This is a very interesting subject. Whether or not an indication of forging grain flow is still visible depends on the specifics of the austenitizing temperature used. What we are seeing in the excellent micrograph provided by Maui (thanks Arthur!) are undissolved primary carbide particles. In high carbon steels like 52100, 1095, etc., the austenitizing temperature is generally low enough that some of the primary carbides remain undissolved, typically < 5% or so. What this means is that these undissolved carbides can be used as an indicator of the forging grain flow.
Notice that this is a microsection with a magnification of ~ 50x. We are looking at the microstructure which is a martensitic matrix with some undissolved carbide particles. The macrosection that Terry provided (equally good T!) is at a much lower magnification, probably only 5-10%, and the microstructure is ferrite + cementite (before quenching and tempering treatment). Macroetching is more aggressive than microetching, because it is performed at elevated temperature 70-80 C for 15-60 minutes using concentrated 50% HCl acid rather than 2% nital (2% concentrated HNO3 + 98% methanol or ethanol) at room temperature for 12 seconds. So, forging grainflow can be indicated using either macroetching or microetching, although the former is the usual method, and is usually done prior to heat treatment. If the steel was a medium carbon grade with say 0.3 to 0.5% C, then there would not be any undissolved carbides, and microetching after heat treating would not reveal the grainflow. Also, if the austenitizing temperature is sufficiently high, all of the carbides will be dissolved, and grainflow will not be visible after heat treating. This may be the case for the balls inspected by mrfailure.