Tape is my shape - Currency Edition | Currency Futures


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Tape is my shape - Currency Edition

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Canada
 
 
Posts: 58 since Aug 2010
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When to Use This?

ONLY use it when you are going with the trend, DO NOT search for reversals, no matter how large the sitting order can be.

Looking at the chart I posted are 2 lines. One lower and One higher.

Basically when price broke the lower line, look for a short using the DOM.
When price broke the higher line, look for a long using the DOM.

You will see MANY LARGE BIDS when price broke the lower line, and IGNORE THOSE BIDS, they are mostly take profit.
Same goes for the LARGE OFFERS when price was at the High of the day.

As I said, just use some basic technical analysis and go with the trend.

Remember there are 2 types of orders.

1 is to open a position - which is what you are looking for
1 is to close a position - which is typically take profit.
sell/buy stops - or stoploss orders are NEVER shown on the DOM.

Remember just because large players all take profit at the same areas doesn't mean it will reverse, it can still continue the trend.

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