During the Asian session, looks like novice players came in to the market and drove the price higher until it reached a massive amount of institutional willing sellers. SLs were triggered to add up the momentum downwards.
Comments
FXWW888
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Sure but its not posted on a public forum. Perhaps try googling my user name for further details.
rivac7
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ok got it, so you are trading as fundamental? Let me guess, you recompute prices based on real economic data to buy or sell?
FXWW888
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Not as easy as retail traders think that it is!
rivac7
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Do you have your own technical analysis?
FXWW888
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20 years at banks and hedge funds
rivac7
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oh cool... lucky on your side since you see the large amount of orders.. I am only relying on your footprints.. ;) mind to know how it is like working in there?
FXWW888
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I am the institutional player and I'm just telling you what actually happened!
rivac7
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Yup, correct me with my words "massive" what I mean buy that huge amount of money from institutional side being traded within that s/d levels. ;) Are you working on a bank?
FXWW888
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That's not what happened - the market bought on the jobs figure, then sold it on unemployment at 6% and negative full time jobs.... there wasn't a massive seller out there, it just repriced on the latter.
rivac7
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The reality is, price wont move up or down if there is no willing participant such as banks to buy or sell an instrument. News, are driven by the crowd, but institutional players such as banks are just awaiting for the most attractive price in the market for them to sell if it looks expensive and buy if it looks cheap.