Johno,
I cannot understand how you came to that conclusion to ignore MD. Yes, there's movt in and out the depth at all levels and heaps of ppl on the sidelines waiting to put in an order any moment (rather than telegraph the message to all and sundry as to where your buy or sell is by sitting in the q).
But if you really want to understand the price action/movt of your shares, I think you need to be watching MD, COS and the chart. If your timeframe is a bit longer than one/two days it may help to filter out the "noise", but it certainly gives you a better understanding and feel of the daily activity in the stock, eg was there a huge buy order filled on close, was it pulled, are those orders for real? etc. Its another piece of the puzzle that may help you decide whether you're on a good thing or not, whatever your timeframe.
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