Glad to hear you are trading. Tape reading can be done and was done based on T/S. The action we see is the results of individual decisions including MMs or their computers. Remember my little old widow from the past post? Her decision to sell had nothing to do with MSFT,Japan, TICK, Who the MM was, etc. She just wanted the money. When she got on level II, she was MASH, not widow jones.
The responses I have gotten on this topic nearly all address the basic tape reading aspects of entry/exit not requiring level II. You agree that the false sizes and interaction of MMs can give an unrealistic picture. I certainly agree you can make an educated guess on buying and selling pressures, Accumulation and distribution using the printed tape or T/S; but my assertions still stand on Level II.
Any time we look at trades in any form, we are still left with never knowing exactly what happens with a single trade or a day's worth except the trace of Price on a chart. When the tales are woven of the MM's for the day, it is a WAguess, that is never confirmed. To divert our attentions away from price movement to a concern for who is buying or selling and when, dilutes the time and brain cells that might be directed towards stock selection, support and resistance, trend measurements. While the war stories of MMs as seen in level II might give someone an excuse for results on a trade, it may not even come close to reality.
As for the Joe Public, while his actions can be seen as random, you can't tell if it is him or the MM that is buying or selling. He might short most of the time, and you can't tell, when he does.
So I think we are in agreement more than disagreement. The "print" gives a fair indication of activity. It is the embellishments that open up emotions and dilutes actions.
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