Just a basic question about how can Level 2 quotes help me further in understanding the current price action in Forex Markets. For example, lets look at the attached picture.
Llooking at the USD/JPY rates, will it be correct to say that if Ask Size > Bid Size, then price on next tick will likely go up, and vice versa?
Also, the colume numbers quoted at various price levels, are these stops/limits placed by various traders?
I'm just trying to understand how can this information be useful, considering that this doesn't represent the volume of the entire forex market but just with my broker.
Llooking at the USD/JPY rates, will it be correct to say that if Ask Size > Bid Size, then price on next tick will likely go up, and vice versa?
Also, the colume numbers quoted at various price levels, are these stops/limits placed by various traders?
I'm just trying to understand how can this information be useful, considering that this doesn't represent the volume of the entire forex market but just with my broker.