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Seems prices are what drives everyone else to act. |
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There are many varied & diverse agenda's going on out there at every minor & major level torero. We're talking an awful lot of money swirling around, especially wired into the majors.
You wouldn't believe the waves of activity which are kicked around on some of these pairs just on the back of the rumor mill.
At any concievable moment you'll get a top tier player (or tiered movers & shakers) piling in at a pre-determined level to support a transaction being worked thru the books. They'll also be on the sniff at Option barriers, the European fix & the Asian-European overlap, when the real volumes begin to wind up for the day.
That might be a sovereign entity or a 'shadow shop' (large house) drip feeding a wedge for a specific reason (customer).
You also got fakers & faders constantly at work out there, particularly on & around close focus breakout levels. Aggressive short-term spec pods, both in- house (Bank) & outsource (hedge/cta/major firms) run amok at the big figures, & believe you me, these fella's will cane the numbers in substantial size for peanuts.
Add to that the big fish soaking up all the spare cash off the large timeframe technicals, & you got yourself just a tiny snapshot of what goes on out there in the spot mkt in just one average session.
If you were to magnify one simple zone of activity, be it a round number, big figure, key math zone, blah blah you'd unearth a mish mash of contradictory order flow (certainly 2 way in the most part) washing around the level.
That's why I (& most of my colleagues) don't subscribe to all that marketeer/sales gimmick horseshit.
There's far, far too much going on out there to categorize price flows to a certain sector of the marketplace.
But if that's what folks choose to chew over & digest, then so be it. It's never unduly affected how we operate & it never will. But there are kids out there who will waste a whole lick of time & effort (not to mention $$'s) pouring over all that crud.