Hi i have been looking at various forex news and i cant fully understand what this means so could someone please translate it for me?
“[USD/CHF] Bids around 1.2100, stops below 1.2085, offers at 1.2235/45, with stops above 1.2250”
Thank you
It would help if you told us where you got this from so we can check it out for ourselfs and then give you feed back. Just guessing I think that this is “signals” The “bids around” I think are a buy signal. You really are not providing enough information to explain what this is.
Hi, this is from oandas FX news and this is all it says. i would give links to it but its a java based programme with a required login. I was wonderig if anyone could tell me what “bids around” “stops below” and “offers at” are telling me to do. Does it mean pair expected to rise/fall to or when to stop loss.
[B]“Bids around 1.2100…”[/B]
This means there are buyers at this price level. If you’re thinking about going long, the thinking goes that this area would be a good place to do it.
[B]"…stops below 1.2085…"[/B]
This means many traders with open long positions have their stops set at 1.2085. You usually don’t want to place your own stops where everybody else does, also called “stop clusters”. You’d want to place them a little lower to possibly protect you from market operators attempting “stop sweeps” or “stop hunts” where they try and flush out trades opposite of their positions and then reverse their position the opposite direction making money both ways.
[B]“offers at 1.2235/45…”[/B]
This means there are sellers or traders with short entry orders at this price level. If you’re thinking about going short, the thinking goes that this area would be a good place to do it.
[B]"…with stops above 1.2250"[/B]
This means many traders with open short positions have their stops set at 1.2250. Stop sweeps apply here as well.
Thanks you Forex Ninja, this is very helpful.
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