1 of many things I learned at a multi-week training course 20+ years ago - about Japanese Candlesticks, Market sentiment etc. was that in a Market Depth page it is not the # of shares bid for, or asks of,
but the # of buyers & # of sellers on the 1st 4 or 5 lines, at any point in time during trading hours.
And that for all the rest of the bids & asks - on lines 6 and below - is just noise, generally, in the absence of any Market-Sensitive ANN, which are mostly made pre 10.00am.
To break down these numbers at E-o-D today, for MAY,
the 1st 5 lines - at 4.10pm - after auction trades - had 44 buyers out of 140 total, & 21 sellers out of 286 total.
Quite a few bids or asks - sitting close to or on Line #1 are only "Good for the day" i.e. get scrubbed by the broker at 4.00pm precisely.
You can soon determine this yourself - for any activel-traded stock intra-day viz: -
1) Update your Market Depth page at say 3.59pm, noting down the number of buyers and sellers on those 1st 5 lines
2) Update it again at 4.15pm, by which time the brokers bids & asks will have been satisfied (between 4.01 & 4.10pm)
as well as similar buyers' and sellers' bids & asks that have beenwithdrawn due their orders having been only "good for the day".
as well as similar buyers' and sellers' bids & asks that have been cancelled by them during the auction period 4.01 & 4.10pm.
i.e. if you do this during that exact 10 minute periodyour BUY or SELL order will be acted upon, but you won't see the result of what you have done, until after 4.10pm.
If you leave that action until after 4.10pm your BUY or SELL order will not be acted upon until the broker commences its online "ASX activity" for the next day, at ~ 7.00am?
So if you want to make sure - due FOMO e.g. for a buy order - place your Buy order as soon as you can after 4.10pm, because similar orders at the same price, after that time, join the queue in the order of the hour & minute of the time it was placed.
Been there done that - but not very often - if I'm early I'm high up on the ladder, and vicci verca.
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