Very informative tool – OANDA Forex Order Book
I want to share with you one very helpful tool, which I use very often – OANDA Order Book. This is the only forex broker (actually the largest one) which share his order book dynamic in almost real time (half an hour delay). Of course it is not a true snapshot of the whole market which is much bigger than OANDA clients, but it gives good overview of the all market participants positioning. I am looking mostly at the net positions dynamic. Usually we have buy orders below the actual price and sell orders above, but if we have buy orders on both side of the market it is highly probable that the market will go up and vice versa. The other interesting situation is when we see an above average sum of orders on a specific level. That could say this level will be support or resistance when the price reach it. If you have any more specific questions about the way of usage of this tool I will try to give you clear answers here!
Great idea to post your favorite tools! Actually I also use this one very often. It is not a tool to rely solely on it as it also gives false signals from time to time, but gives very helpful additional information for your trade before its execution! If you have other interesting tools you use in your trading we will appreciate if you share them with us!