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Forex order book

This is the basic version of the order book provided by Oanda, one of the largest US forex brokers. It can provide us a guide as to the net open orders and open positions of traders.

The orders is particularly useful as it we can see if there are net buy or sell orders which may cause the price to be drawn towards them. For example if there are significant buy orders above a previous high, if you were looking to short into a double top it might be prudent to wait to see if the net buy orders above are taken out first.

We have a more advanced version of these figures for use by our day trading clients which also includes pivots.