 We should now be live on the YouTube. All right, it looks like we are. All right, we got 26 people hanging out on the book map YouTube this morning. One person in the Discord. Welcome one, welcome all. Good to see you. I hope everybody had a good weekend. You're feeling good, feeling full of energy and ready to make some money today. There well could be an opportunity. So let's just talk about what happened at the end of the week last week, which I think is good for giving us a place to start from today. So essentially the market tried, what we had here was what we call a balance area where the market was trading up and down inside of a range. It tried to look above that balance area and continue higher and it could not do it. It failed to do so. Failing to do so caused the market to rotate down to the opposite end of balance. Once again, very common. Failed to do it here, opposite end. Failed to go lower, opposite end. On and on and on, this tends to go. So we looked below and once again we failed. We were unable to go lower so the market turned around and that gave us that slingshot back up to the opposite end of balance. So this morning, really the question that we're asking ourselves is, is the market ready to try to break out of balance or is it just going to fail and pull back in? So essentially can we find support here today to keep going over the days to come or will we fail and start to pull our way back down to the opposite end of balance? Any scenario is possible. We could just go sideways up here at the upper end of the range all day. That is very, very common. Correct me if I'm wrong but we do have an FOMC meeting this week, right? All right, so it looks like a rate statement but not a meeting, not a Q and A. But anyway, the reason I bring that up is it's not uncommon when the market has an FOMC meeting coming up on a Wednesday for it to work its way to one end of balance or another and then spend the Monday and Tuesday prior to that basically just driving us nuts grinding around again and again on that balance area high and low. If you literally just go back and look at the previous FOMC days, you'll see it happens again and again. They always take us right up to a balance area high or a balance area low. They spend a couple of days driving you mad up there making you think they're gonna break out, FOMC comes and they head back down to the opposite end. So if that were the case, to me there would be nothing unusual about maybe just spending the next two days going sideways up here at higher prices. If that is the case, it will be the type of sideways that will drive you mad. The type of sideways that will feel like it's about to break every minute of every day and then just never go anywhere. So that is on my radar as a very real potential this morning, but of course, if they can keep the momentum going to the upside, we can get a breakout of balance to the upside which will lead to excess or if they fail and they start to pull back into balance, well then we can get a big move with that trade to the opposite end and those are also possible today but I'm just very cautious with that potential to go sideways. So now what do I do? Well, I got to zoom in and look at the market profile and the book map to give me some ideas of what to look for next as some kind of indication of where the market is going. So the first thing that I will be watching, I'll be zooming right in here. At the end of the day on Friday the market left behind what is called a spike up. A spike up is basically a move to the upside that happens in the last hour of the day and then closes inside that move. So the spike up tells us the market still has momentum to the upside. So that is bullish to see. Okay, so first and foremost, first signal I'm looking at is bullish that the market could continue to go higher today with continued momentum. Okay, so how will we measure that? Well, when the market opens, where does it open in relation to that spike? If we open inside the spike somewhere in here that is bullish. If we open above the spike with a gap up that is very, very bullish. And if we open like where we are right now below the spike that is the least bullish scenario. Now it is important to note it is not bearish, right? It is always bullish. If you end the day with a spike you're always bullish the next day. It's just this is the least bullish of those scenarios. So this is the one that's telling you, ooh, maybe they don't have it. Okay, so the first thing I'll be watching is the overnight high and the overnight low. If we break the overnight low and get some new selling down here, well, then I know the momentum is over to the upside and we're looking to pull back that would increase the odds that the market is gonna go sideways or lower today. And if we look below that overnight low and pull back up, that would increase the odds that we're going sideways or higher today. And then same thing with the overnight high. If we can get above there and find support that is good for continuation to the upside. But if we look above that overnight high and fail and pull back down we're looking to go sideways or higher. So I'll be treating the morning like a chop zone basically using yesterday's high and the overnight low as my levels to watch for the chop. As you can tell, it won't take long before we'll break out one way or another. But those are the levels that I'm watching. So I'm looking to see, can we get above 4190? If we do, can we find support? Can we get below 4181? If we do, can we find resistance? And then I follow that move. So support above, I go higher with it. Resistance below, I go lower with it. Okay. I hate to make it overly simple because I know people like much more complexity than that but it really is that simple to me. If they can get above yesterday's high they can test the overnight high. If they can get above that, we got momentum. They can keep it going as far as they want. They could shock us with how far they could push it. Same thing with the failure. If we start to pull back down into range there's a very real chance we could move to the opposite end to the downside just as quickly as we did to the upside. So there's potential for a big move here one way or another. But I gotta wait and see first cause I have a feeling we're gonna get chop at the higher prices. Looks like we got 31 people hanging out now. Please smash that like button to send us some new folks if you can. Good morning to Frito, Shilin with Dylan. Luciano and Tim. Dylan says yes on the Wednesday call. Yeah, I mean, it's just that's what I thought on Friday when I saw, I was like, wait a second. So we immediately pushed right up to the opposite end of balance and we're closing on Friday right at that level. Like I was looking at it on the daily and I was like, give me a freaking break. If there was ever a spot to spend a couple of days grinding around, driving everyone mad before FOMC where they could make a humongous move. I mean, this is the spot. The spot for chop. It is also worth noting that the last time we tried to break out of this balance to the upside it was extremely frustrating, right? You remember these three days? They were the most sideways of sideways. So a little more of that right here at the same level would not be unreasonable. Mark, good morning to you. This is what I was worried was gonna happen with these book map streams. Cause I was gonna say everything I need to say in 10 minutes and then I have nothing else to talk about. Chad, give me something to talk about. Subject matter you're interested in trading related. Mark says, Bitcoin review and queue. Okay. Yeah, I could call. We might as well just do the other charts. Let's do NQ quick while we're here. NQ, look a nice. Okay. So the NQ is attempting to break out a balance. This overnight range is getting above that balance area. So I would call this the balance area right here. So I would say, you looked above that balance in the spike up on Friday. That's bullish to see. So you're coming into the morning bullish here and you're opening right on it. So that could count as the back test. If we find support this morning and we stay above the overnight low on the NQ, we could look for continuation to test the overnight high. If we get above that overnight high at 13, 360, man, you got momentum break out of balance, right? Why? Why, Charles? Why are you so excited? Tell me, tell me, tell me. Well, because balance areas often break out and give us the same sort of range of excess that we had of balance. So if we do start to break out from here, we can look for a move easily up to the, you know, 13, 600s, 13, six, almost 13, 700s. So there's a lot of potential on a breakout of balance. Why is that? Because balance leads to excess. You spend enough time, go in sideways in a range, you're just making that spring tighter and tighter and tighter and tighter, just waiting to burst. But then of course, as always, there is the opposite argument, which is that what if we don't do that? What if we can't find support up here and we start to pull back down into Friday's range? Well, I would say you can look for support at 13, 288 and 13, 269, that area. If, you know, 13, 270, if that starts to break, then you're looking at a potential look above and fail, which in the same way that a potential breakout from balance presents opportunity, a look above and fail could present some real opportunity to get back down to that opposite end. But then what if they just wanna spend a couple of days grinding around up here, driving us nuts before the FOMC? So both markets will have to take a ticket of time. See what happens. But again, I would just tell everyone, you should be opening this morning feeling slightly bullish. The spike up at the end of the day on Friday in both markets was telling us there is still momentum. So it is for the buyers to confirm that, they must continue that momentum today. But as of now, they have it. And let's pop out and take a look at the Bitcoin. Bitcoin, yeah, it's in balance, it looks good. This to me isn't a day trade. There's just no setup here. I mean, you're right in the middle. You just don't diddle in the middle. You are making lower highs, but you also made higher lows. So yeah, it's just this market is doing what the ES has been doing for the last few weeks. It's just getting tighter and tighter with that range. Trying to figure out which way to break. So sorry, no insights for a day trade, no insights longer term. I think Bitcoin needs a few weeks to figure itself out here. Yeah, I'd say this is bearish right now. I would wait for another test to 2,800 before I mess with the Bitcoin. Let's take a look at the VIX. I don't ever look at the VIX, but we got nothing else to do for the next 12 minutes. That is low. How low can you go? How low can you go? All the more reason for a couple choppy days sideways, not making a prediction, just being prepared, psychologically, just in case. Oh, now we got tons of questions. All right, 11 minutes, let me get through them. RP says, what's your thoughts on the very narrow breadth of the S&P driven by just a few stocks? I have no opinion of that whatsoever. It's an interesting question, but it's just not something I think about. That's why I don't try to play the S&P based on individual stocks or anything, like if the big mega tech stocks are doing something on their own, I should treat S&P different or whatever. I just treat the S&P 500 like it's an index, and I'm trading the whole index, and whatever the whole index is doing today, that's what I'm doing. And if part of the index is going up, well, all the rest is going down, and so we're just going sideways, it's a sideways day. So yeah, I have no opinion on that. But thank you for the question. Carlos with a K says, good morning, good morning to you. Frank, good to see you. Allior? Sorry if I'm missing that. Topic, your use of CD. CD. I'm not sure what you mean. Carlos with a question. What is iceberg? What is iceberg? Well, an iceberg in the ocean is essentially just like a giant piece of ice that's stuck kind of floating around in the ocean. And you got like the waterline like this right here. And what icebergs are famous for is the fact that you can really only see a tiny little bit of the iceberg sticking out from the water. Most of it is underneath the water, invisible to you. Very dangerous if you're a Titanic captain. So what iceberg orders are are basically orders where the person who's entering the order or institution or computer, you know what I mean. Whoever is doing the order, they have a very large size that they want to trade but they're hiding it from you. They're only showing you a little tiny bit of the size at a time. And they just use computers to do this so they'll put like a limit order in right here. And as the market gets to that level, it just instantly puts another and another and another and another and another and another and it just keeps adding, adding, adding, adding, adding. And you don't know how many they're going to keep adding. You don't know how much is hidden from you in this moment, but you know they're there playing that game. You know somebody is trying to hide their size and that's what those icebergs are. It's just the software showing us where somebody's trying to hide their size. Now the tricky part is it's all sorts of different people that use this. There are clearly day traders who use it as a way to accumulate a position in the market if they're trying to accumulate a position. That generally is what I assume when I see an exact number, like if there's exactly 500 contracts or whatever, then I assume that was a real human who put that order there and used the iceberg just to disguise their size. But then also the algorithms, the bots that trade on their own all day, every day in the markets are also programmed to do this same thing to hide their size and only put it up one contract at a time. So they also appear as icebergs. So when I start seeing a lot of icebergs, particularly on both sides of the market and in particular that are very similar in size. So like 345 contracts short, 345 contracts long, 345, like you will start to notice little patterns like that. That is just a computer playing some kind of game. Seven minutes to the market open and we're right on the overnight low. Wanted, what do you expect at the base of the spike ups that you marked? Well, support. So again, the base of the spike, the reason we're watching this level is because it's very important to us based on where the market opens this morning in relation to that level. So right now, if we were to open at this exact moment, we would be opening below the spike, which would be the least bullish scenario. Not bearish, not bearish, least bullish, okay? But if it opened inside that spike or it opened above that spike, well, that would be bullish more so. So that's the first thing we're watching that level for. If we open below it, it basically stops mattering. It was the signal that we didn't open in the spike and then who cares? It's gone. If we open above it or we push above it and pull back down, it could act as a support. So if you want to know what I'm thinking is going to happen there, I'm thinking buyers are going to step in and push the market to the overnight high. But of course, I don't know. I got to wait and see. RP says I bought some pins, Pinterest recently. Do I cut and run after its liquidation break? Ooh, you're getting outside of my range of expertise here. I'm happy to take a look. But I'll just tell you right now, with my trading experience, by the time you're asking the question, should I cut and run? You probably should have a while ago. Your brain was probably warning you. Pins is a great ticker symbol, though. Yeah, dude. That's not good. I mean, so again, not financial advice, not telling you what to do here. I would not want to own that right now. I'll just be honest with you. There's a decent chance that they'll come back and try to fill the gap to get back up to 2660. But not yet. They got to build support first. You also had a massive amount of volume compared to the norm yesterday. So yeah, me thinks this is not a buy. I would say look for support around 22. If they can hold support there, then you might stay in it because they could bounce, but other than that, no, I'd get out of there. So you'll say to yourself, what should have gotten you out? Some sort of trend line. Yeah, I mean, you would have been fucked on the gap anyway. Never mind. Three minutes to market open. Our piece says, or I'm sorry, Brian says, can I talk book map versus jigsaw? I cannot, as I've never used jigsaw, but I can tell you what I always tell everyone, which is it doesn't matter. One is not better than the other. You know, it's all a matter of just being an expert. So if you prefer using VWAP with divergence, you know, bands, then do that over using Ikamudu Cloud or using, you know, any of those other bracketing sort of things. But they all work the same, right? You can just, you have to just pick one and become an expert at that one. Then you'll be able to use it with, you know, stronger insights. I would say the one thing that to me separates book map from everything else is the stops indicator. Stops and icebergs indicator. It's just like, I don't know, it just, it gives you a little bit of clarity that I have not been able to see in anything else. Just the way it's formatted and laid out for you. Good morning to the Shaw, Matthew. Carlos says, CD is cumulative delta. Yeah, I don't use cumulative delta. Can't help you there. I do love the old fashioned CDs though that you would put in your car. Come on, one minute to market open. So again, as the market opens this morning, what are we watching for? Support at the overnight low. So right here, we're opening just above it, around 4180. We're looking to see when the market pushes below there. Do we get new sellers piling on there? Or do we just look below and pull right back up? New sellers is bearish. Pull right back up is neutral to bullish. Same thing with yesterday's high. But in the opposite direction. And we're off. Alexis says, why do you prefer the nice market internals and don't use the S&P market internals? It's a good question. It's because I'm just trying to get like as a slightly different perspective. The internals in general, that's really the purpose they serve in my analysis is like, I think I see what's happening in price action. I think I understand. Let me just get a second opinion. And let's make that second opinion, you know, not totally random and disconnected. Like looking at a different market, but just to give me some kind of an idea. So looking at, you know, what's happening with the NICI and the NASDAQ at the, you know, the total, all the stocks that are trading within that index, it just gives you more clarity. But I have no problem with using the S&P. Asgar, hello to you. Scooball, hello to you. Gino, good morning to you. Thomas says, thank you for taking time to give us entertaining advice. Oh, Thomas. If you like cheesy songs and bad jokes, you've come to the right place, my friend. Okay. So now that we're back above the base of that spike, 41.86, we want to see if we can turn it into support to get up there and test yesterday's high at 41.90. Boy, you gotta love it when they just sit right on one price level. Come on boys, give it a push. There we go. All right. So we got some support that increases the odds that we'll test 41.90. And then same as I said with the overnight low, what happens there? Do we push above and find support or do we push above and fail? Pulling back down and passing back through the opening price. Scott, good morning to you. Brian, good to see you. Phillip is here. Andrew G. Nor Otto trading. ES trade monkey, novice trader. Rob the trader and Dorith liquidity. Welcome one. Welcome all. Smash that thumbs up. Show the book map channel some love. They do their best to provide you guys with insights that you might not find anywhere else, including weirdos like me. It's worth the thumbs up as far as I'm concerned. Okay. So the market just created a weak high increasing the odds. We're going to get above yesterday's high. At least to test it. Nor says no email yet. I sent out that email this morning. I'll double check. Zachariah says which platform are you using for market profile? That's the chart over here on the left. It's called window trader. Window spelled without a W at the end. As far as like recommending market profile software, you know, I love window trader. I think it's the most beautiful and intuitive option out there, but it's very expensive. You have to pay a lot to buy the rights to use it and you have to pay for data separate. So any market profile software that you can get your hands on, including if you can get it for free. You know, I would start with that. And you say, well, Charles, why would you suggest book map to people if you wouldn't suggest window trader book map costs money too? Well, it's just the idea that book map can't get elsewhere, but the stuff on window trader is available in every market profile software. It's really just about seeing the market in three dimensions. Where do you spend the most time? Where do you bring in the most volume? At what price level? Good morning, fighter pilot. Scoobal says the low is weak. Uh, yep, I'll give you that. I'm more focused on the momentum, but yes, sir. It's of course weak because they only got the open. All right. So there's the test of yesterday's high, which is bullish to see. And so the next question is, can we keep this momentum going? Can we bring in new buyers up here around 4190 to hold the market up here? If they can hold it, they should be able to head up and test the overnight high at 4196. Can they hold it? So now what I'm looking for in the book map is do they flip the order book? We had this resistance right here at 4190. Does that now become support? Does liquidity start to step in there? All right, I would describe myself as now bullish as long as we remain above 8650. It's not very exciting, but we are getting new buyers above yesterday's high. And what did I say this morning? Because of that spike up, I'm going to be bullish. And all I need is for the bulls to prove to me in some kind of way that they're still in control. The fact that they were able to get above yesterday's high, the fact that we're finding new buyers tells me they are in control. So as long as they remain in control, I will remain a bull. But if we pull back through 86, then we're just heading back down to test the overnight low and I'll be wrong. Let's see what happens. Mark says, first time I'm writing this in a while, the NQ is actually weaker this morning? Say it ain't so. Yeah, you're right, dude. NQ is weaker. They need to test their overnight low. So they need to come back down to 13286, poke below there and find out if there's new sellers. Tale of two markets, good catch. Kite attack, kite attack. That sounds almost like a fun attack. Anyway, kite attack says, hi, my TPO goes at 4194. Why do you have a little cluster at 4190? Ah, over here on the left. That's just from, like, over the weekend. Don't worry about that. It actually should be smushed in with the rest of this. Fair question, though. Zachariah says, any free platforms to suggest? No, I mean, I've only ever used window traders, so that's the only one I can really suggest from experience. But I've heard good things about trade of eights. What else? Can't think of any others off the top of my head. Nor Auto Trader says it only costs $10 a month. Are you talking about the brigade membership? Yeah, you got this market profile software, but you might not have it all day every day, that's what. MP says, how am I? I'm well. Thank you for asking. NAP says PMI at 945. Thanks for the heads up. Oh, coming on. All right, so here's the test of the overnight high. So once again, 4196 is another level where they can tell us, do they have the momentum? They told us with the spike up on Friday. They told us with the new volume above that high today. Can they tell us with new volume once again at the overnight high? Zavici, Zavici. That's a great name, man. Zavici says, can you please drop a name or describe what that info on the left, like how to read it? Honestly, it's very complex, right? It's like trying to say, explain to me how to use book map. Like I couldn't do it all at once. There's a lot to it. But it's called market profile software. It's basically the same thing as candlesticks, but it just shows you the information in three dimensions. So it shows you not just how much, like what the price range was, but it shows you how much time it spends at each level. That's the number of letters going across, the more letters, the more time. And it shows you how much volume traded at each level. That's the volume profile that you see over there. So it's just showing you the same information as candlesticks in three dimensions. Ironically, I'm starting a course today to teach it. But you're probably too late to sign up for that one. All right. So they got some liquidity up here in the book map that I'm looking at a little bit at $41.98 and a little bit at $4,200. My guess is right now, they're trying to use the liquidity at $41.98 as a magnet to push market away, to basically tell the buyers stop buying now because if you get up here, you're going to get rejected. And so my guess is as the market pushes away from that level, as we start to head down, you'll see the color, the intensity of the color get less and less and less, right? The further we move away and then eventually they'll find support somewhere and then that will disappear. But this up here has been kind of sticking around. So I'm curious to see is that just a spoof that they're trying to bring the market up and then disappear it or do they really want to fill at $4,200? Catching my eye, so I got to say why. So you can see they're trying to do it again, right? As it starts to push down less and less liquidity, as it turns around and starts coming back up, look at that, darker, darker, darker, darker, darker, until it gets too close and then they give up and they go, nope, taking it away. So this is all just a game. They're just trying to fool you. Informity says data at 10. Copy that. Why are the letters of the alphabet in a triangle formation? That's to show us how much time. So basically we'll take the overnight last night, which is this little glob right here, or I guess over the weekend. So each one of the letters, when you look at it like that, is like a candlestick. It's like a half an hour candlestick. Does that make sense? So if I smush them all on top of each other like that, I can easily see where was the most time spent. The most time was spent right here. The most time was spent right here. Do you see that? Well, then let's look at this morning's market. When the market opened, where did it spend the most time before it made its first move? Right here where it spent the most time in the overnight. P-j-j-j, moved up. Where did it spend its time when it made its next move? Right where it spent its time there. P-j-j-j, moved up. So that's why we look at it like that, is to see where does the market spend the most time. As Jim Dalton would say, price advertises, time regulates, and volume measures. If you can't see all three, you're just missing part of the auction process. Scoobal says, there was no real pullback today, not yet. Wontis says, what makes a low or a high strong or weak? Well, there's no such thing as a strong high. Like a high that is particularly good. There is just highs that are good highs and highs that are weak highs. And what separates them is the amount of taper that they have and the amount of time. So if you look at the overnight high right here, you can see that they got two ticks above the previous high. Right? So there's just two letters by itself at the top. So that was a good high right there. And that doesn't tell us anything. It just does, it's just nothing. Okay, it's a good high. We don't have to think about that at all. But the one down here at the low, you can see how there's only one letter away from the previous low. So that is actually a poor low, okay? So that does tell us something, which is that there's a magnet pulling on price to come back down there. Now right now are we thinking about that magnet? No, of course not, because we've got momentum. But if the momentum ends, if suddenly we can't find support here, we start pulling down, we can't find support here, we pass back through that opening price, well then all of a sudden, whoops, that magnet becomes important. And we look for that move from there to there. But right now we're not worried about it. One step at a time. I say, I say, good man, one step at a time. Oh, thank you Mark for dropping that. I did a pro trader webinar. It's there on the book map site. Explains everything in detail. But you can still ask questions. Go ahead for another three minutes. Invictus says, we may see a pop to 4198. Too risky for me. I'm just going to sit on my hands and wait for a trade setup to go short if it presents. Oh, yeah, I mean, if that happens, there's plenty of opportunity. If we pass back through the opening price today, we could have a big look above and fail. And it might be the NQ that gives it to us. Yeah, their low is still weak. But like you say, right now, it's not a time to be a seller. The buyers are in control. You got to wait for them to lose. And right now they're winning. JB says, what timeframe do you use book map? Well, it's not really a timeframe thing. I'm generally just zoomed in or zoomed out as much as I feel I need to to give me the insights that I'm looking for. So for example, right now, I'm happy to be zoomed in like this right here because I'm really just worried about, you know, this little zone right here. What are we going to do in here? Oh, that's all I need to see is that right there. But then let's say the market starts to find support. And I'm thinking, I wonder where a target to the upside would be for me to take profits on the trade. Well, then I might need to zoom out a little bit. All right, to look for where's the liquidity above. Speaking of which must be 10 a.m. News bots, the market is free. It can go anywhere. So as they as they react to the news, we can expect a lot of volatility, a lot of really fast chop here as the liquidity has disappeared. And we have to wait until that liquidity comes back before we can trust the move. Also, it's worth noting. This must be real humans wanting to short it 4200 because it didn't disappear when the bots did. So somebody's got a real order in there. Note to sell for later. Okay, well, there you go. I'm going to remain bullish above the opening price just because I know that this is just that that news bots and they don't really matter. Stopped, stopped for one. That's okay. Get let the bots chop it up here for a little bit. You can look to reenter once the liquidity comes back. Can they hold it? All right. Well, unfortunately guys, I got to say goodbye. I know it's time for you all to head on over to watch Bruce's stream. Bruce is the man. I wouldn't want you to miss any of that. If you are a member of the brigade, head on over to the pirate traders brigade stream and I will see you there. As far as insights to carry forward for the rest of the day, I remain bullish here that to me means that we're either going to go higher or sideways, but it negates the idea that we need to go lower at least yet. Now, everything will change if we pass back through today's opening price. So if we pass back through 41 85, that would be a sign that we do not have the momentum. Does that make sense? So at the end of the day on Friday, the market told us, Hey, we got to spike up. We've got momentum. What does that mean? It means the market wants to keep going higher. So far this morning, we've spent all our time and brought in all our volume inside that spike. So that's the market confirming. Again, thus far, the market is saying, we've got the momentum. We can keep it going. But if they pass back through that opening price now, that signal disappears. Then the market is telling us we no longer have that momentum. So I remain bullish for continuation as long as we stay above that opening price. If they keep it going into the C period. So if, you know, they keep it going for the next hour, then I will look at one time framing, meaning making higher lows as a sign for how far the momentum can go. I don't think it'll be much. I have a feeling we're going to have a sideways day, a day that looks a lot like this overnight and we'll probably just chop around. But as of now, the buyers are in charge. Can they hold it? This is what I'm asking. Thank you very much. We'll see you here next week. Or if you want to join the brigade, we'll see you right now in the brigade stream. Have a great day, everyone. Bye.