Quote from marceck:
Nothing is random in the futures market. Get that out of your head. There is either spoofing (pulling bids/offers right before they get there) or it is true liquidity. Remember that liquidity is ONLY defined by offers that sits above the ask and below the bid., i.e. limit orders. Personally, I stay away from ES order flow analysis, too much spoofing, and prefer to trade bonds and treasuries with order flow (ZN, ZB).
