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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade
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To: Darren who wrote (789)3/25/1998 11:00:00 PM
From: Ken Wolff  Read Replies (1) of 2120
 
Darren,

I do not use Level 2 because I use

1. Expectation of how the trade goes based on a percentage of the upside or downside.

2. And the rhythm of the movement of the particular trade.

I can usually beat level 2 timing a direction change by up to a minute. The early action (rhythm) of a trade tips me off as to what to expect and I am usually correct over 80% of the time, but there are some traders who do very well using level 2.

Infact many of the traders in the room use level II and swear by it. Personally I only find it useful on very slow traders....

I almost never play the very fast movers as what you described can happen, also fast movers can turn on you in a heartbeat and a quick exit is hard to perform... As with level II, when trades are backed up and delayed, as during most openings, they are harder to play :)

Good Luck

Ken
www.mtrader.com
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