AC1
First of all UK level 2 is light years behind Nazdaq level 2.The way you play NL2 is completely different.
Everyone plays depth of market differently depending on their skill levels,reading of the screen, order execution skills,tactics,etc,etc.
To me there is no right or wrong way,but look at this if i was a scalper and wanted to get in i would want some support behind me,so i'm not interested in in that it looks like support,i don't care that there are fake orders that might get pulled.All i want is this,support.I dont want fresh air there because if we falter who am i going to transact against and get out.At this point looking at a one minute chart means nothing because all the action is there on your NL2 screen.After the players have made their moves then you'll see that move translated as a move on the chart.
I want some idiot faking because i'm watching the main players,when they move and were going down i'm going to hit that fake order before he pulls it.I've also got plan b and plan c.So i need depth of market as my stop and i read the play faster than they pull their orders so that i can hit them.They are my life line.
To me there are two profit factors.The first is how you are going to play the next market move.The second is how are you going to play your level 2 direct access screen.To many new traders think about the market move and not how to play the screen.So they view the screen as any ordinary person would thinking it makes sense then they find they get fooled.What they are lacking is how the screen is being played and how to take advantage of the underlying situation.
Of course another thing to think of is how is the ax playing depth of market?
So there you have it,i hope it makes sense,if not you'd better come on a t2w 1-2-1 NL2 training day.
