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Originally Posted by FXTradeX6 Is anybody still on this wild goose chase? I have to say im pretty disappointed. I thought i'd find some solid info on order flow here, but this thread looks like witchcraft to me.  |
While I cannot decide for you what makes sense and what doesn't, order flow trading is anything but witchcraft. If you think about for half a second you realize that you are trading based on real life market mechanics. Orders are what moves markets, there is nothing magical about it. This is often opposed to TA or FA, which claim that patterns move the markets or news moves the markets. Between taking a trade because of an understanding of liquidity, or taking a trade because a candle looks like the middle finger, I would sooner say the latter to be closer to "witchcraft" as it is generally not based on something as concrete as orders.
But again that is for the individual to decide. I know several traders who make a handsome living trading from chart patterns, but I also know some (ok 2, lol) who trade using order flow based strategies and are successful.
Personally I am open to learning whatever is needed to succeed.
Edit: For another example watch Euro again. Strong move down, with a bounce off of a tested level. That bottom that just formed is getting watched you can count on. Think about who is in the market and what kind of orders will be building around that level. Even with the conviction that the market will test the level again can give you a direction, at least in the short term.