Nasdaq Level Ii

[cpatte7372]

Hello,

At the risk of sounding dumb, I would like to ask how many of you use NASDAQ Level II as part of your decision making process to buy or sell stocks?

Cheers

Carlton

[soylent]

I don't.

I tried it & from a scalping perspective, it could be handy.

But, you can 'see' support & resistance on charts w/o using the actual bid/ask amounts / size.

I did play w/ it a bit. If I played more bouncing between supports over a lunch period, I am sure I'd use it a lot.

But, I don't use it @ all anymore.

I think it would be neat to 'see' level 3. I've never looked at it but if I could see where all the stops are / how 'big' they are, that could be very handy. But, it would be an aquired skill to trade that way, I'd think...

-c

[cpatte7372]

Soylent,

Thanks for the feedback.

Carlton

[gspiker]

LVLII can be used as a great tool for scalping - but if you are only going to swing it is almost worthless. And of course if useless if you aren't trading nasdaq stocks.

Still, from an educational perspective, you might want to sign up for it for a few months even if you aren't going to scalp. Seeing the games the MM's play, and how they tend to act when the futures really start to move can be an eye opener and help your trading in the long run.

Garth

[DuaneG]

Hi Carlton,

My experience with NASDAQ Level II was a decent one. It can be of some use when timing your trade entry, as well as a great tool intraday. If you're going to be primarily swing trading, you may not be watching it in great detail, but it is rather interesting to monitor how the price tiering and order flow works. IMHO. Hope this helps.

[cpatte7372]

Hello Duane,

Thanks for the feedback. Judging by the responses I have had I don't think Nasdaq II is going to be of much use to me at the moment. I have changed my focus from day trading to swing trading.

Cheers mate.

Carlton