DislikedDavid, by cleared out pending orders you mean closed them at a loss ? I understood that the more SLs hit the more the price is propelled in that direction. And about sell orders taking profit - you mean sell orders entered at the top ? Wouldn't it be just a few scalpers taking shorts there ? How can this move the price down so much ? Could it be that mayve there were some big longs actuualy that took profit at about the top and pushed prices down ?
(Sorry about the barrage of questions.. Trying to learn.. )Ignored
But there are players holding longs from months ago that will keep holding them untill it shows a defined top and tells them to get out.
What ever you want to call it but the trend is up. period. And a 200 pip drop wouldn't signal a reversal in trend as it would be just a correction to the over all trend. I think this thing has a long way to go yet.
edit: good questions. Just a matter of speculation is all.
edit again: the size orders it took to get the price where it is, profit taking on those oprders would have pushed price much further down.