Up late (usually trade NY time). Logged in to see what was going on, and noticed that a huge spike occurred on bid prices for a pair - we’re talking about a 60 pip spike). This was a one minute chart, it opened and closed at the same price but within 60 seconds had bids (or a bid) at 60 pips over closing price.
I’ve seen this once before, seems like a way to manipulate the market -to be honest- by busting stop losses and clearing the market. Then an unpredictable short term variance occurred on the candles in the 1 and 5 minute chart, and was quite volatile for a few minutes afterward.
Totally unpredicted, and the spike seems totally contrary to what I usually understand and see in the morning (NY East Coast period) session.
Not sure I understand what happens on the 1-30 minute charts in the Asian session, or what that spike represented.
Curious about others who have tried both markets, and curious about that spike. I can’t believe the spike was arbitrary, if a spike like that occurs is it a way for larger volume traders to manipulate the market? If so, is [U]it an indication for a possible trend change[/U]? And, is the asian market that different than the ‘morning’ markets I usually see?
In new territory here, but I am interested in learning from experiences of other traders.