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A large number in the order book is not a completed trade.

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In this lesson, separate what is available from what has actually traded.

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The numbers in our diagram are invented for teaching.

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The best bid is the highest displayed buying price.

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The best ask is the lowest displayed selling price.

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Here, the difference is zero point two five points: the spread.

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The quantities show displayed liquidity at this moment.

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Suppose the ask quantity falls from twelve contracts to four.

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That change alone does not prove eight contracts traded.

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Orders may have been cancelled, changed or executed.

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Look for the corresponding executions.

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In this invented example, the tape reports three, two and three contracts at the ask price.

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Eight contracts executed.

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Every trade has a buyer and a seller; execution at the ask describes which side took the available liquidity.

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Eight contracts trading does not guarantee the next price move.

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Watch whether the ask lifts, stays or replenishes.

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Repeated executions without progress may suggest absorption, but they do not reveal a trader's identity or guarantee a reversal.

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Pause the replay.

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Write three facts: the displayed quantity, the executed volume and the price response.

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Keep your interpretation separate.

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This makes an observation easier to check when you replay the sequence.

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Open the free NQ Replay linked below.

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Find the bid and ask, watch a few seconds, then compare the book with the tape.

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This is an observation exercise using recorded data, not a trading signal.