So, I was watching the DOM in CL one night last week. It looked like this:
Obviously this isn't real, just an example, but the total number of offers was about 10 times what the number of bids were on the lvl 2 (w/e it's called), like I have illustrated (no I didn't count them up) but roughly that's what it looked like.
I'd be interested if anyone scalps in the counter-intuitive direction, or maybe it's not counter intuitive because it's in the direction of so many traders resting orders, and we know that most of them are in fact losers. One would think that many sell orders would cause the market to go down, but in fact, what happened was prices soon drove right through those orders, and then reversed.
All of those resting orders were triggered at the inverted hammer preceding the bullish reversal pattern in the red circle.
Obviously this isn't real, just an example, but the total number of offers was about 10 times what the number of bids were on the lvl 2 (w/e it's called), like I have illustrated (no I didn't count them up) but roughly that's what it looked like.
I'd be interested if anyone scalps in the counter-intuitive direction, or maybe it's not counter intuitive because it's in the direction of so many traders resting orders, and we know that most of them are in fact losers. One would think that many sell orders would cause the market to go down, but in fact, what happened was prices soon drove right through those orders, and then reversed.
All of those resting orders were triggered at the inverted hammer preceding the bullish reversal pattern in the red circle.
