Trading the order info: Wait for confirmation
I get asked a lot how I go about trading the order info we get, and I always answer that I wait for confirmation first that the orders are there and are sizeable. We do our best to ensure that our information comes from credible sources close to the market, but orders get cancelled all the time and often times aren’t as big as touted.
So in cases like the EUR/USD today, where sell orders are reported, I will wait until the level is tested and if the sellers appear in size as expected, then I will either sell immediately or more likely wait for the first small dip/rally to develop and then sell with a stop above the earlier highs. I know some people who make a very good living trading off order info alone, and they are very patient and very selective.