 Okay, just starting YouTube. I think YouTube is now live. Let's make sure I'm not speaking into the microphone, but over it. Okay, and I think we are about ready. Good morning, everybody. Welcome on YouTube. Welcome on Discord. It's Friday the 27th of October. The end of another quite volatile week. Quite a bearish week in the markets. But let's first do our disclaimer. So let's move on with this. All book map limited materials, information and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Trading futures, equities and digital currencies involve substantial risk of loss and is not suitable for all investors and past performance is not necessarily indicative of future results. Okay. Yeah, I've got the the same split screen format that I had on Wednesday. I'm just checking that YouTube feed is up and running. It looks all fine to me and I think the sound is fine there too. I've got the MNQ on basically dragged back to right to the beginning of the German Open. So there's a reason for that. We're going to do a case study and we're going to go through it in a little bit more detail than we normally do. I'm also aware that we should talk about the context and calendar, especially as we have a red flag economic release coming up. So let's do that. Let's move on to the slideshow. Okay. So, Marius, correct me if I'm wrong, but I think this is Friday. So I've got the right day this time and we've got the core PCE. So that's in this session in 30 minutes and we've also got at 10 o'clock Michigan consumer sentiment. So quite a busy day for the economic releases and we're likely to get some volatility. I didn't want to overly dwell on that at 8.30. We can watch it and commentate on it for about five, 10 minutes, but didn't want the whole session to be spent looking at that because one of the things that we're supposed to be doing in this one is really helping people trade the European session and that is more the pre-market, the breakfast session. So I haven't done a detailed breakdown of what happens at the German Open and the London Open for a little while. I mean by detailed, I mean a case study. So we'll do that today. And I will also, yeah, I've got one more idea that I just want to throw in. Again, it's a free idea. I don't tend to, yeah, yeah, it can be very confusing. That's why you often find me using an economic, Marys is saying that having time zones in ET, Eastern Time, can be confusing if you don't live in Eastern. I don't. I live in West Australian Standard Time, which is the same as Singapore and Beijing. So when I dragged my calendar on on Wednesday, you saw the times that I see rather than the calendars that I find across the internet, like the one from investing.com that's in the channel and the one from Forex Factory, which is on the screen. Anyway, let's move on. So, yeah, on to the dailies. So we're now quite a long way from the trend line. You know, this is a downtrend that's clearly been established. I don't think there's any doubt about that. Just maybe we just flick off for a second and just watch this action in ES Live. So they've had this resting liquidity, and it's been in place basically since Asia. So they're now finally getting down to it. So I just wanted to point that one out. Anyway, we'll go back to the context. So, yeah, we're finally there. The only point about pointing that out is that resting liquidity can be extremely useful in ETH, but don't ever expect them to get filled straight away. They're there as advertisements, mark posts, don't trade towards them straight away, or we stick to your plan and stick to your trading setup structures. Okay, let's back on that. So, yeah, I could even draw a steeper trend line there if I drew from down there to there. So maybe I will for next week. Anyway, let's move on. NQ, yep. So as I said the other day, we've touched it several times, valid trend line coming down. Not surprising in the bearish context that we've got a couple of wars, economic sentiments aren't as high as before, especially consumer. So consumer at 10 will be interesting today. And yeah, we've had quite a down move this week, as you can see there. You know, we've had some big down days. Let's move along to the 10 minute chart now. And again, this is 10 rather than 15 minutes. So I can get more bars and give a wider perspective on what's happened. And the gray shaded area is ETH, and we're using that to contrast with the white shaded area, which is yesterday's RTH. So even though you can't really get the scale of this until I drag the TPO's or the volume profiles in, that was quite an extended range. So it's not overly surprising that we're only in really the middle third of that range. But you can see that we've touched yesterday's mid a few times, which often happens when you've got an extended range. There's nothing magical about that. NQ, slightly more bullish, but very, very similar position. We're halfway along yesterday's range. Okay, let us ditch that and move across to the TPO's. Okay. If it will play ball and let me drag it. Okay. So on this occasion, even though I did segment this out and look at this by time bars as well, there was no great clarity of a late value established in yesterday afternoon. You know, there's no delineation in terms of a clear low volume zone or a high volume zone, et cetera, et cetera. So I just thought because we had such a wide extended range, there was no advantage making my value zone any narrower than basically the entire range. So yeah, so I couldn't exactly be wrong with that because it's so wide. But that's the reason. So in terms of how it affects your trading during the session, yeah, maybe you can expect longer runs. So you may get slightly bigger swings or expected value for your trades, but it can make it harder as well. It's harder to be precise in terms of your stops. So that was ES. And let's drag in NQ. And again, there was no great clarity. I could have narrowed this. I could have narrowed it to about there, I suppose. I was thinking early on I'd do it to there, but no real advantage. I mean, I'll show you what happens if you do actually split the profile. So you can see that the last volume really is a wide half, this lower half to two thirds of yesterday's range is where value was in the afternoon. But yeah, no great shakes doing that or not really. Anyway, we are going to get onto trading NQ in the European session and we will do that in a few minutes. I've got to keep doing a time check. I've also made sure that my feeds, which are in a program called Ilgato WaveLink, are working today so that when we do have that news release at 8.30, I've got a feed from Financial Juice, my friends over there. I will make sure that you can hear it both on Discord and on YouTube at the same time that I hear it. I didn't turn the right button on the other day when I was playing a video and noticed it when I was doing the replay. Anyway, yeah, it's good. Just having a quick look at ES. So nice little spring bounce right before the resting liquidity. So yeah, we can draw on this, can't we? So why don't we? So you've got a swing low there. You've got this liquidity wall here and it goes underneath there and bounces straight away. So that's a spring, which is type C in my ABC category. And you've got this liquidity wall there acting as your support. So you've got a fairly tight stop there. You could put your stop just around about here, for example, or you could have been very aggressive and put your stop here, assuming you got in just around about here or here. And yeah, I think you can see with the naked eye that that is at least a two, maybe three hour trade straight away. But that's what we're looking for. And that's something that we've talked about time and time again, both live and also in hindsight. Again, I will state for the thousandth time, I do not predict the future. I cannot predict the future. All we're doing is looking for the same structural setups with high expectancy in terms of multiple R values, assuming you're taking or in my language in terms of what I do, I take the same dollar value risk on every trade. So when I'm talking about multiple R's, it does mean that I'm looking for multiple times the amount of dollars that I'm taking. You have to set up your system so that you either do that or you do something that you're happy with in your trading plan. Right. Okay. Let's get back on the cursor and time check 10. So we've got 20 minutes left. I always try and throw in a freebie idea. And again, when I say freebie idea, I'm talking about you not necessarily spending any money to do this. One of the things I talk about again and again in this session is correlations. So I thought, you know, why not? Let's just have a look at this and have a look at the whole concept. So I've actually got a blank piece of paper here. And yeah, let's draw an axis of correlation. This is just a refresher in case anybody doesn't know this and I'll now dig out the pen. So come on, Mr. Pen. Sometimes it behaves, sometimes it doesn't. So we're talking about plus one, I forgot to draw the axis there, and minus one. So if I draw a horizontal line at plus one and minus one in a correlation coefficient term, which is the study that people tend to use to measure correlation, that's how two assets track each other directly or inversely. If they track at plus one, that is a perfect direct correlation. And if they track at minus one, that is a perfect inverse correlation. I'm sure, you know, that's just, you know, baby language and plenty of people in this audience know a lot more about this than me, but that's not the point. What I want to talk about is correlations in ETH, basically Asia, Europe and the pre-market session. So in terms of the types of chart that you have, come on, Mr. Pen. It's not behaving, is it? I'll do it with a mouse. In terms of the types of chart or the particular symbols that you have that you might watch, whether it's directly an occasional glance at or whatever you do, right? So I'm saying that you really, really want a correlation, you know, of charts either in that zone or in that zone, right? But the problem is that when you pull off a chart, though there are two problems. One, that most of the correlation studies out there will be based on the last X days, and the X days might be 30 days, might be 90 days, might be six months, whatever. That is not especially useful to you when you are trading today's ETH, right? So, and there's also something to be born in mind that the shorter the time frame you do the correlation, the more that this particular correlation is going to go like that. In other words, you can draw a nice neat line through it, but the actual correlation is going to change constantly. So you have to have a way of approximating what you're looking at to say, that's a worthwhile market to look at in terms of, you know, what's happening. Yeah, for example, you know that I look at the DAX or the Euro stocks in Europe, I'll look at the Nikkei, the Shanghai 50 in Asia, I'll look at gold and DXY, I might look at the Bund, I might look at the pound, the Euro in Europe, things like that, you know, just things I've mentioned as correlation charts, right? But, you know, how do I know that, you know, the correlation still holds, that they might have some relevance? Again, we cannot predict the future. We don't know that, you know, if yesterday's correlation was a perfect 0.9, for example, that's not necessarily going to occur again today. There's a myriad of reasons why it might not be the same correlation today. Just get rid of the last one. But why do we look at these correlations? I mean, one of the things that I mean, I'd like to stress is that all markets these days are interrelated, you know, whether it's arbitrage, hedging, you know, assets tracking, assets in different kinds of markets or different versions of markets. I mean, in this session, we're looking at derivatives of the US stock indices, we're looking at the NASDAQ futures and the ES futures, the S&P 500 futures, right? You will find that the people with the big amount of money that trade those or move those markets will also, yeah, we can type something, can't we? In fact, I won't try and type. They will move money in this market, the futures market, they may move money in the options market, including the very short-term or the zero DTE market, they may move it in ETFs that you'd be very familiar with, like the SPY or the QQQQ, and they may also move it in individual stocks, you know, the apples, the NVIDIA Teslas, you name it, and they may also move it in other instruments such as ETFs that you might not be paying any attention to, you know, because you can't keep tracking absolutely everything every day, it's just not possible. So it's just the point here is that correlations can be relevant, they can be hard to track, and they can be hard to ascertain as to whether they are currently valid or not, but, you know, if you are able to find, you know, correlated markets where big players are moving money, which will affect this market, the markets you're trading with, it's NQ or ES, that can be very useful information to you. Right, let me just get back on the cursor, I'm going to go back to ES, okay, and let's just ditch all of that. All right, so we've had a lovely bounce, that wasn't just a 1R, I mean we can draw this as well, why don't we draw this? So if we, even if we took that as our, you know, there's our 1R, maybe, I'm doing this as very wide, you might have been able to do it tighter than this, and there's 2R, so, you know, you're already over 2R, you should be over 2R, you know, if you'd managed to get in on a spring type trade there, although there's a very good chance that you'd have over 2R if you were still in that trade. So, yeah, that's also nice from the resting liquidity perspective, that you had one resting liquidity acting as your wall of support to hide your stop or to locate yourself close to, and then you had another resting liquidity or a new resting liquidity, or it's not actually that new, because they've been using that level for quite a while, as one of your targets, you know, maybe it was your ultimate target, who knows. Time check, it's 17. Oh, hello, somebody is saying hello in YouTube, hello, Joris, V, welcome, welcome aboard. Okay, right, I'm halfway through my little correlation spiel, so I better continue because there was a point in this, which is to mention that you can do this free of charge, or relatively free of charge. So, we all know, and I've shown before, let me just make this one a bit bigger, by the way, that was power toys, and I've been toying with One Day, I'm not into selling things, and I'm certainly still not into selling things, but One Day may be doing some kind of trader productivity type YouTube channel, where I talk about some of the tools that are useful for traders, and how these things might help them. Nothing like this stuff I talk about in book map, because I don't think that would be overly attractive on YouTube, because people are looking for magic indicators, which I cannot provide them. Right, anyway, back to correlations, I have got ES and NQ here, and I have one, by the way, you could do this on the free plan with something, with a CFD, a contract, for different, similar to ES, there's millions of them around, if you just search something like SP500, something like that, so you don't have to have the real futures data, even though I do, and that is NQ. There is a free study, I think this one's actually built by TradingView, it's called Correlation Coefficient, or they're called it CC for short. So, what have I done on this chart? I've got the same Correlation Coefficient on both charts, and I can click on it, and we can change that symbol in a second. So, we've got DE30ER, which is the CFD, the contract for difference for decks. Right, and why have I got it there? Right, because I want to have a look at today, so this is a three-minute chart. Right, and if I again dig out my... I may actually get the rectangle out this time. If I dig out, say 130, just before the German Open starts, right, and I basically... it's not exactly the same on the bottom one, I think the time axis is a little bit different on the lower one, but bear with me, it's close enough. Right, and I'm going to change color here, so let's just go pink for this one, and I'm going to draw another box. Okay, I'm going to draw a box here, which is at 0.5 to 1, and again 0.5 to 1. So, the point here is I have got a free chart here, I've got a free indicator, I've done nothing extraordinary. You haven't seen me code, I've done no coding, zero coding. All I am looking to see is whether the correlation, which I have explained is constantly moving, remains valid on today's three-minute chart for ES and NQ, and what objective measure am I using to say it may be valid or not. The objective measure I'm using is that the correlation coefficient is between 0.5 and 1. I am directly correlated, the closer to 1, the more directly correlated on both those instruments, and as you can see from this, I mean don't worry about the dips because these markets move themselves, and according to their own tune, they dance to their own beat, so this is not going to be a horizontal line as I explained, but what you want to see, I mean maybe you can do an area diagram and shade this in with some kind of transparent color, anything creative, what you want to see is are we regularly going towards 1 and are we staying above 0.5, and just so happens on this occasion in this time period, and the only period that we care about for this correlation measure is the European session, but for this measure, it was mostly well above 0.5, so it was a very direct correlation if I'm allowed to use those words, so that is one way of showing to yourself this still has validity, this is something that maybe I should watch or it may have value in some of the trading that I am trying to execute in the European session, it's just an idea again, most of my things that I throw in for free, they're just ideas, so if we get rid of that, I haven't got the cursor, just get rid of that one, I just get out the way, so it's not in my way, okay, and I've got to use the trash can to get rid of that little marker there, okay, and if I then drag in today's DAX chart, which is that one, and the Eurostox one, which is that one, we didn't do the correlation, we haven't really got time for that correlation, but basically they're going to have similar correlations because they're very, very correlated with each other, and feel free to in your own time have a look at the correlations that are live in those markets, you don't have to use a three minute, you can use a one minute, you can use a 10 minute, you can do it over several days, it's up to you, it's a question of do you want to put the work in to make sure that every single tool chart indicator, etc., that you have on your screen has some relevance to your trading plan, that is the question, unfortunately there is work involved in that, and there's no two ways getting around it, anyway, you can see that this is a dragged back chart, in other words, I've dragged it back to, what time is it? I actually wanted to drag it back a little bit before then, I'm trying to drag it back to the beginning of the German session, the pre-market there really is about 1.45am, 1.50am Eastern time, so that's roughly right, and I've compressed the bars a bit, in other words, I've zoomed out, so what is that telling me? If you look at the profile, I mean maybe we should bring back the whole session, you can see, oh I might have to, I've just zoomed vertically there, so you can see it, the profile's fairly balanced, right? It's maybe leaning upside more than it is leaned outside, in other words, it's fatter or poorer to the top side than the downside, but relatively balanced, right? You've got its settlement, which is this green line there, the DAX settlement from the previous day there, and it's a bit away from it, but it's not that far away from it, and you've got yesterday's high and yesterday's low in DAX. Why am I showing you this to you? This is context for the NASDAQ case study that we're going to do after we watch the action in the markets, or rather the years mug, I'm not going to touch the NQ market over here because it's deliberately dragged back to this time zone, but we'll watch ES live with the release of this core PCE, but yeah, so basically fairly balanced, but if it wanted to go and test yesterday's high, yesterday's low, it could move a fair way, in other words, equidistant from either of them, and it may move there and then it may have a drive towards settlement, so it's these three levels that we're looking at in DAX, and we're also aware that in terms of overall daily trend, it's something very similar to the ones that we showed in ES and NQ, so that just gives you the context. Now I've got to do a time check 8.25, so maybe at this point we stop and we have a quick look at ES and I'll get rid of this chart. So yeah, so let's do some live order flow analysis. We're going to go back to the case study, hopefully for the last 15 minutes of our hour, but maybe for the next 15 minutes. I'm actually going to turn on the stream so that you can hear it. I'm, yeah, Mary ask you if you could type in that you can actually hear that stream. I'm assuming you can, Mary, because I can hear it and I'm watching both the monitoring stream that I'm listening to my headphones and also the stream that you are hearing through. Oh, you can't hear it. Oh, hold on, sorry, was it me? You can't hear it. It's okay, I'll have to fix that for next time. Maybe the people on YouTube can hear it. Never mind. I did test this earlier today because it didn't work 100% well last time and it did work when I tested it and I did a recording, but never mind. I'll have another go and make sure it's fixed for the next economic release that we do. Anyway, I will tell you exactly what it is when it is released, but going into it at 23 U.S. call PCE price index month on month, the forecast is 0.3% against a previous of 0.1%. So if the value that is released is materially different from that 0.3, assuming that is what they're forecasting, assuming that is the truth of what they're really expecting, then we may see some very volatile action in the ES. Okay, but yeah, yeah, that's strange because I actually, I actually watched one of my YouTube's when I had that on previously and on YouTube, you could hear the stream, but never mind. Joris, maybe you could hear the stream, so feel free to make a comment in the YouTube if you could. But that's just my testing purposes, so let us do what we tend to do before these big releases. Yeah, I won't fiddle around with the audio settings in Discord now because I do not want to disrupt the stream, but I will make sure everything is okay. There's always a problem if you reboot your computer during the working week that certain things can change even though you don't realize that they have changed like the audio settings in Discord. Okay, so what are we seeing when we zoom out vertically on ES? We're seeing that there is a lot of liquidity up above, right, and they've got a liquidity that it almost touched and they put back in place at 4185. Then we zoom back and see how long is that 4185 and they're just adding some more just in front of it now. That's 242 there, so that's, if you look up the scale, up and down the scale, I'm hoping the font is big enough for you to read on the current order book. You'll see that 242 is the biggest stable liquidity, stable being another word for resting in this entire ETH map. You'll also see that at 4195 that the liquidity, which is almost the same, 242, 235, almost identical. Again, we would not be surprised, we don't know, but we would not be surprised if that wasn't related to this one at 4185. In other words, it could be the same person or persons with that liquidity advertising that they'd like the market to go up there and tag it. But both of these levels count as resting because they've been there for the entire ETH session or as near as. So that is saying to us that even if the initial reaction is down, there may be a move up at some stage. That's all that's saying to us. It's not saying, let's take a trade long. It is never saying that to us. If you are going to trade news, then come up with strategies that you have that you've tested, but this is not a strategy that I'm recommending that immediately on a news release you go for the resting liquidity wherever it is. It may help us in the trade that occurs just after that release. I after the first move has been over and done with when we analyse what the action is. Anyway, let's listen in. 15 seconds. So I'll just see. 10 seconds. Okay, we've seen a reaction. I haven't actually seen what the news is yet. 0.4. So slightly above 0.3, a slight beat, and the market went down. Okay, I've turned it off in my headphones so I can't hear it anymore either. We're just watching this. We've noted where that liquidity is, so let's just zoom. So we can actually watch this action properly. As I said the other day, I mean having that zoom out is great, but it's not the best for actually watching the second to second action. Some of what I like watching is these rips in either direction. I can explain how that goes with auction market theory at some point if somebody is interested. So now we're ripping up and we've got that liquidity up. So if you had gone for a long straight away, you might have been stopped out on that first move down. That's one of the reasons why you don't just, you have to be quite, I think, gung-ho is pretty the best way to describe it if you're going to go long just before that release. Maybe you'd had some economic research analysis and you could see that there was a big discrepancy between the likely release and what people were forecasting, in which case that might be a reason why you'd do it, but with a reasonably wide stop in case you get that kind of action, which is a fake move down first and then they've gone through the scene of the crime, which was essentially around about here and we're back on the other side of the scene of the crime. So that once we've crossed the scene of the crime and we've retained it, so in other words we have held this level, which is 67.75, that becomes bullish especially because you have this resting liquidity up above. And then you do start looking at your three-minute charts and the like. So I mean, even though that is not one of my setups, that was a potential trade here because you had resting liquidity above, we'd gone bullish because we'd broken clearly from a fake south move from the news release to holding the actual scene of the crime level. And then if you'd managed to get in around here, say you got in at 68.68.25, that's six points already, so that would have been a beautiful trade if you'd managed to get it. So let's just have a look at what they've got at these levels. That 239 is relatively unchanged and if we go up to the 95, the 224, yeah that's relatively, you know, they've reduced it a tiny bit but they're static, which is good if you want it to get up there. Now we've got some games going on with some of these icebergs and you've just got to be wary of those. So when I see an iceberg like that and they just push the market up before dropping it, I'm not going to go long just because they put an iceberg there. You know, that is not something from my research that has seemed a good idea at any time from my research. Sometimes what they actually did there was clear, sometimes it is clear, sometimes it's not. So here was a fake push-up, so they're trying to get people up so they could get a better price to sell into. And you can see that in hindsight, only in hindsight from that by iceberg. That is not necessarily going to happen every time. In fact, it doesn't happen every time. Looking at the high level here, so you can see that you've got kind of a mixed delta tail and you've got 15 volume trades at the high, which is like a rollover. And you've got this level which we said which is down here for the scene of the crime rate down here. So if we actually draw a horizontal line and we really put it in around about here, we just leave that one there because we can keep coming back to this chart in due course. Good. I'm just making sure it's in single-figure drawing mode so that I do have control over the cursor. So right now, I mean, you know, if you're looking for little longs, what you might want to do is to zoom right in on this horizontal axis and keep a track of the fuel at the bottom half of this. You know, is it all reds? Is it short? Is it providing good fuel to go and tag the 7575? Or do they need to come down to get more fuel? And you've got this blue line as your line in the sand because that was set by quite an important piece of economic news. I mean, we'll watch this for a couple more minutes. But yeah, at the moment, because of the way they've presented this liquidity as an advertisement, because we haven't had any climactic type action yet, other than the odd little pullback down, we'd expect it to slowly chop and grind its way up towards certainly the 80 and the 85s. And then we might have been doing some of our homework on are there any really good SPX option levels at any of those particular points. You know, just that kind of action. Then we also look across at our key levels from yesterday's action. I'm just having a look as my head wanders around looking at my other stuff. So I know that we're almost back to yesterday's mid in ES and that there is confluence there between yesterday's mid and the real time hours VWAP. So the mid is at 7550, the RTH session VWAP is about 75. So that was an area where they were always likely to transact. You know, in other words, they would have been business to be conducted there. And if I have a look across at yesterday's profile again, which I showed earlier, even though it's relatively skinny, you can see the V-pocket over at 7950. So if they get up into this area, a lot of business was conducted there or a relatively large amount of business, given the fact it was a slim profile. So it's always likely that they'll be able to conduct business again in this kind of region. So no great surprise that they're trying to get up there and don't expect them to go in a straight line because it's likely to chop. And then, you know, what are we doing then? We're looking at the range that's being formed. And if we were going to do that, we'll dig out our box and we'll draw the range out and be aware that they might, you know, the other version of the supply demand that I mentioned, which is they might take some stops. No, wrong tool. Yeah, they might take some stops down here first and then go back up like that. You know, once they form this range, they might be some stops by stops. You're sorry, buyers stops. So they can be sell stops just in this little area there. So it would not be a surprise to anyone if they did that. And then you bear in mind that 4160 resting liquidity of 281 if it is resting liquidity. So we're going to zoom out and have a look again and remind ourselves of, you know, that's basically been there all night as well. So maybe that's a marker or a mark post for later on. It's probably not a marker for now, unless there's suddenly going to be a rip downwards. 838, so we've got about 22 minutes. If anybody's got any questions before I, you know, for in a minute or two, I embark back on the NQK study, just trying to clear up this chart so that this range box is apparent to us. So now that we're coming back towards these two lows, which is marking the bottom end of that range. It would be interesting to see if they can finally stop if they just smack it down a little bit. And if we then zoom out on this side, we can watch the tails and the volume hitting the lows. Bear in mind we've got this line in the sand which they could well revisit. We're in about the 67.5, 68 mark. So there's 13, that's like a roll over there. It's like a strong high or a strong low on a volume profile. But until we get away from it, it's not in position. It's just a very, very temporary 13 trades just currently, but it doesn't look like they're getting away from it. You can see in this coloration here, they're pushing down towards it again. In other words, it gets brighter as they push down. There are the metrics you can use. I think there's some indicators in the marketplace on pulling and stacking, buy pressure, etc. Buy and sell pressure. And you can always develop your own. So that 13 was taken out and there's 73 at the next level. Still not an unfinished option. There's not sellers and buyers, but it doesn't look like they're quite finished because they're already 110. They've gone through it. So maybe it's a retest again of they're advertising again at that scene of the crime. And note that this is now becoming a red tail. So that is nice as well. If you're looking for a structural long at some point. And then you've also got this swing low there and you're wondering whether we might get a spring type action into this liquidity there and then a bounce back towards liquidity above, or will we continue down to the 4160 level, which is there. Remember, we can't predict the future and it can go either way. All you're doing is looking for setups with multiple lava potential. So we're right back to the scene of the crime again. So this is just chopped so far since we have had this 8th visual release. We've basically gone down, we've gone up and now we're back at square one right into it. So are they looking for some stops here, or are we really going to try and flush all the way down to 4160? I can't watch NQ in book map at the moment because I've got that set for our little case study. So I'm watching it on a 10 second chart as well at the same time. It's a little bit off. It's previous swing low. So it's got some way to go to go and go and stop around there. But it is having a go. Let's just zoom in, see what's coming in at this level so far. Are they absorbing or are they going to hold or are they just going to let this run through? I wonder if we did actually take out that last low by tick. Yes, we did. So if I zoom in vertically, you look at this last swing low, we definitely did take it out by one tick. So so far, if you'd been waiting there and stalking that for that spring that I was talking about a couple of minutes ago, you would have had, depends on how aggressive your stop was. If you're going for something like a 4 tick stop, you should already have had a 1R scale. It had to be a fairly tight stop because if you were going to be wrong, it was going to go down and hit 4160s. There was no point having a wide stop whatsoever there. That's just my two cents with. Just accept that you're wrong and move on. But as it was, lovely spring. That's why we marked this level with a blue line. And we've got this liquidity there. So the next one that they could play out is this liquidity they're just drawing our attention to at 72, which is back in this little trading range here. So we draw that one there. It's just a little range there. So and they've just tagged it. So they just touched that range and rejected it so far, which is not good if you wanted to go along. Okay, 44. If I'm ever going to do that case study on NQ, I should go and do it now. So I will try to leave this up here so that we can watch what ES does in this pre-market session. And then we go back to where we were in NQ, which is right at the German Open. You can see 144. So really, really just coming into it there. Let me just drag on as well here. If I change this one to NQ, that's one thing I wanted to show on this lower chart here. And I might have to do it as a one minute. Oh no. Does that to me? Okay. So I'm just dragging it back to that time frame. Yeah, the way I was looking at it on a very short term time frame, that was like a double or triple top on something like a 15, 20 second chart. But it's like a double top here. The reason why I draw this to people's attention was just looking at the type of action that was up there, which you cannot see on this chart. But we will be able to see in book map was that there was a decent probability of that being revisited, i.e. this little high zone here around there being revisited. So that's just one context to bear in mind for this. So let's watch what happened into this. We're trying to do two things at once here. So feel free to keep watching this one as well. What I'm trying to see is the types of things that could have been directly traded if we had waited around for the London Open, but watched the German Open to see the action here. So we need it to zoom vertically. And we need to see what happened on that German Open. So as it comes into German, German Open, we have got this resting liquidity here at 14.323. And Germany opens right around about here, all the pre-market action. And there's normally quite a bit of pre-market action. So it's as good as open as far as the NQ and ES are concerned. I'm not suggesting, I didn't take any trades in this session, but what I did do was watch what happened. So this was this rip into this liquidity. And one thing that I have said before, again, I've said this a few times, is that you can get good turning points on decent sized volume smacking into resting liquidity. And this was resting liquidity, because even though you've got those horrible algo bands in NQ, you could still see clearly that liquidity been resting in place. So it was a hard one to say because it was basically a double top. And you can see that. So when you have a double top, this is a test of that. So this is a valid short, if that's what you're going for. But the probability is also there and feel free to go and do the stats on NQ in the European session yourself. The probability was that we would come back and take out this double top. I also was having a look at the actual individual volume trades. And you can't see those in book map because these are delta dots, not volume dots. So that's just one context that we're likely to come back and touch this at some point. I mentioned earlier that I wanted to talk about some of the violent type action. When I say violent type action, I'm talking about vertical action like this here in NQ. I'm not necessarily again saying that you've got an immediate trade that you can get right back to this, but I'm just saying that there is some auction theory logic in a retest of where this violent action happens. Again, it correlates highly with the supply demand logic that we've been talking about in these webinars. And also this concept of a price check. The auction has broken down here, but there's a price check where it comes back and checks that auction up above has finished. That's what I mean by price check here. And I think I might need to just use my lines here. Let's just use another box again. So I'm just saying that you've got this there. Let's get rid of the last one. Doesn't that, Timmy? I will have to get rid of that one because it's marking something which is not meant to be marked. Yeah, so one of the things that I'm trying to say is, and again, that's because we've dragged it along, that's now not in quite the right place, we'd have to drag that back in so we could see it, that there is a probability that at some point, even before we finish a big dance wing, we might come back and retest this zone here. And that is the nature of this beast, the Ankyu. And again, that's what I was trying to reiterate the other day, that you don't ever chase this because if you chase, they will take you out very, very quickly. I can have to scratch this up to show you this because so we basically did come and retest into that zone. And that red box is not really in the right place anymore. So we may as well ditch it and draw a new line, ditch it completely, draw a line. So effectively, it was sort of this zone here. And the great thing about price action patterns in Bookmap is that we have the heat map to guide us. And that, the fact that you've got this violent thing, having a price jet retest together with some liquidity can give us guidance on where they might do that. So that's just one price concept to bear in mind. There's another price concept because there was a trade coming up in this that we'll get to. By the way, there was the retest just there. Gotta get rid of all of this. There we go. The problem with zooming out so much is you kind of destroy what you're seeing in Bookmap. So it's very, very, very hard to read when you do that. This is something that I mentioned before. This is more like the scalp. This is where we're having a case study of individual trades that might be possible. I suppose that's a better way of describing it than however else. Wonder if you're from London in the shadow. Originally from London, actually originally from Nossingham, Robin Hoodland. If you know Robin and his Merry Men, that was just a question on YouTube I'm answering. Right. Okay, this is something that I've mentioned before and we may as well draw this. This is like a scout trade, but this can be a multiple R opportunity and it's worth mentioning. This is actually after the reversal at the London Open. The reason why we might draw these little trend lines is that quite often, when you've had a good run-up and you clearly break that trend line, the first test back up into the supply demand zone, which was really sort of here, is often a good opportunity to get back down to the previous swing low in this scenario. And because you're risking not very much, essentially, if you get in here, you're just risking just above where the last swing was and it is quite possible to squeeze 3R out of that trade. Watching ES over here slowly grinding its way back up towards 4.180. So that liquidity, that's what they're doing. They're chopping around, but gradually getting up there. But yeah, I was trying to show that, but I've also missed a couple of the other things that I was trying to show. It's because I zoomed out too much. 3.30 again, I mentioned is a good time for some of those German bank algos to pop into the market. I think we've got a trade that even if you missed this turn here, and again, we never chase here, if we look at where that 3.30 algo left its mark, it left its mark there. And you just go across there. And remember, we're trying to stick to our setups, which are our setups are simply a retest of a swing low, which is in this zone here. Or we're taking out that previous swing low and going up like that. Or we're taking out a range and going under that previous range and zipping back up again. Those are the long trades that we are looking at. Yeah, there are millions of ways of trading a market, but I'm trying to keep it really simple and just focus on those setups for this particular webinar. And you've got one here. So again, it's never going to be 100% about how they retest these things. So sometimes it might be within a tick or two of the previous low. Sometimes it might be an exact tick. Sometimes it might be that spring where it goes under fails or rejects and then goes straight back up. But because this 3.30 is such a good point, and we know that algos are likely switched on, doesn't mean that they're going to reverse the market, but that they switched on so that this could be a relevant price level. That's something that you can watch. And on this occasion, you've got a lovely retest of that and a trade which would have been multiple R. So again, it's one of those things. You keep an eye on things again and again and again. You're dealing with people that will execute in the same way brilliantly without error, without flaw every single time. It will be very difficult for us to match it, but we can do our best. And the way you do your best is having the same routines, the same processes, accepting where you're wrong and moving on. That's how you match them. You know, where they lose may they are unlikely to care about it. Again over here at ES we really have come along beautifully there towards this resting liquidity at 4.18. So that little spring there saying you could have squeezed 2.3 out of R of it, maybe 4 or 5 R out of that one. Okay, doing a little case study but not doing it the absolute best here. Okay, this is something again, I mean all I'm really doing at this stage now is pointing out particular bits of price action that might repeat or might be useful in future price analysis. So when I'm talking about ripping, you know, you've got a perfect example here in Bookmap and you can't really see this in another type of chart. You know, this is just a last price line and I've got it in dark gray so it does not interfere with looking at the coloration of the liquidity in the heatmap. That is a rip up, right? And it is likely that you might get a price check of that zone, yeah somewhere around about that zone at some point. It doesn't mean they're going to go up and come straight back down. Sometimes they do. It just means that there is a likelihood that they'll come back and retest that at some point. So it's just something to bear in mind to factor into your processes and your structured trade setups that you execute time and time again. 8.57. Get my cursor back. That one didn't actually come back down again until hours later but it's just interesting. When did they come back down to that one? Yeah, not so much, much later. Okay, we're down to three minutes so we may as well watch both markets live. So ES got almost up to that. Came to one and a half points, six sticks away from the racing liquidity and has reversed completely or completely in the sense that it's going back towards the double bottom which is now or almost a triple bottom at this blue line, the scene of the crime and the way that action in NQ suggests me because they're kind of moving it down in a structured fashion rather than the odd rip which has been taken back that they are trying to get it back down there. One thing against that though is the fact that we've got a 54 MBO stop there because those large MBO stops can also be quite good turning points as well. Okay, so you can often mean that they did find some real stops, not always but sometimes. Okay, what are we looking at in NQ as well? We've got some nice liquidity at 14 2 9 0. And maybe we've also got what I was talking about earlier which was that that rip thing through there where they want to do a price recheck. This is quite ordered in terms of price action after a major economic release. I think we've done a non-farm payrolls in here and it was much, much wilder than this so this is fairly tamed by comparison. Let's go back to this double bottom, triple bottom in. Okay, we're still quite a way off. I didn't realize how far away we were. So if that's at 67 50 we're still nearly six points away. So this is probably just a little pullback with a stop ending there. So yeah, so that MBO stop there actually helped correct me. My initial reaction was oh that we were walking in a structured fashion to go down. When I saw something as large as a 54 MBO stop I had to do a double take and that's one of the benefits of having that thing there because without it I would not necessarily have done a double date and then I'll go over to my Sierra chart and just double check the size of that trade and I am seeing two trades right there at 58 and 32. So basically they're probably joined or directly related to each other. So there was a transaction essentially of 90 at this low and that was enough to give us a decent swing up. We'll have to see whether they continue that one. We know we've got this liquidity up at 418T that they'd love to get to but who knows whether they will get there or not. Right, I've gone past 9 o'clock so I've done over an hour. I hope there was some value. I didn't really get to do that case study properly. I think I probably ran out of time so I was just looking for individual types of price action to show you for future reference. I may be doing one another live European open in a couple of weeks and I'll keep you posted on that one. I think some people enjoy that where we actually have the market open and we do the hour right at the London Open or just before. So I might be able to do one of those within two weeks. Anyway, thank you very much for coming. I hope there was some information of value to you and thank you very much.