 Good morning, Trader Lab and good morning to our visitors on YouTube. Can I please get an audio and screen check? Great. Thank you. Morning, everybody. Welcome to the Traders Lab. I'm your host, Tom B. Thanks for stopping by today. Um, well, yesterday was quite a day. I hope you had an opportunity to participate in it. Um, we will talk a little bit about that for a few and, uh, we'll talk about today, of course, and, um, we had quite a few trades, uh, not only yesterday, uh, but today and today's context is a bit different, of course, than yesterday. And that's the nature of our market. Things change. Uh, however, if you're in the Trader Lab, uh, there are structured trades and an opportunity, of course, to participate and also that means take risk. Um, and currently, uh, we, uh, well, we'll talk about the current trade. Uh, these are structured trades. Uh, I'm currently sitting short and this is not a trade recommendation. Of course, um, I do post, uh, my perspective in the Trader Lab, but like everything in trading, there's nobody has a monopoly on knowing anything because it's always random. Uh, but I want to take you guys back when we start today, uh, to the ETH because I want to show you something that I think is important. First, general disclosure. All book maps, limited materials, information and presentations are for educational purposes only and should not be considered specific investment advice erects commendations. Risk disclosure, trading futures, equities and digital currencies involves substantial risk of loss and it's not suitable for all investors. Past performance is not necessarily indicative of future results. Grab a pen and a piece of paper. Uh, also, uh, you might want to take note of some of the times, uh, that these, uh, opportunities trades and everything else took place. And then you might want to go back and visit these time frames, uh, no matter what tools you use and kind of see if it makes sense to you. Uh, this stream is about integrating book map order flow tools with auction market theory using a tool called the volume profile in the intraday developing timeframe. It is a top down, bottom up approach top down, meaning higher timeframe and then going down in timeframe or structures, uh, for potential triggers, trade management and the rest of it. And like everything in life and in trading, especially it's all random as far as the outcome, uh, the business is trading is really built on probabilities and statistics. You know, what actually happens, uh, you know, that's another conversation for another time, don't you think? So let's go take a look, uh, what's going on. Let me give you a few statistics, um, and I always like to do this. So you understand if you're new, uh, visiting the trader lab, that the business of trading is built on statistics. It's not built on how you feel. It's not built on the last rotation. You put an indicator over, um, and many of us, when we come into trading, we think that's what trading is. It's, uh, multiple time frames, multiple indicators, uh, you know, throw the kitchen sink at it and somehow you'll make sense out of it. And of course, in a random basis, it makes sense sometimes using that approach, but over time, uh, that is, if that's random, then maybe we want to only participate when we have a vetted statistical edge and try to stay out of the randomness, even though it's always random. So doesn't that sound like I'm, I'm, it's like I'm saying two opposing forces. Well, reality of this is that it's every trade individually is random, but the way the casinos operate, they play games with a statistical edge and they extract dollars from gamblers over a large sample size. Our business is the same business. Basically we're trading, uh, what you might call setups or, uh, statistical edge and over time, if we actually have vetted it and understand the mechanics of it, even though the outcome of anyone traded random over time, we extract the dollars from the gamblers, theoretically that is. And of course it takes, uh, discipline, uh, to participate when your structured trade shows up because emotionally we, you know, we need to be right. We want to be right. We want to avoid the pain of loss. We want the approval, all that wiring that's in us that disrupts our intentionality is something that needs to be understood and mastered if you want to be in the business of trading in the trader lab. So you understand it's built on structured trades that are available to everyone and you don't have to be a book map subscriber. You won't be solicited. The idea of the trader lab is to help you understand market mechanics. I don't use any indicators because in the end, the market is built on participant behavior, not your indicators and I, and believe me, I've had more indicators and system design and more opportunity to spend time with indicators since I've been doing this 43 years than probably most of you. And what that really means is I've wasted more time and paid more tuition and kept waking up in trader groundhog day. In other words, derivatives of a process that did not have an edge, but I didn't understand edge when I first started in the business in 1980. And we didn't have the technology and we didn't even have computers. So anyway, just a little bit about it. So let's give, let me give you the stats and let's move right on. Okay, we are opening higher in range. So we opened higher inside of yesterday's range. And what's important to note is, and I want you to make a little note, this is not a statistical thing, 4410 half was a key location previously. The overnight low or ETH low is about 4409 and three quarter ish somewhere like that. And that's an important level. I am looking for a test back down in this, in this area for my short targets. And it's not a recommendation because, you know, in trading, it's maybe, you know, so I'm working that and I'm managing the short. But here's the statistics. Opening higher in range, there's an 82% probability we hit the overnight. Let me show these to you. Sorry, guys, we're on computer. You know, I'm managing a trade over here. So I've got multiple things going on. This is ETH. So I'm going to come back because I want to show you something in this that I think is kind of important, so you will understand a little bit about what's what here. Here, this is the target on the current trade. Okay, this and the reason this is important. The last time we were down here, this was a high volume area and the way the auction tends to work is it tends to visit high volume areas previously and the auction, which is this mystique is very simple. It is shopping. So high volume is retail. If the market, if this was a retail price, think of it like visiting a store and you can't buy it anymore at this former price, then the market is going to go elsewhere and try to figure out what's a fair price. And it doesn't know. We don't know. But what was interesting to me is this level, the overnight low was at this level. And I went, huh, maybe this is too low. Maybe not. So for me, as I'm taking shorts, this is my target ahead of this. So right in here, and I'm now out of my short, not a recommendation because it's all random. And I was going right here and it missed me, my target by just just a few ticks. Hold on one second, guys. I got something I got to take care of. Hold on. Sorry, guys, had a little emergency. Thanks for your patience. So back to this. This is a key level, OK? And this was the area for my getting out of my getting out of the short. And I'm now currently out and it's not a recommendation when I stream, I'm very uncomfortable trying to, you know, walk and chew gum. So let me give you the stats again. Overnight volume point of control, retail price, highest volume in the ETH, 82 percent. The overnight mid 72 percent probability. Previous close 69 percent probability. The overnight high ETH high, 69 percent probability. First hour high, 67 percent probability. And the previous point of control, which was right there, 67 percent probability. First hour low, 58 percent. Overnight low, 49 percent. OK, so the stats go down as we go down, but that's not what's most important. What's most important. OK, sorry, what's most important is to understand what creates these the probabilities. So, you know, these statistics, all they are are stats based on where we open in relation to yesterday has nothing to do with in the sense of what's the context, you know, the Alcapulco cliff dive. OK, sorry again for delay. So this is the ETH. I want to show you because we had big reports at 730 Central Time, and I want to show you what is important, maybe. And it's always maybe this over here is the let me see if I can the ETH profile and what it shows us is here's the overnight low. Here's that key level I had. And remember, nobody knows. I wish I did. I don't know because we don't know. This is a distribution. In other words, a big consolidation. I'm not I'm not going to go all the way back. I'm just going to show you the structure. Do you see how this is flat and cut off up here? It's unfinished. You'll notice auctions tend to round out with low volume. And here it just got cut off. So when I was looking at this and I posted this for the participants in the Bookmap Discard Trader Lab, I said, you know, this is an unfinished auction. And now we're going to get the report. Let me show you and that it had upside potential. Now, where does it go? Nobody knows. That's kind of like, you know, that's the unknown. So this is the report. OK. Let's look at the behavior. So this is retail, this this yellow line. Let's just go take a look at it. Hold on a second, guys. I've got all kinds of weird stuff happening here. By the way, if I drop out with the audio, let me know and I'll do everything I can to get back in. I also look at your questions. If anything starts or drops, let me know. OK. So this is retail, which says that value at the time or accepted, the most accepted price or high volume is here. So think retail down here was too low. This is the outside edge of this distribution. We have another distribution. So it's like it rotates. This is based on volume. This is retail in here. Think of these like stores. Then we're up here. Same rotational situation. Retail. And as we're moving higher, you can see what it's doing. Outside edge, retail and cut off. Now, so this sets up to me that this is not finished. So we are looking and we have a report. Now, you guys know on reports, anything can happen, right? So this is trading. Everything can happen. And it all happens. We just don't know how it's when. So I'm looking at the report and I'm going, OK, where's my locations? Let's look this, which is the same as this over here now, because this is ETH only is here outside edge. Remember the way the auction works, where's too low, where's too high. And then what, you know, so let's look report. We get the jiggle and the wiggle. So micro high volume structure outside edges here. Let's look. So this against here outside edge is a long and then up you go. Now, I have no clue where it's going, but I'm going to show you something. And this is going to relate to the RTH. This is why it's important. Every time you have interaction between participants, it's an auction. And the thing we never know. And I wish I knew and the thing is the thing is I when I first started trading and this is, you know, back in the Stone Age, I thought the job of a trader was to predict where the high and the low was where it was going to go. Well, it's going to go here. And if you ever do that, if you haven't, then you're a lot smarter than me because I had no clue right here. And I think I posted this in the lab. I don't remember, but you can go. You guys are in there. You can scroll back where I said at seven 20. I think it was that we were anticipating. We had an unfinished auction at the upside and that we were going to go up. And of course, it can do anything. But now I want to show you structure. So now nobody knows where the high of anything is. And if you do, you've got to look me up. So let's look at the microstructure. Too low. See the volume. Watch. This is an auction. Too high, too low, too high, too low. Last off. Okay. What's this? We pause a consolidation. Too high, too low, too high, too low. We go higher. Looking good, Lewis. Now, I don't know where the high of anything is. This is something, you know, I've kind of decided many years ago that somebody else should be fortunate to sell the high. Typically what happens is somebody buys the high and then it exhausts like right here. The liquidity comes in the book. Now we know liquidity can be whatever. It's, it's nebulous. It's mysterious and it's random. Now there are times we can observe behavior at liquidity, but we don't know what the intent is and that's spoofing and all kinds of stuff. You all know about that. And if you're not familiar with it, you should visit Bruce's streams Monday, Tuesday and Fridays on order flow and book map. He gets into the minutia. And there's also in the book map, education portal, all kinds of recorded webinars and understanding order flow and how to use a high tier tool. So I cover it here as best I can, but my time is very limited. So, you know, I do cover it, but if you want to get the minutia in the detail that's where you ought to go and also review this. So I'm looking for, you know, where? I'm going to tell you I have no clue, but I do know this is a high volume area in the intermediate timeframe. It's a high volume area. And in all fractals and timeframes, high volume is an indication of retail price. And if, and think of it like shoppers at every little consolidation is shoppers, too low, too high retail. If the market, if the sellers are able to raise the price and they're the ones who control the price, not the buyers, and they're still demand, they'll keep raising the price. This is too low. The sellers aren't willing to sell you S&Ps over here. That's why the price is going up. So they're raising the price and the buyers are coming for it. Lovely, until we get here. And now, and nobody knows. So I don't know. It could have just as well done this and checked here and continue. You see? Oh, I see we're getting our target down here. Maybe, maybe. So here, high volume. And remember how we narrate in the trader lab. If this, then that. If not, then what? So if this is too low retail and we break high, so if this, then that. If we hold this on the test, then what? Then higher. Here, if this, high volume, then that, we go higher. If not, which is this, we potentially, and there's that to the liquidity, we go lower. So let's just look now. Liquidity drops, that's like a little bit of a kick in the butt. See, now there's something else you need to think about here. Now, right here is the ETH high. And remember in hindsight, now we know what's the ETH high, but we don't know, right? We know 36 half is too high. Here's now the high volume. It's right here. Remember this price, right here. 35, 75, 36. Now I'm gonna show you two things with it and then we're gonna move on. Right here, this is the high price. Too high. I'm not paying that. Watch. Short, microstructure. This is a trader lab structured trade, not a recommendation. It's just something you can learn from. See, so it would be a short here. It would be a short here. It would be a short here. It's a short here. There's your seller. So let's look at the behavior and I'll move on. Now this will make you wanna jump out the window, right? This is what we have to deal with, it's traders. You know, your stomach churns. But the high volume was here. So if you got short, let's say you didn't get short here. It comes back here. You would be waiting for it. Boom, there's the seller. This is a short stop is here. It comes back again, checks the volume. There's the seller here, short here. We still didn't get the overnight low, look at that. But where did it go, guys? Let me give you the number. Remember it was about 410 quarter, right? That's horseshoes and hand grenades. That's current market, by the way. Okay, back to this, test of the volume, seller. I think maybe seller, they tried to come back, seller. They tried to come back, seller, watch. Here's your volume, watch, seller. Let's come back. So seller, seller, seller, seller, high volume, overnight high, high volume area, back to the volume, which is here. That's why your stop has to go to the outside edge. Wherever you enter, that's where your stop goes. If it takes out that high, you make a donation to the retired floor traders fund, and there you go. So this is a short. Now, I'm gonna show you the, so you see the trigger, you see why, based on the auction. Now where's the retail price? If this is too high, which who knows until it is, this is retail. So this is the target coming down. I'm just gonna show it to you and then we'll move on, okay? What? And this is RTH open, so all bets are off, okay? So now, look, let me get rid of this, and now I'm gonna get back to RTH. I just thought you might get something out of this. So this is the overnight high, and what was too high? Wasn't it 36? So now we're gonna go to RTH. So on this, this was your target. Now, don't forget, trade management's part of this. You would have gotten taken out, but what do we remember from over back there? This, 36, 35, this area right here, okay? So where do we go on the open? This is the high volume. Do you see it? Is everybody tracking? Are you guys with me? Okay, this is why you cannot operate in a vacuum. The auction, as you might wanna, which is what this is about, gives us a story. You know, it's telling us what the, and this is why I don't need indicators. And to believe me, there's some days I wish I had something, you know? Cause we all take stops and, you know, that's just cost of production. If you, once you get past the idea, how you feel about it, you take structured trades that have an edge, you just know it's random. No different than how the dealers or the casinos operate. They deal the cards, it's random gamblers. Play the cards randomly and whatever happens, happens, but the edge is realized over time. That's our business, guys. Write that down if you haven't thought about that. So right here, too high, and you could see the sellers. Why is this important? Look, where do we come? This is my whole point. What creates prices? If not indicators, it's participant behavior. If you know that the participants, the buyers, said, I'm not paying this and they left the store, I know it's simple, but you know what? Trading can be simple. I mean, it is random, so it can be simple. But if you make it complex, you can't see what's going on because you're in conflict all the time, I think. At least I was. So I have no indicators because I created my own problems and I had trade a groundhog day. So this is, and remember this is here, too, right? So now there's no way to know that we won't get here because we have a stat called the overnight stat. Don't forget. What I know is this was too high. So if I got long, I know this. I have to clear this to get to this and there's no way to know. So anyway, let's get back to the open and let's look at the first trades. Anyway, I'm sorry I took so long, but I want you to understand, at least I'm trying to share with you, a way to look at levels that are created by the participants and then we come back to them. The whole thing about trading on all time frames or fractals is the market checks pricing. What's too high? What's too low? So now we're going to come into the RTH open. This stays constant over here. This is going to show us all the volume, starting at ETH open and continuing through the RTH. This starts and resets at RTH open 830 my time. So let's look. And then, so I'm going to go right into the open here as soon as this gets to 830 and you'll see it reset there. So this is going to show us all the volume as it comes in, RTH only. This is going to show us only what's on the chart starting at RTH, so it resets. So let's watch. So here's what we have. Overnight volume point of control, if you remember 82% probability that we get here. Overnight high, there's a 97% ish probability. We take out the, I'm sorry. Yeah, 93% probability. We take out either the first, the ETH higher low and a 97% probability. We take out the first hour higher low. That's the first hour higher low. So let's get started. RTH open. And thanks for your patience. I just thought it was so important to show you not only why I was leaning long in the ETH, but where the reversal came and why. So here's what's going on here. Now I'm looking at this and I'm thinking, ah, you know, that's kind of how my brain goes. But this is what I know. 36 was too high and this is retail in the ETH. It has, and this is where, you know, kind of some judgment has to come in, 82% probability. So what I'm seeing here is buyers come in. Here's what it looks like. Let me open this up. Right here, this is called the developing volume point of control. What it is is a, this yellow line, which resets at RTH open, shows us where the volume is taking place. It's very sensitive on open. It becomes less sensitive as the day fills in, but there's other ways to see this volume in fractal. Like right there's too high. Okay. And you can see the test. Oh, but it's not a short, you know, because I don't know. I'm thinking here and I'm thinking here and I'm thinking also, I don't know. Of course, I don't know anyway, but I know I don't know. So, but I do know the following. And you guys always know this. The market goes up to go down, but it also goes down to go up. What did we do yesterday? We went down. So what's the possibility? Go up, but to go up where? But I already know this was too high. So let's watch. Now you see before the thing opens, I know what might happen. I don't know ever what will happen. So I'm thinking, all right, possibility to go up and check the overnight high because I have a stat. I also know this has a very high probability also. So you see I'm opening in the middle. And don't forget what we tested in the ETH. That overnight low is at a location at 410 in a, you know, I had a level at like 410 half, you know? So I am thinking the following. I'm gonna take time with this because I want you to understand how you might and underlined kind of put these pieces together. This, remember? I have this, you see, at the overnight low. I had this liquidity down here. So on my short that I was just telling you about, I know possibly this is too low. So this was my target ahead of us, right? And I'm willing to give up this because for me, volume is most important. Not the level is important. This is the level. This is what was too low. Is it possible we tested it and we rejected it? See, that's how I'm thinking. And I don't know what's gonna happen. So let's not forget that. Okay, back we come. So let's watch. Our TH open, chopity chop, shorts possibly. And thinking too low down below, retail and ETH. And so far, 36 too high up above, but we have that. And we could easily get to this and go wherever. That's the thrill. What did they say? The agony and the ecstasy, right? And for traders, it's a lot of agony because of randomness. So let's look too high. We come down. This is retail. I see the buyer watch. So this is too low. Microstructure, now this is not necessarily tradable. Watch this. If this is micro and I go into micro and I get the buyer, this is too high right here. Watch the symmetry. I come back, so I'm testing this volume, micro. I break high. There's my buyer. So now, possibly this is too low and this here, which was too high, support becomes resistance, you've heard of that one. This is like resistance. In this little store, the buyers said, nah, I'm not paying that and they left. Well, if we come back and now in this little structure, this is too low. Now, I don't know where it's going. You know, I mean, I'm clueless like all of us. I come back here. It's still too high. I get my buyers again. Maybe this is too low. Here's my volume. There's my buyer again. So I'm thinking, okay, I'm getting microstructure here. Now, I trade in fractals. Let's think in fractal. This is like the little Russian doll. It's about as microscopic as you can get. It's not a trigger for me. It is a narration for me. Like, what is this? Well, if we take it out, then, you know, if we don't and I see the buyer, it's if this, then that. Now, this is too high. I hit it here. It's still too high. But this now is too low. I see the buyer again. Okay? So I know this might be too low. I see the buyers here or the shoppers. I see this. It breaks down. Uh-oh. There's the sellers. What was too low? Here, maybe here, here. Don't know. Right here, past, too low. It's also mid and VWAP. Who knows? Buyer. So now I'm thinking, uh, longs and this shifts higher. This is called VPOC migration. There's the high volume. So let's come back here. Too low. I'm going to label it. I call it a variable high volume note. And I'm doing, I always do this because I think if you can learn narration, which is really what I do. And I'm, the reason I do it is, I can't wait on an indicator to cross over somewhere up here. You know? Or to get me chopped up, which I can do on my own. I want to get us close. And remember, this is the open. I'm in now about 20 seconds and I know I want to be long. I don't think most indicators do that. And I have no idea. I haven't used them in years. So here, too low. This is retail, VPOC migration. This now is the new price. This is too low. We push off. This is a trader lab long. VPOC migration, trader lab long. I label it. Remember? Why? And you're going to see why this is all important. And again, you know, remember, I am the clueless, proudly clueless. And clueless means open to anything. So I stay in a narrative so I can follow the yellow brick road. And it's like this. If this, then that. If not, then what? If this moves higher and I push off, so if this, then that. If it does that, it suggests we're going higher. So hold along or add or get long, right? So this might be your first long or against here if you really understand how to interpret a language. Up here, suggesting too low, push. Now, where was that area that we rejected in the ETH? Wasn't it around 36? Right? 35, right? 36. So looking higher. Overnight stat, looking good, Lewis. 35.75. Microstructure, liquidity comes into the order book. Too high. Microstructure, liquidity. Icebergs, neither here nor there, but interesting to know. Volume, break low. Notice the change in behavior. Volume, break high. So volume, break low, that's fine. This is before they open, right? So volume, test, break high. Volume, test, to hear, break high. VPAC migration. Volume, break high. Too low. VPAC migration. Volume, break high, break high. Too low. Volume at the ETH level, that's why I discussed it with you. And this is my target, but I did not forget what happened here in the ETH. Too high. And who knows? So trade management, too high. I already am targeting and worried is not necessarily the right term, but aware that I have to clear 36 to get this thing. Right here, too high, too high. There's my seller. This is retail, right? If we're gonna go up, we need to at least hold this and preferably hold this and move. But I'm aware I hit my perceived resistance. The high volume from the ETH, so let's watch. Volume, seller, see the change in behavior. Volume, buyer, volume, seller. Needs to hold this, right? And I'm thinking, all right. Too high, too high, watch. Liquidity stays in the book. See the change? How do we know it's gonna do that? How about this? We don't, but what do we know? We know when the ETH, we made this high and we exhausted and then the volume showed us that that trade was over. Then we come back to it. Remember price check. This is how the market operates. It comes and checks prices and all fractals and time frames. Too high, see you later. Trade's over. Now let's watch. This becomes, and you'll like this maybe, this is our variable high volume node. This is too high, break. Remember we have this statistic. You didn't forget it, right? So that is here. So now we break and we come back. Too high, then here's the next one. Too high. Now, no way to know. So let's watch. Right here, we test this. Let's look at it, microstructure. So this is the level to observe. Now, so you guys understand, I know many of us like precision. If you're gonna trade, there's a lot of slop. In other words, areas. All these are areas. And then do you have a structure that you can trigger from if you get what you're looking for? So right here, this is the location. You know, and it could have been any of these. You know, I don't know. But this is the last location of a retail price. That's the yellow line in the developing daily timeframe. So we come up. This is the stop and iceberg detector. It's showing me there's only four buy stops. And if we can't get going, what does that suggest? Who are the buyers? Is it initiators or is it just buy stops? And you know, for me, I always am in the I don't know mode, but when I see this at my location, my antenna is up. Because this, this is a location here. So all of this is in alignment and I have an open stat here. So that's what makes me put the trade together. And I hit my, I gotta put you the pieces back. And I hit my target and failed at the ETH location. You see how you put pieces together. So too high. And here's the other thing. This shifts lower. That is saying in the structure here, this might be too high. This is what's suggesting subtly is that volume is moving lower. Think of what this is saying. Maybe, maybe this is too high. So that might be too high. And now I have volume here and I might have exhaustion and I don't know. Remember, I don't know. I could do anything. This is the beauty of trading. Here's the volume in this structure. It's right there. Too high, outside edge, target below. So let's watch. Selling structure. And I'm not saying anybody should do this. I'm showing you how you might begin to read the language of the market. So right here, it's a suspect. There's your seller. See him? Here is your volume now. Here's your test of the microstructure. It's right there. You see the high volume? Here, let's look. The volume is in here. There's the seller. Remember, we were looking for the buyers. See the change in the behavior? The buyers. The buyers. The buyers. The hearer. Don't know. Looking for the buyers. We get the sellers. See the change? Now I have location and I have a change potentially in behavior. How do I enter this trade? A couple of ways. I look at this against this and I'm in the clueless zone. I see the sellers again. A short stop goes here or here and now you're gone for this. Come back and check. You see? Too high, break. Remember, this was too low. So here, scale or here, short and you're still going for this. Watch. Now, is everybody with me? Does this make sense or is it completely like it landed on a planet? So this, so too high, V-Pock migration saying too high. So this is all fractal. Developing daily timeframe and then the microstructures for triggers. Trying to be in alignment. This was too low. Let's see why. Remember, there's the volume. Check, break high. Test, longs. It's not a long, it's the structure. When we come back, what do we test? The volume that was too low. That's a target for a scale or this, because we broke high. So it's support. So if you got short, you wanna scale either here or here. Then you get the retracement off of this volume. Here's the volume here. There's the buyer. That sets up the retracement to here, back to this volume, which is back to this volume. Fractals, short or trade management, you know, whatever your thing is. Then we have statistic. Long winded, can you see how you might navigate? Does this make sense? How we doing in YouTube? You guys pass out? I'm always worried about you. Is this useful? Guys, are you getting anything out of this? So anyway, what I'm trying to do here is show you no indicators, but getting an understanding of how the market works. And the reason I'm passionate about this is because of my journey in trading. And I'll tell you, it was not pretty because I did the same things you guys do. The difference is I couldn't figure out early on why I kept waking up. How many times you get the aha moment and then it's no, not so much. How about do that for a few years? And then I started figuring out that what I was doing was what everybody else was doing. And then I started going in the opposite direction. I started using what retail traders do as an asset instead of me doing what retail traders do and being it and having the same outcome. It's not realistic in my opinion that you think you can do what everybody else does and somehow you're gonna find the needle in the haystack because I gotta, please trust me on this, all the haystacks have been looked at already. And the other part is that if the retail trader outcomes as far as having longevity in the business is so poor, why would your outcome be different? Now, I know we all think we're gonna find something somebody else didn't, but I'm gonna suggest maybe not. Unless of course you do and that's all great, but how do you wanna spend your, do you want a career in trading? Maybe the thing to do is reverse engineer what retail traders do since they have such a poor outcome and you make it an asset versus just doing what they do. So, and understand the reality of what the trading business is. So watch, too high, too high, retail. So what is the market saying? Let's talk market. This is a, you know what this is guys? You, we all use indicators like Google Translate. What, and the indicators translating the participant behavior. All I'm doing is using the participant behavior. I can be in real time and I'm seeing it as it happens so I can respond to it. This little thing here tells me it was too high. I don't know what my indicator would have told me. I haven't seen an indicator in a long time, but I'm just saying is I do know if I understand what the participants say, if I come back, if I come here, I know what they said here. I know if I get short here, this can be an obstacle and this can be an obstacle and I have a stat. I think it's 82%. So that's my target. That's not more complicated than that, but it is random. So that's why this is a short and this is, you know, this is an obstacle here. Notice this, notice how we stop here. Why? It's an obstacle. Notice why we stopped here. Why? It's an obstacle. Can you see that? Why did we come back here? It's an obstacle. Why would I short there? Because of that. Anyway, there's the, you know, target. Now, next fractal higher, developing daily timeframe. Too high, watch. This is VPAC migration. Did you notice something? We were going on the long side early. Boom, boom, boom. What's going on now? Going the other way. Short, the short ateria. VPAC migration, short ateria. VPAC migration, short ateria. Pull back under here. Too high, microstructure. Too high, too high, seller. Short, short, short. I think you get the idea. Watch, there's more. By the way, is everybody tracking so far? Are you getting something out of this? Louisa, I don't know what you're actually talking. I mean, ask me when you say I was lower in rage until you said higher, why higher? From what time was that, Louisa, I'll try to clarify that. How are we doing in YouTube? Thank you. So let me know that. So this was too high, right? Now, nobody knows anything. You know what we know? We know we don't know. Write that down, guys. We know, we don't know. Here's what's important. The best you have in trading is maybe because of the random distribution of outcomes. And this is what you'll see in your own trading. Sometimes it works. Sometimes it doesn't. And it's perplexing. Well, why did it work this time and not the other time? You know, that kind of stuff, right? Well, that's the randomness. Write this down. Casinos, random. No control over the cards that come out of the deck. No control over how the gamblers play the cards. It's random. We're in the same business, guys. You just want to sit on the house side of the table. That's the difference. And if you don't know how to sit on the house side of the table, you're going to be sitting on the gambler side. And remember, the gamblers walk out with cash at times. That's why they come back to the table. But in the end, the house extracts a dollar from the gamblers. And I kind of think I'd rather sit on their side of the table versus with the gamblers. Just me. How about you? So here, too high, too high, retail. So all these are shorts, right? So, OK, lovely. So let's see what's going on here. Now, remember, random. I don't know. So part of this, now, there's a couple of pieces, right? There's, in the Trader Lab, we talk about a minimum two-lock configuration. And that's to build a process. The Trader Lab is to help you build a process of the business of trading. When you can kind of get it, when you kind of get an understanding of this process or any process, then you need to know what are the probabilities of getting risk-neutral. Two-lock configuration is designed that the first one is to buy the stop on your runner. And then you need to know the probabilities of getting the scale versus getting this full stop. And once you, and that's the primary. And the reason it's so important is, if you knew you had a positive expectancy to get risk-neutral versus taking the full stop, over time, it's going to give you the courage, right, to put the trade on, because you actually have a statistic versus a throw it up in the air and see where it lands. The other part of that is, the worst that can happen if you get scaled is you scratch the trade. And that being the case then, for most of us, and maybe all of us, it calms us out emotionally, you know, the fear, because we live in rotations. You know, the thing goes down, you're feeling good, it comes back on you at point, you're going to jump out the window and bail out. Raise your hand if you do that. The reason it happens is because we're emotionally triggered. So for me, I found that if I, and I'm only talking a two-lock for the trader lab, because remember, we're going to have, the idea of the trader lab is to help you build the template of process and navigation and narration so you can stay in alignment. But the risk management is built in there, we all take stops by the way, that's not an issue, it's overhead cost of production. Gamblers walk out of the casinos with cash. Well, it's no different. Gamblers walk out of our trade with cash. The thing is if we execute our game consistently over time, assuming we have an edge, we extract the dollars from the gamblers, so back we go. So the thing is the two-lock configuration allows you not to mess with the trade. The trade fails, you scratch, your broker sends you the gift basket. You either take a full stop, you scale, you scratch, or you go to target. The other piece is trade management. Where does this trade fail, you see? And that's something you have to vet. And then you just manage the trade. What's it saying? Too high, what's it saying? Here's your seller. Too high, this shifts down, next fractal. Too high, come back here. Too high, come down. Looking good, Lewis. This is too high. There's your test. Watch. Looking good. This is too high. Volume break low. Looking for continuation. Here, too high, come on. That's short trade zone. Too high, boom, too low. You're out. Oh, there you go. Life in the fast line. Now what? Watch. This is too high. Where do we come? Right here. Short, right? You see how it works? Too high. So here, now look, if you get, so here, if you sold it here, you might get stopped out if you put your stop there. But let's go look. Where's the right spot? Here, see? So if you took a short here, you gotta be above here. Because this was too high. If so, if you take a short here, or if you took it here, too high. Is this logical? So that's a short, off you go. Are you having fun yet? See? Now, VPAC migration. Let us label it. Whoops, yeah, okay, sorry. Variable high volume note. What I'm attempting to do underline is stay in alignment with the participant behavior. I know the language of the market. The language of the, they're speaking. It's almost like hearing, you know, the horse whisperer, you know, whatever that was. Well, this is the market. This is market language. So what I'm attempting to do, and all I can do is attempt, just like we all do, I'm attempting to translate it in real time based on what the participants tell me. Not a lagging indicator that is not sensitive to the condition of the market. That's really what this is. So if you can learn to speak market, you might be able to get in alignment. And yes, you'll take your stops and you'll get thrown under the bus like everybody else. Notice the icebergs accumulate. Now, why would an iceberg by 6,000 up here? Those of you who think an iceberg is the magic elixir, I'm gonna suggest, maybe, or maybe not. One of the things, when you guys use multiple indicators, you know how you get conflict, right? I had to prioritize my inputs. Everything is based on participant behavior, which is reflected in the profile because it's only price and volume. Not time is not part of this, nothing. And as we go in other inputs, they become material. But retail trader behavior like exhaustion or whatever else in volume tells me that's the closest I can get. I don't know anything else. When I see all these icebergs going off, I note it. But I also note, what is the reaction? Are these guys getting long? Or maybe are they covering? I mean, what are they doing? Do they think this is a bargain? Maybe. Why are they buying here? Wouldn't they buy here? So I don't know the answer to that. I mean, I'd love to know, but I never know. So since I know, I don't know. I just put it, you know, it's a piece of information. But I don't discard everything else because that happened. That's just me. I mean, I know there's others that probably do have a much better understanding of what to do with it. Me, I'm still trying to figure it out and I've stopped trying to figure it out because I prioritize my input. So too high. Now we come back. Now let me show you, I'm gonna go back to structure. This is too high. I label it. I'm under the overnight volume point of control, right? So this was retail in the ETH. Too high. Now, here's volume. This shifts down. So that's too high. Now, where do we come out? So let's watch. This now is retail. I'm gonna show you something in Profile World. This, remember how the market might work. In the fractal, this volume is too long. We don't know. We think it's going down, down, down. S&P going to zero, right? Break high. Come back and test the volume. Opposite behavior, right? Too low. Rotation up. Okay. If you were short, this is a trade management opportunity, right? You'd be out. Pull back here. Too low. Is it a long? Not so much for me. But if anything, I'm looking for a short. Where, what might that happen? So let's look. If this is retail in this fractal, and now this shifts down in the developing daily timeframe, this is multiple timeframe, then where's the outside edge? See this? So here's the volume. Here's the volume. This is up here, this time, retail. It can do anything. It could come all the way back here. But what do I have here? Volume. So this is retail in this consolidation. Low volume out here is an outside edge. In other words, when the market does the Alcapoco cliff dive, it doesn't stop and consolidate. In other words, a chop-chop is a consolidation or auction. This is the, I'll see you later. I'll send you a postcard. So when this happens, we don't get the chop. We get the, I'll see you later. It leaves low volume. So when this happens, that's high volume or retail. And then the outside edge, which right now is here, here's how you might look at it. You see this? So that was like our support, you know? That's what created this. When we fall below this and all the longs in here, sell stops get lit, you know? That's what's happening here. The 330 stops, another 100, and then you get an iceberg buying in here. Isn't that interesting? 2000 here, 1500 here. It's all very interesting. And I don't know what to do with that. So I'm gonna let you tell me. So, but when we rip under here and take the stops, that creates the acceleration. When we stop and we consolidate, now the volume's coming in here. That's what that is. But because we ripped under here, it was just momentum. So now this support, you've heard this, becomes resistance. So where's my outside edge? It's here. So if I get the, and I don't know where we're gonna come back here. You know, that's the other piece. So we don't know. This comes down, looks like we're gonna go south of the border. You noticed the, we come below it, it's a short. What do we do here? We come above it and it's a potential long, but not a long. It's a rotation up because we checked the volume. Are you guys tracking? Can you see the narration? Is it making some sense? Okay, I was looking at your questions. I don't think anybody's talking to me. I think you guys are all talking to yourselves, which I'm not saying isn't a bad thing. So this out here, this location out here was too high. Now, here's what this sets up. And you might find this interesting. If this, if we ran out of all this and this is too low and this microstructure is too low with the buyer and now the test, it suggests a rotation up. Now I have to ask myself, where might it go? It might come back here, but do I wanna be a buyer? Well, I'm below this retail price from ETH. I went to 36, which was my outside edge in the ETH and rejected it. And I came down under all these levels that were too high, now too high, too high. They were too low, too low, too low. Now they're too high, too high, too high. So if it's all too high and I'm below this, the following can happen. I can come up, get here, but I have to get through this to get there. Here's my micro high volume structure. Here's my outside edge. And again, don't know. If this is too high, I can come back to retail. And then either, then from there, it's pick one. Watch. Are you with me? So what this is, is too high. That's a low volume node is what it's called. And because it's not auctioned, this is what, and by low volume, there was volume here, but the high volume was created in the chop or consolidation. When, remember, stops were under here. So, see you later. And now pause, opposite, pullback. And the same thing with this, broke high, pullback. So it's two aligned configurations. In other words, volume. So volume in the developing timeframe, the yellow line, volume against here in the microstructure. There's your buyer. Here's your test in both timeframes. Long, but not a long. Where to? Outside edge. And again, it could do anything. You know, it could come out here. You don't know. Outside edge. I don't want to get long. Let's look. So here's your volume, microstructure, seller. Now you want to get short. How? I'm looking for a retracement back here. I'm hoping to come back. What happens? Let's look at what we do. I fall under this volume. This volume, this volume, and there's my seller. Here's my test. Here's my seller. Here's my test. Volume, volume, support becomes resistance. Support becomes resistance. Support becomes resistance. There's your seller. Support becomes resistance against the microstructure. There's your seller. Short, stop here or here, up to you. Bang. Okay. Watch. 3,400 icebergs into the liquidity. And what's this? Does anybody remember what 4,420 was? 4,420 was yesterday's highest error. Retail price. We have absorption. This is the absorption detector. Now, I can see this. I don't need the absorption detector. I can see this. 90 cell stops come out. But what did we do at the top of the stream? I know you write these down because I ask you to. The probability of getting to this location is 70%. 70%. See how probabilities might help you? So I always leave some for the sweeper in the trading. Remember, these are levels. They're not walls and there's no precision. I give them a couple of ticks. Target. And there's more. But does everybody see why you might be short? Any questions on this and why? Is that a yes? Is that a no? Is that I don't know. By the way, if you want to watch this replay of this, it's available exclusively to Bookmap, Discord, TraderLab participants. And all, I have a library of webinars that some of them up to four hours long of real-time narration. I'm kind of forced to do it this way because the only way I think you can learn this is to see how it develops. Because all of this is done in real-time. Trading is a real-time event. How can I stay in alignment? That's why, because if you can learn to translate, which is really what your indicators are all about, you're attempting to use a mathematical solution to tell you in a backwards looking one at that to kind of give you a sense of what to do, when to do it and all that. But you have probably a lot of inputs because retail traders tend to load them on looking for more certainty where it doesn't exist. There is no certainty. So can you eliminate and tear out things that create conflict and you can't measure? So right here is the exit. Now, we come back. Now this is interesting. Look at the buying. And here's the other piece that's so interesting. So too low, iceberg, that's nice. Absorption on the way down. That's this iceberg absorbing. Liquidity in the book. And remember what's important, high volume. This is the fractal nature of the market. I'm doing a generic process. What creates this and the reaction to it is what created this. If this is too low last time around and it was too low yesterday, but there was something I posted in the trader lab. I also posted yesterday was the market closed. You notice, and we were at the low of the day and this was here and it was cut off. That indicated to me that we had the potential to continue in the ETH to the downside, which we ultimately did. And again, I have no clue. It's not like I know what the market will do, but I do understand market mechanics. So when we come back down here, this was the retail price. And we can check it, 70% probability, and then whatever happens happens. So now what? Look at this. We bounce off, come back down. No clue. Remember, I'm the clueless, but I'm out of my trade. And then, so seller and then rip higher. Look at this thing. This is retail. And where are the retail stops? Stops are at mid and VWAP. So let's go forward. See, this is a short. Now, I gotta tell you about this trade. This is the VWAP, the V-Pock. I didn't take this trade. Now I'm gonna tell you why. Now it doesn't mean you can't. This is a structured trade in the trader lab. It's called VWAP, the V-Pock. And it's a mean reversion structure. Here's why. The way this might work is if everybody is short, let's put your retail hat on. Think like a retail trader. Write this down. Don't act like one. Back in the Stone Age, I built trading systems and I designed trading systems in I think it was the mid 80s. I can't remember, but somewhere in there, you know. And I actually did work with Bill and Ralph Cruz, who created something that became known as Trade Station. You might've heard of it. Well, early on, I was working with, quote, easy language. Get yourself a cast iron frying pan and beat yourself with that, but it was easy language. And they had a product called System Writer, which was an end of day product that became the chassis that they built Trade Station on. So I was working with that and I was interacting with Ralph and Bill because they were building this thing out. So initially, and that's what I was building systems off of. And then eventually I took it into, there was no real time data back then. It didn't exist. You had to buy data on floppy disks, you know? And I mean floppy, you know, the big ones. And eventually I got 15 minute data and treated the 15 minute bars like end of day bars. So I could try to trade in her day. So I'm just giving an idea. So system design for years. And again, wanted to beat myself. But here's a trade, retail trader behavior. Where do retail traders put their stops, mid and VWAP? Well, this is retail. If I can pick the stops off, this is a trader lab structured trade to come back here and potentially, you know, either here or one of these areas or here or here or here. And we have statistics and stuff which I'll talk about more statistics. But anyway, this is a short, I didn't take it. Here's why. I can't enter here. By the time I wake up, I might be getting in here. You know, I can't execute. If this is my target for a scale, I can't manage my risk. Here's the other piece. This was too low. You see, I didn't take this out. So this is support to me. So I'm, and look where we come, you see? So I, I couldn't take it. And I was like, you know, start chewing, you know, how you get, you get crazy. So look, too high, too high, test. Somebody drops a bomb on it. Look at that. Iceberg, test, the volume, too high. So I did not take this one. Let's watch it back here. Now this is the return. Is it still too high? Let's look too high, too high sellers, too high sellers. This is now too high, too high, too high, too high, too high sellers right here. Watch, we're just gonna watch it and see what it does. Just watch. If you would've taken this, you would, I would not have gotten scaled. I didn't have the range. I didn't take it. Now we come up. So just watch. What else do we have here? This, and this is an outside edge. Watch, it's an outside edge. VWAP and mid, too high. There's your seller. There's your test. You see guys, if you took it here, you'd be getting in here. That's a problem for me. And it could've done the Acapulco cliff dive and I would just sit here and I'd have an emotional state, but I know this was too low. So I'm gonna be thinking about this and lower. But you know, so too high. All we did, if this was where the stops were, what did we do? We came up, we picked these guys off. Now when it comes above here, I have no clue. But here's a hint, a hint. Look at the hint. Stop an iceberg detector. We're coming up. We take the stops at the mid and the VWAP, right here. 22, thanks for playing. One, hmm, volume. There's the volume, microstructure. Higher, one. What is that? Divergence 101. Again, no clue. Cause I can't tell if it's not gonna keep going and more stops, right? I wish I knew, I don't know. But there's my volume. There's stop divergence. There's my seller. Now this is too high. So right in here, this is too high. It's an area to get short. This, if I break down below here, it's the same structure you've seen previously. There's my test here. It's a potential short. Now, where do we come? Back here, test, it's the same short, break, seller. See, this is like support. The buyer was here. You get short, you gotta get cleared through here. See the behavior, the reaction against the volume. Pulls back, higher timeframe fractal. Is it still too high? This is too high. My stop is over here. I wanna get risk neutral and this is when you start promising the big guy that I'll do whatever it takes. It's kinda like when you took those tests back in school and you said, I promise, how often do you make those commitments? So this trade, so short, you see the seller. There's the volume, you see the seller. Check of the volume, see the seller. Stop is here, right, high volume. Stop is over to last. So too high, seller. Break high, can't do anything with that. Too high, seller, okay, too high, volume here. So here or above here, you're out of the trade. Life in the fast lane, what are you gonna do? Watch. What do we do? Come back here. What's out here? High volume, where did it come from? Here, what do we do? We take the stops above here. Now I have no clue, where did we come? You do remember, don't you? Is everybody tracking? I'm narrating and navigating as best I can and I have no idea. Here's what I know, you do remember. Absorption, icebergs, microstructure, buyer, test, test, launching pad, high volume structure. High volume structure. Let's come back and look at it here. Here's the volume, right there. So what is that? 20 half, where do we come? 21, you're gonna hold it against me? By the way, I always give it a couple of ticks and like all of you guys, I get unable, it misses me by a tick and I will tell you emotionally, I'm throwing a fit but I can't do anything about it. Back to the volume, pick the stops, high volume, break low, back to the volume, let's see what it does. See, guys, I take stops, I get unable, you should talk to some of the other traders I talked to and you should not hear what I say when these things happen because we all release emotionally. Too high, stop pick, see how we just take these guys out? It's two-sided trade, 153 stops, I'd be out either here or on a trailing stop, life in the fast lane, squeeze, two-sided trade. By the way, this is a context, it's a two-sided trade. So it's an outside in kind of a thing until we, you know, whatever happens, happens. This is another short, there's your seller, here's the volume, come back and check, you're looking for the short trigger. Here's your micro structure, volume, here's the mid, here's the stops. Where's my buyers above here? Three, a three lot goes off, that's Louis with the three lot. Nothing, micro structure, seller, you can't miss that. So what are they saying? That's too high, retracement, I love retracements. Why, if it's, I'm wrong, my stop is gonna be here. So I'm looking to sell the return to this volume, which would be here, you know, I can handle that. I'm not gonna shoot myself for under a two-point stop. And now, where's mean reversion? It's back here and then wherever. Seller, absorption, icebergs, liquidity comes in the book. It's a little bit like pressure. Where's my volume? It's here, this is another short stop goes here. Same trade, are you with me? These guys pull, can you see how liquidity impacts all this? Let me turn something on here, I wanna show you some. I hope you're getting something out of this. And again, I apologize that I'm doing it this way versus going into real time. I don't think, if I just sit here and show you trades, you can watch the stream or your own replay, you'll see how this works. So where's our outside edge? Let's come back, where's my target? Too low, too low. You see it? Can you see how you might navigate the short and cover? Now, if you want longer-term trades, then you're gonna sit through all of this. That's up to you, my stomach isn't built that way. I trade to levels and the levels are created by the participants and not by an indicator because I don't know, what do I know? How about this? I don't know. So, since I know I don't know, I only got a few options. Put the trade on at a structured location, know where my trade fails, attempt to get risk neutral, which is the distance from entry to failure, take a full stop when it doesn't work, make my donation, it's random, get risk neutral if I can, so I scratch if it doesn't work and then manage the trade as it does its thing using structure and you have to vet it and then go for targets. And this happens to me, let me tell you what happens to me. I get out here and it goes down another 40 points. You know what? It's not my trade. By the way, if you guys were watching the stream yesterday, what was our target? It was this, all the way up from the top. The high of the day, all the way down to here with many trades in between. It was 1950 or 20, whatever it was. And we got the 17 or whatever the heck. And that was narrated in the stream here. So if you're in the trader lab, I hope you reviewed yesterday's stream and if you're not in the trader lab, you might get some value out of market mechanics. So that's why short to here, back to here, back to the volume, pick the stops, not unusual, volume, seller, volume, back to the volume, back to here. So here, here are two shorts, okay? There's more. Back to here, seller, this is too low. This is too high. Here's your seller, back to here, back to here. What happens? Back to here, south of the border. Where are we going? I don't know. Where do we go now? Back down. So you, same trade. I'm taking the same trades. Just taking the same trades. Now I have something new to share, not new, but something that I want you to understand. It's something you might want to write down. Now, there's a couple of things here. This is something, the market goes, operates in different conditions, okay? And it changes. So the thing with, the thing with the, this is called context. So I am trading at the moment, rotationally, and I'm trading outside. You know, I'm coming here. Right now, let's look at the condition. I'm going to show you something, all right? And I, when I see this stuff, I posted this in the trader lab too. And it's because of this. This is the mid, this is the VWOP. This is the volume point of control. Develop, in other words, this is the highest volume price at the time. And it's right there. And it's called volume point of control. I guess it's the same location. I know this was too high, ETH, volume point of control. And I know yesterday, who low? And I know this was the big gohuna from yesterday. That was our target, 19, 1920. And I know from yesterday, this was the highest volume. So these are in alignment, okay? And down below, there's more. By the way, and there's more. This was a key location, which I told you guys about. So overnight low yesterday, you know, and the current low is there, which we don't know at the time. So we come down, we checked yesterday's low, fine. And what happens here? Buyer, so that's one part. But here's the other piece. And this is what I want to point out too. VWOP, V-POC, and VWOP are converging. This is what it suggests. And remember, potentially. Past performance, not indicative of future results. Balance, balance means that the market has potentially found equilibrium. And that means now we can trade both sides. So now it's not inside out trading. It's outside in trading. It changes to something called mean reversion. Let's watch it. Back here. So this is a possible, gonna come outside, come back. Now I did not take this. It is a trader lab structured trade. Here's why. Whoops. I didn't take it because of this. And that's one of the trades that, you know, quote, maybe I should have taken it. I didn't take it. It would have been a nice trade. So no. But there's more. Watch. Now, we have right here at 930, the low at 930 is called the initial balance low. Right here, we take it out. Yeah, I missed this. This is what I forgot. This is, if we're in here, let me come back. I'm sorry. I wonder. Let me show you along. We are in yesterday's range. This is called right here. And I'm running out of time. So I'm gonna be done in a minute. This is the first hour low, 930 central time. It's called the initial balance low. And it happened here. If we take it out, we can continue lower. Fine. And we have two trades in the trader lab. One is called the IB continuation trade. So this is a short right here. And this would be your target and maybe a little lower. Let me see where else. Yeah, so if you took this, you're looking, yesterday's low is a target and then potentially lower. So this is called the IB continuation trade. It's a trader lab setup. Okay. So this is a structured trade. Let me show you, show it to you. And then I'm gonna show you the long. This is what I missed altogether. I didn't take it, so don't worry about it. Doesn't matter. But it was a viable trade. So micro structured, here's your seller. Now this is structured. This is the area you're looking for to sell right there. Here's the outside edge up above here. Seller, pullback, short. Okay, there's your short. Okay, you're managing the trade. Here's your high volume, looking good, Lewis. You'd be risk neutral and you're holding because who knows where it's going. So let's watch. And I'm gonna show you the long and then I'm gonna have to stop. Otherwise they come after me with the brooms. Micro structure, so seller. So look. Here, short, test, short, test, short, test, short. There's your volume right here. Test, no, here. Hoolo, long, volume. So it's like it's either this one or it's gonna break from here. And it does the opposite. You'd be out of the trade. Now it sets up, you'd be out. Or you're just keeping your stop up here. This is subject to where do you keep your stops? You have to vet that. But let's watch. Now the next trade is called the IBF, which is IB failure. And what it means is mean reversion. Liquidity comes in the book. Watch. So this becomes a long. So this, don't forget, you'd be out of your short subject to how you manage it. Liquidity, iceberg, light iceberg nibbling. This is material. They are adding. A thousand go in here. They're adding. This is like pressure. Think of a pot that's boiling and it doesn't wanna interact. But the market tends, and this is, you can learn more about this, the free webinars that Bruce does. And how you understand to use this as an asset. They're pushing. They have no intention maybe of trading. But everybody sees this. If they see, these are limit orders coming up under the market. The market's moving away from them. They wanna buy it. They wanna buy it. Stops are above here. So now if we come up inside, this is retail. And I think this is what I was trying to allude to. Yeah. VWOP, this is, yeah, I messed it up guys. I messed it up because my narration is off. I don't write this stuff down. VWOP, MID and VPOC are together. That is balance. That means we can come back to it because it's like the market is saying, well, this is retail and it's two-sided trade. If you take the IBF, it's called mean reversion. This is the mean. So along here sets up a return here. That's the deal. And so here is the target if you got long here. It's IBF, it's a structured trade. Then, and this is the fun part, then the possibility is to come here. It's these are, so the targets for the IBF are the mean and the VWOP and the MID and the extended targets are developing, the opposite developing value area, which is here. Now it just so happens, since it's balance, we come here and they're all together. That's the primary target and this is the extended target. If this was out here, it would be the same target and you're managing the trade. Now, right here, who knows, right? I don't know. So let's watch. Too high, seller, pullback. If it's in your plan, it's a short. Short to where the IB, where's that IB? Where'd it go? Lost it. Oh, there it is. Back to here. So short to there, hold. This is your support here and you have targets down here. So you'd be going for that and I'm gonna have to stop. But come back, volume, break below the volume, test the volume, seller, test the volume, seller, test the volume, seller, test the volume, seller. See it? Going for this, for me. And you guys know I was short coming into this. And then I got out, but there's the target right ahead of this. So that was the trade. Not to here because of that. Is anybody have a final question? I hope you got something out of this. You know, it's a language and what I'm attempting to do, and I always say attempt because I'm as clueless as everybody because of the random nature of the environment we operate it. But what I'm doing is I, since I don't use any indicators, I found quote, my indicator is really a translation of a language of the market, which is built on participant behavior. The market indicators reflect that. I understand, you understand. Why do we use an indicator? It's a translation mechanism that's backwards looking. It's not in real time. You know, it's looking backwards. And our tendency is to load a lot of these on because emotionally we want certainty. The reality of trading is there's no certainty. It's all nebulous. Well, if I'm still gonna be in a random environment, do I want more inputs that create conflict and ambiguity or do I wanna strip it down? So I have a simple process. Now, if you wanna learn to speak a language, think of it or play a musical instrument, you know, and be fluent at it, it takes intentional practice and a lot of work to learn. Once you learn, you can make it your own. The trader lab, the purpose of the trader lab is to share with you these mechanisms. You can reverse engineer it. Also in the trader lab, it's about building out a business plan for trading. In other words, a process. What I'm doing here is conditional process. If this, then that. If not, then what? If it comes back to the volume and I see the seller, so if this, then that, then what? Then back here. What do I do? I sell it. Why? I have a target, a statistical target. And I know what this was because I understand how the market works. I know this is retail. And if it becomes, if now, based on the participants trying to figure out what the SMP is worth at the moment in a ongoing auction that changes continuously, if this is too high, just like you, if you go back to a store and they're charging too much and you can buy SMPs lower, you will go, I'm not paying this and you'll leave. Now we're in a new store and we're going, what's too high? What's too low? Here's the volume. Nah, I'm still not paying that. I think I can get a lower. I'm shopping elsewhere. I'm out of here. Let's come back and check the prices in the store. You know, these guys are nuts. I'm not going to pay that. Sell it. Are you sure? This is convenient. It's down the street from me. Nah, it's still too much. I'm not going to buy that. See, that's auction. Now, what you want to do with it? Completely up to you. How you break it down? Completely up to you. What's the trader lab? It's a community of like-minded traders who are serious about changing their outcome and having an opportunity to build a long-term business, a viable process where they can extract metrics so they know where their edge lies and develop the confidence to know that when the edge or the vetted structure shows up, that even though the outcome is random that over a large sample size, if you can develop the discipline to execute and the discipline is based on the metrics that give you the courage to step in front of the train. And yeah, you'll take stops. Why? Protect your account. The casino takes dollars and gives them to the gamblers because it's random. The gamblers walk out with the cash. The casino doesn't change their business model because gamblers walk out with cash. They reframe it to cost of production and overhead. You want to be in the, quote, business of trading. You will understand that all of this is random. The edge shows up over a large sample size. That's our business. Does that make sense? By the way, do you notice something right here? I didn't even see this. You know, I'm not looking at this. Too high. I'm not paying that. VPOC migration, microstructure. It's a potential short, not a recommendation. Guys, if you're interested, there's a little more you can do. This, these are something I created a couple of years ago and I'm not a vendor. There's no course. There's nothing to sell. It's all free. And I put, these are actual trades I took and this is like 2020. And I was just throwing these out there. It's kind of like, hey, because I keep seeing and reading, you know, I got a book map in 2015 or somewhere like that or I don't really, in that. So I was, came to book map and they started a discord and I don't do chat rooms. I have no interest in that. It's, anyway, that's another story a different time. So I threw some of these out and I got all kinds of questions about it. And, you know, I posted these and these are actual trades. Why? You know, why? What's it mean? It's a tell. Why? What does this mean? Why would this do this? Longs. Why would I get long? Obstacle. I mean, there's a lot in here. And some of this was developmental stuff. I worked with the developers in book map and had ideas. Some of them, you know, you get an idea. And so I did some of this stuff for development for the, for book map. And some of this stuff I went and touched with a 10-foot pole because it was all experimental. But here, the rationale for the trade. Some of these I gave, you know, what are the clues? What changes? Why is this along? There's the high at day. You see, boom, the bank. Why? All that is there. Anyway, it's available to you and it's available exclusively in the Book Map Discord Trader Lab chat. And if you're in YouTube, there's a link down at the bottom. You can download these. There's about 60 of them. And again, it's not a trading course. It's just things I kind of threw in the hopper with no intention of, you know, other than just generally throwing them out there. Now there's also a library of webinars in there of all different configurations with real-time narration some up to four hours long. So you wanna see this in real-time. That's really the place to see it. I don't have enough time to do it in the window I have to operate in. And the other part is, if you come to Trader Lab, there's a primer webinar that you should watch first. It's gonna give you a high-level overview of this process. You need to understand. You don't just grab trades and make them up. Trades or structured trades are context-specific. In other words, directional movement. We have different setups or structured trades. Rotational trading is a different thing. And you need to know the difference because most of us, when we set up indicators, it's we're trying to box the market into our indicators versus staying in alignment with the language of the market. It's really a different mindset. That's why you'll get chopped up doing something that works in one condition and it doesn't work from there. So anyway, that's available to you. Please give a thumb up in YouTube if you got something out of this. I appreciate you visiting the Trader Lab. I do stream daily Monday through Friday, 1130 to 1p, Eastern Standard Time. I hope you got something out of this. And you do the short I just narrated for you off the developing volume point of control. What does it say? That's too high. Now, where is it going? You let me know and then I'll know because it's always random. Thanks again, guys, thumb up. Please visit the Trader Lab if you're interested in what we do. It's a community of like-minded traders looking to leverage their collective experience. Our senior trader has 54 years. I've got 43. I'm still getting better at trying every day to do better. You'll never finish trying to improve. But if you're not getting the results and you're waking up a trader groundhog day, working hard, doing derivatives of a process that may not have an edge, then I would invite you to come and visit the Trader Lab. Maybe you can glean something from it on your journey. Thanks again. Look forward to seeing you tomorrow. Thumb up, please, in YouTube and subscribe to the channel if you want notifications. There's a lot of additional education available in the Bookmap Discard channel.