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Vtrender · From the desk

Orderflow

Order flow is the second reading, not the first. It shows who is active. It does not, on its own, say whether that activity matters.

Read in isolation, delta and a large print look like signals. Located in the auction, the same print can be participation inside balance or the test at the edge of value. These notes are that distinction.

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Orderflow

Reading order flow with context

Why Orderflow numbers mislead as standalone signals, and why the structure around flow is half the information.

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