Looking at swingpoint area of GBP JPY on January 17, 2017.
The fist chart located the area of investigation on the 15 minute chart
The 2nd chart is the 15 minute chart and shows detail at the time of the KME Prime Minister May Speaks
The purpose here is to take a close look in a smaller time the Key Market Event of
Prime Minister May’s speech at 13:45 Jerusalem time. The hourly chart conformed to definition # .1.
The 15 minute chart conforms to definition # 2
As shown on the chart we have price action easing downward as emphasised by the trend lines approaching the beginning of the speech by Prime Minister May. The last 3 intervals (red) before the beginning of the speech are labeled. These 3 intervals give two pieces of information 1.) the last interval is a contraction volatility interval and it satisfies the requirement that one of the contraction intervals must occur at the release time (in this case 13:45) That interval ended at the beginning of the interval which took off to the upside. Next we have the creation of the 1 st WRB Hidden Gap. It is shown as a blue rectangle which suggest a zone. But this WRB Hidden Gap is not yet a zone.
We now have the four higher close intervals which fill the Prior WRB plain sight gap and the Prior WRB Hidden Gap (last not shown on chart as noted) This is followed by another higher close interval for a total of five. One more things needs to be accounted for. A tic in the range of the Volatility contraction must be shared by the 1 st WRB Hidden Gap. Many ticks are shared in this way. Another last thing is that the swing point is called out on the chart.
Next topic will be an investigation of the 4hr of the same chart
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| File comment: Locates area being investigated on the next chart which is 15 min WRB Chart 2 locates detail GBPJPYH1.png [ 64.17 KiB | Viewed 394 times ] |
| File comment: Chart is 15 min and is being investigated at the turn WRB DOK 15 min chart of GBP JPY Investigtion of turn PM Speaks.png [ 64.19 KiB | Viewed 363 times ] |