Asking Justin7 as he seems to have a lot of experience both first and second hand with professional wagering and why books limit due to steam players. The problem I have had is that I have found two definitions for chasing steam. I am curious which is the "real" meaning of chasing steam that when followed you will more than likely get limited by everyone except perhaps Pinnacle (and the exchanges of course).
Chasing Steam #1: This is what I always believed to be chasing steam and that is let's say it's an NBA game between Denver and New York with the line currently at all books as the Knicks -5. If I am watching my Don Best screen and see the line at Pinnacle go to the Knicks -6 but still -5 everyone else. At this moment I log in to my 5Dimes or whatever account and bet Knicks -5 before they change the line then I am chasing the steam. 5Dimes won't like it because I just beat them to the line move and now they have to raise their line to 6 however they cannot offset my action with a Denver +5 bet. Our friend Tony isn't going to like me very much. This example is what I always believed to be the definition of chasing steam.
Chasing Steam #2: I am starting to see people now say the following is chasing steam but I don't agree. They say is the same game from above moves from Knicks -5 to Knicks -6 at Pinnacle. In this example however the game goes up to -6 at all books. I follow my Don Best screen and say "Geez, Knicks up a point, I am going to take it because it obviously was a big move". I now bet the Knicks -6 at 5Dimes. In theory I am "chasing the steam" because the sharps are moving on the Knicks (let's say public is on Nuggets) however the line I am getting is the line after the sharps hit it (bad line). By definition I am "following" or "chasing" the move but I am getting the worst line.
I am curious as to Justin7's take and which of these two scenarios will get you limited and which won't. My previous knowledge says #1 gets you limited and #2 every book wants you because you are betting the garbage line. However now I am seeing people say BOTH would get you limited equally. I am also curious as to what other people feel is correctly the picture of "chasing steam". I realize there are other factors so please don't tell me I left things out of what makes a steam move. I am just looking for answers and thoughts and not going to write a thesis on Steam Moves and Chasing Steam. Just trying to layout overview scenarios.
Thanks for taking the time to read and discuss!