the majority of All trading occurs during the US session, after the 9:30 US open volume spikes on a 60 min chart can be seen at 4pm, generally the highest volume bars are the noon - 12 pm bar â talking about the ES here the 6E Euro fx contract which is the highest volume currency contract has about 10% of the ES volume, and the volume is still highest during the US session tho a little earlier and has a wider spread of volume over the hours when the US has a holiday and no trading is taking place, it results in much lower volumes in non US markets the high volume peaks do not coincide with price peaks/valleys, so trading appears in a sense to be trend trading where positions are taken during the US session, but, price moves and some of them large, occur outside of the high volume period 'manipulation' explains nothing if volume is the criteria, since there's 'no volume' during the after hours session the price imo is not being manipulated I've seen a couple of 5K orders hitting the 6E during the Asian session and they've moved the price about 30-50 pips/ticks over a period of a couple of minutes, but I've also seen a 12K order hit the ES late in the session and the price only moved down by a single tick: http://www.elitetrader.com/vb/showthread.php?s=&threadid=226053 attached: 60min of the ES for Nov with a few p/vs illustrating relation to volume a lot of traders seem to place a lot of value and emphasis on volume and the use of the DOM, volume doesn't come into my trading system and it doesn't appear to me to be directly related to price movement, what do you think ?