 Waiting for the stream to go live. Should be up and running any second now. Oh, live. Oh, shit. Okay. Should be up and running any second now. All right, we're in business. Good morning, everyone. Sorry about that super exciting introduction. All right, we got 22 people hanging out on the YouTube and one person hanging out in the Discord. So let's smash those like buttons so that we can get some new people heading our way, share these ideas with the world. Pushing the like button will not only help me and Bookmap by telling the YouTube algorithm to send more people our way. It'll help you too, because it's your way of telling YouTube you like content like this. And it should show you more in the future. All right, well, let's dive right in. As always, we're gonna start on a Monday morning with the daily chart. A little bit zoomed out, get a little bit of perspective and start off from there. So zooming out and looking at the daily, clearly the market has been in a range, right? We've been trying and trying and trying to break out of this range for the last few years and the market has just been going sideways. Well, if we think about it in that context, okay? If we think about it in the context that this was a bull market, this was a bear market, this was balance in here, well, then we have begun the process of finally breaking out of that balance, which sets us up for the potential for the next bull move, right? Excess leads to balance, balance leads to, dun-dun-dun-dun, excess, okay? So there's plenty of reason to start, you know, sort of bigger picture over the next few weeks, getting more excited about the markets. We may be ready to start making some moves here. And the way that we're gonna measure the success or failure of that breakout is gonna be heading back down towards the highs that we left behind at the end of last week, pretty much anywhere in this area right in here, around the 4,200 area, we're gonna be looking for support there on a pullback for continuation to the upside. But we don't know when that pullback is gonna happen, okay? The thing about momentum, the thing about excess is you don't know how long it's gonna go for. You don't know if it's just gonna be, you know, two days, boop-boop, and then it runs out and pulls back, or is it gonna be four days, boop-boop, and then it pulls back. You just never know how long that momentum will last. So what's better to do is instead of trying to guess when that momentum will be over, just assume it's gonna keep going, and then look for signs when that momentum is done, and then those are your signs that it's gonna pull back. So right now, as far as signs of that momentum continuing are concerned, I'm actually kinda bullish, because what happened yesterday, what happened on Friday, was that the market made this huge move to the upside. So we had the gap up in the morning, we had the continuation of the momentum into the afternoon, creating a double distribution, and then the market closed up in the highs, right? It closed up in the upper end of the range, so that tells us, as long as the single prints remain that we left behind on Friday, the market still has momentum, and it can keep going. So then what did the overnight market do? Well, it just traded sideways inside that upper end of the range. They didn't even pull back down into the single prints that we left behind on Friday. So that is further confirmation, whilst this is rotational for the overnight, it is further confirmation that we don't need the pullback, not yet. So if we don't need the pullback yet, what does that mean? We still have excess. There is still momentum, the market can keep going higher. So what is gonna change my mind? What's gonna get me thinking this momentum is over and we need to pull back? Well, I've got myself the overnight low, 4280. As long as the market remains above that level, I need not make it any more complicated than this. Bookmap, listen to me. You don't need to make it any more complicated than this. As long as you remain above 4280, the market can keep going up. It can shock you how far up it can keep going, but just trust me, as long as we're above that overnight low, assume it can keep going up. Now, if we pull down, the market opens and we pull down below that overnight low and we start to get some new selling down there, well, then I'll think we gotta come back and backfill those single prints that we left behind on Friday to 4274. If we find support there, I'm right back to being bullish, okay? And only if that breaks do I get bearish for further pullback, okay? So I am basically neutral to bullish at the open, a little bit bearish below the overnight low to test the base of those single prints, but only truly bearish below 74. Why? Because so far, the market has given me the signal that it still has momentum, okay? That double distribution that we left behind at the end of the day on Friday is the sign that we still have more up to go. Don't wanna fight that momentum. So I gotta see the base of those single prints fail before I start to look for the market to pull back, okay? So how am I gonna trade this morning? Where am I gonna put my entries? Where am I gonna put my stops? What am I gonna do? Well, when the market opens first thing in the morning, I'm not gonna do anything at all. I'm gonna assume that the market is just gonna chop up and down like it did in the overnight. Look, all weekend long, just up and down and up and down and up and down and up and down and up and down and up and down and up and down and up and down. And I have a feeling a lot of traders went absolutely nuts trying to trade that. So I'm not gonna mess with it this morning. If they wanna keep going up and down and up and down and up and down, I'm gonna let them do their thing. I'm gonna let them chop it up. So what would get me into a position? Well, if the market pushed above that overnight high, at 42.93, repaired the weak reference at 94 and then came back down and turned that overnight high into support, well then I could get long. I could not get long just cause it passed through the overnight high. I would need to see the support, have it be confirmed by my indicators, then I could look to get long for a continuation to test yesterday's high up at 42.97. If the market gets up to 42.97 and does it again, well then I stay long for continuation and I'm bullish. Let's see how far they can push it. But if they just push it up, come back down and there's no support at the overnight high, well then I do nothing. I just let them keep chopping it up, chop, chop, chop, chop, chop, chop. And I think about that overnight low. So there is nothing to do unless either the market gets above the overnight high and finds support there or gets below that overnight low and finds resistance there. And I want you guys to understand this. This is what makes trading easy for me. There's nothing I have to think about as long as we're inside that overnight range or if we poke above and below and don't get resistance or support. There's nothing I have to do. There's nothing I have to think about. There's no actions I have to take. There's no debate in my head. It's very easy. I just watch. And then once the market gets above that overnight high and I'm seeing support, it's very easy to just get in the trade and follow the momentum because all I have to see is the market push above that overnight high and find support. So I do nothing until I see that and same thing on the downside. I got to see it push below that overnight low and find resistance, then I can get short to backfill those single prints. But there's no reason to sit here and go, is it doing this? Is it doing that? Should I be long? Should I be short? Should I drive my mind crazy when I know ahead of time, they're just gonna chop. Look, they did it all weekend long. So they're gonna do it again this morning. So why let myself freak out about it? Mind as well, sit back, relax and wait for the market to give me more information. We got 42 people hanging out, 21 likes. Let's smash those likes, any questions for me to start out the day. We got 20 minutes until the market opens and I've just explained everything. So what do you got guys? Hit me with some questions. Good morning to Pavel, Jay, Scooball, Tom Gunn. Tom Gunn, you post all the flags you want. Don't you listen to that bot. Daniel says, is it the same for the NQ as well? Actually, great idea. Let's dip in and take a look at the queue. We got the time. Let's start, we'll start with the daily. We'll zoom all the way out and start with the daily. So once again, same as with the ES, the market was in a bull market and it had momentum. It was then in a bear market where that momentum was to the downside. It was then in a neutral market where that momentum was balancing and they have now broken out of that balance. So that to me is also bullish for the fact that the market could keep going and going and going. So let's zoom in a little bit closer here. So as we zoom in and we look at the daily a little bit closer, what do we see? Well, this is essentially where the ES is right now. The NQ did it first. Massive move to the upside and what happened? They never even had to pull back. So this is why I say you wait until you see the end of the momentum, then you worry about the pullback, okay? So anyway, they pushed higher, what did they do? They spent some time, they brought in some volume and they were able to keep the market moving higher that is bullish to see. As a sign of momentum, so basically what they did last week on the NQ was they made a little balance area on the NQ very, very short term. So they had all that momentum that brought them up here to this overnight high. They needed to spend a few days balancing off that momentum. They used time to balance it off. So this is basically a new little mini balance area that you're looking at right here. And so you could treat today as if Friday was a breakout of that balance and your overnight low is exactly at the balance area high right there. So pretty much, yep, exactly the same as the ES. You're looking for chop, unless the market can find support above 14,590. So that's your chop zone right there. As long as they're inside, you assume more chop or if they poke above and pull back in, you assume more chop or if they poke below and pull back in, you assume more chop. Only if they get above that overnight high and find support do you look to test Friday's high and only if they find resistance below that low do you look to test the low. Although it is worth noting that the NQ is more bullish than the ES in the fact that it has less weakness left behind. On Friday, they already did that breakout of balance and that back test and we're finding support above it. So that is a little bit more bullish to see than the ES which has those single prints. But both markets are set up for a chop zone to chop it up. Because it's a chop zone. Pavel says, how is my weekend? It's good, man. Thanks for asking. I woke up this morning with a sore back though. Makes me feel like an old man. Scoobal says, I would listen to the nightbot if he called his big brothers. Oh yeah, wouldn't that be nice? Truman says, once week structure is repaired, does it become support? Yeah, so that's the idea is each sort of week thing below that needs to be repaired. So right now the first of them is the week M period low that we left behind at 42.86. And then the next weakness is the single prints that we left behind down to 42.74. So the idea is kind of like if the market comes down here and it repairs this first week reference, meaning the price just pokes through it, then that's gone. Okay, that magnet disappears, it's no longer there. That might be all the market needs to turn around and head higher. But if it's not, if that's not enough for the market to turn around and head higher, then it'll probably need to test that overnight low. So if it then pushes below that overnight low, maybe it all needs to do is just poke below and then it'll turn around and head right back up higher. But if it doesn't, if it pokes below and it gets new sellers, well then you have to head down and repair that next weakness. So those new sellers take you to the base of the single prints. Once the base of those single prints is backfilled, it disappears, it's gone. Is that enough for the market to turn around and head higher? If so, good. If not, we go to the next one. And the next and the next. It's a process we call monitoring for continuation. Because there's always two ways a market can balance off excess. If you see this right here is the excess, the move from Thursday's low to Friday's high, then maybe it can do it by just coming back to that first one and going sideways up here, right? Or maybe it needs to pull all the way back down to here in order to balance that excess off. We don't know which will happen, right? So we take it one step at a time. If this weak reference is enough, we try this one, then this one, then this one and so on and so forth until we figure out which is happening. Are we balancing with time or with price? So we never know ahead of time if it will turn into support, but we are certainly watching to find out. And then Truman asks, does repaired weak structure become resistance? So no, it does not. So once weakness is repaired, it's just gone. So if the market, for example, were to come up here and poke through that M-period high and then pull back down, it just disappears. It's just gone. Doesn't matter ever again. Top Gun says, we need liquidity and buyers to take it out to go higher. Yeah, 100% of the time. For the market to go up, you need more buyers than sellers. For the market to go down, you need more sellers than buyers. But when you start getting into conversations about liquidity, it gets far more complicated and I can't really answer your question. I mean, are you talking about bigger picture for the market liquidity and stuff? Who knows, right? That's not my game. I don't try to guess what's gonna happen over the months to come based on stuff like that. What I look for is intraday, day to day. Do we have the buyers like today, at this moment right now to get me to the next place the market could go? Maybe that's just the first stop on six months of straight up, who knows? But that's all I'm focused on is right now today. What is it doing? Where is the next place it's gonna go? And vice versa. And then what those intraday changes in momentum often tell us is the bigger ones that are coming on the daily. So that's why I start zoomed out on the daily with the perspective that we've had excess. And so as long as they can keep it going, they can keep it going. I don't know how far they can push it. I don't know how long it could last. I've seen some crazy things in my day. If we start to zoom out here, I have seen momentum that would absolutely shock you how far they can push it. You guys remember that one? For weeks and weeks and weeks, we were like, what the fuck? When is this market ever gonna pull back? Well, little did we know it was getting itself way over exhausted for a humongous pullback. But at the time, in the moment, all we could do was take it one day at a time what's happening right now. So I'm looking at the bigger picture market to give me perspective on what to think for today right now. But that's where my focus lies. Good morning, chilling with Dylan. 56 people hanging out, only 30 likes. 26 of you apparently have a problem with me. You're like, Charles, we just don't like you. We just don't want you to have any thumbs up. None for you. Thank you, Tom. Game to you, Nap. Jay, was that a thumb or a different finger? Hey, listen, I'll take whatever I could get at this point. I'll take a thumbs down if that's all you got. Steve, Steven says, can I buy a call on Apple expiring this week? If yes, what should the strike price be? Well, that's just not my forte. I'm happy to take a look at Apple, but I would certainly not be telling you what options to buy. Um, no, no, no, no. Oh man, it's right on all time highs, huh? Yeah, I don't have an answer for you. There's gonna be short covering when they get above the all time high. Massive short covering. So you might get a pop this week, but they left some weakness behind. They got unfilled gap here back down to a 175, 86. You're also at the upper end of a channel. So to me, it's like, I wouldn't be mad at you if you bought a call, but I wouldn't do it myself because if there was ever a place for this thing to start running out of steam, boop, boop, that would be it right there. So to answer your question, um, Steven, I would be bullish on Apple today as a day trader, but I couldn't tell you for the end of the week. It's too high, too risky, could pull back. Any other questions? Good morning, ES trade monkey. RK says some heavy fed macro issues may damper a rally. That's a good point. All right, well, for those of you that are just joining us, I'll go through everything I've already said already today. So I apologize to everybody who's already heard all this before, but let's just go through it one more time and just give everybody an idea of where I'm at. I am bullish today because the market has had momentum and I think that that momentum is not over. The reason that I say I think that momentum is not over is because the overnight just balanced in the upper end of the range that we created on Friday. So we consider that range what we call a double distribution, which essentially just means that we created a whole second day up here. As long as we stay in that upper range, it is still bullish cause we still have momentum. Pulling back down into the lower range, that would be the market telling us it's run out of momentum. So at the open this morning, bigger picture, I am bullish for continuation. However, because we've done nothing but chop all weekend long, that's what I assume is gonna happen for the next hour or so. Okay, so the only thing that will get me into a trade is either pushing above the overnight high and finding support or pushing below the overnight low and finding resistance, okay? Anything other than that, I'm just gonna consider a chop and I'm gonna let them just play tug of war with each other. You kids have fun without me. I'll join the party once somebody has taken charge. My guess that will be buyers, but we'll have to wait and see. Two minutes to market open. Peter, do I send emails with the live streams? I do, it didn't work this morning though. So if you just go to the Discord, you'll see the links there. Infornity, hello to you. Will says financial juice looks awesome. Yeah, I highly recommend financial juice. It just basically gives you the bare minimum you need to get a basic idea of what's happening, which is just perfect for me. Just a quick headline and anything that's really, really important, you can choose what markets you wanna focus on and it'll highlight the specific things that matter. So if you're a bond trader, it'll specifically only highlight things that could affect bond traders. If you're a commodities, crypto, whatever, or you can choose your own. So it just gives you the information very simplistically. All right, the market is open. Let's see what we get here. I'm looking for CHOP, first thing in the morning. With Bookmap, I always like to kind of zoom out a little bit, first thing in the day and just get an idea of where the largest pools of liquidity are sitting in the order book. So today, the fact that there's a huge pool down here at 75 makes me think the breakout is slightly less likely. So it's not like a guarantee, but I do tend to pay attention to a huge node like that. That's gonna increase the tug of war that we get here at the open. Okay, so we just tested the overnight high. We poked above it and immediately came right back down through the open. So that increases the odds that the market is gonna have more CHOP, that there is some tug of war that needs to take place here for the first few minutes of the day. Okay, so there's the repair of the first week reference. Now the question is, can they turn the half back 42.93 into support? Chillin' with Dylan says, what time in the morning do I fire up Bookmap? I do it as soon as I get up. It's a true story. So I generally get up between like 6.30 and 7. And I just walk in the other room and turn on Bookmap to start collecting the overnight. But it is kind of just whenever I get to it. I don't have an exact time. Yeah, this morning I started at 6.30. Frito says, you can't backfill data in Bookmap. You absolutely can. It's a third-party plugin. I think it only costs like 10 bucks, but I'm too lazy. And I don't need that. I don't need that overnight data. I just need to know what's happening while the market's trading. All right, so we have support at the overnight high. That is bullish to see. So I'm now looking to test yesterday's high at 42.97 and look for support there. Nora's asking about the Q. Same exact thing as the ES. So they pushed above the overnight high. They're finding support. That is bullish to test yesterday's high. If they get above there and find new buyers, it's bullish for continuation. They did leave behind a weak low though. Because it's the straight-up opening price. All right, so there's the test of Friday's high. Again, bullish to see. We expect a little pop of short covering here. And then the question is, can they turn the high from Friday into support? I am now bullish as long as we remain above the opening price. So this momentum to me is a further signal that the market still has momentum, right? We opened and immediately had more momentum. So that is a sign the market has momentum. I'm gonna trust it as long as we stay above that opening price. Now, if we pass back through that opening price 42.92, then I will be looking to repair the weak low we left behind and then monitor for continuation lower from there. But as long as we can stay above that opening price, they can turn anything in here into support and keep on going. It's a bull market, you know. We got ourselves a little bot zone. Thank you, fighter pilot. Chumma Dylan says, I'd like to see ticks get above the zero line. You and me both, brother. Where they at? Can't make it yet. You had too early to call here on the internals, but they're heading the right direction. Scoobal says the round number with some resistance of 4,300, it is so interesting how much traders will take profits just below round numbers. Yes, sir. Well, the market knows there's liquidity there. And excuse me, and there's always someone who's gonna try to front run that liquidity. Every time, all the time. Got 123 people hanging out. Hello to all the new people. If it's your first time discovering Charles from Pirate Traders, I feel so sorry for you that this is happening to you in real life. Just kidding. Welcome one, welcome all. I am a market profile trader who trades the ES. And so that's what we're watching here on the chart. We got Bookmap over here on the right, showing us where the liquidity is and who the bots are and what they're doing. Or I guess not who the bots are, but where they're doing whatever they're doing. And we got the Market Profile Chart over here on the left. It's basically the same thing as a candlestick chart. It just puts that information in a three dimensional format. So we can see how much time and how much volume trades at each price. If you are enjoying the video, if it's something new to you and you think it's pretty cool, you should hit that thumbs up. Smash that like. Also head over to my channel and follow me at Pirate Traders. You should do both those things. Okay, so once again, we're back above yesterday's high. 42.98, so we're gonna see can they hold it as support? That would be bullish for continuation higher. Noise. All right, so the Bookmap is showing us here the liquidity is disappearing. So I assume there's something newsy coming out in one minute. We always expect to see some violent volatility when the market goes dark like this because with no liquidity, they could push it anywhere. But I'm still gonna remain my narrative as long as we're above that opening price, I am bullish. And if they have to do a little bouncing around first, I'm fine with that. You do you, market, you do you. Now, whatever news is being dumped right now is super exciting. S&P Services PMI was 54.9 and it was supposed to be 55.1. Oh no! So as we look at the Bookmap here, we wanna see them turn what was resistance in here, we wanna see them turn that into support. So we wanna start to see some dark color come in here and get darker and darker, more and more yellow and yellow and yellow and eventually orange. That would be flipping that order book which would be bullish for continuation higher. Can we bring in those buyers up here? Well, yeah, buyers. Frito, market shattering news. Yeah, what it is market shattering though, where's the liquidity? All right, so now is where things start to get interesting. If the buyers are gonna remain in control, they should most certainly be able to hold up the market at the overnight high. It looks like half back isn't gonna hold. So that's our last support there at 42.93. If that fails and the market passes back through the opening price, then that will no longer be bullish and it will become bearish to head down and test the first week reference at 42 because that will turn it into a look above and fail of the previous days range. So if you try to get above the previous days high and you can't, you often will need to go back to the next week reference and repair that. So there's still a chance for support here but it's starting to look like they're gonna fail. Here we go, so testing that overnight high, last chance for the buyers, can. They hold it. All right, well, there goes my bullishness. Pulling back down inside the overnight range takes me back to a neutral stance where I assume we need to pull back and repair the first week reference down here at 42.86.75. Remember what I said at the opening this morning, if we got above that overnight high and could stay above it, I'd be bullish for continuation but if we pulled back in, I'm back to neutral assuming more chop and I only really get bearish below that overnight low but for now it seems we do not have the buyers up here and we will need to pull the market back looking for them at a lower price. So I am back to neutral once again. What can get you bullish Charles? Well, if we got back above 93 and we held it and they got those ticks above the zero line then I would get bullish once again. Until then I remain neutral. Greg says, am I using Ninja? My price is off from yours. If your price is off from mine you're probably in a different contract. It shouldn't matter what brokerage. So my reach as YouTube delay could be, I'm on M. All right, well at the strike at 10 we get another liquidity disappear event so this must be news driven. Same thing as before, I remain neutral and we'll need to see confirmed support above the overnight high to change my mind. Well Charles doesn't this count like they're at the overnight high and there's volume trading. Well, no, not at all. This does not count. Why? Because that liquidity is so thin. This is just bots. This isn't real humans making decisions here. It's just computers who make a decision in a fraction of a second. They're in, they're out and then they're on to the next plan. So nothing that they do really matters. We need those stronger hand players to step in and really prove it. Well, whatever it was, it was good news. Yeah, it's good news. Thought services PMI was gonna be 52 and it turned out to be 50. So, you know, goodness. Oh yeah, it's bought games, kids. No doubt about it. They're taking it up just to bring it back down again. You keep pulling them back in, Frito. All right guys, well, unfortunately I can't leave you with much here. I still see it as chop. It is bullish that we're back above the overnight high once again, but it just looks like it's too much of the sort of market gameplay that's happening. So yeah, I'm not even sure what would get me to be willing to go long here. Yeah, I don't see anything. It would have to hold here for a long time. Otherwise, I assume we're heading back down for those lows once again. Probably need to do a little more chop inside that overnight before we're ready. Sorry, I can't be of more help. If you're a member of the brigade though, head on over to that stream and we'll figure it out together. We'll watch and see. But as far as a guess right now, I don't know. It's bullish. We got a higher high. We got a higher low. And we are technically getting business above the overnight high. So maybe this is what we need to keep going, but certainly I don't trust it enough to get into a trade. Good luck. And we will see you next Monday unless you join the brigade and then we can see you every day. Food for thought. Nor Auto Trading, no, the email didn't work today, but if you head to the Discord, the link is there. Or on the website as always. All right, thanks a lot.