The number of pending orders on a currency pair does not specify the precise amount of Buy Limit, Buy Stop, Sell Limit and Sell Stop trades, but rather measures market interest in a certain currency instrument.
Pending orders imply positions in future, not present ones. So, the volume of pending orders is equivalent to market expectations of an upward or downward trend.
The more orders are pending, the more probable a bearish or bullish trend is. A decrease in the number of pending orders on a currency signals that a trend has already arisen.
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