Oanda FX OrderBook?

[Pipsaholic]

Hi,

Anyone use this? Trying to understand how to use this can anyone explain is to a me? As a retailer trading the majors what am I supposed to be looking for open order/positions or both? Has it to be read backwards as 95% of retailers lose?

Forex Order Book | OANDA fxTrade Europe

Thanks.

 

[VielGeld]

It shows the aggregate positions of Oanda's client book. Unlike level II/DoM, it has a delay on updates and doesn't show actual values, just rough approximations.

I tried using it, but the delay and lack of precision pretty much killed it for me. Haven't had a look at it for a couple months now.

It is an interesting instrument in watching how positions evolve as the market moves, though that's about as much as I ever got out of it.

 

[Pipsaholic]

Theres a guy on FF called darkstarfx who states its useful when it orders go over the 1% mark and also when price returns to that level a retracement you could guage how many orders where there previously.

 

[VielGeld]

I ain't sayin' there's nothing there, just that there's nothing there for me because of the delay and no view of the numbers.

If you want to use it, you're going to have to develop your own method around it and take down notes, observations, etc. I'm sure there's an edge to be had there. You're just going to have to find/develop it.