 All right, welcome traders. It's January 12th, 2024. Had some big advancements in crypto with the ETF approval. And it's really kind of paving the way for what comes next. Who knows how long it's gonna take, but it's a step in the right direction. And before I get into it, just wanna go through a disclosure. All the information that we present today is for educational purposes only, and you should not be considered specific investment advice nor recommendations. No cryptocurrencies, futures options, forks and stock trading contain substantial risk and it's not for every investor. Investor could potentially lose all or more than the 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. Past performance is not necessarily indicative of future results. And so this is so true, trading is a head game and if you don't have the resources, it's really gonna mess with your head and you're gonna make bad decisions. So good rule to follow, don't get over your skis, don't get over extended. I'm John Slazos from Dharma Capital Trading. If you like what you hear, you can reach out to us at infoatdarmacapital.trade. Also go to our website, darmacapital.trade and follow me on X and YouTube and Substack. So just a little bit about the information we're gonna go over today. It's all fact-based trading, data-driven. Basically, this involves making decisions based on objective data and analysis, reducing speculation and subjective biases. When you're deal with the facts, your body knows that they're truths and it helps you to stay in the flow and that's really what it's all about. Staying in the flow. And speaking on that, I just heard something the other day that was an important part of staying in the present. It's hard to do that, it's hard to stay present consistently but even though you work at it, something else to think about to work on is how to get back to the present, how to get back focused and working on what's your recovery time from when you're out of focus and you're back in focus. When you get emotional in trading and you get derailed and you start going off the chains, how do you, what triggers can you pick up on that say, hey, I'm off the chains, that was absolutely an error, how can I get back in sync? And just by recognizing it and accepting it, it starts the process of getting back in the flow. And so whatever happened, it's gone and now you're present and what's happening now. And so that's what our tools are meant to do. They're helped to really help with that recovery back to that intuitive function and the resources that we use to do that are our analytics and those analytics are fact-based data-driven that's helped you to standardize your decision and your decision matrix in trading. We have applications that normalize that into your workflow and we have programs that help to optimize your tactics within that construct. And so our method's always the same. What we do in any market, define the timeframe that we wanna focus on and then from that, we wanna focus on the context that defines the state characteristics and then we wanna identify where the alignment points are, the structure that tells us those characteristics are changing. So if you're in a trending mode, what's the structure that says it's not trending anymore or you're in a digestive mode? Where are the structure points that tell us, okay, now the environment's changing? And from that, we can have an expectation and we can afford more of an if-then of what's more likely to occur. And that's really what our method comes down to. To incorporate a statistical outside view to help slow down the decision-making process and minimize biases. We all have these cognitive biases. You spend hours analyzing the market and I'm a buyer. I'm gonna be a buyer. And it just, you get dialed into that and you just won't let go of it. You won't see what's the truth. You won't see, and you keep hoping. And hoping is a great trigger. When you start hoping to say, hey, let's go revisit the facts. That is a great trigger that I use personally. Greed is another one to just say, hey, wait, what's happening here? What's the truth? And a lot of this is drawn from behavioral finance, Daniel Kahneman's thinking fast and slow book. It's a great book if you haven't read it. And he states that the outside view offers more accurate predictions than the inside view. So typically we all live our lives just making decisions. Subconsciously, yes, no, okay, let's do that. And sometimes we take a step back and we analyze things. And in trading, you wanna go through and you wanna move slowly and focus on the facts so that you can really get in sync to the moment and then get going. So some of those biases that are even hidden from you kind of come to light and you can see the truth. So we're gonna go over, we're gonna dive into Bitcoin and Ethereum today. And we're gonna use some of our tools. If you like what you see, definitely come to our website, DharmaCapital.trade. There is DharmaCapital is our fund. DharmaCapital trading is our proprietary trading and analytics and trading business. And that's where you wanna go for our tools. And so we're gonna go through our playbook, our occasions and how we integrate with Bookman. So let's dial into that. Hold on one second. In Chicago here, we just had a big storm coming through. A few people that are in the sunshine don't know what you're missing. So we're gonna move some of this stuff. I wanna kind of build this, the analytics up so you kind of get a sense of what's happening. What we're looking at here is Bitcoin. It's a five minute chart. And what I'm showing you here is the previous periods structure. So this is timeframe structure. So we have market structure. Price structure here. So market is these impulses, higher and highs, higher and lows. We got a good trending price structure. And then here we get a break in that trend. And it tells us, okay, we're shifting into a digestive state. And we have this big, non-trending action. And that was sparked here. And it continues. We can't really get a trend going and we still have this real digestive action. And now we're starting to get some negative trending action here. But what we're looking at and what's important and these are just, again, we're talking about fact-based truths. So if we identify the previous periods high point, previous periods low point, previous periods close, and then the midpoint, this gives us some sense of clarity of, okay, we open up today and we're below the previous days midpoint. Well, that's not positive. And all of a sudden we come, we retest the previous period low. Okay, well, we test it. A lot of times Mark likes to test the range of the previous period. And then it can't, and then this impulse over can't get above the previous days close. That's not good. You know, and you start, and just before the trading session, you're starting to build lower highs and lower lows. And then here we take out the previous days low point and we fail. And we get a retest and then we get some follow through to the downside. It's always good to kind of keep an eye on that structure. This is our playbook. And so we, our market grid, our market states are all color coded. So as I mentioned at the top, what we like to do is we like to look at what's the context of the market. So what's the state? And Bitcoin is in a bull trend state. You know, some other comp was in a bull trend acceleration. A lot of times the market shifts into an acceleration state at the end. But you know, of a move as well. So that it's kind of like the blow off. You know, we have, markets don't always just, they're not just trending, you know, high move highs, high move lows. Sometimes they're accelerating. And sometimes, you know, and sometimes you're in a corrective state. So, you know, what we're doing here is we're just providing better granularity to what it is. It's just not trending or non-trending. It might be a corrective trend. You know, it might be an accelerating trend. Or it might be a neutral and is, or it might be a pivotal situation or it could be a digestive situation. So depending on, you know, the state context, you know, this is how you want to, you know, start to, you know, prepare for the session and prepare the tactics that you use. You know, so when you're in, you know, trending on markets, oscillators aren't going to work that well. So, you know, you definitely want to, you know, get into your quiver of what you want to do. You know, personally, I'm focused primarily on the structure and where these states are going to change. And so I'm going to start building on that structure now and then we'll, you know, kind of go in from the top down, look into the macro and go into the micro. And, you know, one thing that we identify, you know, with the structure of, you know, where is, where are things going to change is we identify what we call a sentiment bias. And our sentiment bias is really based on price, price action. We, is the sentiment positive, negative? Is it pivotal or no bias? Well, today sentiment bias is positive above 44,907. So let's throw that out here. So what we know at the start of the session is that, you know, this is where the energy of the market is, if the market is going to hold structure of a bold trend, it's going to maintain a trade above this price point. And the next thing that we do is we define a critical range with our upside pivot and downside pivot, which are here. And so this, this forms the framework of the bull trend. So what this tells us is that, okay, and you have nice alignment here with the previous days close with the midpoint of this critical range. And in a bull trend, if the market's not above the midpoint, it's telling you that it might be corrective down to this price. And if it is above this price, it tells you, okay, the market's positive. We're going to make a challenge to the upper, you know, containment area, which is either going to contain the market, contain the bull trend, or we're going to go to breakout for a new impulse hire. And so some of the things we also do is we looked at, you know, identify certain market metrics, you know, so every market has different volatility expectation and what are, we call this our average price map distance, APMD, you could refer to as just segment moves. You know, so for Bitcoin, Bitcoin's trading in 1398 segment moves or, you know, $1,400 moves. The market wants to pay you out $1,400 bucks. So if you get into any trade, it wants to pay you $1,400 bucks. That's what this telling me. And even at the minimum, you know, a half segment move or half APMD, you know, it's 699 or 700 bucks. And so, you know, those are, you know, you can use those as your trade visions. Typically, you know, if you're trading off structure, you know, you want to get at least $1,400 of it. And really you want to get 2,800. You want to get, you know, a good trade is if you're going to knock out two APMDs. And so I'm going to put on some of these minor levels and what these do is they help us to, you know, validate momentum. And also you can see, you know, as I'm identifying the segment moves the market's trading in, you know, here's a half segment move. So the market trades in the half segment move and we get a half segment reaction and then we get a full segment move down to our sentiment bias. Since we've broken out of the critical range, I'm going to add some of the other major levels that we have. So once we break out of the critical range, we're going to look for a two segment move. So coming down here to 42,000 basically. Again, this is, you know, the structure of the market. So what's happened? So, you know, so we, and also one thing before we go in the next section is the risk. So these risk parameters are the boundaries surrounding the structure points. So we know that this market is in a, you know, it has the potential to have characteristics of a bull trend above this price point. You know, some things that aren't in alignment with the structure today was the previous day's low point. So this gave us insight that this 45,686 level is going to have a little more impact. And it did. You know, ideally with structure, you want to see a different, you know, you want to see price structure, timeframe structure and market structure all in alignment. And today the previous day's low point came in here. So if we're trading below the previous low point, this is dangerous. You know, kind of step in front of this. But it is the sentiment and that is the real breaking point of this possible momentum. So if we're in this bull trend state and we have structure that's defined off what we call our downside pivot, what strategy themes are we looking for? And so what this does, and you know, this is something that you with our analytics, what we do is we look to identify is the market performing to the expectation of the state or is it not an instant transition or head strategy? So we either have an optimal strategy or we have a head strategy thing. And we have specific, you know, tactics that we use to capture those. So as the market's coming down, if it's gonna, if the bull trend's gonna resume, we're gonna fade momentum into this area, anticipating a move, you know, a resumption of the bull trend. Well, that strategy didn't work. So what we know is that the market is no longer in an optimal strategy theme. So with the fade strategy, you know, we're able to, you know, as the market's coming down here, we got a couple of things going against us that would kind of dial back some of our size because we're below the previous days low. We don't have that good time frame alignment. And we're having a sharp break. So if we are coming, stepping in front of this falling knife, we know where our risk is. And that's what these metrics do. They help to, you know, really define the risk. And that's why you wanna keep your signal acceptance within these boundaries because you can really reduce your risk. So I'll take this trade left and right. Yeah, I can have two, three, even four losses. If, and if it, when I get paid out, I'm going for, you know, a two APMD move or one APMD move, I'm gonna be able to pay for that. I'm gonna end up on top. So, but what happened today, and what's currently going on, is the market broke structure. So what it tells us that the market, this is no longer true. So don't hope that the market's gonna, you know, start trending like a bull trend because that's not gonna happen. Obviously anything can happen, but what's more likely to happen is the market is not gonna perform to the expectation of a bull trend. It's either gonna perform like a hedge strategy theme and we're gonna have a corrective move of, you know, we're either gonna transition out of this bull trend or are we going to fall into a digestive trade? You know, bull trends rarely just kind of shift gears and rotate into a negative trend. You know, more likely what they do is they kind of just downshift and go sideways. But after they have, you know, a violent break, right? So what's happening now is at this point, the market produced what we call a breakout. You know, so this is a sell our breakout. So this is our, you know, this is this strategy here where it's saying, okay, we've broken this structure. We're in, and the expectation is, you know, here we have a half APMD move, full APMD. So there's money there and the expectation is the market's gonna come down here. So typically we're looking on a breakout trade, we're looking for two APMDs. And also with the hedge theme, you know, we have this market that's trendy. So we have that, you know, they already started negative trends up here and now we have this acceleration trend and with sharper pullbacks. So this price structure, so we're observing price structure within market structure in the context of the market state. And we know that in the, with the context of the state, we're in transition. When it within timeframe structure, we're below the previous day flow. And in market structure, we're below sentiment. So this is, you know, this is our line in the sand. Let me just put that on by itself, just to, you know, really, really see that, you know, this is the turning point and we've broken-blown it. So any kind of reaction here is gonna be met with sellers. But this negative momentum should just continue. This shouldn't stop. If we're gonna maintain a hedge strategy theme, this negative aggressive momentum should just continue. And the market, you know, so this market is moving fast and you can see a little bit of the, you know, stair-stepping, right? You're kind of climbing down the ladder or you're stepping down the stairs here. You know, you came down, you tested it, you retested it here. Here, you just flew right through it. This is our validation point for the breakout and you got a, you know, kind of a half-APMD reaction here. And then we're getting, you know, a move down to here, we failed here. So which, you know, absolutely, the market should maintain a trade below 44, 200, if this momentum is gonna continue. And the fact is it's kind of looking like a pisser. You know, it really should just keep going. And so we should see the market, you know, trading below this 43,508 level, basically. And that would, and then if we are doing that, then the market's vulnerable to this kind of aggressive sell posture. And if we're not, and we start to, you know, we start to, you know, trade up here, the market's still negative, but what's more likely to occur is we're gonna go sideways. And we could go sideways lower, but we're not gonna have this aggressive selling. So currently we still have that potential for aggressive selling. And what is the longer-term objective is this thing really just unleashes on us, we can get down to 40K. All right, so let's see what happened in the order book and kind of set this off. So I like to look at the multi-book over the exchange book. So there's a little bit of, you know, this is Binance Perp. And so it's a little different, but it's still, it's close enough that, you know, I like the ability to see the multiple books versus just dialing into one exchange. And let's see, let's dial this back. I'm just kind of showing you what I like to look for. You know, you have to use all your tools, you know, with these markets for sure. So, how much history I have here. Here we go. So this is interesting where, you know, the market's coming up here. And this is early in the session too. And we're not getting a lot of interest. With the multi-book, I'm using 100 bitcoins. And so we're not getting a lot of takers as the market's coming into it. It's gonna lack luster. We've got our VWAP, I like, always like to look at the VWAP. But, you know, we're using all our tools and what are we doing? We're coming back into the previous days' close. So we know it's a big level and we know we have confluence with the directional. And we're not getting any takers. And we're not getting, and we see that the liquidity is below the market. So we know that the liquidity is down here. And we know that sentiment is here. So the fact that we are below this price point, we're already negative, anticipating a breakdown to this level. Here we see this resting paper that's just built up basically at the lower metric boundary. And so it's building up just below the previous days' low point, which is interesting. And I do like to see this kind of action here at these extremes. You know, when you get something like this and the market is happening in front of liquidity and you're not taking that liquidity out and you're coming into this lower metric boundary, it absolutely is a tell for potential reaction like we had, reaction back to the directional basically, which is what we got. Because at this point in the trading period, the market hasn't committed anything. And a lot of times the market will stabilize off the CR minus and we'll see a rotation back up to the CR plus. And you'll just get this rotational sideways trade. So that's always a consideration. So then we get, so this is this spark, this people puking in the wrong place and then here we get someone buying right in front of the directional. So this is already a sell opportunity and the market's coming back in through it. And now, and we have the market trying to transition above the VWOP, can't do it and we fail. And now we're coming here and we're taking out this liquidity with some size. So this is interesting and a clear break in momentum. Clear break and we're also validating the move from the directional and we get some size coming in, taking out the resting paper and we get a retest of the structure. So we have high confidence that we're at least going to get a move back down into this liquidity. And as the market comes into it, it takes it out, but then what happens is it flips. So there's a problem. So immediately, if we're fading into this momentum, one we're below the previous day's low point, which needs to be taken into account, but fading into here, we're immediately out. And now we have a shift in the liquidity. So things have flipped. So now where this resting paper that's been in there for a while, basically all day, this started it, basically the start of the period here. Now it's flipped and this is classic action off sentiment bias, right? This kind of action validates that this is the pivotal point for the period. And it's always nice to see the microstructure validating the macro structure. So now 45K, that's the hurdle. As long as we're below 45K, market is transitioning and going lower and that's our story and we're sticking to it. The broke structure, we know it's not expecting to trade like a bull trend anymore. There's no more hope. And we're shifting and we're getting some size coming in here. We're getting some size sellers coming in here. And we also had some resting paper defending this level here, which is our validation point for the breakout and it provides a little bit of reaction just a little bit less than half APMD this little bit here. But then immediately they just keep jamming on it. And here they validate it, which gives us high confidence that we're at least moving down to 43,600. And so you had this liquidity, some of this liquidity start to press it, right? They're really starting to push it. Are we gonna really try to jam this thing lower? Because we know now, based on the structure, and what's nice about the price map and for whatever market you're trading, you have clarity. We know the market trades in these specific segments. And so from this directional, we have pretty much a directional failure, which is a two APMD move. So that paid out. Now we're in a new signal from the downside pivot and the sentiment bias, which is our green level, and with the expectation of a two segment move. So it paid us out of segment and now we're looking for another additional segment. We can see in the order book, this liquidity tried to jam it and it did. It got these sellers excited, but then it shifted back up to here, which is what I mentioned earlier. And so the market, the structure is working well. Whenever you see good alignment, you can have more confidence in it. You can have more confidence what's happening in the order book. And so here, the market's defending this, basically this negative momentum is applicable 44,200 basically, but we don't need to go up there because we still are in this aggressive selling. And again, it's super important to understand that if this market breaks this aggressive selling structure, it's you can't expect it to happen again, especially for the trade period. Typically, if this is gonna go, it just should just go. And if it breaks structure, we start trading up here, even if we get back up to these levels here, and definitely if we take out this high, this that impulse high here, right at the figure, and we trade up here a little bit and then dip back down, a break to new move loads is more likely gonna bounce. If the market's gonna really unwind, it's just gonna go. It's not gonna let anyone get in. And that's really important thing to happen. So currently, what we wanna see happen in the order book, is if the market starts trading below here, we are getting less intensity of trade. So you have all this big intensity here. We needed some additional intensity to start to come in here. And that would be a tell that, hey, we're really coming down here. But with the events that are happening currently, a lot of people are really long. So for this thing to unwind a little bit, it makes sense. And again, what's the downside objective for today? It's around 40K. That would be like the, so this is minimum expectation, expectation, best case is how you look at that. So now if you see this liquidity shift down and start to defend here, that just that plays into this whole scenario. And again, it could steer us up, it can make a new move low. We have this, we have liquidity here coming in at the 42,809 minor level. And so you could see a reaction there to sell. On size management, you're trading small now because the market's already made a move. This was the, you know, this was a big sell. This was the biggest sell. This was another sell. So you're kind of working it. And these are all add-ons. So you can't press it, but it's, you know, you want to keep your risk real tight. So again, to wrap up Bitcoin, we'll flip to Ether. You know, basically the market is trend, you know, transitioned out of a bull trend. We're in transition to we don't know what. Right now it's just corrective bull trend. We've shifted below sentiment. We've attained an initial target. The market's already paid out. It's always important to note what the market's done. So we've already paid out two segments. As long as, you know, using our price structure analytics, we know that this market should maintain this aggressive structure, which is going to go. We're going to, we're keying out the market should, if it's really going to release in the downside, we should not trade back above 44,200 if we do. It's more likely any new selling is going to be more, you know, met with some buyers and we're going to get some more more digestive action versus compute puke out. And, you know, this, you know, basically 45K remains the sentiment bias. So that's still our line in the sand. So for any dramatic reversal of fortune here, back to the upside, this is the hurdle. And if we do get that, it's, you know, it is a fresh signal and absolutely, you know, it would be a big reversal and, you know, really anything can happen. More likely we're going to, we'd stall out here, but, you know, with, with where we are at in this cycle of news and what's in events, you have to be prepared to just, hey, that's your story, you're sticking to it. We get back above previous days low point. We, you know, we might, why not go make a play for the previous days high point. You know, feel free, if any questions on Bitcoin, you feel free to post them. I'm going to flip into ether now. We'll go through the, we'll go through the same thing. I mean, you know, basically as you approach the market, you know, you want to be methodical about it and you want to build your fact foundation. So ether is in a bull trend as well. You know, most of these markets are. We're all bid up. Ether's a little different because sentiment is way below the market at 2454. So Bitcoin was at sentiment was at the downside pivot as part of that critical range. And for ether, it's not, it's way below the market. So structure-wise it's positive, but when sentiment is way below the market here, it can act as a little bit of a magnet. It's just saying that the enter, the real buying energy is below the market and it's telling us the market's a little extended. Doesn't mean it can't get more extended. Markets can easily get more extended, but it's something to consider if we get a break in structure. So if we do get a break in structure and the market tells us it's, you know, this positive momentum is broken, you know, that can spark a squeeze. And, you know, these commentaries are static. You know, the bull trend, if it's a bull trend, it's not change. That's what it is. We're defining things. And then here we're defining if you're in a bull trend with sentiment below the market. And there's nine different segments or regimes of where sentiment can be. And so this is the, you know, kind of the lowest regime where sentiment can be. And it skews the state. It just says, hey, you know, the foundational support is way below the market and there's a potential for a price squeeze. You know, and so, but, you know, the trend is your friend. So any positive reversal after that, you know, corrective break, that violent corrective break is an opportunity to get back on the bull trend. So it's, you know, keeping your perspective. Ether's trading in $62 segments. You know, so at least, you know, so in $31 half segments. And so, you know, a buck 24, you know, for two APMDs. So let's just, let's pull, let's pull Ether up and just take a look at what's happened here so far today. So we've got a market that, you know, opens up and it's below the previous day's midpoint. It doesn't make a play, you know, this, you know, can't get down to the previous day's low, ramps up. So here's a, here's a good momentum signal as we transition up through the previous day's midpoint and we hold the previous day's close. So it's always nice to see when things start to come and the structure starts to hold. So we have price action and timeframe structure. And so this signal here gives an expectation that we're gonna challenge the previous day's high. And we do. And anytime you're getting signals like this, you know, expectation is, you know, this aggressive momentum should just continue. And if it doesn't, you know, right there in the market told you there's a problem. This thing should just scale and it didn't. So this is your first tell of just reading the facts. Market went above the previous day's high, couldn't hold it. And then, you know, comes in, what's the expectation? Come back to the midpoint. Well, they felt shy of it. And then, but then they came back up here and they couldn't hold that previous day's high point. And then they failed back through to test the previous day's low. And so that's where we're at. Well, what have we done? We've taken out the previous day's high and previous day's low. We have an outside day going on it. So we're sentiment in all this, you know, sentiments way below the market down here. And what, where's our critical range? So since we're in the bull trend state and we have structure way below the market, what strategy themes are we looking at? So we're looking to buy a break way off, way below the market, look for a reversal opportunity at the downside pivot, meaning the market take out, take out the downside pivot, get back above it, telling us that the break's over. And on a hedge strategy theme, if we get a false breakout to the upside, that's a sell UP reversal. We wanna jump on that. And we can press it below the directional, sell DR breakout, targeting the DP. So let's take a look at this. So at the start of the trade period, we're basically trading up here. So this is the directional area and the market's making play here. So we didn't get our opportunity up here and we didn't get a opportunity up here. The market just went straight up. Let's put our validation points in. So you can see this, you know, the half segments, how the market trades in these segments or moves full segment, two segments. So any time you get a two segment move, it's something to be aware of. Market may want to take a pause. The fact that, you know, we couldn't stabilize above the upside pivot is a problem. So we broke out to the upside, broke out above the previous days high. This thing should just go. It's all lined up to go. We'll take a look at the order book in just one second. And then they didn't and they fail here. This, and you can see this volatility here. This is a reversal signal. So this is the signal here. So what this tells us is this optimal strategy theme is no longer true. And we're focused on the head strategy. And the market's either gonna, you know, start to build negative structure and fall through and make a play for the R level. Or it's not, and if this is not true and this is not true, that means we're gonna have it kind of on those sideways linear days. You know, kind of this, we're gonna get this kind of action. That's the tell. The market can't hold positive structure. And in this situation would be negative structure of a head strategy theme. You know, then that tells us we're in a non-event. But currently we're in a head strategy theme because the market's working negative structure. So just as you, on price structure, you're looking at, you know, higher lows, higher highs for this positive momentum, lower highs, lower lows for this negative impulse. You, we can do the same thing with market structure. So as the market's climbing the ladder and it gets above one rung, it should stabilize above it on each rung. And when it can't do that, that tells you there's a break in that structure. So as the market comes down here and violates here, you know, this market should not, definitely not get back above the CRX plus. That would be our second break in structure. And so here we get a transition back through the directional. This is negative. It's nice when you have this kind of confluence where you have your previous days midpoint because this is a negative signal. And this is, you know, we know that the market shouldn't trade back above the CR plus, but we also have this previous day midpoint because it really shouldn't trade back about through the midpoint if it's negative. And it doesn't. And we have the previous days closed here too. So we have this whole range. So let's flip into the microstructure and see how that played out. Let me see what I have going on here. Well, I'm gonna reduce this. So this is another great feature of BookMap, you know, that I like to use, you know, it just is, you know, you're observing price action within market structure and you're in the context of the state and timeframe structure. And then when you, this is what's happening in the guts of the market then. So then I know that my structure points here and I also know that, you know, this is my validation point. So as the market's building positive momentum, I'm not so interested in buying this thing anyways because the buying energy is down here. But I'm also, I'm looking for, you know, this market for reversal, I'm looking for a reversal, right? Because that's based off the playbook. I only like to look for the best things. So, you know, and so the, as a buyer, I'm a buyer way down here. I just want to wait. I'm not interested in pressing this thing because the market's extended, right? Because I know it's extending because sentiment's so far below the market. This is where the buying energy is. So what's my opportunity? My opportunity is look for an exhaustive signal. So I know that I'm either going to get an exhaustive signal here or potentially here. And book maps tell me it's going to happen here. So book map is telling me that my exhaustive signal is going to happen at CRX plus because that's where all my liquidity is. And it's been, and it's sitting there for a while. And the market likes to, you know, it's like Pac-Man, right? It likes to go find liquidity and feed on it. And so here we're eating into that liquidity. We go above here. This is a positive signal. This, you know, and it immediately it's gone. And so it immediately reverses. And so this is something, you know, to always be aware of. So let's just dial into that even closer. We get a better representation here in this micro. So here we're taking out that liquidity coming into our extreme. We don't get the follow-through. We don't get, you know, this doesn't continue. We're not getting this bam, bam, bam, bam, bam, bam. Let's go. And then it's hard to see this, but you know, you just, you have this pullback. This pullback here is basically this. And then we're getting a move to a new high. And we start to get that momentum. And then it just falls away. And then we get this, you know, we got a decent sell here. It's happening at the very top of the metric boundary. So we're not getting a lot of play up here. And then we get a market breaking price structure here with another seller. And so this is, you know, this helps to identify this turn which is happening here. So, you know, the real reversal signals coming in here, but this is a way for you to anticipate an opportunity. And this is unique for a market that's in this regime. So when we have this specific structure, you know, that is really identifying the potential for an exhaustive signal here for a potential corrective move. And it doesn't have, you know, and we may not, you know, it may not go all the way down to the sentiment bias, but it did come down to the downside pivot. So that's what we're looking for. We're looking, it just extended. And so, you know, less intensity of trade at these levels and then some big sales at the extreme when the market should have just gone and scaled and it didn't. And then it's followed by, you know, additional intensity. And then we get our reversal signal. Here the market comes back down through it. We get a half APMD move. This is just climbing the stairs. We had some liquidity resting above the market here. So we have our metric boundary and we also have our previous days high point. And so we had some liquidity that was coming in here above that figure. So that's always good to notice. And when you're thinking about your risk management, how do I, you know, the market's turned, it's exhausted, is it gonna squeeze back up here? What's more likely to occur? If it's really gonna reverse, it should hold back below the previous days high. And we had some, you know, we had, let's blow this up a little bit and see, you know, we don't really get the same intensity of trade coming into this area. It's kind of lackluster. And then, you know, these are always great tells when it starts to come back down within the metric boundary here. So as a trader using the microstructure, this is where you can really jump on these turns. Again, you know, having this theme, this mandate, right? So understanding what the underlying theme is, are we in an optimal theme? No, this isn't true. We're not hoping for the market to build positive structure. We've had a negative, we've had a reversal signal. So we're in this, we're in this theme, the underlying tone is potential for a corrective break. Plus, we're anticipating that from the get go because sentiment's so far below the market. And so then we're using the order book to align with that. And so here, you know, the market starts to press it back below this metric boundary. And I like this stuff when the mark, I get these bubbles, bi-bubbles into structure. Because now I know these guys are caught. And that's gonna help feed some follow through to the downside. You know, this is a good validation point. We pressed it to lower metric, it held here. You know, that may have been all we got from this reversal. These kinds of tells help us to understand that, this market, there could be a bigger thing at play. And that's what happens here. So we're validating through it. And this intensity of trade right through the directional and taking out this previous day's midpoint, previous day's closed, this is a big deal. And you see this, you're not getting the same action here, this intensity of trade on this, this is just a dead cat. And you don't have it over here, but you know, that's the previous day's midpoint where this market stalls all that. And so that's your natural risk for this momentum. Cause you know, that's what we're looking for is this negative momentum going to continue. This is nice to see as well when you see the market when the market, this is interesting here, right? We had this liquidity building up off the downside pivot as the market's coming here. So the order book's already anticipating potential exhaust and this has been sitting here since then. First it was resting here off these lows probably, but then it's coming in and it's coming in below the previous day's low point, which is interesting cause it's in alignment with market structure. And so where are we at now? So we have two strategies in play. We have the sell UP reversal and the sell DIR breakout. So this is the breakout below the yellow line basically. So this is our breakout signal here. And you know, the market paid out half APMD and basically a full APMD. So this is important to understand these metric boundaries where once the market enters the metric boundary, it's filled, you know, it's attained. It's the minimum target it's attained. And that needs to be respected. You know, also the fact that you had some, you know, some, a lot of interested parties wanting to buy. And I think that's a bunch of them cause I don't see the large lot orders kind of clicking in here. So you have more, you know, you have some, a bunch of different players are coming in at this point. And so that just gives you insight that it's more likely that we're going to want to start to exit any sales into this structure sooner, the higher part. Versus if the liquidity was down here then the market might press into it a little more. So that's another way I use the microstructure as, you know, if I'm wanting to enter, it gives me insight based on where the liquidity is. Okay, so what's happening now? So we had that situation here. We had some buyers coming into the figure. So we know the market's negative. We know we're in a hedge theme. We know we had a sell you P reversal in play. We have a downside, a breakout below the directional. It's in play. The market, you know, paid out a full APMD. It looks like these are symmetrical as well. Bottom line is, you know, if the market is going to fall through on this hedge theme, it should stay below 2613, 2614 basically. And if it does says it should be quick. If we start to trade back above here, it's gonna, you know, it's not, we're not turning anything positive until we give up the previous day's midpoint, but it is going to slow down this action. So if you're looking at wave counts, you know, you have this, you know, this wave here, this wave here, this really should, you know, this looks pretty symmetrical. You could do a measurement there, you know, and then we're going to go, you know, this should just fall through. And so what do we look at? You know, so here things have settled down a little bit. You know, we had this intensity of trade here. We're not getting the same thing yet. And we have this structure here off this low point. So you don't really see that in this chart, but you know, coming in at, you know, the lower part of this metric boundary here, which is normal. And so you do have a little bit of paper coming in here. And I would see the big support down here. And the expectation is, you know, if the market starts trading back under, you know, basically 2580, we're going to go eat into that liquidity. You know, we're going to make a play for 2550, at least. But something, you know, what we have to be aware of is that sentiment's below the market. So more likely, if we start to eat into this liquidity here, you know, there is the potential that this thing could make a move lower. And let's just see what the order book's doing down there. So this is our downside target one. So this whole zone is a, you know, a big buy area. 248638 down to 2454. So it's interesting to see the, how you have this resting paper in alignment with market structure. So for Ether, that, you know, we are in a hedge theme. The squeeze might not be over. As long as we're below, you know, basically 2610. This thing's vulnerable to further losses. We do have some big liquidity here at the downside pivot. So absolutely, you can see a little touch and go. But anything into this area, any kind of capitulation move is a brick to buy. So looking for, let's say, big intensity of trade, the reaction, and then followed by less intensity of trade coming into a figure, you know, those are great signals of reversals to look for. So if you, I know it's a lot of information, but once you get comfortable with our terminology, it becomes second nature to you and you're able to, you know, really dissect markets very fast, you know, just, you know, even if you just start with sentiment, where's the market current price in relationship to sentiment? You know, the green line, you know, you just start to dial in and pick up different pieces of it. It's all factual, all fact-based. So it's all good stuff. And it's definitely worth the time. So again, you know, it can bring you better clarity. You know, and when you have the more facts you have, the more confidence you have. And, you know, with our overlay, it allows you to proactively, you know, risk manage any opportunity. So if you can use it as an overlay to your strategies as well. So if you'd like to test drive our application, you know, come to DharmaCapital.Trade and we'll set you up. You can register with us. And if you, if this, you know, video was enlightening to you, you know, like us and, you know, and forward it to someone who you think we'd appreciate it as well. So hope everyone enjoys the weekend. I think, you know, we've got some fun times ahead of us with the approval of the ETF. And, you know, so there's gonna be more volatility and it's gonna be good 2024. So enjoy the weekend and I'll see you next week. Cheers.