Narrative
The chain context → DOL → manipulation → execution, in one sentence. If you cannot say it, you have no thesis.
In the chapter
How the algorithm delivers price
From the same chapter
- True day openThe midnight open (00:00 ET). It splits the day into premium and discount.
- IPDAThe idea that price is delivered by an algorithm referencing 20/40/60-day data ranges.
- Quarterly TheoryTime divides into fractal quarters, each with its phase: accumulation, manipulation, distribution, continuation.
- Order PairingThe underlying mechanic: a large order only fills against opposing liquidity, so the counterparty has to be manufactured first.
- Market maker trapsFamous retail patterns — flags, head and shoulders, trendlines — built to generate counterparty.
- Quarterly shiftEvery 3–4 months IPDA re-references its data ranges. Many underlying turns are born there.
- Buy / sell curveDelivery seen as accumulation or distribution rather than as trend. Accumulation happens while price is still falling.
- Institutional sponsorshipThe proof a level was defended is not that price stopped: it is that it left with displacement, leaving inefficiency behind.