume-spread-analysis. Basically means you take the volume of a particular currency EUR/USD example. Utilizing any chart time, you look at the volume tick for that bar, then look at the High/Low/Close. VSA can be used in all markets and with different timeframes, the trader just needs a volume histogram in his price charts. In some markets like the stock market or the futures market, actual transaction volumes are available, yet in other markets - like forex which isn't centralised - actual volume numbers are not available. Also, find out why Global Prime is the highest-rated broker at Forex Peace Army. His findings then evolved into what is today popularly known as Volume Spread Analysis (VSA). However, to Dear Members: Volume Spread Analysis (VSA) yeh mene sunna he keh bohot hi ziada powerfull hey forex trading mein aur mein is ke barey mein janna chahta hun aap sab senior se guzarish he keh jo bhi is barey mein jantey hein woh isko explain karen ke Volume Spread Analysis kiya hey aur iska Market par kiya impact hota hey? 15766
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