The algo’s resulted in a lot of false or fake orders being advertised in the Level II that would get pulled, making a Level II MUCH less transparent and very difficult to read. Then things changed, real quick… In 2008 algorithms began to account for a majority of market volume. I would cover my position into their panicking. I profited by following other time frame traders as they entered the market or by taking out S&R levels that I knew a lot of short term traders were leaning on as their out. I would use the Level II in order to determine when large buyers or sellers were entering the market creating imbalances as well as to identify key support and resistance levels. The majority of us at the firm were pure Level II traders.Ī Level II quote gave us the ability to read order flow as well as determine logical levels for stops and take profits. In 2008, I was 5 years into my professional trading career at GPC in Chicago.
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