I usually look at 5 Best Buy Sell order summary....but cud never understand it fully.
In todays trade, at around 10 55, there was an order for 10,000 Banknifty at a price of 8585. That was a limit order at that price. When I looked at the corresponding NF chart, it was going down fast. U can look at the big red candle(marked on the 2nd picture on the right side).
But in Banknifty, the same candle appears to be a small Doji, since all those sell orders were swallowed by that single Buy order for 10000 nos at price 8585.
Once after that candle closed at 8587, I saw another Buy order for 10000 nos at the same price of 8585. But this one vanished immediately and looked like that the order was cancelled. This candle was a red one with a Close at 8580 and Low being 8575.
And what happened next??...... Price just went higher and higher.... close to 80 pts higher from the levels of 8585.
I seldom see a single order for 10000 banknifties....i usually see 3000 and max of 5000. And i cud manage to ride this trend as well, as i went long at 8589, but closed out early.
Whats ur take on this? Does any one trade after seeing the order summary? Plz do share ur experience for the benefit of others
In todays trade, at around 10 55, there was an order for 10,000 Banknifty at a price of 8585. That was a limit order at that price. When I looked at the corresponding NF chart, it was going down fast. U can look at the big red candle(marked on the 2nd picture on the right side).
But in Banknifty, the same candle appears to be a small Doji, since all those sell orders were swallowed by that single Buy order for 10000 nos at price 8585.
Once after that candle closed at 8587, I saw another Buy order for 10000 nos at the same price of 8585. But this one vanished immediately and looked like that the order was cancelled. This candle was a red one with a Close at 8580 and Low being 8575.
And what happened next??...... Price just went higher and higher.... close to 80 pts higher from the levels of 8585.
I seldom see a single order for 10000 banknifties....i usually see 3000 and max of 5000. And i cud manage to ride this trend as well, as i went long at 8589, but closed out early.
Whats ur take on this? Does any one trade after seeing the order summary? Plz do share ur experience for the benefit of others