 The broadcast is now starting. All attendees are in listen-only mode. All right. Good morning everybody. Can you hear me now and can you see my screen? So if you could just type yes in the questions. Okay. Okay. So audio and video is good. Okay. I am sorry about the delay and I'm sorry about the issues here. This has been, I've heard about this and we're just experiencing it. This for the first time here is everyone's at home. So everyone's online and this is impacting bandwidth as well as go-to webinar. Okay. But anyway, it looks like we're all set here. So let me introduce Future Traders 71 very quickly and also give the contact information for him and then we'll give it right over to him and have him get started here. He's been trading for over 19 years. I've been an equities trader and then transferred to Future 16 years ago. Professionally trading as a prop trader from the beginning. He started his own prop shop until 2010 and then he decided to direct his attention to online traders. He is known as a pioneer of volume profiling and breaking down the market behavior into statistical patterns as a way to read the market auction. He's currently a head trader and director at Convergent Trading, a virtual prop trading environment for career professional traders. FT71 has been using Bookmap since its first release. So long time user of Bookmap. I need to go through the risk disclaimer here. Trading futures equities and digital currencies involve substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. And here is FT's contact information. Website, Twitter, YouTube, email, and then special offers from FT71 for Bookmap. Now I'm going to paste all of these into the chat periodically throughout the webinar so you don't need to copy these down. Let's get started here and let me turn it right over to FT71. Alright, sound check Bruce. Yes. Nice. Wow, that took some perseverance. We shall overcome as they say. Hello everyone. Wow, we're 25 minutes behind. So I'm going to try to slam through this real quick. My goal is to get you as much useful information as traders as possible. I appreciate that Bruce has covered the risk disclaimer. A reminder that derivatives trading is not suitable for all investors. And where I'm covering statistics, which I will for a minute. Past performance is not necessarily indicative of future results. Okay. So here's, here's what I'm going, you know, the topic today is order flow and volatile markets. Using order flow and volatile markets requires quite a few adjustments today. You know, I'd intended to do a real time trade. I don't know that something will set up here. So my best chance at that would be to look at a scalping approach. And that is my was, is where I was raised is how I was raised as a, as a trader from one been a scalper. And, but that's not how I trade currently. Currently I trade structure and environments where structure doesn't really exist because of this kind of crazy environment historically volatile environment that we're in. And that becomes the fallback. So it's the easiest thing to cover. And of course, order flow lends itself to scalping. The first thing I want to talk about. So that's why I'm only going to cover scalping type setups. I'm not going to look at, you know, what I cover in my morning daily live trader bites. That are available on YouTube at 9am Eastern for anybody to, to find you can find those on youtube.com and just do a search or straight or 71 subscribe to my channel and you'll get a notice before I launched the live stream, the live video stream every morning. But so I'm not going to go over structure and, you know, what could set up because frankly, I would just be making things up because this is not a normal trading environment. So I don't want to do that. The first thing I want to talk about is know your product. And in order to trade anything really, I see a lot of people coming in, coming in and kind of diving head first into, into whatever product that seems popular at the time. Bruce, are the alerts that are coming off my computer, are those kind of loud and distracting or? I don't hear them at all. Okay. I keep saying new high and Azdec, new high, whatever. So you have to become familiar with the product. Of course, you know, I won't get into understanding the contract specs. The contract specs and all of that stuff. I'm simply talking about the just the natural behavior of a product. And this is a key chart for me and I'm going to focus on the ES today because it is the most popular product. This is a key chart. For me, if I'm learning to scalp or moving into a new product, this is a key chart. This is what's called the fractal rotations chart. And what it's doing is it allows me to find out what the nature of rotations are. The market moves and rotations, right? It's, it cycles up to an area, find sellers, you know, because sellers will come in and stop to move up. Then it rotates to another area lower. It finds buyers and then it rotates back up and test some area in between or the extreme, depending on the type of market we have and so on and so forth. And each product. Each product has its own kind of characteristic rotational magnitude. And what this chart does is it says, okay, for the ES, if you're looking, let me get my markers here. This is, you know, my goal with this is to form a baseline for what we're about to do. You know, we're looking at the SMP minis, June contract, the ESM zero or ESM 20. The bin size, meaning the size of every tick is 0.25. That is normal for the SMP. That's the smallest tick size. We're looking at 10 trading sessions back. We're looking at a one minute chart. It's the smallest size chart that I can pull in for which data can be valid here. Looking at fractal bars of five bars. And so what it, what this means is the software will go and determine the peak by looking at the two bars before and the two bars after that peak. So it's constantly checking to see which is the highest bar of the two bars before and the two bars after it. And then it sets that up as the peak of the rotation. Okay. And then once it determines that peak, it figures out what the rotation was what the rotational value was so here 57. It's an up rotation so puts a dot at 57 right down here. And then, you know, we moved down 36. So it puts a dot for a down rotation for 36. So this is measuring the fractals up the magnitude of the rotations up. This is measuring the magnitude of the rotations down. And by changing any of these settings. I change the statistics that are involved. So this is all about breaking down the market data into statistics. Okay. And so what is the bottom line here. The bottom line is that the ES on 10 sessions remember this is extreme historic volatility, stream historic volatility on 10 sessions back on one minute bars on five bar fractals and the peak of the make up a peak. We have a histogram that gets created. There are 368. 368 rotations that we're looking at because we're only looking at 10 days. 368 up rotations 368 down rotation so the sample sizes is pretty decent so we have a relatively high confidence sample size. And what this is saying is the mode or the point of control or the most common rotation up for these parameters is 15 points. And as a just to bring you back to what the SMP normally is defined normal, or most commonly is that number that figure is usually two and a half to three points, two and a half to three points currently 15 five times. Okay, so that's the most common rotation size in the SMP over the last 10 sessions given the parameters above. And what is normal is anywhere between eight and 27 points up eight and 27 points up. That's, that's called the value area that is also known as one sigma. Okay, that's the value area this represents about 68.2% of the data set and that's statistically we call that normal the first signal. Okay, so for up rotations anything between eight and 27 points is normal these days, quite a big range. And then for down rotations 13 points is most common and 25 to eight is quite normal so we can extrapolate here and tell ourselves that somewhere in between 26 points somewhere between the up and down rotations is the normal rotational value and this this this value is actually very important because it determines. It's supposed to determine what our stop size is we want our stop to fall outside of a normal rotation we want our initial target on multiple contracts to fall inside of one normal rotation. Okay, and these values normally historically are somewhere between three and five points normally right now, we are trading five times the rotational value which means we need to expand our stops five times we need to expand our targets, five times to keep the proper favorable risk factor. And I want to create that baseline, before I start talking about scalping here. So what does that entail, it entails that in this kind of environment with this wide, I mean, gosh, 26 points is normally something we would cover in a, in two trend days in a row. You know that's 26 points with a minor pullback 26 points out to entire trading days in the ES, we're covering that in one rotation currently. And anything above 42 points is considered an impulse and the impulses are kind of a bread and butter for me bread and butter trade for me. You know, when the market doesn't impulse generally it has a continuation we just had a minor impulse here in the S&P as we broke through 24 2275 I'll show you that in a minute. And so the expectation is we are likely to pull back probably to 2400 lean against this area right here, and then look for the continuation and aim for 34 for 34 for 34 points as a target. So, the first thing I want to, I wanted to cover is that is these rotational values are extremely high but it doesn't matter what they are, we still have to use them we still have to deal with the market that is what it is. Pause for a second and ask everybody does this make sense so far. Do you get, do you get what I'm saying here. Can you hear me. Some of you can't hear me. Okay, so rotations rotations rotations if you're trading without understanding the rotations in your timeframe. Then you're probably not sizing your trades right you're probably not putting your sizing your, your stops correctly you're probably not sizing your targets and scale outs correctly. It all starts with your timeframe and the timeframe I've set up here is one minute. So it's a scalping or short term timeframe, and within that timeframe, I have to look for 26 point rotations is being normal with 15 being common. So, with that baseline, we move on to the next thing. Sorry, it's a lot of clicks to get through things here in the software. That's the historical volatile volatility and understanding the the rotations historical volatility using the VIX, we're at the 99th percentile in fact we are approaching all time high in terms of volatility. So essentially, all bets are off in terms of in terms of, you know, here's my statistical probability of this over that. Well we don't have a statistical probability because we don't have we haven't had this market so we don't have a historical probability for what's going on. And this is why I have to fall back on scalping as a as a kind of a base thing to look at. So let's look at leaning and testing an area talked about this. In September, and that is pre identifying the areas that I'm interested in doing business in so these gray bands are stock zones these are created every day. They're created pre market they're actually created last night. And you can see here I did not, you know, every convergent member, those who are here and those who will listen to this can attest to the fact that these come out before the market opens and you could see that the 2310 stock zone. We don't, given the amount of volatility kind of bust through 2310 stock zone is basically the bottom of the day. Then we cross through the mid we push through we push through the 2400 stock zone. This is a big area. And then we consolidated here. We pulled back to the mid which, as many of you who've followed me for a while already know this is a key area. We tested the mid and VWAP to almost within a couple points which is basically a tick these days the equivalent of a tick these days ticks or points these days. And then now we're breaking through and we're pushing into this key 2439 area and the expectation is that we would likely rotate down from here. So, these are the areas these stock zone areas. Again, published every day for convergent members on your book map on investor RT on Ninja and on Sierra chart. These levels are the areas we're looking to lean against this is these are areas, although, you know, they're tricky these days because of the way the market moves. These are areas where I'm expecting the market to see a fight or to stall out. Okay. And so, these are the areas are generally lean against when I'm trading when I'm trading day to day. These are the areas that I'm looking to engage the market in these days. It tends to run through those areas by a little bit before it turns the next one up is 2457 which takes us up to the 2460 overnight high the overnight statistics still open I'm expecting that 2460 to most likely be taken out. And then from there, we run up to 2484 88 2488 is the next key area up. So those that's those are the areas I'm going to lean against when I'm looking to scalp here. Okay, so those are the test areas. Now let's take a look at my book map I use CT book map. It contains, you can get this at CT book map pro. It's a white label version of the normal book map software with the addition of an indicator called a scratch point indicator. And it gets, I have cloud notes on here so the same gray areas that you saw here. Oops, where did it go. These same gray areas that you see on my trigger chart here, I represented in the cloud notes on book map. Again, this allows me to just look at this screen and not have to refer back to my charts so much. So, as we're looking at these areas, the ideal situation is when I see liquidity is firm in the market. And it ties in with the predefined stock zone so that 2460 is the overnight high so it's likely to have it's very much going to have a pretty decent offer on there 2450 has a pretty decent offer and is firm. In other words, it did not go from red or maroon to dark blue to black, as we're moving up so that is firm but again that is a strike price 2450 is a major strike it's a mid century figure. We see that the VPOC just shifted up to 2430. This is this line right here that's the volume point of control. And we see that the rotations are quite wide with very little in terms of liquidity because of the size that's being held up here. There's very little internal liquidity that we can trade against so all I can go off of here is to lean against the size in the book. Initially as I'm scalping I'm leaning against the size of the book, and I'm trading whatever the last rotation was the way this works. And again I'm sharing, I'm giving you the, the goods here for scalping. The way this works is, if I identify this as an impulse. And it's an up rotation. It's got, it didn't have excellent delta here had delta coming in a little bit later. I'm charting delta here. This I'm expecting to pull back to 50% or less expecting it to pull back to around here that I'm going to look to get long on a scalp for a rotation and my initial target is going to be that last high. Second target is going to be the liquidity area high liquidity area the target beyond that will be well ahead of the next high liquidity area. But because it breached that 50% area, or this, this high, that I'm not looking long anymore. Again, this is in the scalping time frame this isn't in the big picture time frame the big picture time frame supports the long side, especially with the overnight high still unbroken, and that 98% historical probability remaining unbreached. I expect it to at some point pushed to 2460. But for right now, we have a market that is, that is, you know, failing to hold this last impulse. There's not much for me to do here and I'm not going to just spit out a trade just just because everybody's you know, make up a trade just because everybody's watching because I wouldn't be talking to you if I just made up trades, just to impress everybody but I need to wait for something to set up so what could set up here we're against this stock zone still we've pushed through we pushed through the prior days high we've tested so we pushed through the prior days high, and we can see sellers came back in that's the narrative where inside of the prior days range were above the IB the IB is at 242275. And so, for me to fade. It would have to be very very short term for me to get long I need a nice push, nice impulse up on pretty good delta, and I would trade the pullback of that looking for a continuation. The market appears to be flagging up here you can see this more clearly in my trigger chart, you can see the it's flagging right here. Let me turn off the zigzags. So you can see it's flagging, it's pushed up nice little impulse there. And it's kind of sitting here flagging so what's consolidating it's compressing. I need to see which way it sorts itself out. And right now there's no real edge in in the short direction or in the long direction the long direction has a structural edge meaning a longer term edge you know, 1015 minute timeframe. The short term has no real edge you could see the size is simply following the book these are out goes just following the book. And this is coming in once the area has been tested, which tells me that it's probably not firm. It's probably not going to stay there the size that matters. And this is where book map, you know, is is just. This is why soon as I was shown book map in 2014 I was like oh my god I wish I had this for my prop shop because the importance of size is not that it's sitting in the dome because a lot of it's fake. The importance of size is when it's firm, when it sits there as the market approaches so you can see 2415 building some size here. Down below what I'd want to see to lean against that size is as the market goes down I would want to see that go from orange to dark orange to red to maroon in other words I want to see it firm up, rather than back off. Back off as the market moves to it so see the size stepping in here right after the pop through. It may stick around it may not but that's not something I can lean on. Okay, one of the things I wanted to show as well is once we're in, we're not done. The goal because of the very, very wide remember the rotational statistics for a one minute chart on the S&P are very wide 26 points is a normal rotation anywhere between eight and 2615 being most common. That means that I have to actually break these trades up. So I'm down to one lots. The goal is not to trade one lots. Of course, I encourage everyone to just do this in the micros but you know I can't rely on the volume and the micros and this is where the instrument trading is really key in book map. So here look at just traded that size that was sitting here. Somebody actually took that size in. So it's time to start looking at pushing the long side here. It's running away. Time to look at pushing the long side. The IB is holding. So we're going to put out an exit there compressing the point of control is shifted up here. We're in the point of control area sounds like President Trump is talking I'm getting that over CT news, we're kind of in a chop zone here looks like the Delta is falling a little bit. The underlying sectors are actually relatively strong. I'm stalking along still looking for 4650 initial exit, but not seeing an opportunity to get in here. So retest of the 35 area caution president speaking. This is only a partial position number this could be 15 points wide right all the way down to 20. I'm looking for an impulse pullback to add underlying sectors relatively strong. So where 15 points is really just the most common rotation where within tolerance 26 points deep. Okay, so my scratch points 2435 it's a single lot so that and I haven't taken anything off so the scratch point stays the same. So here we're pushing to 2275 the IB high trading is a lot of patients. The problem with adding too close is I'm not improving my average so there's no point adding a 2430 it's only five points. The rotation is 15. So I might as well just get into two lots right out right off the bat question on that FT. So would you if you saw that conditions dramatically improved even though the year would be averaging in at the same area, but the order flow looks much better would you do that. I just don't know what that looks like in real time I can only see that after the fact. So right here like it's just above my average has have conditions improved to me what do how do conditions improve conditions improve as I see that I'm getting up rotations on higher CBD on higher delta. And by that time it's already run off and so what happens is, let's say from here from 33 ish, we have an impulse up, then I'll trade the pullback and if the pullback happens to be at 35, that's okay. But I'm not going to add just because it kind of fluttered up like it did from here to here. This looks like oh my God it's taking off let me add, but then I would end up with basically twice the risk for no improvement. And I don't want to do that I want to create an asymmetric risk environment so that's why I have to count in that I need to space my my thumb campaigning in or averaging in. I have to space it wide enough that I haven't had advantage on the average so if I add 15 points lower. With another one lot, I have improved my average seven and a half points again this is not like averaging down. I'm not averaging down I'm, this is a planned campaign. This isn't a trade going bad and I just want to add to it. Okay, so there's a big difference there. I don't have a kind of a mathematical advantage to be able to add or to campaign otherwise. It's really just me being random. I'm still aiming for the same thing I'm still trading with the overall trend of the market, which is the biases up we broke the We still have the overnight high open as a high probability historical statistic. It's just a matter of how much heat do I want to take, or how do I manage how do I want to manage getting into a trade at an advantageous enough price to to catch that run when it happens it's just, you know, and it may not happen it may end up breaking. And for me from 35, if it breaks below 25 points, this is wrong. So anything below 2410, which would puts us well below the I be high, which is a 22. I am wrong, and I'm just going to exit the trade. I could put that exit the stop in now but I don't need to at the moment. I'm still sticking this is well well within tolerance here. And so my goal is to assess what are the up rotations of doing you know how much room are they getting you can see the up rotations are getting a little more room than the down rotations. Right now in the immediate past. So this is favorable. But if I get an impulse down like it just shoots straight down and then has a weak increase week rotation up. I go from wanting to add to wanting to close. So it's just a function of what it does I have to stay in real time and kind of trade the market and what it delivers, versus just kind of wanting to add to a trade, just for the sake of doing something. So, but it's important that my ad gives me a price advantage. Otherwise, I might as well just get in with two lots right off the get go. Right. And why is it two lots. It's two lots because the normal rotation is 26 points. So, you know, on this trade. There's a 52 point risk on just two contracts 52 points on just two contracts is that's a lot of money is 2500 bucks right 2600 bucks on just two contracts so trading big makes no sense in this market in fact trading micro is even better so here's the addition area so this is the area I would look for it to hold right here at the IB and look for how does it respond here looking for weakness what am I shopping for here I'm looking for as it moves down. It is struggling to get more lower prices for the amount of Delta or the amount of hitting that it's doing. So as it hits the bid it's not able to move lower. See this is slicing lower very easily and very quickly. One second. Remember 2410 and below I'm wrong. There's my ad now my scratch points 242588 my stop is right here. So if it rotates up from here I'm in good shape. I've got a pretty good price advantage on the two lots. My averages as it says the scratch point is 242588. So if I wanted to scratch the straight I can put an offer out here at 2425 or 26 and I would scratch the trade but that's not not here to scratch the trade I'm here to get my 46 is in 60s but you see how it's pushing but it's not making any real headway here. That's why I lifted this may be wrong. Okay, it is approaching the wrong area here. So getting back up to 26 from here, or to my initial entry of 35 is one rotation. It could take a minute for it to go right back up there. So let's just keep that in mind. It's taken a long time for it to come down here. So this is still still viable. Yesterday's closes at 2400. But I'm wrong right below here if it starts to slip through this area right here that I'm wrong, and I'm flattening and just allowing myself to be open to the next trade. This is a little bear flag here. I had planned on two lots only, but if I had a third this would be the area I would add the third. Not sure what was said by President Trump here with the market doesn't like it. Wait. Yeah, so this is an impulse continuation trade here. I'm out. So zero. So those. This is a loss. So it's 26 from 26 to 04 so 22 points times two. So things have changed here. So you could see that this has turned into kind of an impulse down or short term or small impulse down. That's. And then what we saw in this little pop that looked like it might make its way back. What we saw here is a pullback and this is a continuation back to the prior days closed to the tick. This is this is a potential bounce area. But overall this trade did not work this maybe a bounce area here, which could set up another long. But overall that trade with the best, best possible effort given the information we had at the time did not did not come to fruition. But that's how I'm campaigning into positions because of these wide rotations rather than taking two contracts and holding for 2627 points of a stop. So we're doing one and one because of the wide volatility and sometimes it takes one and goes and fills your exit and it is what it is. It's too bad. But my, my first priority is to manage the risk of the trade rather than to maximize profit moment. The profits kind of take care of themselves if I can take care of the risk. It's consolidating. This is a pretty decent area here potentially for for buyers to step in. We're not seeing buyers. You can see the CVD going negative. Turning, turning orange here, which means that there's just a whole lot more hitting on the bed than lifting on the offer. We're looking at 50 some liquidity at 94, but overall looking for the short side now, now that it's inside of the IB on this big rotation down. There's no sense in getting long at all at the moment. Bruce, if there are any questions I did not address. Let's take care of those obviously not the best, not the best outcome, but it is. You win some, you lose some. A question on the, so the volatility. So if you get in with one and it goes your direction and like you went through the scenario. If you get a massive move to the upside, you'll be taking profit on one and then you'll be looking for a pullback for entering it on another or would you, you would be entering on two before taking profit. Okay, so I'm looking to enter on to before I take a profit. And again, the reason it's to is because on the ES that essentially is about 2200 to $2,500 per trade. It's a lot. Don't care how big your account is that's a lot. My preference is not to trade. I don't like trading one lots my preference is to trade more than to more like 24, but this environment is such that I have to respect the risk. So the, the goal here is let's say I got in over here. And it's a long right so triangle up for a long. The goal is to have it flutter around push up. Come back higher consolidate and give me another opportunity to add to that for my ultimate target way up here. That's the goal, or it flutters around pushes lower but well within a cycle. And then it consolidates and gives me an opportunity to get into the second at a better price, which is what I just tried here in front of you. And then it starts to rotate towards the initial target. So we take one off. And so the average, the scratch point goes from here to here. Once I take this profit off so we have a selling triangle up here. What happens is as we take the profit off of the one up here, depending on how far this is, all of a sudden my scratch point drops to there. So now my scratch point is below my second entry, the market is up here, it consolidates it does its thing, and then I'm looking to add some more, bringing the scratch point back up to here, and so on until it finally reaches that 2460, which I expect it would by the end of the session. And that's how I would campaign. I can add in favor or I can add when it's going, when I'm taking heat, as long as it's within that rotational value and as long as I have a predefined area to add on the way down. In other words, a zipper from the past or some size to lean against plus a reference point, things like that. And that's just for scalping. My goal is to be in to take one off, not at scratch I don't not interested in entering a trade adding and getting out for one at scratch. This means that I'm willing to take a whole lot of risk for zero upside that's there's no way I can have a career doing that. But my goal is to get into two and get out for one rotation on my initial. So I'm improving my position by 26 points, my scratch point by 26 points. And then now I can sit easy because the scratch points way down here, the contract I'm holding is from way up here, and I can just let the trade kind of do its thing and it can sit and run for 100 points in this environment. And it wouldn't phase me to hold that one lot my goal, however, is to constantly add and take away from the trade as it's moving up to campaign around it. That's what I hope to demonstrate today, but the the odds are not with me. Okay, let's see. So, basically, I mean, and you're just doing that all day long. Yes. Yeah. Yeah. And on the first initial entry, it can just be within that range or ever. Or are you looking at the extreme. It has to be within the range, but it cannot be less than half a. I went through those stats I said the most common rotation is 15 points so the earliest. I would add is approximately seven to eight points. So here. I went 35 and I went 26 that's nine points. Right. So, actually, you know I went even deeper I went to 1635 to 16 so that's about almost 20 points. 19 points. And the goal is to get that scratch point indicator to get my scratch point line or my break even line to come with me as deep as possible. As long as it stays within the parameters of that 26 point rotation, and it stays kind of it hasn't done anything to breach the the upward bias that I'm going to stick with the trade takes a lot of patients and a lot of people in to kind of do that and it's wide of a market but the goal is to get an advantage. And as soon as it starts to rotate and it moves it back up to where I wanted to target up here at 4646 half. If I had gotten a 46 half on one of these, then I would have improved my position, the difference between 26 and 46 this scratch point indicator would have dropped 20 points from where it was. It would have been 20, it would have gone from 26 to 06 while I hold that one lot at 06 with my second entry at 16. I'm basically 10 points better than my second entry. So I only have 10 points of risk with approximately at that point. 25 points of gain. So good risk reward ratio so a couple of. I'm thinking out of a fire hose what I'm saying here but there's a couple things in play one identify the bias understand the rotational value of the product in the time frame that we're in. Then, once we see that the bias is say long, we're looking for many different clues to trigger a trade and that is, you know, look at the heat map for size that is remaining in place. We see that a predefined area to lean against and so on. And then we, we manage the trade by looking at, okay, how's it rotating at that point. Does it take off as soon as we go in. If it takes off as soon as we go in it's likely to pull back. Pulling backs it's selling is it's is it really struggling to gain prices on the way down to push prices on the way down. If it is that I'm looking for it to pause lift again to add my second, and then let it rotate to that last peak scale out at the last peak. And then let it run pull back watch to see that it's not easily dropping if I'm long. When I'm long, I wanted to easily push up and struggle to pull down easily pushing up struggle to pull down. What it did just now is it kind of struggled to push lower, but then it slipped through in this area right here. It slipped through pretty easily that's not good but then it's struggled to push through once it got here. So to me it looked like it was exhausted on the on the cell side, and that's the reason I added the second so from here I expected to rotate up fairly quickly. And then have a hard time pulling back and then continue higher my timing was not great as it coincided with President Trump speaking and Senate Majority Leader speaking as well as the President of France speaking. And they have nothing good to say so this is, you know, the markets kind of responding in a panicked way as to where it goes right now it's breathe it's testing up against the VWAP you can see that here. We're pushing up against VWAP, and we have essentially eliminated short term on a scalping basis. We've eliminated the long that I was looking at, but it may be setting up for an additional long here why the long, because we're still above the open we're have breached the IB high the first hours high. We still have the IB the overnight stat above us, and this is a pullback higher low still. These are all components that tell me that the bias overall is to the long side despite this drop so this set up is more of a pullback than it is a market that is just no longer at this point. It's more a pullback than a market that is no longer able so here this would set me up for a long right here 2390 right here in this area. This is a long set up see it races down pulls back, then it takes out the last low by just a little bit so here we have a struggle to push lower so I'm expecting it to push to 05 here. So watch. It's likely to continue to 05 because it easily pushed through the size here and then it just sold out to have a nice collision pullback then it is able to only muster out eke out a small new low, and then it bounces back up. So here I'm looking for a potential long into 05 for 12 points. And the risk on that would be 83 82. Anyway, do you always keep with the with the strategy strategy or is there any sort of deviation from it where you may just get out at break even. I only get out on break even if I see that an adverse move has occurred so let's say I'm long. So let's say I'm long the 90 here, and the trade actually goes my way, and we have a nice push up to 2410 2014 15, and then it immediately explodes downwards in other words it just has absolutely no mercy to anybody that's in its way it's it's ripping right through the bids, I scratch those some things up news, some, some new thing has come up here again it's failing to retain these higher places. That's when I would scratch otherwise I'm just going to let the trade do its job like if I'm interfering with the trade, meaning I plan out a trade I take the risk. All of a sudden, you know the market goes back to my scratch because I took a little bit of heat and I scratch it. Then, what is that going to look like over 1000 sample of trades over 1000 trades. That's just going to look like I paid my broker the exchange a clearing firm and I never paid myself so I'm taking all the risk with no, with no possible upside and that's just not a sustainable career. I just took out the last low here, and it's pushing through size. This is, this is pretty much failing the last frontier is 76 here, the mid of the session 76 in this stock zone area. If I answer your question I, I don't scratch trades unless something dramatically changes like it just, you know, it's making good progress I'm long it's making good progress and it just explodes back down. That tells me that something's up and I'm expecting my newsfeed to tell me that some somebody said something somewhere or something has happened. It should not do that. If the markets in my favor it should slide up fairly easily and pull back, even if it pulls back deep, it should struggle to pull back because there are traders supporting it, buying it on the way back and if it isn't if it suddenly turns around and goes fast. It tells me that something's changed something's not my favorite and that's when I close the trade otherwise I have to as a trader I'm in the business of, of letting the trades do their work. I have to let the trade kind of do its job. I'm not going to interfere with it. You know, doing that just introduces randomness to the overall outcome if you're if your trade plan says something and all of a sudden, we're constantly intervening. Then you're no longer trading your trade plan and if you're not trading your trade plan there's, in my opinion, zero chance of success trading it's your trade plan that makes money. My ideas while I'm in a trade or my view of how things are going to play out while I'm in a trade. That's not, that's not what's what's going to help me succeed in trading. What helps me succeed is my trading plan and I have to follow it. Okay. FTD, do you have a few more minutes for a couple of questions or? Sure. Colton is asking here, so when volatility picks up as it has recently, you simply throw out volume, volume profile levels in the short term and use longer term composite levels. Is there a best way to use composite for entries, exits and high volatility or are you simply picking liquidity levels and scalping the range only? I do both. So what he's talking about here is. So, every day has its own profile. So that's the profile. This chart here is a 15 minute chart of the day session only or RTH session. And each chart each day has its own profile and each profile creates its own character or characteristics of what that auction is doing. To the right, right here is the composite. This black, this black chart here is basically all of the volume at those prices going back to 2015, August 24 to 2015, the last major swing low. I'm looking on a normal day. I'm looking at the day profile because in general it's the day or the intermediate timeframe that trader that participant is in control. And so we get respect of the IB we get respect of the mid the VWAP, the open the prior high low close those are all day timeframe levels. So in these days when there's a little more aggression, I have to look at what's called a micro composite a micro composite is a mix or a blend of a bunch of days that are in imbalance. So this yellow profile here is a micro composite. In fact, this micro composite should extend out. So what this is doing is it's saying, okay, let's take a look at what's happened over these last few days because the market is testing out testing down testing up. Let's see where the volume is on that profile. So I've had to use micro composites a lot more. But to be honest with you, the timeframe that's really playing here is much much higher. These are, you know, big big long term timeframe players. This seems and so I'm leaning against the composite which is the kind of mother of all volume profiles because it's picking up everything to the left of it. And this is where yesterday's bottom at 2280 I came up with that price at 2280 as the key target below if it sold off it's because you can see very clearly that there's a lot of volume at that price 2280. So I came down here right to it 282 bounce back up push through the 62 bounce back up came back above the 80 and then exploded upwards on the clothes. And so I'm paying attention to these big areas. For example below 47 thin area below 47 if we fall below 47 my expectation for today if we get below 47 is it's likely to push to 2310. Relatively easily. Where do I get that from I get it from the composite I get it from what has happened in the day before. So I'm leaning on the composites a lot more than I normally would pre February. I didn't look at the composite much at all didn't really matter. Okay. Let's see here. Peter's asking. Did you not say that bigger liquidity areas are mostly take profit orders. Bigger players going into the market with market orders. I guess bigger pushing into those with market orders into those areas. That's true. I don't think they are pushing. I think that I believe that, you know, and I've seen this in the pit, even. I believe that when you have high liquidity like one price that that's doing that right now is 2460 so if I go up to 2460. I'll just improve the scrolling on book map just released a version today that improves the scrolling here, but I haven't installed it yet. But if we look at 2460 see the size there 605 2450 545. This is what I mean 2460s you overnight high. If I'm long. I probably entered on a market order right and I'm holding on from long, but most people don't exit on market orders. Most people exit on predesignated areas like I get in on a market order in general. But I put out my orders to exit I put them in the book and those show up on the heat map. And so when I see 2460, which is a prior high, it tells me that a whole lot of participants because this level comes from the global accession, a whole lot of participants are wanting to get out at the overnight high, right at the overnight high. And generally what that means is generally smart money is already positioned to take profit in those areas. And the old saying is the market moves towards liquidity, liquidity being limit offers or limit bids resting in the book. But why the market doesn't just decides I'm going to move towards liquidity. I believe what's happening is the smart money is offering that liquidity because they, through their positioning. Their, their, their bias is such that we will likely end up at that liquidity, because that's where we're looking to exit and so we get to see where that is. But their entries are generally governed by icebergs, you know, market orders, like that. So yes the market tends to move towards liquidity those are generally exit areas for others. So the higher timeframe traders swingers investors and whatnot, potentially I don't know this is me, just having observed the order flow for 1920 years, 20 years this year. It tends to kind of move towards that but that's because the somebody is getting out at those areas, you know, they're hoping, and you'll see it in book map a lot. You'll see liquidity resting there you'll see the market nibble on it, and start to move up and then you'll see the liquidity kind of chase, chase as the market's moving up it's chasing the market because it doesn't want to risk the market having, having enough liquidity that it scares away the participants from getting their fill so they just lift the market and help kind of move the market up. But that's not how I'm using it for scalping for scalping I'm just leaning against that liquidity for a small bounce I'm only looking for a rotation when I'm scalping in this case I'm looking for 15 points on a scalp right. Crazy to say that because that's a whole day's range normally but. But you know for now, the timeframe is so short, it doesn't matter what that liquidity is trying to do all that matters is, will it be there when the market moves to it, so that I can take advantage of a potential bounce. Or, if it nibbles through and it bounces and it starts to aggressively move down can I hit the bid and participate in the break of that liquidity and the stops that are resting beneath it. Order flow trading is complex because it's a lot of if then else if then else statements kind of bound together and this is why it has to be shown kind of in real time to understand what's going on and you have to observe it for a long period of time because there's a story that it's saying here. Okay. Okay. I think that's just about it. So, I'm sorry about the delays everybody looks like most of you guys got in and and had. You know, access here and and a few guys I guess didn't have audio but. Okay, I put in the into the chat. All your contact info. As well as your special offers for book map, if people are interested in that and anything else that in parting words you want to go over. I just want to make sure that folks you know we talked about order flow a fair amount at convergent. You know, I've been working on convergent for about two years building a community it's really important for me to have high quality traders and very very serious traders as part of this community. We created a special offer for this webinar this webinar did not occur before we came out of beta where we raised our prices on March 1, however, until the until next week. Until next week. We created the special page it's a go to CT dot pro. It's in front of you on the screen forward slash book map deal. We created this so that those people who just who just learned about convergent can join at the grandfather pricing at the beta pricing. That deals with just we're only doing this for book map, and that deals just going to go away in about a week. So we wanted to extend that out extend that to everybody that wants to wants to join. You can take a month and decide that it's not for you or whatever, but hopefully you'll stick around we're looking to build a bigger and bigger group of traders. If you have questions for me just go to convergent trading calm forward slash contact and just refer to me in your question and your ticket will be passed on to me and I'll do my best to respond hopefully I didn't confuse you today. The trade long obviously did not work, but that's just the business of trading. There's going to be a lot of trades that just do not work and do not agree with my bias in the time frame. I'm looking at it. That's all I have for you. Okay, well, I copied and pasted also that link there that you're presenting there the go to CT pro link is in the chat as well. If you guys can click on that and it should work for you. So, yeah, so I think I think that's it. Thank you very much. F T really, really great stuff to see how you're spacing it out and reacting to volatility with with your trading and your data in your plan. This is it's really important to recognize for everybody to recognize that this is a very, very, very, very, very, very unusual market. This is historic and its behavior and trying to use order flow in this sort of volatility is quite tricky. So if I was trying to learn order flow in this environment I would be mostly a spectator. I would be watching a lot more than actually trading because there are some big hands that are coming into the market. And pushing asset prices around and you just need to be aware that the normal rules or the normal flow that comes with order flow is not in effect so we have to spread we have to trade a lot smaller and we have to spread things out quite a bit. In order to achieve the same kind of goal as as the same kind of results as we would have in a normal environment so just be aware that there's a tremendous amount of risk. As well as opportunity with higher volatility but the volatility levels were on as we're doing this webinar are really incredibly high so just be careful. I'd rather see you be a spectator and be here when things calm down so you can take advantage and trade the market, then to have you dive in into the heat map and kind of do whatever and end up losing your chance to be a trader. Anyway, thanks for having me on. Bruce appreciate the invitation by book map. Hopefully you guys gain something today. Good luck, and I'll catch you next time. Take care.