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| Nasdaq Level II provides a comprehensive view of the major participants. Use it for execution when you're trading that market. Keep in mind that the best entry will often fade short-term supply-demand on the ticker tape. When entering congestion, find a quiet tape with tightening spreads and dull transaction levels. LII can be overkill for tracking positions after entry. Use the inside bid/ask of Level I to follow the progress of your positions and get comprehensive data on broad market direction. Look for narrowing spreads following sharp rallies or declines as evidence the move is over.
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