Hi Richard Estes; Re level-2 and WAGing. I really doubt if there are any scalpers out there who don't have level-2. The information is probably of some use to people trading longer time intervals, but it is pretty much necessary for people trading the 1 minute bars.
It is a great conceit to assume that what you cannot use, no other person could use anyway. It's the same thing that those who cannot use TA say about that art. That said, it is plain that level-2 will never do you any good, and you should save the $50. The numbers of times I've paid for that $50 through information obtained on level-2 is huge, I'll keep mine.
Everything in trading is probabilities. So those who are learning level-2 should look for correlations that frequently happen, not for sure things. There are no sure things.
Your post should have read:
No , I can't tell a buy from a sell.
I can't tell a long from a short.
I can't tell the MM from his customer.
I can't tell if any outside bids or asks will become reality.
If I guess, I can't tell when the start of trade occurred. I WAG it is a sell, those shares might have been bought years ago, not today. and I don't know why it was made, Might be to pay his phone-sex bills.
What can I say about level II, it cost $50 exchange fee. If my assertions are wrong , anyone correct me.
-- Carl |
