DislikedThank you again for exellent explanation professor. But again, this brings in my mind the discussion about EJ we had on friday. Still now, when I look back those friday charts, I'm seeing high activity on lows. Wasn't that supposed to indicate MM buying? I'm seeing activity being on EJ to be opposite to EU and GU that I see to be bearish activity. And forgive me to use three posts on this subject now, but I only can post one picture per post with iPhone. Here high volumes on 15min EJ {image}Ignored
1. As of last Thursday the MMs had driven price up over a thousand pips in recent past days!
2. Suddenly, late last Thursday after the LS closed, when most forex trading has stopped, what happens? Some MM(s) suddenly drive the price up another measly 25+ pips to get it above the next whole number (above whole numbers is where MMs prefer to close longs and open shorts)! Why the rush? There should be no rush if the MMs have more upside in mind for the next day! And if the MMs did have more upside in mind for the next day, wouldn't they keep the price down and continue to add longs? Conclusion: There was no upside planned by the MMs for the next day, and maybe that means the reversal is coming and some MM(s) jumped the gun to close longs and get some shorts above the next higher whole number, using whatever market liquidity was available to do so, competely without interference from everyone else that had already quit for the day!
3. Don't think that relative increase in volume for the drive up and immediately following while the price was kept up was not much volume. Any single trade could be for millions of currency. And there were a lot of single trades for which that could be true!
All that "red" the next day was simply the confirmation that the MMs switched from bulls to bears!
-tah