fx mkt depth?

[ivor31]

Hi all
This may be a stupid question to you experienced folks but how can you perceive the direction of the currency pairs for day trading other than the technical indicators, support/resistance,ema`s etc.
I can bring up an order book from mytrack which shows a continuous flow of ticks for current currency but really has no use what so ever.Is it possible to see depth like with level 2 in stocks for the currency.People must still be sitting with buy/sell orders and have placed stops. Im a bit confused how this all works.Any guidance will be greatly appreciated before i burn my last finger.

JB.

 

[DT]

Ok I'm a complete novice to trading so I'm not sure how useful this is but I think hotspot fx may be the sort of thing you are after. From the trading FAQ on thier website:

"Can I see the depth of the market (like on the NASDAQ Level II screens)?
Yes. All outstanding buy and sell requests will be displayed in a visual format. The depth of the market gives our clients an indication of the true supply and demand for a currency while maintaining complete customer anonymity."

http://www.hotspotfx.com/

I've never used this service btw... so have no idea how good it is.

 

[ivor31]

fx mkt depth

Ok I'm a complete novice to trading so I'm not sure how useful this is but I think hotspot fx may be the sort of thing you are after. From the trading FAQ on thier website:

"Can I see the depth of the market (like on the NASDAQ Level II screens)?
Yes. All outstanding buy and sell requests will be displayed in a visual format. The depth of the market gives our clients an indication of the true supply and demand for a currency while maintaining complete customer anonymity."

http://www.hotspotfx.com/

I've never used this service btw... so have no idea how good it is.

Cheers dave looking into it

 

[Henry]

I can bring up an order book from mytrack which shows a continuous flow of ticks for current currency but really has no use what so ever.Is it possible to see depth like with level 2 in stocks for the currency.People must still be sitting with buy/sell orders and have placed stops.

Assuming you are talking about true forex and not the forex futures, then it would be impossible to see the market depth, or indeed all the transactions "time & sales"-like, because forex is not traded through a central exchange, so there is no central reporting of trades. That's why you can't see volume on forex either. Individual forex brokers may offer order book info and time & sales for transactions that they are handling, but to use that as a guide to the market as a whole could be grossly misleading.

H/