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Strategies & Market Trends : Level II Trading

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To: mr.mark who wrote (530)	4/24/1998 7:35:00 PM
From: John Hunt	Read Replies (1) of 1086

<< is there a way for me to tell whether these boys were buying or selling? >> I have only had level II for three weeks, but by watching the two main market makers, ( they take turns, so you can't just watch one ) you can place your bid or ask 1/16 or 1/8 inside of their best bid or ask and wait. If they stay put as market moves to them, you let you order get filled. If they don't want to get filled, they will drop up or down several levels in a flash and you have to quickly cancel and replace your order. The trading almost always goes through their previous level, presumably because they saw or learned of some orders coming. The size of their bids/asks is really meaningless as they often change these to fake out the daytraders. I have seen them post as much as 999 (99,900) shares and then refresh their quote to move to the back of the line at that level or change their bid/ask to avoid even a single fill. Just my observations, based on my limited experience. Perhaps some of the more experienced daytraders can comment on this. John

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