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Algos tend to front run orders across prices in all different areas and not just the areas that I describe. Algos will also be set up to utilise the liquidity in the areas that I describe for the reasons that I describe.
I have a family member who works on the sell side for a major financial institution. Never really knew what his job was until I visited him at home last week. His job is to buy large amounts of shares that fund managers want in their portfolios. He executes these trades throughout the day in different price areas. One of the areas that he uses are the swing highs and lows for the reasons that I have described. Although it should be noted that this is not the ONLY place he executes his orders.
Was also very interesting to find out that sometimes he also executes his orders via dark pools when he doesn't want others to know his intentions. That's a different subject entirely. He also had a really big Dell monitor that was fantastic in terms of the clarity it gave. That's a different subject too
Would love to hear more about this, if I had a family member who worked in the market I would ruin their life with all my questions, thus the universe has dictated I cannot have that in my life, but I have you so what else do you know?