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Strategies & Market Trends : Trading For A Living
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To: surfinSteve who wrote (736)7/5/1998 9:08:00 PM
From: Street Walker  Read Replies (3) of 1729
 
You Need Level II to daytrade !

Its one of the many tools one should use.
When a handyman shows up to do a job, he
brings all his tools. He never knows when
he'll use each one, but when he needs it,
its there.

Level II is important to follow the actions of
specific market makers. The 'axe' or 'ball' as
some like to call it are the one or two mm's that
control the stock. When they are on the bid, the
price will go up. When they are on the ask, the price
will drop - all because the other mm's follow their
lead. The axe or ball is doing the deals for the
major mutual funds and institutional investors. Other
mm's follow what the current professional research
is saying to do as demonstrated by the axe - buy/sell/hold.

What Level II looks like:
castleonline.com

Example: gsco - goldman sachs
When PAIR was going up, gsco was pushing the bid higher.
Whenever he went to the ask, the stock hit a cliff
and instantly fell to where he was posting his bid.
No chart can tell you this, only Level II.

gsco is the most powerful market maker.
mont is evil.

You have to get into the mind's of your enemies
to know what they are up to. A good Level II
will give you a portion.

Level II also helps one determine how much
support and resistance there is at a given price.
If I bring up a screen on a stock and see 1 market maker
at the bid and 15 at the ask, that tells me there is a lot
of resistance and little support. Market Makers are lined
up to sell. Its a usefull and needed tool.

There are several Level II providers.
One that I personally like is offered
by Castle - the Kill Key.
Go to their web site and download the
trial version. The Kill Key offers
execution built into the level II screen
for killer speed. castleonline.com
Cost is only $150/month. Very streamlined system.

Get Level II and become acquainted with the mm's
in the stocks you like to trade.

Regards,
Street Walker

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