 You are off and streaming. Hello everyone. Today we're gonna go over size management using Market State. And before we get into it, I wanna just go through a disclaimer. The information and opinions expressed in this presentation are solely for educational purposes only and do not constitute investment or financial or trading advice. All participants and viewers should conduct their own independent research analysis before making any investment or trading decisions. Trading and investing in financial instruments carries inherent risk. Potential investors and traders should only utilize funds designated as risk capital and funds that can be lost without jeopardizing one's financial security or lifestyle. It's so important to trade with risk capital so it kind of helps to remove that emotional factor from your trading. So it's a great rule of thumb. I'm John Slazas from Dharma Capital Trading. I've been involved in trading since the 1980s and former Chicago Mercantile Exchange member got involved trading crypto in 2013 and kind of transitioned full-time to crypto in 2017. And I've got an analytics business that we provide fact-based trading and fact-based trading involves making decisions based on objective data and analysis to reduce speculation and subjective biases. So more statistical facts and no subjective analytics. So we strive to stay away from technical analysis which can be too subjective and stick to things that are more if-then-based. And today we're gonna go over size management. As I mentioned in our agenda, we'll go through a little bit more about fact-based trading, talk about market state, go deep into market state, showing, defining the structure of those states and the strategies that are inherent in certain market states and then we'll jump into some live practical application. So fact-based trading involves making decisions based on objective data analysis rather than subjective or emotional opinions. And I love this quote, the illusion of validity. Everything makes sense in hindsight. The illusion that we understand the past fosters our overconfidence in our ability to predict the future from the sound Tali from the black swan. And this is so true, especially when you get involved in trading for the first time, all the tools that are out there and you look at a chart and at the end of the day, you're like, oh my gosh, this is so obvious. This is easy, this is simple. And it's not. Where are you at that moment? What decisions do you make at that moment? And so this is one of the seductions of the subjective analytics. It just feeds that overconfidence that this is something that doesn't have to be as respected. The problem is the simplicity of the bylaws sell high proposition. This creates an illusion that trading is easy. And this is supported by subjective technical analysis tools which clearly explain in hindsight how to achieve trading success. Consequence traders become disillusioned, constantly searching for new ideas, their performance suffers, trade flows inconsistent, not sustainable. And either the subjective analytic complexities create trading paralysis or the account flows up. Intuition versus formulas. We live our life on intuition, making decisions left and right. But research suggests that to maximize predictive accuracy, final decisions should be left to formulas, especially in low validity environments like trading. So your intuition is key. And the whole idea of fact-based trading is to provide you with a statistical foundation to align your intuitive flow. So we wanna get you into intuitive flow, but we wanna get you in there with some facts. And the more facts you have, the easier it is for your body to trust the truth. And when you're trading off of subjective opinions, that's where you get a lot of anxiety because your body actually knows that those aren't truths. So the more truths you have, the better foundation you have, the more clearly you can see what's true that helps you get into your flow. And that's what it's all about. That's how we beat the machines. So to improve trader success, the solution is a statistical outside view provides the traders with a fact-based benchmark. And this offers a reality check to the probabilities of what's most likely to occur based on quantitative results independent of any subjective bias. And that's always a key thing. When you're in a trade or you're doing something, what is more likely to occur? And are your decisions based in alignment with that or against it? And the result of having this benchmark is traders who have a statistical baseline focus on the facts and mark a truth. Less thinking, fearing, hoping, trying and more knowing, self-trust, confidence and doing. The result is more effective consistently applied sustainable approach. So the solution, a statistical outside view to assist traders in making informed decisions of what is more likely to occur independent of any subjective bias. That's what we're all about. And our analytics, that's what we provide. We provide a quantitative multi-market strategy solution as a statistical baseline. And we streamline structured trading across all timeframes, asset classes and trading styles. And so I'm gonna get into some of our work and I'm gonna use our playbook tool. But all the concepts that we're going over here are just factual things that you need to incorporate into your trading no matter what. If we're working together, we're not. You need to have these understandings. And by having these truths and understanding, it's gonna help you with your size management. And when in trading, size management's key. That's the difference between making it or not. You can't come out with the same size in every trade. You have to trade bigger when it's in your favor and trade smaller when it's not. Go for shorter durations when the things are unclear or when the market's just telling you it's not gonna be producing big moves. And when the market's in a state that produces big moves, you wanna extend your duration. You gotta just be patient with those trades. And other trades, when you're out of alignment and you're trading something that's not as likely to occur then that's when you wanna treat it like a hot potato. So I'm gonna talk a little bit about market color and our market state analytics. Get into that a little bit. And so our market color state analytics define the baseline state which acts as a statistical benchmark to make the regularities of trading environment more predictable. And we do that by defining the market state characteristics which will improve your awareness and provide a basis to standardize a trade plan by executing trading tactics in conditions that complement trading methods. So in this example, if we're looking at a bull trend state and so when you're doing your work and you're looking into market, what is a bull trend? Well, a bull trend's a market that's making higher move highs, higher move lows. We have a positive trending market. That's a fact. You have to market stops making higher move lows. It's no longer a bull trend. It's something else. So you can't hope that it's gonna be a bull trend. Markets are always transitioning from one state to the next. Sometimes they'll stay in a sustained trend, but then you can look at the dynamics of that trend as well. So they're absolutely, you're gonna have trading sessions when the market's in a bull trend, they just go straight down. And they're violent negative corrections. And those are opportunities. Those are opportunities to get in alignment with the bigger move. But, and when the market is trading at a lower ebb on a bull trend, these are the areas that that's where your size management is increased. When the market is moving to the ups, breaking out to the upside and you miss this move and you're getting in at the end of it, what's really left? How much risk do you wanna put out there? And that's what we're talking about today. The other part is, when you talk about the market states is, does a market state have good momentum? Well, bull trend does. What's the volatility expectation? That's the other thing to consider when you're defining these trends, when you're defining these states. With our work, we get involved in, yeah, markets can be in a bull trend, but they can also be in a bull trend digestion. And when a market's in a bull trend digestion, the expectation is more sideways versus trending higher. Or if the market's in a bull trend acceleration, the expectation is that this pullback's gonna be smaller and things are just gonna scale. No, the market's in a bull trend correction, the expectation, the market's going south, but we're gonna look for the market to stabilize and jump on that and get on the, ideally the lower ebb of the next transition higher. So really, most people look at, market states is, we're either trending or non-trending. Bull trend, bear trend, or we're going sideways, we're in neutral, but there's more nuances to that. There's accelerating trends, there's digestive trends, corrective trends, markets go to get to extremes. So these are different environments and you really need to own all these environments. So if you're running a trading strategy or you're running a trading bot and that bot is a digestive, it looks to trade digestions, well, you wanna apply that in markets that have digestive characteristics, neutral digestion, bull trend digestion, bear trend digestion, you want more stop and go action. And you wanna turn that thing off if anything gets into a breakout mode, like an accelerated trend or even a trending market because you can just get run over. And so that's a big part of size management is just understanding what is the trend that we're in? What are the expectations? What are the volatility expectations? Markets that may require reduced position sizes due to increased volatility when things get more unpredictable. So those are other conditions that we want to adjust our size. And the key takeaways are, the effective size management is gonna ensure resilience, sustainability and the growth in your trading. And the right size management to make the difference between a short-lived trading stint and a long-term prosperous trading career. You have to bet bigger when the odds are in your favor. And so we're gonna go into some practical application now, but before we do, just going through the size management side of the market state, understanding and owning that environment is key. Recognizing these favorable conditions to optimize your tactics to make every trade count. You know, and from the market state, what we're gonna go through as well is the parameters that define the state, the structure. So we can, and we can use that structure to standardize our size management. By accurately defining the price boundaries across the straits and time frames that ensure that we're able to control our risk and make clear decisions. So where do those states change? That's where we're gonna, we're going to look to identify the optimal opportunities because that's where our risk is defined. If we are able to define a markets in a neutral digestion and we're able to identify the price extremes of that digestion, well, that's where the lowest risk is. And if we're getting a trade signal on our system or just, you know, we just get this feeling that we want to get long or short and we're trading in the middle in a neutral digestive state, it's hard to define that risk. So if it's hard to define your risk, you need to lower your size. And when you're at a structure point, that's when you need to increase your size. And it becomes really simple. You just, you know, if you're not at structure, then you trade this size unit. I like to look at trading in terms of units. So, and ideally you trade in three units to five units. So a minimum, you know, so if we're just talking about three unit trades, you know, your minimum size, you know, if you're trading whatever your size is, you just throw it into your unit. So if you're trading, you know, one unit is one, you trade two units, you know, it's two. If you trade it 10 lots, then it's, you know, every unit's 10. And then when you're doing a two unit trade, it's a 20 lot. But, you know, whatever your size is, you throw it in there, but you have situations where, okay, I'm gonna accept every trade and it's least gonna be one. And if it's at structure, it's gonna be two. And if it's at the sentiment bias, which is a number that we identify every day for every timeframe, you know, it's a three unit trade. So, you know, the more, where you can define your risk the best and then what's more likely to occur. And so another part of that on the market state and the condition and the structure of it, you know, when you combine those two, there's obvious things that you wanna do. You know, when you're in a bold trend, it's the best opportunities are gonna be by dips off the lower troughs. That's gonna be the optimal thing to do. Just like a bear trend, you're gonna wanna sell peaks. That's the optimal thing to do. And so that's where you identify those areas of where you, that's where I'm gonna place my big bets. And no matter what you feel, if the market is not at that area, you can't trade that big. Simple as that. And when it is at that area, you have to force yourself to trade bigger. And sometimes you don't want to, but you have to trade bigger when the market is at those points. And typically those are the situations where it is difficult to trade big because that's when the market's putting a lot of fear in everyone. It's just a function of the market. And you can use those emotions as well to your favor, especially when you have the facts. So when you have the facts and you're able to identify what's true, you know, when the market is at those optimal situations, you have got confidence versus fear. And so we're gonna take a look at some strategy of, you know, kind of if then statement if the market's in a specific market state with a specific structure, and then this is what we do. And by applying this if then method, you're able to align your trading actions with what the dominant strategy themes that are inherent in the state and structure. All right, let's jump into the markets and apply some of this stuff. So we're gonna take a look at Bitcoin first and we'll just go through, this is the playbook. And like I mentioned before, if you're running different strategies, if you, you know, either you're doing trading discretionary, you're trading the system, you're trading the bot, you know, if you have specific ones, you know, we've color coded the state. So, you know, quickly you can see, you know, what, you know, what tokens are in a neutral state, you know, which would work better with digestive bots, which ones are accelerating state, which would work better with trend following. Have a lot of blue here of positive trending markets. And so really getting into and owning these conditions. What, you know, and I'll word, and this is a notebook you can keep for yourself too. You know, basically, you know, just going in and providing more detail in your journals, you know, and documenting that, okay, what do I do in the, you know, just dissecting states and bull trends? This is my plan in accelerating bull trends. This is my plan in neutral states. This is my plan, understanding these conditions. You know, if market's a neutral volatility is going to get crushed. If you're an options trader, it's a great opportunity to sell vol. Where do you want to sell it? You want to sell it when the market's making a surge into the extremes. And then when it gets, you know, when it's making a hard break and vol's getting pumped up and it's in a neutral digestion, it's a great opportunity to come in and sell premium there. So, you know, dissect what's the environment and that's all we've done here. If we've gone through what's neutral digestion, what does that really mean? What, how do we want it, what's the, what are the nuances of that environment? And then we want to look at, you know, what's the structure of it? So it just kind of, you know, you're going from the big picture to now, okay, now we're going to identify, okay, what's the structure of this market? Let me go back to our example here. So we're looking at Bitcoin. We got a market's in a bull trend state, positive trend. That's all good. We know the environment. Are we on this part of the trend? Are we on this part of the trend? You know, where are we in this picture? And so, you know, we can take a look at the structure of it. And so for, for Bitcoin, we've identified, and this is published at 715 p.m. central standard time the evening before. And so this is our daily structure and Bitcoin's daily structure is coming in at 68 K 500 basically, remove some of this stuff and we'll just kind of build it up as we go. Because we're talking, you know, as we come into the market here, we're identifying the markets that is in a bull trend. So positive trending market. Other things we like to look at it for fact-based tools are just time frames. So I'm looking at the previous day's high, previous day's low, previous day's close, previous day's midpoint. Another great tool, you know, you understand, you know, understanding what the context is, context is bull trend, market opens up. What do we know, what, you know, just general logic. Markets in a positive trend, what should it be? It should be above the previous day's close, period. That's just the most basic thing you can look at. So it's just a, it's just, that's when you talk about a benchmark is if you come in and you're a buyer and you're like, oh, we had this huge movie yesterday or this thing's gonna take off. I'm gonna get long on my buddy said this so I read that and you get anchored on this opinion. When you come in and the market's trading below the previous day's close, that's a fact. That's a benchmark to kind of gauge your enthusiasm. So at the very least, it should be something that says, hey, I'm gonna back off, I'm gonna tear it a little smaller. Another thing I like to look at is the previous, the midpoint, because that's just a general momentum level. You know, we had this yesterday's range. Is it gonna break out of that range? Is it gonna move towards the previous day's high, previous day's low? Well, if it's above the midpoint, it's more likely it's gonna make a play for the previous day's high, but low, it's gonna make a play for the previous day's low. Simple as that. And then you can use the dynamics between the previous day's close and the midpoint to gauge and here, today, you had this rotational trade within the previous day's close and previous day's midpoint and once the market told you it was soft here and we know we're in a bull trend and you know that if market's in a bull trend, it should just continue to scale higher and this is telling us that there's a problem. So we talked about the market-state structure and so the main part of any day and any timeframe is the sentiment bias and where's that line in the sand? Do you just, you draw this line and above there were buyers, below there were sellers and that's what we call our reversal level or our R level. And so when we come into the market today, we know that 68,542, which is also what we, is our critical range negative extreme is our sentiment bias. So we know this is the over and under number for this trading session. So we're buying breaks above here, we're selling rallies below here. Market's in a bull trend, there's issues here. The other thing that we identify is the critical range, which is the upside pivot and downside pivot. This is kind of the hard structure of the market and this identifies the breakout point for a new bull trend. So like basically 73K 200 is the upside breakout and then the R level is the downside and the DIR stands for directional is the pivotal midpoint. So this is the kind of the rotational trade area. If we can stabilize above here, we should rotate up to top of the critical range, stabilize below here, we should rotate down to the R level, which is what occurred today. So this is our classic, this is a classic pivot point. So this is all defining the bull trend. And so currently at this price, we are at the lower ebb of the positive trend, we're here. Are we gonna hold structure and rally for a new extension higher or are we gonna break structure and transition? And so if we look at, we'll get into the live market in a second or book map in a second, but when you have, you've got a market that's in a bull trend state with structures, sentiments below the market. So that defines the structure of the market there and different bull trends will have different structures. So like waves is a bull trend, but sentiments balanced at the midpoint, that's gonna be a different trade. That's gonna be a different expectation. So where the sentiment is defines the structure bias. And because we're in the bull trend state with the structure bias below the market, these are the optimal and hedge strategy themes. So when we started out the session, the market broke structure here that traded below the directional and generated this cell signal here. It's called a cell DIR breakout. Putting the market into a hedge theme, targeting sentiment, which it did today. So the market told us that we're in this hedge theme, which is setting up a potential buy opportunity. And so as a trader, you're always looking to identify what theme is the market in? And at this point here, it wasn't clear. At this point, it's clear. So here we get clarity that we're in a hedge theme and our trade vision is the market's coming here. Now we've come to this level. Are we stepping in front of this thing and buying it? So here's where you can use some price structure analytics. And just looking at going through, when you're making a decision, what are the facts? Let's look at the facts. So fact is we're below the previous days low. Fact is this market is working some pretty aggressive negative price structure. So this is the lower M, but we've also taken out what we call our metric boundary to the downside, which is negative. If this is a reversal and we are gonna turn around, this market should not look back and we should get a straight move up. And we should price qualify above what we call our downside pivot metric boundary. And if we don't, that's a tell that this negative structure that we've been building is gonna continue. And especially if we get the market trading below here. So after we, so based on our size management, this is a big, this trade is a two-unit trade, right? Because it's in the kind of the midpoint, this is a major strategy theme. So it's bigger than a one. And it would be, it's not a three because it's not sentiment. So if the R level was here, it would have been a three-unit trade. So now we're coming in here and we're covering this, we're covering our shorts. And are we rolling long? The market hasn't validated this, our buy opportunity to confirm that we are returning to the bull trend. And the fact that we're below the previous day's low point is telling us that we're still in this hedge theme and we need to be careful. And this is where I like to use book map. So basically this just, all this stuff sets the foundation. So this is all the macro picture. So again, we're just building clarity. You don't want to put capital at risk until you have clarity. And now once we get clarity, we can take a look at the order book and see what in the microstructure, we can look at the microstructure and see what's going on. So having this, the sharp moves, sharp moves, and then getting this intensity of trade here at the lower end of the our level metric boundary is classic capitulation. And typically when the market is, typically the market would turn here, it would actually stabilize in front of this figure. We'd pop up right away and we'd be trading up here off of this. The fact that we haven't done that is more concerning. And so we do have some resting liquidity here that wants to sell this stuff. I do like to look at the VWAP as well. So kind of transitioning above the VWAP. So right now, I'm still not gonna be convinced that this market is turning and it's also, you know, past mid, you know, the bulk of the session is gone, how much is really left. My expectation would be that if we did break structure, it's gonna be more going sideways. And if anything, a rally to sell against this area here, but as long as we're, you know, kind of working this negative structure and we're below the previous days low point, there's concern. And so looking at what's happening here in the order book, you know, we've got money dialed up, you know, basically off the high point here of the R level. So what for this market to, you know, this market should just build this positive structure. There shouldn't be any break in structure and it should just go. So if you're jumping on this train here, this action should just hold true and the market should start performing like a bull trend and not look back. And if there's any break in structure, it's a tell that this is not over and this thing could get slammed into the close. And one of the, one of the initiation points for, you know, one, we break this price low here, take out this liquid resting paper here, and then these sellers kind of shift down and they defend this area. And so if that situation occurs, that's a tell that we could see a new move low, which would bring us down to at least, you know, 67, 600. And if they, and if they unwind down to 65, 743, that would really be the target for the session. So understanding the condition is key to your size management. So Bitcoin is pretty clear, it's bull trend, broke structure here, we're in a hedge theme. The market's maintaining negative price structure, which is telling us we're still in that hedge theme. We wanna be really careful with what we're, you know, if we're buying it here, because it hasn't validated, we are below the previous days low point, the validation comes if we trade on a reversal signal, we trade back above this price here. So let's say 69, 800, we trade above here, that would shift us into buying depths. Until then, we're still more in a hedge theme. All right, so let's take a quickly take a look. Any questions you can post them in the chat. I'm gonna take a look at Ether, just to show you kind of the power of the method, and you can apply this to any market, any timeframe. So with Ether, we're in a similar situation where we are in a bull trend state. Let me clean this up, go through the same method. You're coming into the trading session here, you had this really dramatic rally, everyone's all excited, what's gonna happen, we identify the structure of that state, and we can see one, you're coming in here, you got the previous days high, previous days close, you got this cluster, and then your lows way down here, we got the midpoint here, and basically any time you get a market that closes near it's high or near it's low, it's a good, the market should just go. This should be the base for a new extension, and then you just continue this aggressive momentum, and if they can't do that, that's a tell that we could see, at least a pullback to the midpoint. And then sentiment comes into play is where's sentiment in that picture? So if sentiment is far below the market, that kind of becomes sometimes a magnet for corrective trades. And then if we look at the critical range, and we look at our minor structure points within the critical range, so these are kind of validation points to a move up to the upside pivot, or here a validation point to a move lower. And so the Bitcoin is in a similar situation where the market started up firm, so we're all good on the bull trend, everything, you know, as long as we're above the directional, we're positive, the buy opportunities for the optimal theme though are way down here. So it's a fade into this area, or it's a reversal where the market takes this area, this level out, and then trades back above it, that's the other buy signal. So these are the big unit trades for the buys. There's no big unit trades higher. It's a valid buy opportunity, it's just you can't trade big basically. You're above the directional, that's positive, this market should continue to perform like a bull trend. And that's what, when you go back to just the basics of what is the environment, that's what's key, right? So when you really own the fact that this isn't markets in a bull trend, is it performing like a bull trend? Well, yesterday definitely was. Well, how about now? Well, now we just broke structure here. We broke price structure. And we validated below that, you know, we have two, you know, the market made new high, new low, new high, new low, new high. So you got two, you broke your second price structure right here. That was the tell to setting up a corrective move, at least this digestive action. So you're not performing to a bull trend here. It's not trending higher. And then when you fail underneath the directional, this validates that no, we're not. And then what that does, it generates a cell breakout signal and tells us we're in a hedge theme. And so here you have clarity. And definitely on this flush, this validates that clarity to say that we're selling rallies against here. The market always tells you what it wants to do. That's the beauty of it. So we define the state condition, okay, we're a positive trend. What's the structure of that? That gives us some guidance to, okay, where's that stake in a transition? And then we have our strategy themes. And it's always doing three things. It's either performing optimally like a bull trend, or it's transitioning in a hedge theme. Or it has a non-event. It's one of those terrible linear sideways days. And so if the market breaks structure, it tells us that this is not true. So it makes it easier for us. This is not true because it's broken structure. It's not gonna perform like a bull trend today. So it's either gonna be a hedge strategy theme or it's gonna be one of those sideways days. It's just terrible. And so here the market breaks structure, we're in a hedge theme. And so now we know it's either gonna do this for the rest of the day, and kind of just gyrate sideways, or we're gonna follow through. So as long as it's holding negative structure, this is true, that's our story we're sticking to it. Where can it go? It can go to sentiment. So until it makes a play for sentiment, that's, we've got that clarity. What's our risk? The market shouldn't trade, the market shouldn't break this negative structure. Because if it breaks this negative structure, that tells us we're in a non-event. So we shouldn't expect this or this, and we should just do something else, or if it happens early enough in the session, sell some premium. Because we were expecting a sideways trade. But if it's holding negative structure, we're in a hedge strategy theme, that's what it is. There's no hoping. Markets in transition, is it gonna follow through or not? Maybe, maybe not. And today it does. And so it's still maintaining negative structure. As we approach this structure low points, we need to be, that's when we can tighten up our whatever we've sold. But on our size management, this is a one unit trade if you're buying it. When we transition below here, this is a two unit trade. And we can look at kind of if you're in profit targets, it's, we look at what we call average price map distance. And so it's a distance between two major price map levels. So you could look at this as one segment, two segment. So here's your one segment move, your two segment move. So you could, if you're having on two units, you can take one off and take one off. And then this is a, this is a not, this would be a three unit trade if we get a break in structure here. So if the market comes up here, trades back up to the previous day's midpoint and breaks this structure. And then we get a retest of this area. It's telling us we're kind of in a non-event, but it's because we've broken, we've broken structure twice, but it's now it's, this is the low point, the low expectation point, and we've got our previous days low. So we could load up here with the ex, not the expectation that we're gonna get this again, but at least we're gonna get a bounce. But as of now, we're still on a hedge thing. We're still holding negative price structure. So we have to respect that. So, you know, identifying the market state, understanding the condition, what strategy are you trading? Are you trading a deviation strategy, trading a trend strategy? You know, if you're trading it, you know, if you, you, you're trading a deviation strategy in the markets in a trend mode, dial it back, dial back your size. You're trading, you know, you're trading a deviation strategy in a non-trend state. Yeah, you're all good. Now, you know, and, and even, you know, the best thing to do if you're in it, you have a deviation strategy in a trend market is don't trade it. You know, so then you identify states that you wanna execute that strategy in and you find the non-trend states or, you know, because even when you're in a trend state, on the market break structure, it can get these trending moves. So you'll get, you'll get run over on both sides. So identifying, you know, that's, that's kind of step one on your size management. And if you have to, if you're in a situation where you have to accept every signal, well, then that's your smallest trade size. You know, and then it comes down to, okay, are we performing optimally? All right, and are we able to enter at sentiment? Okay, well, then that's gonna be our biggest opportunities. And if we're getting by signals away from sentiment, we have to trade small, no matter what we feel, no matter how emotional we feel that this is, this market, at this point here, the market's gonna break out to the upside and we're gonna scale and we're gonna have another one of these rallies. And you, and you just know it. And they take out that, that by a penny. And it's just like, it's gonna go and you hit, you click your mouse and you just bought them. And it doesn't go. That's, you can do that trade. We don't, you know, you know, so let's just, let's take a look at our minor structure. This would even make sense. So for us, it doesn't make any sense because we haven't taken out the previous days high to do that trade. But let's just say it went up above this by a penny. That would be a, you know, break out of a new high and you're gonna go for it, but you still have to trade small. You can't load up. You have to, you just, that's your risk overly. It keeps it really simple. You know, identifying where sentiment is, that's where you load up. It's a bull trend. It's a lower ebb. It's away from it. Got to trade small. And then with our stuff, you have some other areas that can give you, you know, other decent trades like this hedge opportunity today. To trade it, you know, a two-unit trade. So think in terms of one, two, and three units. And then standardize your execution based on those units. And use the market state. You're just identifying a market state with our stuff. We break it all down for you. State structure and strategy themes. And to really help you standardize your trading. And so let's just take a look at ether real time here. So the market didn't come all the way into the area. It doesn't need to. Just needs to make a play for it. It did make a play for it. You know, looking at the market structure, you know, we have this peak here. So, and we definitely have the previous days midpoint. We can use the, this 34.91 area as a momentum area. So basically it's similar to Bitcoin, although it's a little weaker here because we're below the VWAP. But we're looking for the market to kind of, you know, the buyers to build some structure here and push up. So seeing, you know, seeing this liquidity continue to push up and, you know, basically defend the 34.80 level. And start, and just, it should, and basically if the market's going to get back on the bull trend, it should perform like a bull trend. So you should see no breaking structure. And, you know, that's the tell for the balance of the day for ether. This market should just, you know, you just look at this as that's the low, stick into it, and this market should build positive price structure. And if it doesn't, it breaks structure at all, there's a problem. And if you see liquidity start, the sellers start to defend this area here, this, what, 3,500? Yeah, just use 3,500. So 3,500, the market is struggling. You know, you're seeing liquidity build up on 3,500 to press it down and we get a failure from 34.80. That's a tell that we're gonna go make new more lows and at least go make a play for the previous day's low point. And if they continue to defend this 34.90 area, and you see this liquidity start to build up here and support this and we hold positive structure, what can we do? We can pull, the market can pull back to, you know, at least back up to 35.50 back to the previous day's midpoint. And then this will be the key momentum level. So the expectation would be then the market is either going to, you know, reject here for another press of the 34.31 our level in the previous day's low or that's it for this break and we're back. And the market's gonna look to try to, you know, regain some of this momentum. So that's what our, that's is our method. You know, our fact-based method, you know, incorporates a statistical outside view which helps to slow down the decision-making process and minimize biases. I'm a big fan of Daniel Kahneman's book, Thinking Fast and Slow. You know, the outside view offers a more accurate prediction than the inside view. And, you know, typically in trading and in life in general, we're always just making, you know, knee-jerk decisions. Yes, no, this, you know, we're not thinking. We're just, you know, we're just making decisions. In trading, we've got capital at risk and we need to know the facts. So we need to slow that down. We need to, you know, kind of check those subjective, cognitive biases. You know, what are, what is the, what's that benchmark? What's that truth? You know, let's pace ourselves. Absolutely, when everything's in alignment and your intuition is in alignment with the facts, that's just gonna give you more confidence to go for it. And not only that, it's gonna give you more confidence to hang on to those good trades. And when your bias is against, what's more likely to occur, there's only so many times you can say, you know, this, you know, this one time, it's gonna be different. You know, it's more likely the market's gonna break, but this one time, cause I'm long, it's gonna be different. And there's only so many times you can say that to yourself. And then you just stop. And then you just change. And then you dial back your, you know, the very least, if you're in the wrong position, you dial it back. You start getting out. You start lightening up. And the more you practice that, the easier it is to get on the right side of the market. And then when you do that, the easier it is to really start to get into flow with the market. And the sooner you get into flow, the better you're gonna do. And then when you apply proper size management to those opportunities, that's when the game changes. That's when you're just not, you know, making some, losing some, you know, you're not in the spin cycle. And all of a sudden you're really starting to build on a trend on your account. So I recommend picking up that book. And I recommend coming visiting us at dharmacapital.trade. And like this, if you appreciated this video. I wanna thank Bookmap for hosting this. I think it's such a fantastic product. Really, you know, we like the synergy with all of our macro outlook and then having the ability to have that micro insight. It's invaluable. Any questions, feel free to email us directly at info at dharmacapital.trade and enjoy the volatility. Good luck. Cheers.