blue arrow marks a 360 pip manipulation spike, these are used by brokers to wipe out peoples trades who have set orders or have SL set around key support or resistance areas, its easy money for the brokers!
You can see how much of a key area this price was from our orange arrows pointing out where price entered the box and bounced using it as support, now the sneaky, slimy little brokers would have seen this lovely key level formed and knew that loads of people would be setting orders or SL around this area and they would be rubbing there grotty hands together because they were getting ready to manipulate the market and wipe everyone's trades out.
You can spot manipulation spikes easy because all they are is a unusually long shadow of a candle that form in the opposite way to the trend of the market, after this spike the price will come back to the market and carry going with the trend.
Nothing to do with brokers. It's a three letter word: F E D
Get it right.
ApexFX_Pro
⋅
@Captain_Walker, And you don't think the dodgy brokers have any part to play in it at all?
Captain_Walker
⋅
@Apex_Managed_Capital, I'd find it strange that brokers can manipulate a $4 Trillion a day Forex market. The candle you refer to happened some time ago and was known as the mini-crash. It affected several other currency pairs. I double brokers have that much muscle or can co-ordinate that well. There are various theories about the mini-crash but nobody has come up with 'the definitive answer'. I had profited from the spike down, so I was happy. LOL. But that doesn't mean that I'm here to defend brokers. The issue was put down eventually to 'glitch' (with computers) as Mr Trump might say. 😁 😂
Captain_Walker
⋅
@Captain_Walker, Sorry..I doubt brokers.. etc.. my computer has a mind of it's own! Yet another glitch! LOL>
ApexFX_Pro
⋅
@Captain_Walker, Haha I refuse to trust brokers as far as I can throw them, but I'm also sure they would be able to manipulate if they want. But everyone has there own theory which makes it all the more exciting :)
Captain_Walker
⋅
@Apex_Managed_Capital, Yeah.. whilst I too don't trust brokers - the simply don't have the power to influence several currencies in such a massive market. It's more likely to be central banks coordinating.
ApexFX_Pro
⋅
@Captain_Walker, I don't disagree with you about the banks, but who says the banks and the brokers cant be working together?
Captain_Walker
⋅
@Apex_Managed_Capital, Me! It's a long shot, especially when you know the complexity of the pathway of money from central banker to broker then to punters.
Forex markets are globally networked. No broker or group with their piddling $10 Billion could mess around with that spike you saw (which probably represented Trillions). en.wikipedia.org/wiki/Foreign_exchange_market
ApexFX_Pro
⋅
@Captain_Walker, i will have to agree to disagree with you this time :)
Captain_Walker
⋅
@Apex_Managed_Capital, Of course disagreement is the way we learn. PM me if you have reasons.
Get it right.