Peter Smith
EUR/USD has recently produced one of the clearest Smart Money Concepts patterns in weeks—a full A–M–D sequence that offers an ideal study for traders learning institutional price action.
Phase A: Accumulation Before the Shift
The chart begins with a wide consolidation where EURUSD fluctuates in a defined range with multiple wicks at both highs and lows—clear signs of liquidity build-up. The setup, highlighted by SIRRILLAH, shows how liquidity sweeps, structure shifts, and order block retests develop before trend expansion.
This accumulation phase is typical when institutions gradually build long positions while keeping volatility compressed.
Phase M: Manipulation Through a Liquidity Sweep
Price drops below the range into the Manipulation phase, triggering stop-losses beneath the accumulation zone. The chart shows a sweep of the lower boundary followed by rapid rejection—revealing the selling pressure was engineered, not sustained. A decisive push upward marks the MSS (Market Structure Shift), confirming bullish conditions have taken over. During this stage, a clean Order Block forms, becoming the key retracement area.
Phase D: Distribution and Expansion Toward Buy-Side Liquidity
Following the OB retest, EUR/USD enters the Distribution phase with strong bullish candles and sustained momentum toward buy-side liquidity above prior highs. The target zone is tapped cleanly, completing the A–M–D model—a textbook example of institutional flow transitioning from accumulation through manipulation to expansion.
Peter Smith
