Yeah, I've only traded spot oil on an hourly chart or less, usually just minutes, not futures. One bit of bad news somewhere and the price goes outside my risk management level. I'd probably do a lot better trading it long term like you. Same with Gold, can get very reactionary on short time scales.
Oil has to be a long term buy though, don't know how anyone could fail if they can hold it long enough. One day I'll start looking longer ahead than the next day...
N/A
Ah sorry no, I did try level 2 about 10 years ago but I gave it up, couldn't really make it work for me, kept reading it wrong and making bad trades... Maybe I just didn't give it enough time though.
I know it was useful to a lot of people then because you could tell when the large orders were about to exhaust, order for 10k, 10k, 10k, 2.7k and done. But now everyone puts on icebergs with random amounts so it's impossible to tell anymore.
I think it's a lot more useful if you're scalping, couldn't really see the point of using it on the time scales I usually trade over. Maybe good for better entries and exits, dunno. Almost all my trades are set by limit orders way in advance anyway.