 Hi, welcome everyone. We are doing a live stream today with Bookmap. Appreciate that platform. Really innovative. I always remember the first time I started using it, they used to have a guy with a blindfold on on their website and I thought that was perfect. Without seeing what's going on in the microstructure, the way they present it, it's hard to go back to a regular dome. So I've got a little PowerPoint presentation to start out with to lead into some live analytics, kind of the same MO going through doing some education, providing some awareness, things to look at and then seeing how we apply them and seeing what's happening currently. So we've got the end of the year here. We're in what's called a settlement phase and I'm going to talk a little bit about that today. Before I get into it, I want to go through disclosure, cryptocurrencies, futures options, forks and stock trading contains substantial risk and is not for every investor. An investor could potentially use all or more of that initial investment. Risk capital is money that can be lost without jeopardizing one's financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Risk performance is not indicative of future results and all the information that we're presenting here is for educational purposes only and should not be considered specific investment advice or recommendations. I'm John Slazos from Dharma Capital Trading. You can get more information on us at our website, DharmaCapital.Trade. We're on X, YouTube and Substack. I've been trading for over 35 years. It's got involved in crypto around 2013. I really leveraged that in 2016. When Ether came on the scene and I'm a big fan of the space and basically the whole transitioning to Web 3.0 and what we can do with digital assets. Big inflection point for everybody. I think it's all good. I'm going to present some of our trading tools that you can see, the things that we use that we provide with our clients and if you're interested in any of those tools, you can take a two-week test drive with them and we'll walk you through on how to best integrate that into your workflow. What we do is we focus on fact-based trading, which is basically, in fact-based trading involves making decisions based on objective data and analysis to reduce speculation and subjective biases. Really searching for the truth is what we basically do. Looking for clarity. As I always say, if you don't have clarity, you should not be trading. When do you get clarity? How do we do that? We have some resources. We've got our analytics that have been developed over my whole career. They're used to help you standardize your decision process, create that matrix. We have applications that normalize the analytics into your workflow and then we have some trader development programs that can work with you to optimize your tactics. What we do consistently is the same approach for any market, any asset class, any timeframe. We're going to identify the context of the state and what those characteristics are and then we're going to look for and highlight the alignment of the structure points that define that state. Where does that state change? Where are the decisions made to either persist or transition to a new state and then define an expectation into an if-then statement of what's more likely to occur? What our method really does is it incorporates this statistical outside view which helps slow down the decision-making process to minimize biases. This is from Nobel Prize laureate Daniel Kahneman's book, Thinking Fast and Slow. The outside view offers more accurate predictions than the inside view and this is really talking about and speaking to your intuitive function. Typically as you live your life and you make decisions, it's yes, no, this, that. You're not really thinking and then sometimes you have to slow down and do some statistical thought. Basically when you slow down the decision process and you focus on the facts, which helps to minimize some of these cognitive biases that we have. You've got this subject, you've did all this technical work that basically said buy and then all of a sudden you're anchored on that and you can't get that out of your head and you don't see what's really in front of you. The truth is that markets break in structure and things are changing and so having a fact baseline allows you to make it easier to do that. We've got specific tools that go from basically the macro structure down into the micro structure and so you can find those at DharmaCapital.Trade. If you like this video, we appreciate what we go over. Definitely like it and subscribe to our YouTube channel. We're going to get into a little bit something different today. We're going to talk about time phase structure. We've gone over different structures and time phase structure is part of the price discovery process that divides a time frame into segments based on behavioral characteristics. Previously we've talked about price structure and time frame structure. What's the previous days high, low, last midpoint, the week, month, quarter, using those time frame structures along with market structure. What is the structure that defines the market state? We're going to get into a little bit on time phase structure which breaks the time period into four segments, two primary segments, an opening phase and a settlement phase. Then you have a discovery and a validation phase. Just to keep it high level and simple, opening phase, you have a classic opening range and the behaviors of market participants in these different phases We're going to talk about settlement phase today because that's the phase we're in. We are in the yearly settlement phase. December is the settlement month for the year. We're also in the last two weeks of the quarter. That's the settlement phase of the quarter. These are huge time frames. Coming into the end of the year is massive. There's a lot of behavioral aspects that are coming into play right now. This is going to affect market behavior and we need to be aware of it and we need to adjust our tactics. During the settlement time phase, it's the end of the timeframe period. Again, that can be year, quarter, month, week, the day in which open positions must be closed for the purpose of settlement. The settlement phase price range is an important reference price for the next cycle of price discovery. What's happening during this time phase is going to affect what happens in the opening phase. That's really key and that's going to create a range. At the end of the timeframe, this price action is going to create a settlement range which is going to be defined by the high and low of that range. We're going to use that structure in the opening. For us, that's going to be the coming year. But it basically happens every day. The settlement phase is influenced by several factors such as margin. For a daily basis, you've got the margin calls. That's why the end of the trade period is really difficult because things are happening that have nothing to do with technically what's happening within the market structure. It's just people just need to get stuff done. They've got to get out of their trades. Things are expiring. A fund has to make allocation adjustments. So price movement during this phase is driven by non-market related liquidity factors. You need to really be aware of that because when a major fund has to come in and do something to get out, they can just drive prices and you don't want to be stuck on the long side of that. Another part on the exploration of derivatives is the end of the higher timeframe periods. So end of the month, end of the quarter. And we're coming into end of the year. It's going to have a major impact on the behavior of the market. So during the settlement prices can rapidly fluctuate between boundaries several times. You can have some big swings. That's typically what happens. The behaviors in the settlement are you're going to have these big swings. And sometimes you just have also have these linear moves because let's say everyone wants to put on their balance sheet that they were long Bitcoin this year. Well, so they're going to need to do it now. Because then in their reports next year it'll say we have Bitcoin. And so there's absolutely right now current market. There's potential for kind of a railroad run. We've already had some kind of volatile digestion to start. The settlement phase. But these these become significant reference points. And so this is just a kind of an overview of how you're on your mind of how you want to kind of view this stuff. And you where you have a settlement period that goes into the opening then to this discovery to the validation to then again to settlement. And this is kind of the time phase cycle. And so we're at this end phase cycle where you know this is the most difficult time to trade period any day. You know we're looking at a 24 hour time phase here. And this is that you know and this is the last four hours of the trading period. And so the last four hours of any you know if you're talking about you know forks or we're talking about crypto here. You know for me you know 6 p.m. is when we get our is when you basically crypto rolls because that's the UTC time you know and you know so basically you know after 2 p.m. Chicago time you know you have to be careful if you really don't want to put any new trades on basically. There's a lot of different things going against you but you have this you know this settlement period just increases the risk of what you have going on there. And so that's something that we're going to get into today and the other thing I want to talk about is having a mandate. You know so you know it is a trader it makes a lot easier if you come in and say I'm a buyer I'm a seller. And then it's for you know for crypto you know taking the aspect of your holding bags you've got your crypto and you're looking for absolutely trading this stuff but you're looking to build a position in digital assets. And so I'm going to kind of keep that you know that that's my mandate. And so I'm going to talk about a couple different strategies that we're going to look at in the market and see how they play out. You know but basically if we have a net along crypto mandate what are we looking to do we're looking to accumulate. And so you know we want to get involved at favorable prices. We want to reduce profit give back so these markets you do need to trade them. They're so fast you got to make decisions quick. And if you're not you're going to be you know you get sad when you have market gives you all this dough and then it takes it away. So we want to reduce our profit give back exposure. We want to hedge ourselves on negative momentum shifts. So you know that can be either short term shifts or longer term. If you know you've got an expenditure coming up and you want to definitely be able to you know kind of hedge that especially if the market goes into a down cycle. And so and the other thing is how you know leveraging up on positive momentum shifts. So if the market doesn't give us an opportunity to really enter where we want to well then we can leverage up on other shorter term positive momentum shifts to increase our position in our digital assets. And so we're going to talk about identify a couple different entry strategy themes to do this. We're either going to fade momentum. So if we identify some structure we're going to fade momentum in front of it. So basically using limit orders or to do that. We're coming in the primary feature of a fade is that you're in front of the figure. So if you're fading to sell you're fading in front. If you're fading to buy you're fading in front and you're entering because the expectations that structure is going to hold that in that and that's when you'd use a fade. The other tactic would be a breakout. So we're going to trade with momentum. The market starts to move and we're going to trade a breakout through structure. And then the other entry strategy would be a reversal. So it's kind of a false breakout we're we're looking for. You know in this example we've got to buy reversal. So this is a great strategy to use in a corrective trade. So instead of catching the following knife step in front of some structure point we let the market take out structure get all excited. And then it can exhaust and you get that capitulation. And then the market stabilize above structure. And so basically we're allowing the market to tell us that this corrective move is over. And so and that we will use a reversal strategy for that. So you know depending on the characteristics of the state the expectation if then you know it determines you know what strategies you want to do. But and for having a mandate you really keeps things simple. You've got a program and you just run it and you're not you don't have to think about what you're doing you're just executing. And you have your your themes that you're looking to get involved with. So on an accumulation theme if we just simplify this with structure and if we identify what we call our critical range with the upside pivot downside pivot and a midpoint little point called the directional. We can you know overlaying these strategies on that for an accumulation. Yeah we're expectation is we want to buy depths you know buy low sell high. That's our primary strategy here. And so we're going to fade momentum off lower structure. And we're also going to potentially look for reversals. So if the market doesn't if it breaks structure. Well then now we've got an opportunity to execute a reversal. And so these are entry strategy themes for accumulation. And it's going to help us get involved in accumulating additional crypto at good entry areas where our risk is minimized. And we're going to use those same tactics for profit give back. So we're going to fade momentum into our upper structure. And look for momentum reversals at our upper structure. You know so if a market is going sideways or in a negative state. You know we're going to look to more fade momentum into upper structure. If a market is trending positive and generating you know by signal. Well we're going to use upper structure points and we're going to let the market take them out. We're going to anticipate this thing to break out to go. But then we're going to be ready that if this thing can't maintain a trade above that breakout. Well then that's a trigger that we need to protect our profit give back. And so we're going to use a reversal strategy to do that. And we can look at to hedge our mandate, hedge our net long position with momentum breakouts. And so those can be shorter term breakouts. So if we get a transition through the midpoint of our structure. Those are going to give us signals that you know kind of temporary. Do we want to sweat it or not. Versus you know really you know negative downside breakouts that are going to say hey this trend. You know we're no longer trending positive. This thing is shifting negative. And this could be a sustained you know break. And you need to do you want to do something about it. You want to hedge your position. And to leverage positive shifts we're going to do the same thing. You know we can kind of gear up and as the market starts to make a positive shift through the you know through our directional pivot point. Okay we can jump on that. It could has a potential to turn into something bigger but it's not needs to validate through our upper structure. If it does boom now a sudden you know it's kind of new game on. The market in the position to potentially extend to the upside. And so these are these are the strategies we're going to take a look at and see how they played out. And basically you can use this these tactics and it helps to. It really helps to give you focus and see clarity when you have a mandate. I highly recommend giving yourself a mandate when you're trading. So you're just not you know what do I want to do. No you've got a mandate and you're executing. And so these are these are you know basically the key strategies to do that. So let's take a look at the market and see what we got going on here. And Bitcoin you know before I get into this show you guys something some longer term stuff because it's interesting here. Coming into the end of the year so I'm going to I'm going to before we go into the microstructure. Let's take a look at the big picture for Bitcoin here. So what we're looking at here is a 240 minute chart. We've got our time frame structure here which identifies the previous quarter high low midpoint close. So this gives us some insight and just to kind of point out you know here's what happened during the start of the quarter. You know that that is identifying here's the previous quarter midpoint that's a great that's our momentum level. So this is this is a potential place to leverage up the market. You know it gave us this opportunity here but and it's you know we had this wind up within the previous quarter close previous quarter midpoint. You know just this basics you know factual structure you know really set up the quarter and you know we were talking about the settlement phase. So I'm going to draw a rectangle in here off the previous quarter settlement phase. So you know this was you know Q3 you know basically the last two weeks of the quarter. You know we created this settlement range and you can see on the market press it to the upside press it to the downside. You know basically had this digestive action as we came into the settlement of Q3. And so now we have the opening of Q4. And so this structure is going to provide some guidance to you know here's that you know the last quarter the highest they could people would buy it. You know it was here and lowest and they pressed it to the downside down to twenty six thousand here. And so we created this settlement range. And this so this is what's what this is what we're teeing up for for 2024 with what's currently the price action that we're currently defining in the last two weeks of the year here. And so you can see here just these basic facts and how how they really teed off this major advance in Bitcoin for Q4. You had a settlement range so we know that this twenty six thousand level was the base. And then we had this you know let's say twenty seven thousand five hundred is the was the top of the settlement range. So immediately the market breaks out of the top of the settlement range is positive. And it continues to and then we also look at that midpoint. So the midpoint is basically coming in around the previous quarter close. So basically the market just had a lot of different features and we have let me pull this up a little bit so you can see it. Let's draw this in here. So you have the settlement range high settlement range low settlement range midpoint. And you can see that the market immediately said hey we're more positive in the new quarter. We have more buyers. We're getting above the settlement range high. That's positive. It came into the previous quarter midpoint which is our momentum level. You know so this is that you know this is that breakout level. And you know just as the settlement range can be a little wily. You know the first you know the opening phase is the same thing. You know so just as a settlement range people are settling up their margins. Well in the opening phase we got a lot of different you got funds that are coming in. Hey we got new allocations that wanted to start the start of the month start of this quarter. We've got to get that money in. We've got to get you know we have to do that. And you have other people that are getting out of there. You know we've got these people that want to get out. And so then those guys are selling. And so it just creates you know that you get this volatility during the start and the end of time frames that has nothing to do with anything. And it just and so you get this initial surge here. Bottom line you need to be careful. You need to be patient. You need to wait for the market to create this structure to give you clarity of what's happening. So you know basically after that timeframe you have these ranges that you can use to get some insight. And so that's what's happening here with the settlement phase. It gave us some insight that okay we know we know that this is a good base. We know that if we're trading above you know 27,600 it's positive. Then we look at the previous quarter range you know range that we have we got the previous quarter high low midpoint and close. We know that's our momentum level. And we know that you know if we're net change positive for the next quarter we're net change positive for the quarter. That's positive. And so we're hanging out positive. We can't go negative. We're still holding on to the settlement range midpoint. Stabilizes. Make a decision. And then boom we have this big news event when there's you know the ETFs. And that you know got this whole thing started and then we had immediate pullback. But the pullback came back down to the previous quarter midpoint. And we had this and so the settlement range you know gave us that breakout. And then you can also see if we take this there's a color here. So just as we have the settlement range we create an opening range. So that opening range let me just pull it back here. Basically so then we can use that range for you know for a signal. And so we had this basically broke us out of the ups of the quit of the opening range zone. So we have a bunch of things that are telling us positive and we're above the midpoint. What's the minimum expectation we're coming here. All right. So now we're coming into what are we doing now. But that's you know that that set up that whole rally just real simple facts. So basically. And this is life. Right. So we've got you know we're building this this settlement range is being built right now. The key thing to understand is that you know we this is this is going to be a big and important range for next year. And so as we're identifying this range you know keeping an eye on that midpoint because that's going to be a good momentum level. You know going back to just just different fact based tools that we can use to implement our accumulation profit give back downside risk and upside opportunity. This is it. Here you go. Here's your top. Here's your bottom. Here's your midpoint. Obviously this is still in play to the end of the year. But the end of the year then that sets the base for the coming for that opening phase the first couple weeks of the year. And so we're going to use that. But this midpoint is a good level currently. So that's basically forty two thousand one hundred and Bitcoin. It's going to be a good base. Any questions on that. Okay. So I'm going to throw on the market structure just so we're since we're here and we're looking at this. And we can get a sense of you know the power of market structure. So here we had the sentiment bias which is our over under number by breaks above this point cell rallies below this point. And you can see and you can see you know the metric boundary was basically contained with that whole opening range. And so we had you know we had that settlement range below the market here just overlays. So this settlement range area of influence is going to stop at the end of the opening range and the open range is going to continue through the for the balance of the quarter. But this gave us you know understanding that we had the settlement range lows here. It gave it gave us you know more insight to that this you know basically twenty six thousand was our risk. And we could put the critical range on validation points. And so we had a market that's moving from sentiment and it breaks out to the upside doesn't validate comes back to sentiment. And then we validate here. So this is a validation point that tells us that this breakout from sentiment is good. And if we look at it to it to average price and distance move to segment move it's one to. So this is basically that target from this signal. This is a fresh signal because this is the top of our critical range. So that was the range that I identified earlier that we identified this upside to the downside pivot. And we have that mid the pivotal midpoint. And so this is a breakout telling us that this is one of that momentum signal. You know we didn't get the opportunity to buy down here and to accumulate. We did get a leverage opportunity to buy here. And since this was a positive this is a positive signal. We're not going to step in front of this and fade it. We're going to look for a reversal because we have it's a positive signal. We're not going to step in front of a freight train and they don't give us a reversal. So they don't they don't tell us to adjust our profit give back. But if we traded back below 32,000 we would. But they don't. And so here this is a bigger signal because it's and hey we got a breakout. And since this is a breakout of this critical range what can they do it can go two segments higher. And so that's here. So they attained our target. So this is typical action where you had this beautiful trending market that attains a two segment move to a PMD move on a critical range breakout. And we get a pullback. These are great. You know this is a great place just to stand just even standardizing your exits to two a PMDs to sell calls. You know this is a beautiful call cell because it's coming into a target. You don't have to get out of your hold but you can sell calls against this strike. Because you've already had this big acceleration you had volatility pick up and you're coming into a target area that your expectation is it's more likely to at least go sideways. And pause. And then we actually had a break. And so I'll put our validation points on here. And that break pulled back to our figure here. And basically we stabilized and we had this digestion within this zone. So within the 44,000 to 41,000 area of digestion. And that's just after attaining this target. And typically that's what happens. Typically this is it. It's just done for the year. We attained our target and it's going to go sideways and we're going to wait for new structure. The fact that we're trading up here is giving us, you know, and you know, and we're in the settlement period. Are we just going to have a churn settlement period? Or is this market ready to just extend up to the third target, which would be 51,000 basically strike. And that's what we're doing right now. So again, we're in the settlement phase. We're really going to know, you know, this is either the high of the move here or it is going to pull back or we're going to. We have potential to scale because like I said, people just want to, you know, they need to get Bitcoin on their balance sheet. So we can take this structure down to different levels. And this is the quarterly structure. So this is the, you know, basically the large structure that we're coming into right now. And now we're going to dive into what's happening at the moment right here right now using sort of term time frame. So, you know, let me just clear this and just kind of go there. So, you know, we can look at monthly structure. You know, when you see the alignment with the quarterly and the monthly, you know, and then you have this good alignment here at, you know, basically 44,500. You've got monthly alignment there as well. That, you know, going to the weekly, you know, again, you know, here again, we've got, you know, weekly structure that's coming into play. At the same point. So we got all this alignment coming in the daily structure and daily we're breaking out. Let's go to that. Let's see a bigger picture in the daily and what's happening there. So this is the, you know, it's the same routine where we've got our range for the day. We have our pivotal midpoint. So, you know, just going over that same structure that we looked at for the quarterly. And so here we had the settlement range from last night. Same setup. And this is the beauty of the structure as well is that it just, it doesn't matter what time frame you're dealing with. It's all the same. And it's basically had a mirror of what happened with the quarterly happening here today on the daily because you have similar price map structure, meaning that the sentiment bias was in the middle of the critical range. Let me get rid of this. So here's our critical range was sentiment balanced. This anytime sentiments balanced. It's the potential for a move. Here's the four hour settlement range and how it contain the opening range. And then, you know, basically they basically narrowed. And it really defined the upper metric boundary of the directional. And when we got the breakout, you had a lot of different, you know, a couple, a lot of different things happening at the same time where let me get rid of the weekly. So just looking at the daily structure, we've got the previous days closed, previous days midpoint, previous days high, previous days low. Here's our settlement range. And we can see how the market stayed net change positive. And that's basically just under the midpoint of the settlement range. We tighten that up in the first four hours, you know, kind of just be patient. You wait and then all of a sudden the market gives that signal here. And here's the momentum level, the previous days midpoint and the market accelerates. And then building clarity, you know, okay, now we know the sentiment bias is here as well. So now we have more clarity that this thing wants to go higher and we, and this actually gets us in sooner. And then we validate here. And the expectation is that we're going to see a two APNB move, which is here. And when we get there, the expectation is it's going to pause and it takes it out. So this tells us we're good, but we might be a little ahead of ourselves. And so we had a, then we have a fresh breakout of this critical range. And on this pullback here, the expectation is, yeah, it should stabilize above this critical range positive situation, which is also the previous days high. So it gives you, you know, here we have clarity of this. And so when, and so this is what occurred here. So, so we have our, our macro structure and we're looking for the alignment with the microstructure. So we can, you know, the way I like to use book map with this on the microstructure, you know, we have this big intensity of trade happening coming into this, this here. But on the, you know, if we only, if we only have this and we don't know anything else, you know, taking into account that the expectation is that from this signal here, we're going here. We're looking for a two APMD move. So when we're coming into this area, we're getting this big intensity of trade. And we come in, we take it out. And then we come back in and we get a little bit less intensity of trade. But we, you know, we have, and we have all this resting paper that we're coming into here too. And the data is not going back far enough, but this is important because you had all this resting paper that this market's coming into. And this paper starts to line up actually here. So basically that's here. But it comes, it lines up all the way through this thing up to this point. So when I know that this is my target, but then I see all this resting paper in the book in front of this figure. And I still, and this, this stuff's been sitting there for a while. I know that, you know, I know this thing's going to run into some, I know this is the natural target. And I know, and then I have everything lined up. Bottom line, we're not looking to sell this thing, right? And we're looking to protect profits, but we're not looking to take a short position. That's for, you know, this is just kind of basic one-on-one stuff is if the market's above the previous days high, this is not interesting to catch this move. This is interesting to buy this break. And you don't want to mess around with taking this short-term opportunity or catching this little move to miss buying this. Because by buying this, you're getting involved with an opportunity that can extend up to here. And based on the longer-term stuff that we went through, it could be much more substantial. It could be a move up to here. So, and this can just get you turned around and just cost you money. And it's really fast. So, you know, absolutely, you're coming into here, you're looking to protect profit, give back. You see all this liquidity that's building up at this structure point. So when it's coming into here, you know, it's running into trouble and it's already extended. So this was kind of natural. Where should the market stabilize? If it's really good, it's going to stabilize above the previous days high. And as well as, you know, you have structure here and you've got the market structure. It does it. So we get this coming into this liquidity, it's eating it up. Less intensity of trade here. And then we get the break. And I like to see this stuff where people are puking out in front of structure. So they're really, they're puking out here and right into a place to buy. So I like to see, you know, if you're getting, you're getting that happen on a break in structure below here. And it continues and it continues to do that. And we get, you know, and we get this kind of liquidity shift down. Well, then that tells me that things are changing. And that would be a reversal for that profit give back situation. The market was, if you start, started to see liquidity shifts move down, but we don't. Also with this, this resting paper, not moving and just sitting there. The market was going to want to go take it out or at least test it. So this turned into a great opportunity, you know, where you had people get excited. That was the expectation that if the market's going to extend higher, we actually posted this in the discord room earlier. Identifying this 43,500 levels, the base. But this is something, you know, when you have the right tools, this is something that you can do on your own as well. Because that's, that's just the, that's the decision matrix. That's the if then. You know, if the market breaks out above the sentiment, it has a potential to be rallied to a PMDs. If it rallies to a PMDs, it's more likely we're going to get some type of pause. If the aggressive buying is, if we break out of the critical range and we validate through the critical range positive extreme, any pullback to that level should stabilize if this thing's going to stay aggressive. If it doesn't, we're going back to a digestive trait. If it does, we can, the market can extend up to the UT2. So this is just all the same within the same method. So let's just do a shorter term one on ether. I'm not going to get into the longer term stuff. If you want to see the longer term stuff, I posted it in, in the room. I did a video on the longer term stuff on ether so you guys can check that out on our YouTube channel. And I also posted it in the discord. So we have our opening range or settlement range here for the day. Just clear this, clear this up for now just so we could just, just take, you know, keep this really clean. You know, here's our previous day is high, previous day is low, previous day is close, previous day is midpoint. You know, net change positive on the day is net change positive on the day. It's a good thing. What happens on the opening here? Well, on the, you know, here's our settlement range. It's so important to have a macro structure outlook before you get into the micro structure because otherwise you're just running into walls. You know, all this, all this shifts in things with liquidity, you know, become a little bit irrelevant when you, if you don't know what the bigger picture is. And if you're just playing a short term game, you're just going to get run over. You're risking way too much just to participate in the markets to take advantage of smaller moves. You need to participate in the bigger moves. And there's no reason you can't. You know, you just have to get that clarity. And then once you have the clarity of what your mandate is, then you go into the micro structure to see, to see what the immediacy is, what's happening. Is the micro structure supporting that mandate? Because that's going to give you your timing. You know, that's the real power of the micro structure and the real power of this platform is it helps to time when. So with the settlement phase here, you know, this helped us up as well. You know, just this tool. You know, we know net change positive on the day is positive on the day. You can't, that's a fact. And when we have the settlement range, we know that that high and that low are important. And right from the get go, we hold the previous day's close and we take out the opening settlement range high. It's just showing the sign of strength. The market, the previous session, it went above that as high as it would go in the previous session. And it tells us the market's a little stronger. And then what happens in the opening range? It likes to test the boundaries of the settlement range. So it makes a play for the lower boundary. So as long as we're above that lower boundary, we're still, you know, the market hasn't made a decision. But what it did do, it gave us a tell that it wants to go higher here. Putting the directional on there tells, gives a little more insight, a little different story where we're not so convinced. And we're really keen off of this previous day's midpoint, which is normal because that's our momentum shift anyways for the previous day. So we know that that's really the validation point for a higher move. So this market, you know, it's holding above the directional, but it doesn't really, doesn't press that metric. And here it presses below. And so what happens, the settlement range helps us with this identifying that, hey, we're still part of the opening phase. And we can't take out the settlement low. So unless we go below 2170 on ether, you know, it's still not, it really hasn't validated anything yet. It's still this opening phase that's making the decision. And so before the opening phase is over, the market's back up within the directional, and then it makes this move. And now we get a validation above the previous day's midpoint. So here's that, here's that jump on. Let's put the critical range on here just so we can see, you know, here's the accumulation area. And here's a positive momentum shift. If we had a failure here, this would be a short term negative momentum shift down to this area. So we're at risk from 2170 down to 2120, but that's going to be where we're going to look to accumulate. One thing about ether that's different than Bitcoin is sentiment is above the market. So this is sell rallies below here by by breaks above here. So this is our over and under number versus Bitcoin was here. So Bitcoin was in a more positive situation. So I mean the market structure just told you that Bitcoin was going to outperform, was more likely to outperform ether just based on where its sentiment bias is. So let's put our validation points on here. So for this market, you know, it's gearing up, it's gearing up. It's excited with Bitcoin and it breaks out, but it can't validate to the upside. Again, it's all just a nip then statement. So the market can't validate here. It tells you there's an issue tells us a couple things here. We go above the previous day's high point. I don't have some of it here. So we have we have some liquidity here resting here at this level. And we know this is a big point and then it kind of builds up here. But we know this is a big point. So we have confluence. So as we're getting this breakout and we're getting this big liquidity push through our sentiment bias, our sentiment bias here, a lot of excitement. We're, you know, we know that this is the validation point. And we can see that the market is identifying that as well. So we have a full segment and a half move into major structure. And the market validates that structure here goes above it says it's positive. It's, you know, and we get this, we get this move does can't validate. And then when we start trading back below the previous day's high point, yeah, this is a signal that this is this trade is exhausted. This this positive move is in question. And so to begin now with the, you know, being, you know, coming up to near the end part of the session, you know, like I said, around 2pm Chicago time or, you know, you know, basically in another half hour here or an hour, you know, we're going to start the settlement phase for the next day and things are going to get choppy and we've already broken structure. So as the market came up here, this is that reversal signal where the market breaks out to the upside, but then it can't follow through. So instead of stepping in front of this positive signal waiting for the reversal, and this is a signal for the profit give back. And then as farther we go into the timeframe is as we start to come into the new settlement phase, you know, it's more likely just going to be sideways and we're going to tee up for the next session. And so then we'll identify the settlement range coming into the new period. And we'll use that when the market reopens up here for the new structure at 6pm CST time and midnight UTC time. And then using the order book, you know, so on this break here, this is another one of those situations where you had, you know, based on our structure, we know that if the market stabilizes here, a lot of times it's going to look to stabilize here. It's just symmetrical around this sentiment bias. It's just behavior that is typical and it happens on any timeframe. And so as the market's coming into here and you get this, you know, this big sellers and you have this resting paper here that's in alignment with structure and the expectation is the market broke out to the upside, couldn't follow through. And so we have more of an exhaust into a sideways trade potentially for the balance of the trade period. And we get this big selling here and we see this, you know, this is a tell that, you know, we're going to balance and get a move back up to here. I mean, it's not a big move, but it's a money. And so now, and the other thing I like with this setup here for Ether is we've got the VWAP coming in, you know, basically at the figure. So if at the end of the day here, so we did have this exhaustive period, it came into this structure here. So now if we start this, you know, we're not seeing this right now, but let's say we see this liquidity start to shift up and it starts to defend this area and then we see it continue to press up. The trigger would come at the market, you know, getting back above the VWAP here, which is going to put us back above sentiment with the potential coming into the settlement period that, hey, we want to get in, you know, we want to get, you know, the settlements either going to be digestive and go sideways. Absolutely, we could squeeze back down to, you know, 2200, 2190, this area. But if what's, you know, what's, you know, when we look at the longer term structure, it's a little different. Let me throw it up real quick. You know, this is the, you know, basically we're coming into the weekly direction earlier. So, and this is something I identified in the video if you want to go through it, that this, you know, 2250 is a big turning point. And so you have that kind of in alignment, this liquidity just a little bit above it. You've got the VWAP coming in here, but basically we start trading back above this VWAP back through the sentiment. That's the upside trigger. And until that point, it's just, it's not that interesting. It's more sideways. So having a mandate makes things easier. Having, you know, identifying the facts and the structure gives you clarity. Having a tool like ours to identify the market structure helps you anticipate opportunity and proactively manage your risk. And then observing the price action within structure and using the microstructure to give you insight to time your opportunities. That's the process. You know, basically just you're going from microstructure into the microstructure to get clarity of when the market's ready to do something. Looking for, you know, intensity of trade and liquidity. Looking at where the market resting paper is that's supporting within structure. Where's the alignment when you have resting paper in the middle? It's more likely this is just, you know, something to eat up to take out. Looking that, you know, this, seeing this liquidity move away from this is an interesting thing that if we did start to rotate higher, it's not going to be defended as much. And that could be potential validation of a new move. But also this structure is going to change in five hours. So these are great, you know, definitely if you're involved in crypto, you're probably holding. And if you are absolutely always having these in the back of your mind along with any kind of day trading you're doing. But things should kind of shift, you know, when you keep your brain set in these modes, it makes it a lot easier. It really does. And again, you know, I invite you to visit us at DharmaCapital.Trade. We'll, you know, set you up with a trial with our integrations. We have an integrated, you know, we have our integration with Bookmap where, you know, our structure is identified in the cloud notes. And we're using the consolidated order books. And we have our, you know, we have our integrations with other platforms as well for a bigger picture, so for the macro structure. And if you're interested in our playbook, I didn't go over that today. But that helps to identify, you know, really the state characteristics of a market, its structure and the strategy themes to, you know, look for that are basically controlling the market on a macro structure. As well as some options, insights to, you know, that you can incorporate into your trading as well. You know, trading options with crypto is great, especially if you're holding a spot position to be able to come in with a derivative. And, you know, using the order book as well to give you insight to when to do it. So feel free to contact me, you know, DM me directly in Discord. You can also email us at info at DharmaCapital.Trade. Hope everyone is all geared up and ready for these holidays. Markets are definitely teed up for something interesting for 2024. So enjoy the time with your families. And best of luck. Cheers.