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My opinion is level 2 is just as unreliable on stocks and futures as it is in forex, lots of head game as well. I don't even look at level 2 for either market, only charts and Time and Sales for futures (more reliable because it recorded all the transactions instead of likely transactions). Unfortunately, forex has no time and sales nor volume, so only charts and a few indicators (pivots, fibs, S/R) are the only tools I use. But then again, most if not all forex traders have no access to T&S nor volume either. |
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I was about 2 seconds from opening an account with them. I wouldn't even think about a forex broker that does not have volume. Volume is activity and thus tick volume works fine. Since e-signal is a partner of MB trading and they offer volume information, why can't you get it Torero?
For good and bad, I understand the importance of volume now. The good is I can track what the Smart Money is doing. The bad, I am shackled to the few brokers that are willing to lift the veil of secrecy and make the playing field more even.
P.S. I don't use Time & Sales, but after seeing what it has done for Soultrader, I would love a Forex broker that had that too. Maybe the EC is the contract to trade (see other thread).