Level II is the best indicator of who is selling and who is buying. Look at the last trade, it gives the time and the size of each trade. Just don't get caught in the emotion of the trade. The market makers thrive on the emotions of the inexperienced trader to make a mistake by buying again during a rally. Then your stuck with a high cost basis and may need to average down at a later date, if the stock drops drastically. We've all done it, just be aware, it's another human behavioral issue to learn about yourself. We all have to monitor this because its human behavior. There are entire books relating to "How to Remove the Emotions from Trading". Bill Panetta is really good with his bottom busters reports to help traders determine which stocks are about to rebound. There is a lot of good information on Panetta's message board. Other traders have done spin offs from his board to help explain and expand his base of learning. I like Panetta because he's a charting guy and so am I.
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