With regard to their lot size there are three types of trades: the small trader, the big honest trader and the iceberg (big hiding his size trader). For simplicity lets say the small trader trades 1 lot and the two big ones trade 5 lots.
There are also 4 different types of trades: market buy, market sell, limit buy, limit sell. The trader with the market order is the initiator and the trader with the limit order is the one that completes the trade.
If we combine the all above we have the following combinations:
Small Trader
(1) 1 lot market buy
(2) 1 lot market sell
(3) 1 lot limit buy
(4) 1 lot limit sell
Big Honest Trader
(5) 5 lot market buy
(6) 5 lot market sell
(7) 5 lot limit buy
(8) 5 lot limit sell
Big Hidden Trader (Iceberg) - Submits his 5 lot one at a time and when he gets hit he submits the next one
(9) 5x1 lot market buy
(10) 5x1 lot market sell
(11) 5x1 lot limit buy
(12) 5x1 lot limit sell
Initiative orders could only be the market orders and they could be matched only with limit orders. So all the possible combinations and what they will print in the time and sales window are:
1-4 _ 1 lot market buy (Small) - 1 lot limit sell (Small) _ 1A (1 lot at the Ask, usually with a green color)
1-8 _ 1 lot market buy (Small) - 5 lot limit sell (Big) _ 1A
1-12 _ 1 lot market buy (Small) - 5x1 lot limit sell (Ice) _ 1A
2-3 _ 1 lot market sell (Small) - 1 lot limit buy (Small) _ 1B (1 lot at the Bid, usually with a red color)
2-7 _ 1 lot market sell (Small) - 5 lot limit buy (Big) _ 1B
2-11 _ 1 lot market sell (Small) - 5x1 lot limit buy(Ice) _ 1B
5-4 _ 5 lot market buy (Big) - 1 lot limit sell (Small) _ 1A,1A,1A,1A,1A
5-8 _ 5 lot market buy (Big) - 5 lot limit sell (Big) _ 5A
5-12 _ 5 lot market buy (Big) - 5x1 lot limit sell (Ice) _ 1A
6-3 _ 5 lot market sell (Big) - 1 lot limit buy (Small) _ 1B,1B,1B,1B,1B
6-7 _ 5 lot market sell (Big) - 5 lot limit buy (Big) _ 5B
6-11 _ 5 lot market sell (Big) - 5x1 lot limit buy(Ice) _ 1B
9-4 _ 5x1 lot market buy (Ice) - 1 lot limit sell (Small) _ 1A
9-8 _ 5x1 lot market buy (Ice) - 5 lot limit sell (Big) _ 1A
9-12 _ 5x1 lot market buy (Ice) - 5x1 lot limit sell (Ice) _ 1A
10-3 _ 5x1 lot market sell (Ice) - 1 lot limit buy (Small) _ 1B
10-7 _ 5x1 lot market sell (Ice) - 5 lot limit buy (Big) _ 1B
10-11 _ 5x1 lot market sell (Ice) - 5x1 lot limit buy(Ice) _ 1B
So concerning big prints on the time sales: They are IRRELEVANT.
You get a 5A when 5 lot market buy (Big) - 5 lot limit sell (Big). One big trader hits another big trader with the opposite market direction view. What can you determine from that? Nothing
You get a 5B when 5 lot market sell (Big) - 5 lot limit buy (Big). The same as above. Nothing
Conclusion No 1: Turn off your block trade filters. They are useless.....
If we assume that the big traders know better than the small retail traders then we want to go to with the big traders and follow their market direction belief.
You get 1A prints (green prints) in the following cases:
1 lot market buy (Small) - 1 lot limit sell (Small) _ Neutral
1 lot market buy (Small) - 5 lot limit sell (Big) _ Down
1 lot market buy (Small) - 5x1 lot limit sell (Ice) _ Down
5 lot market buy (Big) - 5x1 lot limit sell (Ice) _ Neutral
5x1 lot market buy (Ice) - 1 lot limit sell (Small) _ Up
5x1 lot market buy (Ice) - 5 lot limit sell (Big) _ Neutral
5x1 lot market buy (Ice) - 5x1 lot limit sell (Ice) _ Neutral
If we believe the big money then the market is more probable to go DOWN
You get 1B prints (red prints) in the following cases:
1 lot market sell (Small) - 1 lot limit buy (Small) _ Neutral
1 lot market sell (Small) - 5 lot limit buy (Big) _ Up
1 lot market sell (Small) - 5x1 lot limit buy(Ice) _ Up
5 lot market sell (Big) - 5x1 lot limit buy(Ice) _ Neutral
5x1 lot market sell (Ice) - 1 lot limit buy (Small) _ Down
5x1 lot market sell (Ice) - 5 lot limit buy (Big) _ Neutral
5x1 lot market sell (Ice) …