Possibly, but it's important to remember these orders can be removed at any time. I prefer to first identify support/resistance on the chart. Very high volume usually occurs at inflection points, so high volume wicking through resistance is usually a good sign of a top.
This is interesting. Can you elaborate more on this? How to identify the support/resistance levels? And how does high volume play a role here?
At present, I just look at the chart manually and look at the points where the price action went reverse sharply. I sometimes see the price reaching the same peak a couple of times and then there is a sharp drop in price. So, I call that a resistance level. I am not sure if that is the correct way of identifying?