My free lunch at your expense
Libera apud te sumptu. This could be a banker’s creed or motto. While this might not reflect the thinking of everyone working in the banking and finance industry (and it is definitely socially unacceptable to say out loud), I am also entitled to my own belief. Something I have come to observe and find no other way to explain.
Note this H4 chart of EURUSD showing the last 12 weeks of price action.
- price expansion i.e. movement in a particular direction is an indication of trend so that many traders might trade in the direction of an expansion or breakout and
- highs and lows are resistance and support levels to place SL,
then this chart is absolute proof that market is full of bullshit (ahem noise, wash n rinse) that is meant to:
- confound us,
- send a wrong signal and
- stop us out.
Since we know that wash n rinse is such a common phenomenon fully observed here and in the chart above, then trading with MT4 Autobox v2 indicator (looks slightly different from version seen here) with a view to spot a wash n rinse signal is the way to go.