At various times we’ve looked at the market set-up, the interbank market, hedge funds and real money, and the impact of order books. Seeing as it’s sooo dead, why not have a look at a growing phenomenon; Algos. Algos have become very big over the last 18/24 months and they are a huge part of intraday liquidity. Many of them are only trying to make a very small number of pips, from 0.5 to 10, but they trade in very large size. They run programs which look at price history, current price action, volumes etc and these programs are designed to predict where the next small move is likely to go. When the percentages are ... (full story)