hard · Order Flow Analysis order-book-dom
In Gold (GC), a trader identifies a suspected iceberg bid at $2,340.00 showing 25 lots. Price has held for 8 minutes with 260 lots traded at the bid. The trader then notices two separate 100-lot market sell orders slam the bid in quick succession; both are fully absorbed at $2,340.00 with no price movement, and the displayed size snaps back to 25 within a fraction of a second each time, faster than the normal refresh after smaller trades.
What does the unusually fast reconstitution after the two 100-lot sell orders most likely reveal about the hidden order?
- The reserve is large enough that 100-lot clips are trivial, so refill queuing is not yet a real constraint.
- The fast refresh proves the order is not an iceberg but a pool of many small independent limit orders stacked at the same tick.
- The seller has become more aggressive, forcing the buyer to refill faster to avoid losing the level.
- The exchange prioritizes iceberg reloads over new limit orders, which is why the refresh appears instant regardless of size.
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