"its not human"
GB - can't really speak to the major market indexes (obviously levitated by Corporate buybacks (FACT), and presumed Fed intervention), but as for commodities (including gold, traded as a commodity, don't want another discussion about it being a currency, but even if it is, it's traded like one, too) and currencies, with which we here are more concerned, yes it is entirely "human".
It's the market makers (banks) ritual-like process of making a living (yes, they do that too, and it's a very comfortable one, and entirely at our expense if we don't understand its workings, and it can be understood, but like everything, it's a learning process), which they do with the process of accumulation, manipulation (*not illegal*) and distribution at major liquidity levels.
Identifying major pools of liquidity, taking out stops there, and then going back the other way.
It may almost certainly be automated, but coded to the above levels, so it's entirely human, the levels, which we can call S/R, swing highs and swing lows, pin bars (hammer etc.), whatever.
The point that a couple here have been repeatedly trying to make and being constantly rejected, misunderstood or simply not wanted to be heard as it's unorthodox, and not what was taught in Sunday School, in the A to Z of Technical Analysis (Steven Achelis book of same name, which I have, is even referenced by ASX website Chart Indicators "Help", and thousand of similar texts on TA), is that understanding this institutional order flow, and at what levels, and its timing is worth more than a 1,000 rear-vision technical indicators (even those that claim to be "leading", vs lagging), including even angled sloping trend lines, channels and chart patterns. If everyone is using the same signals, crossovers, divergences, patterns etc, what advantage does one have over the next guy? None.
Does anyone really think that these institutional trading algorithms are using Slow (Fast?) Stochastics, RSI, whatever, for decision making when it comes to buying or selling hundreds of millions of dollars (or billions, nominal value) of gold contracts, or of GBP, or USD ? Come on!!!!
Just look at exactly what price levels the buying starts, then pauses, then gets brought down....this is not accidental. Then Repeat.
In other words, and some like Joe have pointed this out, it's price and only price and liquidity levels that count, at clear, naked chart points, devoid of misleading indicators etc., which can be identified with some degree of precision (after hard learning work...a long process).
This explains "same as we've seen the big spikes down in usd pog at either 12am or 3am."
They are doing this for a reason.....to make a living for themselves...to get the best price for a big Client Order, etc......and they know where these levels are...they're not called Market Makers for nothing....We too can know them, to a greater or lesser degree. There can never be certainty, but I suggest greater certainty than the usage that conventional TA provides. Of course all this runs against conventional wisdom (which is rarely wise), and so nobody wants to know about the arcane world of institutional order flow, and damned if I know why. I do know I won't be going into it again.
Price way well trend (one of the the most basic principles of technicians....tho often they don't), but two things stand out.
1) TA is based on "pure" markets, and can be distorted by manipulation (*not illegal*)
2) While prices do trend, and you don't want to go against the trend, prices goes up, or down. You might use the words "north" or south". Trend lines don't go "up" or "down" (of course one has rising channels and the rest, I know that...but that misses the more basic point)
And that's what really counts.
My screen image dump s/ware is for sheet, busted, and so I have to leave and test a new product.
GLTAH
Cheers
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