tooearly,
I use Level 2 to watch MM intent/action, especially during long accumulation periods, like PYR back when it was 50-60 cents, such as many others I like to buy when things are quiet. The typical L2 like Atrade does not have the #best feature, which is the key to the MM watch. It shows you the number of times various MMs come to the bid or ask. If the bid number is higher than the ask during a downturn, they are buying/covering. If the ask is higher on an up move, then it's selling/shorting...then there's the jello in between, where we are now...now that the move is in progress, it's time to watch what the MMs are doing..I just do what they do. Toni Turner's daytrading book has a brief description of L2. You get # best with Real Tick for instance, which I use. Rick Ackerman switched form Real Tick over some squabble with them, but emailed to say he is now using Trade Station...don't know if they have the # best feature...the MACD oscillator also comes with the program, and Rick gives classes on it's use...it is an invaluable tool. Hope that helps.
Cheers,
Bert |
