All language subtitles for 2. Very long-term structures

Very long -term structures.

What happens when we observe structures
that have taken a long time to develop?

Those ranging from months to years.

Are there traders who are building
positions across all that time?

Well, this is the fundamental principle
of the Wyckoff method.

So, from a theoretical point of view,
the answer would be yes.

But we already know it's action, not
theory, that generates a profit.

It is time then to draw an operational
conclusion from this idea.

My point of view is that the idea that
there are traders who could be building

their position for months or years seems
unlikely, although anything is possible

in the market.

If we think logically, in really liquid
markets, these large traders shouldn't

find too many problems in meeting their
liquidity requirements.

Assets for which the participation is
low might be a different matter.

This is where an inexplicable aspect of
the methodology emerges.

Even applying logic, we may continue to
see very long -term structures that meet

all the analytical characteristics of
price and volume, as in the following

-US dollar monthly futures chart.

Is it really possible that highly
skilled traders might have been

distribution structure from 2008 to 2015
or so?

It's almost unfathomable. But the
distribution structure is there, and it

to be following the roadmap proposed by
the methodology.

Astounding. Let each person draw their
own conclusions.

I think a more logical point of view is
that the market went through different

phases of control throughout the
development of its structure, as we

when talking about the context of the
dynamic nature of the markets,

when said structure encompasses such a
long period of time, a period of time

during which the fundamental conditions
of the particular asset were probably

changing.

Looking at this example, we can propose
the hypothesis that the macroeconomic

conditions of the currencies have been
skewed with policies that favored the

weakening of the euro and or the
strengthening of the US dollar.

Conditions that have developed as a
result of economic policies implemented

precise moments where again, at an
aggregate level, these have allowed the

development of said behavior in the
market.

Here we see another example, this time a
weekly chart for Bitcoin.

As we see, During what appears to be a
distribution structure given the effect

it is currently having, multiple smaller
structures can be observed within it

which have their corresponding effects.

A much more logical approach to be sure.

Has someone been selling through the
entire range?

Perhaps. But it seems more sensible to
me to think that the participants have

entered and exited the market in
accordance with the changes that were

place in the Bitcoin ecosystem.

and that all their interaction at the
aggregate level has definitively shaped

the structure.

So, if at an aggregate level it is
considered unlikely that accumulation or

distribution campaigns are being built,
why analyze these structures?

Why take them into account?

This is when we have to give the issue
some meaning from a trading point of

view. The structures, however long -term
they may be, identify potential

liquidity areas which can be found at
the extremes.

It is in those trading zones where we
want to enter or exit the market or

our trades.

They also help us to establish the
market bias.

If we are below a structure, we will
assume that what we see above is the

distribution, and if we are above the
structure, we will assume that control

on the long side and we will look to
take up buying positions.

But in addition, they also help us to
identify areas where the price is likely

to go again in the future, thus
establishing very interesting profit

zones.