One thing about level 2 is that its level 2 direct access. The direct access part always seems to get forgotten.
For traders that manually work their orders the direct access part is a key component. They are always watching the body of movement and will spot things before many others because thats their trading screen.
I had a scalper recently that i had to help on a 1-2-1 because he relied to much on the charts and not enough on assessing the movements within the screen. When he had to do more of that and less time getting analysis paralysis from his one minute charts he started seeing things much clearer and trading better.
There are times when i look at level 2 from a scalpers point of view, then check the chart and sometimes i laugh at how a one minute chart has lied about the move, because a chart takes its prints from the time and sales and not from what the real action is doing.
Many times in the day there are just small moves to be taken and added up to make a days money. Its in human nature to want to get the bigger moves and in thinking about doing that many wait for to much chart confirmation to enter, that is their down fall, the move is over the scalper banks his profit and the chartist takes a loss when his stop is hit.
My recommendation is use a chart to search for a potential set up. Then forget the chart and zoom down to level 2 for the best entry, then take and manage the trade within the screen. If its a small move you should nail it, if its not working you'll know first and be out with hardly any loss. If it turns into a big move thats a good bonus. Try to think how a level 2 direct access trader would act, rather than an intra day chartist that adds level 2, that way when the bigger moves aren't there you'll nail enough to make a days money.
Naz
