 Okay, continuation with the book map professional trader webinar series. I have the pleasure to bring you Jean-Marc Souliou today. He is, or this webinar, first off, is in French, but it is translated with Corée. He is on the line as well, and last time he did a fantastic job. So it's looking forward to this. It's going to be great. Let's see. Little information on Jean-Marc. He is a self-funded proprietary trader with a background, a very interesting background in mathematics and science, and he brings that to his trading. He is an expert of the market microstructure and trades a variety of different instruments here, as you can see. So the bund, Euro stocks, DAX, E-mini, S&P, and Crude, just to name a few. So risk disclaimer. Also need to cover that here. Trading futures involves substantial risk of loss. It's not suitable for all investors. Past performance is not indicative of future results. Now, let me also show you here some of Jean-Marc's links. You can follow him on Twitter. There's a YouTube channel. He's got hundreds of videos there. A very extensive library. You can also follow him on Facebook or Google Plus, and he also teaches. So two to three times a year he has live teaching events that are in person. You will need to attend them, and the next one in Paris is October 4th and 5th. So there's a link there. Now, don't worry. I have all these links for you. I'm going to put them in the chat here in just a moment. But other than that, I'm just going to turn it over to Jean-Marc and Corré. Okay. Bonjour. Bruce, do you hear me? Hello. Yes, yes. Yes, do you hear me? Yes, absolutely. Hello everyone. They can hear you. So, I'm not going to add much to what you said, Bruce. I'm just going to say that I trade a lot in order and in time and sales. So, with Bookmap, it's my essential tool. So, Jean-Marc is mainly trading with Bookmap. It's his main tool. Show me your screen. My screen. Do you see my screen? Yes. With my PowerPoint. Yes. Yeah. So, today, I don't know if you saw the last webinar that I did with Bookmap. I explained, I summarized my method in general and I showed the tools that I used. But today, we're going to focus solely on what has to be known and what has to be known and what has to be known. So, last time, Jean-Marc explained and showed the whole method and all the tools he uses and the techniques. This time, we'll concentrate mainly on Bookmap and on the trade. Okay. So, we're going to look at the session on Limini SP500, the beginning of last Friday, September 15th. So, we'll see the beginning of the cash session on the SNP E-mini on Friday, September 15th. So, that's Friday. And we're not going to focus on, we're not going to talk about levels, we're not going to talk about resistance support. We're only going to look at what's going on in Bookmap and see how we can interpret what we observe. So, we will not speak about levels, about market profile or any other technique. We will just concentrate on the order flow and what happens in the book. And after, when I'll show you the session, we'll look at the level corresponding to a graph. I'm going to trace a few of them as the session goes on. But the main levels, we'll look at them later and you'll see that we saw them very well in Bookmap without having another graph under our eyes. So, Jean-Marc will show us later on the levels in another tool where you can see that the intervention levels could be identified beforehand, but we'll see that after. You can see the Bookmap platform, I put it there, it's fine. There's nothing bothering me because I have the tool bar there. So, I'll just take a little pen. So, we're going to start. So, here, it's the beginning of the hidden session in France, at 5.30 pm. I think it's at 8.30 pm in Corail. Let's go. We're going to accelerate a little bit at the beginning. So, it starts at 5.30 pm. Here, it's the opening. Ah, yes, it blocks. It didn't do that earlier. So, wait. If it does that, we're going to do it differently. It's because of the connection, maybe. We're going to do it differently. Okay, it's rolling here. I'm going to accelerate a little bit. We're just before the opening. We're going to let the opening do its job. So, we're just before the open. Ah, it's really image by image. Can you do something about the refresh rate? No. I can't do much. Okay, and we are at the open. Sorry. We're going to let the first quarter go. The 10-15 minutes. That's why I accelerated. So, the first 15 minutes, we let it just go. That's why Jean-Marc speeded up. So, here, in the first half, I'm going to even put the rates I went through this day. You can tell them. So, you will see in the same time the Jean-Marc straight. The market just opened. So, this day, I'm telling you that we had the all-time highs to 96, right here. So, this day, that's the all-time highs for this day. The market just opened. I'm still checking that they were good at 96. This day. This one. This one. Here, we just opened, and it's very important to note that, for the moment, the prices went up to 93.50. That's what we call, for the moment, the opening swing high. For the moment. So, at the moment, just after the open, we see that the prices, the price action can't go over 93 and a half. So, that's the high of the opening swing. So, for me, you see, it's very important. At that moment, I already checked. On the side, here, I checked two contracts at the time of this rejection. Why? Because we had a lot of liquidity on 93.50, and we had just this absorption and this rejection behind. So, you see, here, I checked. In the first place, that's what I did. We saw my two short contracts here. So, you see that in the first time, I marked short just after the open because of this resistance. I don't see them in fact. On the side? 93? OK, 93. And it's very important. The fact that I checked, it's very important for the next. And that's what I'm going to try to explain to you. It's that in my head, the market is going to go short. So, in Jean-Marc's mind, it's important that he shows the trade because in his mind, the market is going to go short. And it's very important because the trader is in charge of the order. What he has to know to observe is the price action that he has to bring from the flow of the order entering the market. It's a general context between the price action, the orders entering the market aggressively, the orders of the market and the relationship with the limit orders. We have to observe all this. And the fact that I'm a trader, it's very important because if I'm in my trader's position, I feel difficult at some point, it's going to give me more information. It's important that Jean-Marc, he mentions that he's short at this time because as an order of full trader, he's constantly analyzing the interaction between the aggressive sellers or buyers, the order flow coming on the market and of course the reaction of the limit orders in the book. The fact that he feels well being short or not is obviously a very important to have a better feeling and to keep being concentrated on what happens in the book. And there, I'm short but what we can see in the price action is that the prices don't go down very quickly. The sellers are not very aggressive and I don't feel at ease in my trader's position. And it's very important to get into the... If I hadn't been short, I would have had to get into the position of a trader because we can better anticipate and better understand the price action. How to explain this more correctly? I just translated that. The fact that Jean-Marc is short is important because he sees he doesn't feel well with this short seeing that every attempt to go lower is basically absorbed and rejected. So it's important at this time that he sees that. Okay. And there, I traced the opening swing low. So we have the opening range. I shorted and the price action is not very aggressive. But I put the trades, but it's not the most important because I didn't trade well this day but it's just to show the state of mind. I don't feel at ease in my position because I don't have a price action and a high-end flow that is aggressive enough on the seller side. So he doesn't feel well because the order flow and the price action that he sees doesn't give him confidence to keep this short. So in this case, we wait. So in that case, first you wait, so he waits. We see that the prices start to go short but it's very important. So the price action is short. However, malgré tout, à chaque fois, comme au début, on voit que les vendeurs n'arrivent pas à faire décaler les prix énormément. So the price action is short. However, you see that the sellers cannot drive the prices lower. Basically they are rejected at each attempt and absorb at each attempt. So it's important that he has to feel that he is short but the short he is in doesn't want to go any further. So yes, on marqué l'opening swing high, l'initiale balance basse, pardon, est ici maintenant. On la changera si ça change après. Mais les prix n'ont pas réussi à casser l'opening swing low. Ils ont rejeté dessus. On voit qu'il y a un beau support. Donc, l'action des prix me renseigne sur le fait que les vendeurs ne sont pas suffisamment agressifs. En plus de cela, ici sur 91.75, on voit un début d'Aisberg sur 2.491.75. Donc, les prix qui n'arrivent pas à décaler plus rapidement au sud, plus ce flux d'ordre s'éventent au marché qui sont absorbés sur 2.491.75, tout ça je commence à douter de ma position et je commence à réfléchir à peut-être un autre scénario. So, the fact that the price action can't break that opening swing low and the initial balance low at 91.75, this plus the fact that the order flow is on the south side, but basically there is absorption. It's pretty clear. You see it in the number of contracts absorbed at each level, plus the fact that you can see in red appear an iceberg order detected by Bookmap on 91.75. He starts to think about another scenario compared to his original idea of shorting the market. You see, here, the vendeurs have failed at the lowest and then the prices go up. I even cut a contract on the 2 contracts I had. So on the 2 lots that he shorted originally, you see the triangle, the blue triangle showing that Jean-Marc exits one of the two first. So, I really start to doubt that the market is shorting. The first information starts to fall. So he starts to doubt and the accumulation of information starts to give him a hint about exiting this scenario and considering something else. Now, I always have a short contract and I just cut it too. So, I prefer to cut it to zero and wait. And I wait for the market to give me more information. So he starts, he prefers scratching while it's not really a scratch because it's one or two ticks again, but he prefers exiting this position and wait for additional information before doing anything else. Because it's almost four o'clock, there's almost one hour since the opening and finally, it's an open auction. We're in a very tight range, there's no direction to take, so I wait. So at this moment, we are already about half an hour after the open and well, this is just an open auction, there is no clear direction and it's a tight range. So this first it's almost an hour, this first hour gives me a lot of information. The first information is this open swing high and this open swing low. And then the second information after an hour is the initial balance high and the initial balance low in a few minutes. It's half an hour, so Jean-Marc. That's why I'm accelerating. The price action comes back on the open swing low but there's always a rejection. The price action is back to the opening swing low. The initial balance is still tight and each attempt to go lower is again rejected. Yes, it is rejected. And I had re-shortened but I've shorted I'm going to put it on pause. We started to attack the open swing low so I'm shorted but unfortunately we're going to go back up and I'm going to be forced to cut my trade and it's going to give me more information. Jean-Marc, again went short on this move because we broke the opening swing low however again he will be obliged to scratch a trade. So it's very important because the market is something extremely important. I wanted to short twice and twice it failed. It's very important. The market shows us something very important. Two times Jean-Marc shorted and two times those short didn't work or didn't work well. And if you look closely I'm going to put a little back there's something very important that has happened. If we look carefully and we will replay it you'll see something very important. Something very important has happened. I hope I'm going to show you that. We're waiting a little bit. The open swing low is going to break. Attack. Oh my God, what's going on? So we wait the opening swing low. Wait, I have a problem with book map. Okay, we'll just open the book map. I'm going to have to close the book map. Great. Wait, I'll reopen it. I'm sorry. Okay, sorry about that. We'll have to restart the book map. I don't know why. What I'm going to show you and I'm going to put it back is that we broke the open swing low and that we rejected the book map twice and there was a great open swing low. I don't know if you've seen it. I'm going to show it to you. We have to let time go back. So we will go back to where we were. You will see something important that happened. It's a huge iceberg order on the bid. Jean-Marc will show us the open swing low. I mean, I have to go back to do the whole day. I have to go to the open to the cash open. So we will see a massive absorption of sales. A huge iceberg order and the prices will go back in the range of the open. They will take the open swing low and that's very important as information and from that moment on I in my head I start to wonder how long it's been. But it's just a beginning. There is not a confirmation yet. There is just a passive absorption and I'm waiting for an aggression and confirmation that the buyer who absorbed all the sales becomes more aggressive and that the price action in consequence of this absorption and this aggression starts to rise more aggressively. We will go back. It's a technical problem. It's because of the connection. Certainly, you can translate what I just said. If you want, it's going to take time. Wait. So back to what we were looking at. Jean-Marc will show us. This absorption when he sees this iceberg order huge iceberg order on the bit he starts thinking he's not actually pulling the trigger and entering a long but he starts to think about the long in the market. There will be other information that we will see shortly and that will definitely convince him to go along. I'm sorry about the technical problem with the replay. It never does that. I think it's due to the code. I don't know. It goes on, but slowly. I'm sorry. Oh, la, la, la, la. Ha, ha, ha, ha. The replay makes sense. It comes, it comes. It comes. It's good, it's good. This is quite a large replay file here. A problem to replay, but it's going to come. It's just Bookmap crashed, so I have to restart and leave where I was but it takes time. I don't know why. It just takes some time, because maybe of the connection of the fact that we are broadcasting. I don't know. A lot of times, a larger replay file along with the broadcasting. Yeah, but it's also that it works less well than usual and I think it's due to the webinar. It takes more time. It takes more time than usual. And with the cursor, you can't move? No, no, no, because the day is not over, so I'm half done. Yes, no, no. It doesn't work. That's what makes me say that there is a problem. It doesn't work. It doesn't work. Usually with the cursor, I can move, but it doesn't work. We'll get there. Don't worry. It takes a little bit of time. Thank you for your patience. It's a shame. You know, I would have made a video clip. To summarize the information we had for now is that I immediately wanted to cut the rejection that I saw in the opening. My short has failed twice. To summarize at the open first shot scratch with one or two ticks second short scratch again. We tried to break the open swing low but impossible we return to the inside of this open range. I tried to break the opening swing low but each time he's rejected on the lows so we're back into this tight range. What I want to show you is that just before we return to the open range we'll have a very big seller absorption and a very big gold iceberg. Even several. That's a big information. On the on the bid and sorry, I lost the following. Two big icebergs and yes sorry two big iceberg orders on the bid and that's a very important second information that begins to make me change my mind I don't want to short at this point Jean-Marc doesn't have any more reason to short the market because I saw a big buyer absorb all the sales so there's a big buyer in the market which already at the beginning prevents prices from going down quickly but there in addition to that he blocked the prices and he sent the prices in the open. So at this point this buyer who just well let's say stopped the prices or bought a little bit passively is going to show a little bit more of his intentions. Wait. I'll try another technique you can say in Bruce I'll advance completely and I'll advance with the hand it will be easier Ok Bruce we'll try something else going well to go basically at the end of the day and move with the hand to be where things happen it will be easier Ah ok sounds good yeah I mean I probably should have let you guys know I mean I see you have 20 instruments open there and several hours of data so it's it can be quite a huge file and then projecting that through go to webinar as well we've had this kind of issue in the past as well so sorry about that It's not serious, it's not serious We'll get there So here that's what we saw earlier we came back to the same place So we are at the same place where we left it before the crash The prices will try to break the open swing the open swing low here they come to do it and here I'll do it by hand it will be easier I'll trace the open swing low which was here the open swing high and we have the initial balance here, the initial balance here we have the first channel is the opening swing high and low and the low is the initial balance So here I'm short again at this point Jean-Marc is still short four lots You can see the position on the left on the left corner on the left side I'm quite happy because we broke the open swing low but unfortunately for me at this precise place on 90-75 I'll put a rectangle here, you look here So look what happens here at this point Jean-Marc is happy with his position, no question However look at what happens at this point Look here like the salesman attacks Heads of Beads on 90-75 So on 93 square you can see that sellers really hit the bid strongly Heads of Beads Look, it's Asber 741 hidden contracts which were detected by the Asber Detector So yeah the Asber Detector shows us 741 contracts have been added on the bid You can see that 4,500 lots have been absorbed here So it's even much more than the 740 you can see Asber that we see it's probably the last Asber order that we see And we go back to the same place 90-75 And the sellers are absorbed again 180 contracts, always in the same place here And we go back back to the open range And at this moment for me it's a huge information In my head, I'm passing At this point he's really convinced that he has to go long Because look, it's not any place In addition On the Global X session it was already a great support here and here And it was in the same place that we reacted We made a double bottom with a big big Asber here and here And we go back to the open range And that's why I'm and it's very important So I'll tell you This point is not in the middle of nowhere In the Global X session there was already resistance Support Support So To sum up All the price and all the flow entering the beginning of the opening taught me that the sellers were not so strong than I thought So since the start basically all those information show Jean-Marc that the sellers are not as powerful as they maybe looked like initially Second information when these sellers that I find a little weak try to break the opening swing low they are absorbed entirely by the buyers So I have the confirmation that the sellers are not so strong to push the price further So second information this absorption from those sellers trying to break this support all the orders are completely absorbed with I mean in two times you see the absorption with the eyes very on top Ok Here I entered long I took a contract you see at the top left and I entered and I will continue to enter until four contracts I will advance a little bit and he is going to enter the market with a lot for a total of four So this is the first step in fact we saw a passive absorption Now the second step that I wait is an aggression that will make the price go to the north This is the direction that I wait now So after this first move now Jean-Marc wants to see the price action with a little bit more conviction to go Now this is the second step that I wait I had my first big big information that made me enter in position that made me change the scenario Now I want confirmation I want to see an aggression So we want to see passive buyers from the laws enter the market aggressively with buy orders basically and that's that what Jean-Marc is expecting now as a confirmation And that's what I'm trying to explain to you is that the trader in Garnet is this price action that he must know perfectly and he has to approach this price action with the flow of orders that enter the market and he must remove information that will make him enter in position So that's what Jean-Marc tells the people he teaches and us by the way an order book trader is meant to basically identify those kinds of hints and information and take the positions accordingly So now we're waiting for confirmation We're long I'm already out You can tell them that I'm out of my position because we're back at the top of the opening range but also because I had to leave I didn't expect confirmation that something very interesting would follow So at this point Jean-Marc is not in the market anymore but for personal reasons he had to leave so he exited this long However we will see very interesting information coming up If I had held my position if I had stayed in my screen what we're going to see now is exactly what the trader wants to see It's really the confirmation that the movement is going to First thing we're starting from the top the initial balance is the open swing high First thing the price action starts the price starts to break the opening swing high Ok This is very very important and look at what's going on We hesitate We hesitate A little bit of hesitation A lot of utility is going on We have liquidity on the upside a lot of liquidity 94 94 At this point we still don't have our confirmation We are still in doubt but we still have some little info some little clues that showed us that the buyers started to take back their hands We're really waiting for the confirmation For now, it's still hesitating And now we're really starting to have another clue This typical price action we did one or two ticks in the south of the open swing high We went down but the buyers were unable to make lower prices compared to the last So the price action is typical We have higher and higher prices and the price action is typical we have a start of a break of a level we have a quick pull back and we restart pushing up this is a typical price action In addition we start you see in this column here it's the delta code these are the limits either added or removed So you see on this column the orders that have been pulled or added to the book So this is very important you see that on the current bid the orders that are added there is a reload and on the offer the orders the orders on the book are pulled There are still orders of the limit there are many people who buy and in addition we take away from our heads so we add orders of the limit and we take away from the sales orders It's very important to bring these flow information to the price action that we are seeing So the price action shows that we are giving another price and in the same time you see that continuously just below the liquidity that we see on 94, 94 and a quarter orders are reloaded on 93 and a half so added liquidity below and that the orders on the book are pulled on the upside on the offer So at this stage it's exactly what we want to see the price action is perfect we do more and more and more and more and we take away from the liquidity above and we add it below the current price So at this stage it's exactly what we want to see Now look we will have even more interesting things Here we do more and more and we go back into the liquidity I will remove the rectangle so we can see better and look when we go back into the liquidity there were 2,000 contracts here now there are only 1,300 the sellers are defrayed and start to withdraw So the sellers in the book start to be frightened by this aggression and start to pull their orders from the book and you see that we continue here in the column of the Delta code that we continue to add limit purchase orders below the price and that we continue to withdraw above and the bid keeps being replenished and reloaded constantly Look, look, it's huge Look Do you see how huge it is 1,400 contracts of limit purchase that are added below the price that push the price Plus look at the big green dots that are big purchases in the market that raise the price So in fact there is a pressure on both sides there is a pressure on the limit purchase orders that push the price and there is a pressure on the market buyers that are very aggressive and there is also a facility because the limit orders are withdrawn so there is everything we have everything you see that a huge quantity of lots are added to the bid just below the prices on the current bid the orders on the offer are pooled and on the same time you see the order flow with the green dots showing aggressive buying orders so we have all the all the ingredients let's say all what we want to see in a in a bull market or at least a buying trade and even better look at this big red dots these are big sellers and look in front we have 2,311 contracts order of limit purchase that come in front of these big sellers so in fact the sellers who try to refuel are completely absorbed by these limits it's called the reload the reload so you see at 94 a big seller enters the game but all those aggressive market sell orders are completely absorbed and the bid is reloaded and replenished with 2,300 lots look this big seller was completely absorbed and we continue to optical and we continue to add order of limit purchase and to remove above so always the same the price action is always very directional and the order flow and the order flow which enters the market and in perfect adequacy confirms what we see so here we are really perfect everything is there to keep the trade as far as possible you see I will put on speed 1 but we still have this reload always this reload the sellers in the market can't do the price action we still have this reload always the reload always the orders of sale which are pulled which are removed so still exactly the same dynamic the bid is constantly replenished and you see the added order is 94 and a quarter for the the orders are pulled we see very well that when we are at this level the sellers have been affected there is a huge amount that has been removed because we are going from very white to gray so there is at least half the contracts that have been removed that's what we have seen in the delta code that's what I just showed you so all this is information that are primordial to observe and that's what we want to observe when we are in a direct trade we continue so we see that all the liquidity has been completely destroyed but in the same time the change from white to gray and to light gray shows that before being hit by market orders a large quantity of this liquidity has been pulled before the prices are there so so all the contracts everything that a trader wants to see everything is there I will summarize after we will look at the end of the movement and then I will summarize one last time but really we have everything everything we want to observe when we are trading in a trade and there the movement continues you see there is always a high load I will accelerate a little bit and the move continues so constantly the same look you saw I will go back the same principle look look here this case and this case you saw as it is huge the contracts we add look 958,000 and at the same time above we remove you see and this is really super important and at the same time look and at the same time not only the limit orders are favorable to our trade but we also see that the market orders are very aggressive so I will summarize in the same time we see that the order flow is going our way as I mean if we are long and the book behaves exactly the way we want to see it to behave when you have a long position that's the perfect combination and after the behavior changes completely I will put it back so after the behavior changes completely we will mark Leo and during the rest of the day we will balance at the top like that the behavior changes completely we have a rejection at the top and then we don't see what we saw until now so that's really the index that tells us the movement is over we see everything we saw until now we don't see it anymore and we even see the opposite look because here we add orders above and we remove them below so here you see that by this point the behavior is different you see that orders are not pulled anymore on the offer they are added and instead of the being constantly replenished you see the bid being orders being pulled from the bid as well and that's the end of this book so if you are long that's the time where you can think about exiting your position so to summarize we had in this sequence all the ingredients that a trader is waiting to see the first sequence at the very beginning of the opening when I was short I thought the market was going to start short it's the first sequence I'm short or we're not but in any case we see that the sellers don't have enough power to pierce the open swing law it's the first information that we had the second information I'm starting to have a crack the second information wait the second information that we had is this this enormous berg here we see my hand second information sorry is this huge absorption with a huge iceberg on the low and here two times in a row so whereas the sellers try to break that level two times they basically can see that much stronger buyer sorry on the bit so as a trader seeing this absorption feeling that the sellers are not strong enough and that there is a very strong passive buyer at this moment on the bit plus the fact that we are back in the initial bit and we're back in the initial bit and we're back in the initial balance that gives a hint about what's going to happen next so then you enter your trade your long trade you take your long pull the trigger and you wait basically this passive buyer to become aggressive or that's at least what you expect so when you're back to the opening swing high that's where you have to take a decision and that's where you see what the market is going or is willing to do either we are going to range in this smaller and tight range or it's going to break it and it's there that we continue to have important things because we aim against the opening swing high we go back but we go back the sellers are unable to go back prices lower than the old sellers that's always the action of the price it's very important to know to decrypt that the sellers are unable to go back prices and we come back to attack the same level and this time not only we attack it but we completely destroy it and you will notice that all the liquidity that was above the level we removed it a lot and the buyers at the market entered as in the butter and there we have our confirmation we hold the trade and we try to hold it as far as possible then we will remove all this then we observe that earlier that is to say the market purchase orders that are able to raise the price the purchase limit that are added the sales limit that are removed and the action of the price that continues to make new highs without retracing almost a tick all that is a combined observation that makes us hold the trade until we see a change in the behavior of the different actors to the bid whereas the offer orders are constantly pulled from the offer that's what you have to monitor until there is a change in the market behavior that's it it's very simple in the other sense it would be the same that's all we want to see that's all we want to see in this sequence I can't show you better everything we want to see then for the rest of the day the market will continue to balance in this tight range on the top of the day between 94 96 and a quarter a secret support here we start to have support in the other book the market will close at 2500 here I closed the platform before so we don't see the end at 2500 and this day the market will close at 2500 run number and it's a day quite classic so here there was also a second setup in long position and we will look I will show you very quickly in addition on a graph you had a correspondence with interesting levels this support, this rectangle that Jean-Marc shows us was a second setup that you could use to enter another long position the market is long okay so we enter in the sense of the direction of the day we see a banked support we see a nice absorption the second position really interesting of the day there was no other and the market, you can tell them it closed at 2500 it didn't close here 2500 so here there was the second setup that looks a bit like what we saw at the beginning just to show you on a graph do you see my graph moving there so what we saw what we saw is this session here okay this is the day we have been watching in a 30 minute chart just to show you before opening I had traced the profile volume here we have a range, a balance and I traced the profile volume of this balance until before it opens so you see that in the previous days the prices have been in a range ranging in this balance and Jean-Marc is just showing us the volume profile of those three days earlier days before today we've been looking at so me in addition to you you only had book maps but me in addition I had these informations that here I had an interesting area because there is a beautiful peak of volume there is a very small ridge a peak of volume here and you see the red histograms these are sales that have been absorbed so I know that in this area here there is a lot of sales that have been absorbed throughout this market phase these three days there is a lot of volume made in this rectangle so this volume profile shows basically that we have a peak area in the volumes on the lows with a lot of selling orders absorbed so this is one additional information before let's say the cash session starts so in addition of book maps we could approach what we just saw in book maps because I would have shown it to this level here that was important and the second level the second setup here is the peak the peak of this whole session of these three days here the very gray the second level is the peak of those three days in the volume so that's the high volume for those three sessions before the one we have been looking at and and you see that it's not anodized because the first acceleration at the top that we had is to break this peak here okay, we beat it a first time and then we accelerated above so that's very interesting it's it's important because you see that the first the first break of this liquidity that we have seen is exactly that level and on the second setup and on the second setup that I will show you tonight the little retracement is made on this peak just above VWAP and this peak just below so the input comforted on the second setup so it's more interesting to see that with a lot of volume you see the volume spike here which corresponds exactly you see so all this is information in addition to BookMap which was interesting I will show it to you later so that you understand that we have already seen everything in BookMap but and that we could have had a good time with this graph because in BookMap we have already seen everything we have seen that this was an extremely important point to make sure and to retest it was just to show you that BookMap can be enough to show basically that you can almost use BookMap as a single tool to trade we see those elements because we have another platform with other types of charts etc but for what we have seen here it's possible to trade without having those information the volume spike which was quite easy to support it was here okay just under the iceberg that we have seen at the time it was here at the place of the break all of that is to get closer to what we see in BookMap it confirms what we have seen in BookMap it's a help in addition but we could totally get content of BookMap but it's still interesting to see that what we see in BookMap it's not a coincidence it's really happening it's a strategic point so of course it just shows as well what happens and what we see in BookMap doesn't happen in the middle of nowhere those points are really strategic and have their own importance you can use all the tools or other techniques to find where they are that's it I'm sorry for the technical problems it disturbed me so I was less at ease than usual but I hope it was interesting well that's it sorry for the technical interruption but I hope you enjoyed it you really agree I'm sorry because I was less at ease than usual because of technical problems if you can tell them Jean-Marc just wants to apologize he doesn't feel very well because of this disturbance having to restart the whole thing etc I think everybody understood that's it I'm done Bruce ok understood nice job excellent excellent stuff here I just I tried to decrypt a sequence in front of you a whole sequence of price action and flow to show you what we are trying to observe so this was basically a wrap up of different type of information how you can use them basically to trade that Jean-Marc tried to show us today I tried to simplify that's it ok it's fantastic stuff there's a number of things that I just kind of jotted down I'll find and I'll share the link here for your previous webinar because your previous webinar was excellent in how you're using volume profile and then here it is about order entry and reading the order flow within the volume profile only here I wanted to do a webinar only on bookmap yeah this time Jean-Marc wanted to focus really on bookmap I don't use your bookmap not the rest of the yeah but on the other hand too what is so nice especially with this example is what you said in the end there how bookmap is showing you things that are these are very important levels and price action yes in the bigger picture so it holds true not only several days but even weeks perhaps here yeah and it happens every day I took this day but I could take it today for example today it's almost the same thing this was one example from last Friday this kind of stuff happens well maybe not every day but very often today we could probably see something very similar it's not exactly the same thing but it was almost similar agreed why I'm covering this I mean we get this question all the time about is it only for scalping I mean because because we show the historical limit order book so you can you can scalp of course that's what we're mainly doing but you can also day trade or you can swing trade I mean depending on how skilled you are of course and how you use the tool but you see here that it's not a scalp that Jean-Marc has explained today unfortunately for personal reasons Jean-Marc had to leave so he exited the trade but if he would have had the opportunity to stay he would have been staying in the market of course maybe for until the next the next acceleration maybe not you never know but exactly in fact guys I found Jean-Marc your previous webinar here at Bookmap I put it into the chat along it's at the end of the list of all your links there yes it's on your on my youtube channel too and on your youtube channel it was April 24th April 24th this year indeed it's an interesting webinar for those who haven't seen it and who would really want to understand how I work it's interesting to watch for the persons willing to understand a little bit more how Jean-Marc works you can have a look at the other webinar where he explains much more in detail the whole method the level he uses on top of Bookmap but today I really wanted to focus on Bookmap and especially focus on a market sequence where we see all the phenomena that we are constantly looking to see when we are working there was everything today Jean-Marc was willing to concentrate on Bookmap and on a market phase that shows all the ingredients that basically we want to see in terms of what you can see in Bookmap yeah, absolutely no, agreed there's some questions here regarding some of that one in particular here about the iceberg at 2494 let's see it is in French there I can translate so they want to know more about the phase of the iceberg, is that it? what's the question the question is how the iceberg itself and at the 2494 level and if there had been an iceberg at that level which aborts the buyers would you have waited is the question 2,000 questions if there wouldn't have been an iceberg, right? if there had been an iceberg at 2494 at 94 if there had been an iceberg on the 94, would it have been your... we had a big absorption here if the market had been absorbed here in a very aggressive way by a seller at the limit level I would have come out quite quickly but what I explained earlier is that we reject the first touch indeed we go back but the price action shows that we can't go back very far the sellers can't go back the prices far enough to worry someone who is in a position to buy that's not a worrying delay so even even if there had been an iceberg here I'm not sure I would have come out seeing this price action in particular the rest of the information that we've been through maybe not however of course if there would have been an iceberg not on the bid this time on the offer on 94 he would have considered maybe to exit the trade depending on the rest of the price action and the other elements that we've been going through there was no reason to go out really all the reasons were there to keep the trade in this example all the reasons to keep the trade and stick to it were there ok so basically the context of everything else looking good except for having the negative of an iceberg there at that time there was no iceberg if there had been if there had been if there had been if there had been if there had been an iceberg but what I have to explain from the beginning is that the iceberg is the order flow but it has to be confirmed by the price action and there and there ok it becomes worrying that the iceberg managed to stop the prices and then we start to go down and do lower prices compared to the last ones there yes I start to worry but if I see an iceberg all alone it won't worry me because it's maybe a seller who needs to sell at this place for X reason and he's happy to be passive and doesn't become more aggressive and I have no reason to go out an iceberg alone isn't enough to get out of position the iceberg only is not a reason to exit the position and it's more the combination of the iceberg being there the question is is just the iceberging here to exit the position for any reason we can imagine or is he building a short position and is going to be aggressive so that's more the price action then after this iceberg if there would be have been an iceberg there which is important and as long as we keep let's say the previous swing low around the 92.5 there is no real threat to exit the land it's exactly what happened at the time of the iceberg down here we saw two big icebergs but it wasn't enough to get in, it was a piece of information when I got in later when the prices started to go up aggressively you can see that the blue triangle those are the small blue dots those are the limits I had but I didn't get in actually I got in a little higher the iceberg itself is a very important information but not enough after that I also want to see the prices show me something so you have to always approach the price action order flow so you always have to look together and that's the same I mean Jean-Marc hasn't entered the market just after the first or even the second iceberg it's because of the price action that follows that he has tried the blue dots are just the limit orders that haven't been filled but that Jean-Marc has tried to place on the or has placed on the market which hasn't been filled the real entry is there so you always have to cross the informations between what the time and sales tells you what the book tells you what the icebergs and everything tells you but in the same time the most important thing remains the price action so this is the combination of everything which gives you the hints of exiting or not or exiting or not not only the fact that the iceberg is there it's just one information it's all the information that we accumulated from the beginning of the session as a seller we have failed twice the first information then big buyers with the icebergs and then the price action that goes up and takes the range of the open and the aggressive and in the last phase of the session this moment of munition this final aggression with the aggressive market orders and the limited orders taken and the limited orders added it's the combination of all the information that makes the entry in position that makes the entry in position and the trade hold that's the combination of the whole so the first try the failed attempt to go lower the iceberg, the price action the break of the initial swing high that's the whole context makes it a trade okay understood let's see here just a few more questions I've answered actually most of the questions here most of them are actually more technical about the software so where he's there let's see could you explain Jean-Marc how you see the pending orders absorbing the market orders correct just to translate a little I understand but not too much the question is Bruce again sorry I missed it as well okay it's about absorption that you were looking at earlier and how you read the absorption in those areas how do you read the absorption how do you detect it how do you read it in real time in order we have for example on this support we're going to take the same place here let's go back to the example we have the sellers who come in with market orders these are the red dots so you see the red dots I'm going to do it shorter you see the red dots from the market sellers basically hitting the bids they are very very aggressive they are really aggressive because the dots are big but the prices don't give a tick the price the price action is not there there is no down tick or one tick not much more that's what we call an absorption of the absorption of the aggressive sellers or market sellers orders and that's passive action we agree what we want to see afterwards is confirmation by the aggression of the market buyers and the price that rises but absorption is that in fact it is the market orders that confront the limit orders and that can't give a tick or up tick because the limit orders are constantly recharging in phase 2 so that's because reload and in this case iceberg order but this is because constantly each time the sellers hit the bid the bid is replenished with new contracts and so you can sell as much as you want and the price doesn't go lower you don't empty the bid okay and it's the same thing in there it happens on a support okay here with the iceberg but it's exactly the same thing in a directional movement like this movement too that's what I showed you earlier under the price we saw the limit orders reloading all the time and that's the same because there are all the time sellers in the market even in a movement but the limit order orders below recharging continuously and so it didn't happen recharging prices it's also true in a directional movement so earlier we have seen with the iceberg on the laws but you have in this move up in the second move up that Jean-Marc just shows you have exactly the same principle which means each time you have aggressive buyers which are emptying the offer but in the same time we have observed that the bid is constantly replenished because there are always sellers on the market at each level but those sellers just are absorbed by this reload and this additional orders that are put below the prices constantly that's what I showed you when we did this phase we can do it again quickly when hop you see we go up we go up but always below that what we see this figure in the green box these are the limit orders which are added we see more than 470 so in fact there is always a reload 500, 570, 600 a reload of limit orders which prevent the sellers who sell on the market to make prices go down so there is also an absorption in the directional movements there are absorptions on supports and resistances but there are also on directional movements of course we have seen it previously not only on a support there is absorption but also in directional moves constantly you have absorption by those limit orders being added to the to the bid just below the prices to basically keep the prices going up without any retracement because any seller selling in this move is just absorbed by those contracts that are constantly added just below or at the price basically on the bid you see in this movement every time we see red dots like here or here or here these are sellers but below them the limit orders are constantly reloading and they can't push to make prices go down that's what we call the reload that's what we call reload those limit orders added on the bid in this case okay understood let's see here one more question regarding the way that you use your CVP columns yes the volume profile yes simply precisely it helps to detect the icebergs because here at the iceberg level we see very well on the volume profile which has a very important quantity you see of the market sales that were absorbed when I see a peak of volume like that on a level I know it shows an absorption okay Jean Marquis Jean Marquis is the CVP columns too for example to monitor that kind of absorption when you have an important number of lots or a peak in the volumes or a high volume building up that shows if the price does move that there is absorption on this level look at this volume profile the bottom of the volume profile the bottom of the market is very thin that's what we call a purchase queue but at the iceberg level we see a peak which denotes a price rejection the purchase queue shows a price rejection and the peak here shows an absorption so the peak volume here shows the absorption and you see below what we call a buying tail that basically the prices have been rejected they didn't trade much in that area so we know that in this area there is a support it was just before the opening it was here just before the opening just before the opening we had this support this purchase queue when we were shooting at the iceberg it's the same place the same CRM zone the fact that there is an absorption of the market and this peak in the volume profile gave a very good information so we see that this buying tail happens before the market cash opens so it's in the global accession however it has been rejected and you see very clearly when we come back we have those icebergs all this price action we have been describing exactly at that location then the volume profile I also use it to limit the balance areas the areas that have already been worked on or the areas that will be worked on in the future it will help me I won't go into the details now it would be too complicated it's useful to me to make the context and the structure but it's another story it would be too long it would be too long to describe the whole use Jean-Marc does with the volumes but he uses it for different things finding the levels identifying levels of rejection levels that will probably be worked by the market later on but that would be too complicated to develop it there just to finish on this example we have the first information is the purchase tail which denotes a strong rejection on the support then the crux in the middle is the acceleration as I described the volume profile it's like that the purchase tail is a rejection so we react strongly on the support then we have the absorption with this volume bubble then we have the acceleration with this volume crux again an absorption on the second setup with this volume crux and then we don't have it but we would have had another crux because we had another acceleration until 2500 the shape of the volume profile informs us in real time we confirm in real time what we are observing in the cabinet the price action the volume profile confirms what we are seeing on the price action the first thing we observe is this rejection on the lows with this buying tail then we have we have been looking at with this absorption and those iceberg orders then we have the acceleration above with a breakout so there is little volume there is a low volume note here and we have another absorption or phase or accumulation phase and actually we don't see it there but in real time you would have seen we have a third bubble let's say a higher with another area with a breakout and another area of high volume absorption understood let's see I have gone through all the questions and like I said most of them were more technical in nature regarding your specific strategies it looks like you did a great job because no specific questions on that a little bit disturbed by the replay but yeah I apologize for that I didn't think that it would be 20 markets I should have asked you beforehand anyway I think that's it guys Jean-Marc thank you very much an excellent presentation Dovetails very nicely with your previous webinar here at Bookmap listen it's nice I personally I'm not quite satisfied I think I was a little noisy but if it was I'm happy for you I hope it will help I hope it helps thank you and Correille just an amazing job like I said I do not understand how you do it but thank you okay so I'll have the recording here let me get the Bookmap just a moment I'll find the playlist here I'll put that into the chat for you guys and then I'm going to give you all of his links as well here so just hold on just a moment here and I can give you that playlist okay just a moment here's the link and so in the chat there you can find let me just go through it you find Jean-Marc Souliou's twitter his youtube channel his facebook his google plus there's a link there for some training sessions that he has he teaches in person next one is October 4th and 5th in Paris you can also review Jean-Marc's previous webinar and then you have the recordings playlist here for the Bookmap ProTrader webinar series it will be up in about maybe 2 or 3 hours and you can find it there okay so other than that thanks guys excellent presentation and look forward to having you back again and very curious what you would cover again Jean-Marc it was a very nice market that I wanted to decorate with you I tried to do it better thanks it was an interesting market phase and Jean-Marc tried to explain in detail thank you alright now thank you very much we will do it another time thanks guys for coming we will catch up another time thank you bye