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Clockwise Movement = Prices Falling |
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As you watch the level II screen, it may look like it is moving in a clockwise motion, as shown in Figure 11.6. |
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Figure 11.6
Clockwise Movement of Level II Screen |
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What is really happening is that bids are disappearing on the left side and being replaced by lower bids on the right side because there are fewer buyers. More offers are being added on the right side as more traders want to sell. More sellers and fewer buyers result in lower prices. |
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The top price section is shrinking on the left and growing on the right. This gives a neat visual illusion of moving in a clockwise motion. |
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Counter-Clockwise Movement = Prices Rising |
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As you watch the level II screen, it may look like it is moving in a counter-clockwise motion, as shown in Figure 11.7. |
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What is really happening is that more bids are being added on the left side as more buyers come into the market. Offers are disappearing on the right side and being replaced by higher offers as fewer want to sell at these prices. More buyers and fewer sellers create rising prices. |
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The top price section is shrinking on the right and growing on the left, it gives the illusion of a counter-clockwise motion. |
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