How do you use level 2 to inform your trading decisions? What do you look for and what does that tell you about what is likely to happen with price action?

One thing I've seen is that if there is a big buyer sitting and waiting lower than the bid price, this is a bearish sign, as once that buyer is sold off, the price is likely to shoot down.. that support is gone.

Likewise, if there is a big seller sitting and waiting lower than the ask price (asking for a higher price than the ask), this is a bullish sign, as once this seller is bought off, the price is likely to shoot up.. that resistance is gone.

I'd like to get some new ideas! Please share!