Hi Miki!
Well, sorry to disagree with your opinion there, but you don't really seem to understand what Lv II is about...
"... and it works for finding better day trade entries, too..." I said in the post. I find this to be a crucial step on your way to becoming the "superior" trader, who is the only one that will survive over the long term!
What do YOU do if you want to enter an intraday trade? Look at TRIN, vol, supports, 12/4 min EMA cross, RSI over 70 and trin under .65 for a long?
Baby, I tell you you're playing with fire... If you want to live, you've got to get as close to actually 'reading the market makers' minds' as possible!
This requires to fundamentally understand time&sales windows as well as Nq Lv2, and I mean FUNDAMENTALLY!!!
Otherwise, would you enter a long if the chart looks like it's a bull pattern, not realizing what kinds of games the 'axe' mm is playing on Lv2 right now? May the force be with you. You'll need it!
I think if you're serious about trading, read a few good books etc about Lv2, and if you think it's futile, you can still forget all about it. I bet you won't =)
That was the answer to 'small piker' (thanks anyway!)
Here the answers to your other comments:
As for bigger moves: Why would I capture 'just' a small portion, anyway? If it keeps going, I keep going, every so often loosening (NOT lowering!) my stop-loss. It works, I rode quite a few stocks all the way from a clean Lv2 entry to a 10% or more gain!There is a magic tool for this called 'trailing stop loss'! Ask your advisory broker about it :'D
In the meantime, if it doesn't keep going into that direction, I will have taken the scalp while you're sitting there waiting for a 'big trade' with a big stop-loss.
And by they way, 'small portions' are bigger you know. 1% a day is more than 30% a month, right? In fact around 35%. How much do you think is 100 scalps aday @~.02% compounded compared to your 1 or 2% intraday holds, with much higher risk ratios?
If you have a problem with commissions, consider that the $55 bucks per phone call for your marble-desk advisory broker may be overpriced since 1988 (ahaa!) and open an account with a so-called 'discount broker' like IB. They don't charge fees for brokerage, and their commission is $0.005 per share /$5 per 1,000. -That is going to chop YOU to pieces, is it? LOL! Their execution is 5* excellent, too btw.
The longer you stay in = the more risk you take = the more exposed you are = the closer you are to 'investing'.
I invest in my business, gold, silver, diamonds, rubies etc (I'm a jewellery designer so that's handy) as well as real estate. But I certainly DON'T invest in stocks. I may not be that crazy yet... ;P
For examples on WHY Lv2 knowledge is a must, read THIS:
http://www.marketwise.com/pdf/FadingTheTradeOct2000.PDF
also try
www.undergroundtrader.com and go from there...
P.S: Sorry for being a ***** but who was offended first and who was right? Happy Trading folks...
Bulls'n'Bears!
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~The Scientist