Is tape reading what people are talking about when they say they only use Price to trade as opposed to using indicators⦠or does it mean something more, like time & sales or level 2?
reading the tape : Attempting to predict short-term price changes by examining price and volume information as it comes across the ticker tape.
Above is not wrong, but alternatively getting a feel for who is doing what i.e looking for things that give something away.
is Level 2 still useful these days( more useful during the Nasdaq bubble era), or are too many games played on it?
Game playing maximus. They got bots now doing the head-faking. My take: best to look at Level 1 and that's not easy visually, especially with active instruments like e-mini financial index futures...so it's best to build your own software model to analyze Level 1.